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M&A Deal Summary

Spectrum Equity and Apax Acquire NEP Group

On April 12, 2004, private equity firms Spectrum Equity and Apax acquired media company NEP Group from Pamlico Capital

Acquisition Highlights
  • This is Spectrum Equity’s 1st and Apax’s 3rd transaction in the Media sector.
  • This is Spectrum Equity’s 11th and Apax’s 26th transaction in the United States.
  • This is Spectrum Equity’s 2nd and Apax’s 3rd transaction in Pennsylvania.
Investment Fate
  • NEP Group was sold to a consortium of financial buyers in 2007.
  • NEP Group was sold to a consortium of financial buyers in 2012.
  • NEP Group was sold to a financial buyer in 2025.

M&A Deal Summary
Date 2004-04-12
Target NEP Group
Sector Media
Buyer(s) Spectrum Equity
Apax
Sellers(s) Pamlico Capital
Deal Type Secondary Buyout

Target

NEP Group

Pittsburgh, Pennsylvania, United States
NEP is a media services partner for live sports and entertainment that offers a network of experts, cutting-edge technology, and an expansive portfolio of customer-driven, innovative solutions. Through operations in 25 countries, its teams have supported thousands of major productions and events on every continent with excellence and reliability. NEP was formed in 1986 and is based in Pittsburgh, Pennsylvania.

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Buyer(S) 2

Buyer

Spectrum Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1994
PE ASSETS 8.2B USD
Size Mega
Type Sector Focused
DESCRIPTION

Spectrum Equity Management L.P. is a private equity investor focused on service businesses. Spectrum specifically targets established businesses in the media, communications, IT, information, and business services industries. The Firm looks to commit $25 to $150 million of equity capital per transaction and focuses on opportunities throughout North America and Western Europe. Prospective transaction situations include leveraged buyouts, recapitalizations, acquisition financings, and secondary purchases. Spectrum Equity Investors was formed in 1994 and has offices in Boston, Massachusetts and Menlo Park, California.

DEAL STATS #
Overall 13 of 103
Sector: Media M&A 1 of 4
Type: Secondary Buyout M&A Deals 2 of 5
State: Pennsylvania M&A 2 of 3
Country: United States M&A 11 of 90
Year: 2004 M&A 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-03-01 United Asset Coverage

Naperville, Illinois, United States

United Asset Coverage, Inc. is a provider of integrated telecommunications and data networking maintenance services.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-05-31 ITXC

Princeton, New Jersey, United States

ITXC Corp. was formed in the early development of VOIP (Voice Over the Internet Protocol) to provide global wholesale voice and facsimile transmission services to both alternative carriers and major Long Distance Providers.

Sell -
Buyer

Apax

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 77.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apax Partners is a mega-sized private equity investment group, operating across the United States, Europe, Israel and Asia. Broad industry sectors of interest include tech & telecom, media, retail & consumer, healthcare, financial services, and business services. Apax will consider both minority and majority investment positions and prefers companies with strong market positions and growth potential. The Firm generally pursues platform acquisitions valued from $1 to $5 billion. Apax Partners was formed in 1981 and is based in London.

DEAL STATS #
Overall 56 of 266
Sector: Media M&A 3 of 9
Type: Secondary Buyout M&A Deals 5 of 67
State: Pennsylvania M&A 3 of 5
Country: United States M&A 26 of 107
Year: 2004 M&A 11 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-03-26 Moniteur

Saint-Denis, France

Moniteur is an information provider for construction and local authority sectors in France, providing quality and value added content (via 25 publications), classified and display advertising, online services (via 30 websites), databases, exhibitions and training courses. Moniteur was founded in 1903 and is based in Saint-Denis, France.

Sell €275M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-05-26 PCM Uitgevers BV

Amsterdam, Netherlands

PCM Uitgevers B.V. is a Dutch publishing company. It produces newspapers, trade books, and educational and professional publications.

Buy -

Seller(S) 1

SELLER

Pamlico Capital

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1988
PE ASSETS 3.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Pamlico Capital is a private equity group focused on mid-sized transactions. Pamlico looks to invest $25 to $125 million per transaction. Sectors of interest include business and technology services, consumer products/services, industrial, energy, financial services, healthcare, media, and communications. Pamlico will consider both minority and majority positions. Prospective transactions include management or leveraged buyouts, recapitalizations, growth financings, mezzanine, and special situations. Pamlico was formerly known as Wachovia Capital Partners. The Firm was originally formed in 1988 and is based in Charlotte, North Carolina.

DEAL STATS #
Overall 3 of 61
Sector: Media M&A 1 of 5
Type: Secondary Buyout M&A Deals 1 of 21
State: Pennsylvania M&A 1 of 4
Country: United States M&A 3 of 59
Year: 2004 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-03-29 Sonitrol

Westlake, Texas, United States

Sonitrol Corp. is a provider of commercial security alarm monitoring services. Sonitrol’s security technology was created to reduce false alarms and increase apprehensions through verified alarm response. Sonitrol’s integrated suite of offerings includes audio intrusion alarms, monitored video, access control, and fire detection.

Buy $126M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-05-01 GreatAmerica Financial Services

Cedar Rapids, Iowa, United States

GreatAmerica Financial Services Corp. is a national commercial equipment finance company dedicated to helping manufacturers, vendors, and dealers be more successful and keep their customers for a lifetime.

Buy -
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