M&A Deal Summary

BC Partners and ATP Private Equity Partners Acquire Suddenlink

On July 19, 2012, private equity firms BC Partners and ATP Private Equity Partners acquired communications company Suddenlink from Cequel III, Charterhouse Strategic Partners, Quadrangle Group, TJC and Goldman Sachs Merchant Banking for 6.6B USD

Acquisition Highlights
  • This is BC Partners’ 3rd and ATP Private Equity Partners’ 3rd transaction in the Communications sector.
  • This is BC Partners’ 3rd and ATP Private Equity Partners’ 4th largest (disclosed) transaction.
  • This is BC Partners’ 7th and ATP Private Equity Partners’ 9th transaction in the United States.
  • This is BC Partners’ 1st and ATP Private Equity Partners’ 1st transaction in Missouri.
Investment Fate
  • Suddenlink was sold to a publicly-traded strategic buyer in 2015.

M&A Deal Summary

Date 2012-07-19
Target Suddenlink
Sector Communications
Buyer(s) BC Partners
ATP Private Equity Partners
Sellers(s) Cequel III
Charterhouse Strategic Partners
Quadrangle Group
TJC
Goldman Sachs Merchant Banking
Deal Type Secondary Buyout
Deal Value 6.6B USD
Advisor(s) Goldman Sachs (Financial)
Paul Hastings
Seyfarth Shaw (Legal)

Target

Suddenlink

St. Louis, Missouri, United States
website
Suddenlink is a major U.S. cable broadband provider, supporting the information, communication and entertainment demands of approximately 1.3 million customers in North Carolina, West Virginia, Missouri, Arkansas, Louisiana, Texas, Oklahoma and California. Suddenlink was formed in 2003 and is based in St. Louis, Missouri.

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Buyer(S) 2

Buyer

BC Partners

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1986
PE ASSETS 17.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

BC Partners is a mega private equity firm that invests in high quality businesses with leading market positions. BC does not specialize in any particular sector and makes only a select number of investments per year (3 in 2008, 2 in 2007, 3 in 2006). Sectors of interest include healthcare, directory publishing, media, industrial products, food, distribution, manufacturing, consumer services, business services, and communications. BC Partners was formed in 1986 and has offices in London, Paris, Hamburg, and New York.


DEAL STATS #
Overall 48 of 95
Sector (Communications) 3 of 4
Type (Secondary Buyout) 18 of 39
State (Missouri) 1 of 1
Country (United States) 7 of 18
Year (2012) 1 of 4
Size (of disclosed) 3 of 42
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-01 Fitness First Group

Dorset, United Kingdom

Fitness First Group Ltd. is a health club operator in the world with over one million members and over 400 clubs in 15 countries.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-25 Accudyne Industries

Neuve, Luxembourg

Accudyne Industries is a global provider of precision-engineered, process-critical and technologically advanced flow control equipment, systems and high efficiency industrial compressors that deliver consistently high performance and give confidence to customers in the critical industries and serve environments around the world. Accudyne is powered by approximately 2,000 employees at 10 manufacturing facilities, supporting a broad range of customers in more than 150 countries.

Buy $3.5B
Buyer
DESCRIPTION

ATP Private Equity Partners is a Danish institutional investment firm focused on investing in private equity funds across Europe, North America, and select emerging markets. The Firm is supported by ATP, Denmark's largest pension fund. In addition to investing in private equity funds, ATP also looks to for co-investment situations. ATP Private Equity Partners was formed in 2001 and is headquartered in Copenhagen, Denmark.


DEAL STATS #
Overall 21 of 43
Sector (Communications) 3 of 3
Type (Secondary Buyout) 8 of 17
State (Missouri) 1 of 1
Country (United States) 9 of 19
Year (2012) 1 of 2
Size (of disclosed) 4 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-14 Spheros

Gilching, Germany

Spheros GmbH offers worldwide customized solutions for all bus climate control issues for the new approach means the best possible safety and comfort of air - the bus operators for optimum vehicle performance.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-10 Anywhere Real Estate

Madison, New Jersey, United States

Anywhere Real Estate is a consumer services company offering retail brokerage and relocation services. Its brands include Century 21, Coldwell Banker, Coldwell Banker Commercial, ERA, Sotheby’s International Realty, and Better Homes and Gardens Real Estate. Anywhere Real Estate is headquartered in Madison, New Jersey.

Sell -

Seller(S) 5

SELLER

Cequel III

St. Louis, Missouri, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2002
Size Small
Type Sector Agnostic
DESCRIPTION

Cequel III LLC is a specialist investment and management firm focused on the development of cable and telecommunications companies. Cequel was formed in 2002 and is based in St. Louis, Missouri.


DEAL STATS #
Overall 3 of 7
Sector (Communications) 3 of 3
Type (Secondary Buyout) 1 of 2
State (Missouri) 1 of 2
Country (United States) 3 of 7
Year (2012) 1 of 2
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-01 Perimeter Technology Center

Oklahoma City, Oklahoma, United States

Perimeter Technology Center is a provider of data center colocation and managed hosting services in the Oklahoma region, with facilities in Oklahoma City and Tulsa. Perimeter Technology Center is based in Oklahoma City, Oklahoma.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-01 Excell Communications

Birmingham, Alabama, United States

Excell Communications, Inc. is project firms serving the telecommunications industry that provides site acquisition, engineering, environmental and regulatory compliance, general contracting, maintenance, construction, and other project management. Excell Communications was founded in 1998 and is based in Birmingham, Alabama.

Sell -
SELLER

Charterhouse Strategic Partners

Summit, New Jersey, United States

website


Category Private Equity Firm
Founded 1973
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Charterhouse Strategic Partners is a private equity firm that targets investments in middle market companies located throughout North America. Charterhouse typically pursues companies valued between $25 and $150 million, however the firm will also consider new platform companies valued less than $50 million if there is the possibility for rapid expansion (organic or through acquisitions). Target companies generally possess highly motivated management with a proven track record, scalable business models, sustainable competitive advantages (brand recognition/proprietary products), and a leading position in a growing market. Broad sectors of interest include business services, healthcare services, consumer products, and consumer services. Charterhouse was founded in 1973 and is based in Summit, New Jersey.


DEAL STATS #
Overall 13 of 16
Sector (Communications) 3 of 3
Type (Secondary Buyout) 5 of 6
State (Missouri) 1 of 1
Country (United States) 12 of 15
Year (2012) 1 of 1
Size (of disclosed) 1 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-05-12 MXenergy

Stamford, Connecticut, United States

MXenergy, Inc. is a retail marketer of natural gas and electricity contracts to residential and small commercial customers in 11 states and within two provinces in Canada. The Company offers variable-rate gas and electricity contracts and fixed-price gas contracts of up to three years in length.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-28 Rudi s Organic Bakery

Boulder, Colorado, United States

Rudi's is a leading marketer, manufacturer and distributor of certified organic and certified gluten-free breads, buns, muffins, tortillas and related baked goods. The Company primarily sells branded products through natural food chains, independent health food stores, conventional supermarkets and the club channel. The Company's flagship brands include Rudi's Organic Bakery™ and Rudi's Gluten Free Bakery.

Sell $61M
SELLER

Quadrangle Group

New York, New York, United States

Investor Investor

website


Category Private Equity Firm
Founded 2000
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Quadrangle Group is a specialist private equity firm focused on the information and communications technology services sectors. Quadrangle was formed in 2000 and is based in New York City.


DEAL STATS #
Overall 15 of 20
Sector (Communications) 5 of 7
Type (Secondary Buyout) 3 of 4
State (Missouri) 1 of 1
Country (United States) 14 of 16
Year (2012) 1 of 1
Size (of disclosed) 2 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-14 Bresnan Communications

Purchase, New York, United States

Bresnan Communications LLC operates cable television systems serving approximately 300,000 basic subscribers in Montana, Wyoming, Colorado and Utah. Bresnan delivers advanced products and services such as high-speed Internet access, high-definition television, video-on-demand and telephone to residential and business customers across an upgraded network.

Sell $1.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-03-21 Intrado

Omaha, Nebraska, United States

Intrado is a cloud-based, global technology partner to clients around the world. The Company's solutions connect people and organizations at the right time and in the right ways, making those mission-critical connections more relevant, engaging, and actionable - turning Information to Insight. Intrado was formed in 1986 and is based in Omaha, Nebraska.

Sell -
SELLER

TJC

New York, New York, United States

website


Category Private Equity Firm
Founded 1982
PE ASSETS 14.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TJC is a private investment firm that specializes in acquiring North American middle-market businesses operating in basic industries. TJC specifically looks to provide liquidity for shareholders, raise capital for corporate growth and 'create significant equity opportunities for key management'. TJC will consider opportunities valued from $100 million to $2 billion in a wide variety of industries. Sectors of interest include aerospace/defense, automotive, building products, chemicals, consumer products, distribution, energy, financial services, healthcare, industrial products, insurance, metals, packaging, retail, transportation/logistics, and telecom. TJC was formerly known as The Jordan Company. The Firm was formed in 1982 and is based in New York City.


DEAL STATS #
Overall 25 of 57
Sector (Communications) 1 of 1
Type (Secondary Buyout) 8 of 28
State (Missouri) 3 of 3
Country (United States) 24 of 55
Year (2012) 1 of 3
Size (of disclosed) 1 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-10 VTG

Arlington, Virginia, United States

VTG is a provider of engineering and logistics services primarily in support of platform sustainment initiatives and operational readiness for the U.S. Department of Defense and other government agencies. VTG is based in Arlington, Virginia.

Buy $99M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-02 Kinetek

Deerfield, Illinois, United States

Kinetek is a global manufacturing enterprise that provides custom engineered control, motor and drive system solutions for world class customers in the elevator/escalator, commercial floor care, material handling/aerial lift, commercial food equipment, golf car/utility vehicle, renewable energy and medical markets. Kinetek product lines include AC, DC and brushless DC electric motors, pumps, gearing, gearboxes, fans, transaxles, human machine interface products, and electronic controls/systems.

Sell -
SELLER

Goldman Sachs Merchant Banking

New York, New York, United States

website


Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 37 of 108
Sector (Communications) 7 of 8
Type (Secondary Buyout) 10 of 32
State (Missouri) 1 of 1
Country (United States) 26 of 77
Year (2012) 6 of 8
Size (of disclosed) 4 of 31
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-04 Drayer Physical Therapy Institute

Hummelstown, Pennsylvania, United States

Drayer Physical Therapy Institute is a operator of outpatient physical therapy clinics primarily focused on treating sports-related injuries and orthopedic disorders. The company operates 40 clinics, serving more than 30,000 patients annually. Drayer?s strategy is to operate its own clinics as well as to manage clinics owned by orthopedic physician groups. Drayer participates in a market that is gaining increasing awareness and acceptance among the provider and payor communities as physical therapy provides beneficial clinical outcomes at a fraction of the cost of surgeries or other diagnostic procedures. The company currently has owned and managed clinics in Pennsylvania, Kentucky, Maryland, New Jersey, New York, Georgia, and South Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-24 Bright Horizons

Newton, Massachusetts, United States

Bright Horizons is a provider of early education and preschools, employer-sponsored child care, back-up care, educational advisory services and other work/life solutions. Bright Horizons was incorporated in 1986 and is based in Newton, Massachusetts.

Sell -