M&A Deal Summary

CCMP Capital, Goldman Sachs Merchant Banking and Cave Creek Capital Management Acquire Audacy

On January 1, 1996, private equity firms CCMP Capital, Goldman Sachs Merchant Banking and Cave Creek Capital Management acquired media company Audacy

Acquisition Highlights
  • This is CCMP Capital’s 2nd, Goldman Sachs Merchant Banking’s 1st and Cave Creek Capital Management’s 1st transaction in the Media sector.
  • This is CCMP Capital’s 10th, Goldman Sachs Merchant Banking’s 2nd and Cave Creek Capital Management’s 2nd transaction in the United States.
  • This is CCMP Capital’s 1st, Goldman Sachs Merchant Banking’s 1st and Cave Creek Capital Management’s 1st transaction in Pennsylvania.
Investment Fate
  • Audacy went public in 1999.

M&A Deal Summary
Date 1996-01-01
Target Audacy
Sector Media
Buyer(s) CCMP Capital
Goldman Sachs Merchant Banking
Cave Creek Capital Management
Deal Type Buyout (LBO, MBO, MBI)

Target

Audacy

Philadelphia, Pennsylvania, United States
Audacy is a radio broadcasting company, with a portfolio of 125 highly-rated radio stations. Audacy was incorporated in 1968 and is based in Philadelphia, Pennsylvania.

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Buyer(S) 3

Buyer

CCMP Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 18.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

CCMP Capital is a large private equity firm focused on buyout and growth equity valued up to $2 billion. Sectors of interest include consumer, retail, and services (specialty retail, direct marketing, consumer packaged goods); media/telecom (consumer and trade publishing, content and programming, broadcasting, cable, wireless and wire line communications ); industrial (chemicals, manufacturing, distribution, automotive); energy (exploration and production, power generation, renewable energy, services); and healthcare (services, pharmaceuticals, medical devices). The Firm's target investment size is $100 to $500 million. CCMP Capital Advisors was formed in 1984 and was spun off in 2006 from JP Morgan Chase. The Firm is based in New York City.

DEAL STATS #
Overall 10 of 97
Sector (Media) 2 of 9
Type (Buyout (LBO, MBO, MBI)) 8 of 48
State (Pennsylvania) 1 of 6
Country (United States) 10 of 75
Year (1996) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1996-01-01 TeleCorp Wireless

Arlington, Virginia, United States

TeleCorp Wireless, Inc. provides digital wireless personal communications services to a licensed service area.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1996-06-01 Kinko s

Dallas, Texas, United States

Kinko's is a provider of document solutions and business services. Its global network of offers access to technology for color printing, finishing and presentation services, Internet access, videoconferencing, outsourcing, managed services, Web-based printing, and document management solutions. Kinko's was formed in 1970 and is based in Dallas, Texas.

Buy -
Buyer

Goldman Sachs Merchant Banking

New York, New York, United States
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 3 of 181
Sector (Media) 1 of 6
Type (Buyout (LBO, MBO, MBI)) 3 of 33
State (Pennsylvania) 1 of 7
Country (United States) 2 of 124
Year (1996) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1995-11-01 Novem Car Interior Design

Vorbach, Germany

Novem Car Interior Design is the supplier for interior wood trim components in the automotive sector. Its products are designed to be fitted to the car interior as fully finished components and are manufactured primarily using pressing, sanding, and lacquering techniques and processes. Novem Car Interior Design was founded in 1947 and is based in Vorbach, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1998-01-01 NuVox Communications

Greenville, South Carolina, United States

NuVox Communications, Inc. is an integrated communications provider. NuVox is a competitive local exchange carrier (CLEC) offering comprehensive voice and data communications products and services to customers. NuVox delivers services via its industry MPLS-based wide area private IP network.

Buy -
Buyer

Cave Creek Capital Management

Phoenix, Arizona, United States

Investor Investor Investor

Category Private Equity Firm
Founded 2004
Size Small
Type Sector Agnostic
DESCRIPTION

Cave Creek Capital LLC is a growth investor with the flexibility of a family office, the talent of a major firm, and a much wider range of capital solutions than traditional Private Equity funds. Cave Creek looks to commit equity and mezzanine Investments of $5M to $25M and Companies with $20M to $150M of Revenues. Areas of interest include Business Services, Consumer Products & Services, Specialty Retail & Distribution, Healthcare Services, and Specialty Manufacturing. Cave Creek Capital Management was formed in 2004 and is based in Scottsdale, Arizona.

DEAL STATS #
Overall 2 of 12
Sector (Media) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 2 of 4
State (Pennsylvania) 1 of 1
Country (United States) 2 of 11
Year (1996) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1995-08-08 Peter Piper

Phoenix, Arizona, United States

Peter Piper is a pizza and entertainment restaurant chain operating 32 company-owned locations and 115 franchises in the southwestern U.S. and Mexico. Peter Piper was founded in 1973 and is based in Phoenix, Arizona.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1997-01-01 Casella

Rutland, Vermont, United States

Casella is a regional, integrated solid waste services company, operating primarily throughout the eastern portion of the United States and parts of Canada. Casella Waste Systems provides collection, transfer, disposal and recycling services, generation of electricity and steam and the manufacture of finished products utilizing recyclable materials. Casella was incorporated in 1975 and is based in Rutland, Vermont.

Sell -
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