M&A Deal Summary

Fenway Partners Acquires Simmons

On July 18, 1998, private equity firm Fenway Partners acquired consumer products company Simmons from Investcorp International for 500M USD

Acquisition Highlights
  • This is Fenway Partners’ 1st transaction in the Consumer Products sector.
  • This is Fenway Partners’ largest (disclosed) transaction.
  • This is Fenway Partners’ 2nd transaction in the United States.
  • This is Fenway Partners’ 1st transaction in Georgia.
Investment Fate
  • Simmons was sold to a consortium of financial buyers in 2003 for 1.1B USD.
  • Simmons went bankrupt in 2009 for 760M USD.
  • Simmons merged with another company in 2018.

M&A Deal Summary
Date 1998-07-18
Target Simmons
Sector Consumer Products
Buyer(s) Fenway Partners
Sellers(s) Investcorp International
Deal Type Secondary Buyout
Deal Value 500M USD

Target

Simmons

Atlanta, Georgia, United States
website
Simmons is the second-largest bedding manufacturer in the United States and a world leader in pocketed coil spring technology. Simmons mattresses are distributed under renowned brand names such as Beautyrest and BackCare.

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Buyer(S) 1

Buyer

Fenway Partners

Westerly, Rhode Island, United States

Investor Investor Investor

website

Category Private Equity Firm
Founded 1994
PE ASSETS 2.1B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Fenway Partners is a private equity firm focused on investments in the consumer products and transportation/logistics/distribution sectors. Fenway looks for profitable companies with positive cash-flow and 'strong franchises. Prospective companies are generally valued between $100 and $600 million with $15 to $75 million of EBITDA. The Firm's investment horizon is four to six years. Fenway Partners was formed in 1994 and maintains offices in New York City and Los Angeles.

DEAL STATS #
Overall 2 of 20
Sector (Consumer Products) 1 of 6
Type (Secondary Buyout) 1 of 9
State (Georgia) 1 of 2
Country (United States) 2 of 18
Year (1998) 1 of 1
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1997-04-03 Delimex

San Diego, California, United States

Delimex produces and distributes frozen Mexican foods (taquitos, tamales, quesadillas, and Wrapidos flour taquitos) as well as Asian rice bowls and frozen pizzas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2000-01-01 Transport Industries

Mesquite, Texas, United States

Transport Industries, L.P. operates as a contract trucking carrier in the United States. It provides closed loop transportation services through a fleet of trucks for perishable and non-perishable freight primarily to the grocery industry.

Buy -

Seller(S) 1

SELLER

Investcorp International

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Asset Manager
Founded 1982
PE ASSETS 21.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Investcorp International, Inc. is a publicly traded global investment group focused on a variety of investment disciplines. Practice areas include private equity in North America and Western Europe, hedge funds, US real estate, technology investments, and Middle Eastern private equity. Within North America/Europe private equity, Investcorp targets market leaders with proven track records. It looks to invest $15 to $50 million in companies with revenues of $10 to $250 million. Investcorp's technology group sponsors growth-oriented control investments in the tech sector. Investcorp's Middle East practice focuses on buyout/build opportunities in North Africa and the Gulf Region. Target sectors include services, infrastructure, manufacturing, and energy. Investcorp was formed in 1982 and is based in Manama, Bahrain.

DEAL STATS #
Overall 8 of 106
Sector (Consumer Products) 2 of 6
Type (Secondary Buyout) 2 of 35
State (Georgia) 1 of 3
Country (United States) 7 of 62
Year (1998) 1 of 1
Size (of disclosed) 19 of 43
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1998-01-01 Leica Microsystems

Wetzlar, Germany

Leica Microsystems GmbH is a global designer and producer of high- precision optical systems for the analysis of microstructures. It is a market leader in microscopy, pathology diagnostics, surgical microscopes as well as semiconductor wafer defect and inspection solutions and specialized electron-beam lithography systems. The company manufactures a broad range of products for numerous applications that require either microscopic visual presentation, measurement, analysis or electron-beam lithography. Leica Microsystems is represented in over 100 countries with 10 manufacturing facilities located in Europe, China and Singapore, sales and service organizations in 19 countries and an international dealer network. Leica Microsystems GmbH is based in Wetzlar, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1998-08-11 Harborside Healthcare

Boston, Massachusetts, United States

Harborside Healthcare Corporation a leading provider of high quality long-term care and specialty medical services.

Buy -
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