M&A Deal Summary

Golden Gate Capital, HarbourVest Partners, Permira, TPG Global, Ardian, The Carlyle Group, The Blackstone Group and Battery Ventures Acquires FreeScale Semiconductor

On September 14, 2006, private equity firm Golden Gate Capital, private equity firm HarbourVest Partners, private equity firm Permira, asset manager TPG Global, asset manager Ardian, private equity firm The Carlyle Group, private equity firm The Blackstone Group and private equity firm Battery Ventures acquired semiconductors company FreeScale Semiconductor Ltd. for 17.6B USD

Acquisition Highlights
  • This is Golden Gate Capital’s 3rd, HarbourVest Partners’ 2nd, Permira’s 2nd, TPG Global’s 5th, Ardian’s 2nd, The Carlyle Group’s 6th, The Blackstone Group’s 1st and Battery Ventures’ 1st transaction in the Semiconductors sector.
  • This is Golden Gate Capital’s 1st, HarbourVest Partners’ 2nd, Permira’s 1st, TPG Global’s 4th, Ardian’s 4th, The Carlyle Group’s 3rd, The Blackstone Group’s 5th and Battery Ventures’ 1st largest (disclosed) transaction.
  • This is Golden Gate Capital’s 25th, HarbourVest Partners’ 25th, Permira’s 3rd, TPG Global’s 59th, Ardian’s 6th, The Carlyle Group’s 148th, The Blackstone Group’s 71st and Battery Ventures’ 11th transaction in the United States.
  • This is Golden Gate Capital’s 2nd, HarbourVest Partners’ 3rd, Permira’s 1st, TPG Global’s 8th, Ardian’s 2nd, The Carlyle Group’s 29th, The Blackstone Group’s 8th and Battery Ventures’ 3rd transaction in Texas.
Investment Fate
  • FreeScale Semiconductor merged with another company in 2015 for 11.8B USD.

M&A Deal Summary

Date 2006-09-14
Target FreeScale Semiconductor Ltd.
Sector Semiconductors
Buyer(s) Golden Gate Capital
HarbourVest Partners
Permira
TPG Global
Ardian
The Carlyle Group
The Blackstone Group
Battery Ventures
Deal Type Going Private
Deal Value 17.6B USD
Advisor(s) Goldman Sachs Investment Banking Division (Financial)
Wilson Sonsini Goodrich & Rosati (Legal)

Target

FreeScale Semiconductor Ltd.

Austin, Texas, United States
website
Freescale Semiconductor, Inc. is a designer and manufacturer of embedded semiconductors for the automotive, consumer, industrial, networking and wireless markets. FreeScale designs, researches and development, manufacturing or sales operations in more than 30 countries.

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Buyer(S) 8

Buyer

Golden Gate Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2000
PE ASSETS 15.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Golden Gate Capital is a large private equity firm focused on buyout and growth equity investments across a wide variety of industries. The Firm partners with management teams to make equity investments in situations where there is a demonstrable opportunity to significantly enhance a company's value. Sectors of interest include software and IT services, semiconductors, electronics, consumer products and retail, financial services, business services, and media. Prospective transaction types include public-to-privates, corporate extractions, bankruptcy auctions, and recapitalizations. Golden Gate Capital was formed in 2000 and is based in San Francisco, California.


DEAL STATS #
Overall 30 of 100
Sector (Semiconductors) 3 of 5
Type (Going Private) 2 of 11
State (Texas) 2 of 8
Country (United States) 25 of 90
Year (2006) 7 of 11
Size (of disclosed) 1 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-12 Aspect Software, Inc.

Chelmsford, Massachusetts, United States

Aspect Software is a provider of fully integrated customer engagement, workforce optimization, and self-service omnichannel software solutions. Aspect Software was founded in 1973 and is based in Chelmsford, Massachusetts.

Buy $20M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-19 B-Line LLC

Seattle, Washington, United States

B-Line is a leading provider of consumer bankruptcy debt purchasing, processing, and recovery services. The Company services Chapter 7 and Chapter 13 bankruptcy debt both for its own account and on an outsourced basis. B-Line's unique automated processing capabilities and servicing expertise have made it the provider of choice for leading credit card companies and durable consumer goods creditors.

Sell -
Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 43 of 223
Sector (Semiconductors) 2 of 2
Type (Going Private) 4 of 27
State (Texas) 3 of 20
Country (United States) 25 of 131
Year (2006) 13 of 14
Size (of disclosed) 2 of 68
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-01 NXP Semiconductors N.V.

Eindhoven, Netherlands

NXP Semiconductors is a provider of semiconductors, system solutions and software that deliver better sensory experiences in mobile phones, personal media players, TVs, set-top boxes, identification applications, cars and a wide range of other electronic devices. NXP Semiconductors was founded in 2006 and is based in Eindhoven, the Netherlands.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-30 Xpressdocs Partners Ltd.

Fort Worth, Texas, United States

Xpressdocs is a provider of high quality, on-demand print-based marketing programs and services to the residential real estate and other industries. Xpressdocs was founded in 1998 and is based in Fort Worth, Texas.

Buy -
Buyer

Permira

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1985
PE ASSETS 32.0B EUR
SizeMega
Type Sector Agnostic
DESCRIPTION

Permira is a mega-sized private equity firm that targets large company investments around the world. Permira invests to support acquisitions, leveraged buyouts, take-privates, turnarounds, and growth buyouts. Areas of interest include healthcare, financial services, chemicals, consumer products and services, industrial products and services, technology, media, and telecom. Permira will consider opportunities in Europe, Asia, and North America. Permira was formed in 1985 and has offices in Menlo Park, Frankfurt, Luxembourg, London, Hong Kong, Madrid, Milan, Paris, Stockholm, Tokyo, Guernsey and New York City.


DEAL STATS #
Overall 55 of 149
Sector (Semiconductors) 2 of 2
Type (Going Private) 3 of 10
State (Texas) 1 of 1
Country (United States) 3 of 38
Year (2006) 4 of 9
Size (of disclosed) 1 of 58
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-01 Telepizza Group, S.A.

Madrid, Spain

Telepizza operates and manages stores, restaurants, and franchises that deliver pizzas. Telepizza also provides home delivery services. Telepizza was founded in 1987 and is based in Madrid, Spain.

Buy €962M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-01 Hogg Robinson Ltd.

Farnborough, United Kingdom

Hogg Robinson Ltd. is a global B2B services company specializing in travel, payments and expense management. The company helps companies, governments, and financial institutions manage and control their expenditure. The company combines high-quality service delivered by experienced staff with the very latest digital solutions based on our own technology. Hogg Robinson was formed in 1845 and is based in Farnborough, United Kingdom.

Sell -
Buyer

TPG Global

Fort Worth, Texas, United States

Investor Investor Investor Investor

website


Category Asset Manager
Founded 1992
PE ASSETS 96.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 82 of 384
Sector (Semiconductors) 5 of 6
Type (Going Private) 9 of 33
State (Texas) 8 of 31
Country (United States) 59 of 255
Year (2006) 13 of 19
Size (of disclosed) 4 of 94
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-07 ViroBay, Inc.

Menlo Park, California, United States

Virobay is a semi-virtual company focused on novel treatments for hepatitis C, pain and auto-immune disease.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-29 Avidia, Inc.

Mountain View, California, United States

Avidia is a privately-held biopharmaceutical company discovering and developing a new class of human therapeutic proteins. Avidia is engineering these Avimer(TM) therapeutics against multiple validated and novel targets to address a wide range of disease areas, including inflammation, oncology and neurology.

Sell $290M
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1996
PE ASSETS 125.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


DEAL STATS #
Overall 63 of 406
Sector (Semiconductors) 2 of 2
Type (Going Private) 1 of 15
State (Texas) 2 of 8
Country (United States) 6 of 57
Year (2006) 26 of 36
Size (of disclosed) 4 of 67
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-14 Champeau

Feytiat, France

Champeau is a manufacturer of wood roof truss systems used mainly in the construction of residential houses. Champeau was founded in 1929 and is based in Feytiat, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-06 RSC Equipment Rental, Inc.

Scottsdale, Arizona, United States

RSC Equipment Rental serves as a vital and trusted partner for thousands of customers in construction, industrial, petrochemical, governmental, and manufacturing businesses across the United States and Canada.

Buy $3.8B
Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 84.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 250 of 684
Sector (Semiconductors) 6 of 8
Type (Going Private) 5 of 32
State (Texas) 29 of 49
Country (United States) 148 of 329
Year (2006) 40 of 52
Size (of disclosed) 3 of 132
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-11 The StayWell Company

Yardley, Pennsylvania, United States

Staywell is a health empowerment company that enables populations to improve health outcomes through the science of behavior change. Staywell was founded in 1978 and is headquartered in St. Paul, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-17 SchoolNet, Inc.

New York, New York, United States

Schoolnet, Inc. is the data-driven education for K-12 school systems.Schoolnet provides users with the data, reports, tools, and content to assess performance, analyze results, individualize instruction, and engage parents.

Buy -
Buyer

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 95.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group LP is a global alternative investment management firm comprised of three business segments. These groups include corporate private equity, real estate, and alternative asset management. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York City.


DEAL STATS #
Overall 102 of 302
Sector (Semiconductors) 1 of 1
Type (Going Private) 5 of 26
State (Texas) 8 of 28
Country (United States) 71 of 190
Year (2006) 13 of 17
Size (of disclosed) 5 of 161
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-23 Travelport Worldwide Ltd.

Langley, United Kingdom

Travelport is a developer of travel commerce platform to provide distribution, technology, payment and other solutions for the global travel and tourism industry. The company facilitates travel commerce by connecting the world’s leading travel providers with online and offline travel buyers in a proprietary business-to-business (B2B) travel marketplace. Travelport was founded in 2006 and is based in Langley, United Kingdom.

Buy $4.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-01 The Michaels Companies, Inc.

Irving, Texas, United States

Michaels is a retailer of arts, crafts, framing, home decor and seasonal products for hobbyists and DIY decorators. Michaels was formed in 1983 and is based in Irving, Texas.

Buy $6.0B
Buyer

Battery Ventures

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1983
PE ASSETS 8.9B USD
SizeMega
Type Sector Focused
DESCRIPTION

Battery Ventures is a private investment firm focused on opportunities in the technology and related-sectors. Battery will invest at all company stages, from seed and early-stage capital situations to leveraged buyouts, PIPEs, spin outs, rollups and take-privates of established companies. Battery's private equity group focuses on investments in companies with revenue of $20 to $200 million and EBITDA up to $25 million. Battery can commit up to $100 million in equity per transaction. Specific areas of interest include software; IT services and outsourcing; communications components, systems, and services; and financial services and tech-enabled businesses. Battery will consider investments throughout North America, Europe, and Asia. Battery Ventures was formed in 1983 and is headquartered in Menlo Park, California.


DEAL STATS #
Overall 12 of 91
Sector (Semiconductors) 1 of 1
Type (Going Private) 1 of 4
State (Texas) 3 of 10
Country (United States) 11 of 68
Year (2006) 2 of 2
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-28 Omniture, Inc.

Orem, Utah, United States

Omniture, Inc. is a provider of web analytics tools and services.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-01 Cortera, Inc.

Boca Raton, Florida, United States

Cortera, Inc. provides a fresh perspective on business information and offers innovative tools to improve corporate intelligence. With its robust database containing virtually every private and public U.S. company, innovative analytics about each of those companies and advanced workflow software, Cortera helps business analysts, sales and marketing experts and credit & collections professionals know more than ever before about their prospects, customers and partners. Cortera was founded in 1993 and is based in Boca Raton, Florida.

Buy -