M&A Deal Summary

Stockwell Capital, HarbourVest Partners, TPG Global, Apollo Global Management, Ardian, The Carlyle Group and The Blackstone Group Acquires Caesars Entertainment

On January 1, 2008, private equity firm Stockwell Capital, private equity firm HarbourVest Partners, asset manager TPG Global, asset manager Apollo Global Management LLC, asset manager Ardian, private equity firm The Carlyle Group and private equity firm The Blackstone Group Inc. acquired gaming company Caesars Entertainment Corp. (old) for 30.7B USD

Acquisition Highlights
  • This is Stockwell Capital’s 1st, HarbourVest Partners’ 2nd, TPG Global’s 1st, Apollo Global Management’s 1st, Ardian’s 1st, The Carlyle Group’s 1st and The Blackstone Group’s 1st transaction in the Gaming sector.
  • This is Stockwell Capital’s 2nd, HarbourVest Partners’ 1st, TPG Global’s 2nd, Apollo Global Management’s 1st, Ardian’s 2nd, The Carlyle Group’s 2nd and The Blackstone Group’s 2nd largest (disclosed) transaction.
  • This is Stockwell Capital’s 29th, HarbourVest Partners’ 37th, TPG Global’s 81st, Apollo Global Management’s 16th, Ardian’s 14th, The Carlyle Group’s 180th and The Blackstone Group’s 82nd transaction in the United States.
  • This is Stockwell Capital’s 1st, HarbourVest Partners’ 3rd, TPG Global’s 1st, Apollo Global Management’s 1st, Ardian’s 1st, The Carlyle Group’s 1st and The Blackstone Group’s 1st transaction in Nevada.
Investment Fate
  • Caesars Entertainment merged with another company in 2019.

M&A Deal Summary

Date 2008-01-01
Target Caesars Entertainment Corp. (old)
Sector Gaming
Buyer(s) Stockwell Capital
HarbourVest Partners
TPG Global
Apollo Global Management LLC
Ardian
The Carlyle Group
The Blackstone Group Inc.
Deal Type Going Private
Deal Value 30.7B USD
Advisor(s) Latham & Watkins (Legal)

Target

Caesars Entertainment Corp. (old)

Las Vegas, Nevada, United States
Entrance to Caesars Palace in Las Vegas, Nevada.
Entrance to Caesars Palace in Las Vegas, Nevada.
Caesars Entertainment is a diversified casino entertainment provider with casinos and resorts in the US, South America, Europe, and the Middle East. In addition to casinos, Caesars' facilities typically include hotel and convention space, restaurants, and non-gaming entertainment facilities. Caesars Entertainment Corp. was established in 1937 and is headquartered in Las Vegas, Nevada.

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Buyer(S) 7

Buyer

Stockwell Capital

Chicago, Illinois, United States

Investor Investor Investor

website


Category Private Equity Firm
Founded 2002
PE ASSETS 750M USD
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

Stockwell Capital is a co-investment firm, focused on making minority investments alongside private equity sponsors. Stockwell is a generalist investor, with no sector preferences and looks to commit $3 to $10 million per investment. The Firm will consider opportunities throughout the US and Europe and prefers late-stage or growth equity situations. Stockwell Capital was formed in 2002 and is based in Chicago.


DEAL STATS #
Overall 36 of 42
Sector (Gaming) 1 of 1
Type (Going Private) 11 of 12
State (Nevada) 1 of 1
Country (United States) 29 of 34
Year (2008) 1 of 5
Size (of disclosed) 2 of 26
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-12-10 Vertellus Holdings LLC

Indianapolis, Indiana, United States

Vertellus Holdings LLC is a manufacturer of high-value specialty chemicals used in the agroscience, nutrition, pharmaceutical, personal care, and performance materials markets. Vertellus producer of pyridine and picoline chemicals that function as key intermediates in the manufacturing of herbicides, insecticides, biocides, and a range of pharmaceutical and industrial products. Vertellus Holdings was founded in 1857 and is based in Indianapolis, Indiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-02-01 Radiation Therapy Services, Inc.

Fort Myers, Florida, United States

21st Century Oncology is a provider of cancer care services across multiple modalities, the largest radiation oncology provider and one of the largest groups of urologists in the U.S. 21st Century Oncology was founded in 1983 and is based in Fort Myers, Florida.

Buy $1.1B
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 63 of 217
Sector (Gaming) 2 of 2
Type (Going Private) 10 of 27
State (Nevada) 3 of 4
Country (United States) 37 of 128
Year (2008) 1 of 13
Size (of disclosed) 1 of 67
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-26 Tropitone Furniture Co., Inc.

Irvine, California, United States

Tropitone Furniture Company, Inc. designs and manufactures indoor and outdoor casual furniture. The company offers extruded and cast aluminum patio and pool furniture, aluminum or wood market umbrellas, patio umbrellas, outdoor bar stools, chaise lounges, patio chairs, outdoor dining chairs, and outdoor furniture sets.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-15 Confie Holding II Co.

Huntington Beach, California, United States

Confie is a national insurance distribution company primarily focused on personal lines and small commercial insurance. Confie was formed in 2008 and is based in Huntington Beach, California.

Buy -
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 114 of 378
Sector (Gaming) 1 of 2
Type (Going Private) 19 of 33
State (Nevada) 1 of 2
Country (United States) 81 of 249
Year (2008) 6 of 20
Size (of disclosed) 2 of 94
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-01 Bank Tabungan Pensiunan Nasional Tbk

Jakarta, Indonesia

Bank Tabungan Pensiunan Nasional Tbk provides banking services in Indonesia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-04 Cranium, Inc.

Seattle, Washington, United States

Cranium develops and sells award-winning family, adult and children's games focused on knowledge and discovery with a mission to lighten and enlighten people's lives'.

Sell $78M
Buyer

Apollo Global Management LLC

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1990
PE ASSETS 45.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Apollo Global Management is a global alternative investment firm. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. Apollo's geographic coverage spans Europe, North America, and Asia. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City.


DEAL STATS #
Overall 18 of 104
Sector (Gaming) 1 of 4
Type (Going Private) 5 of 24
State (Nevada) 1 of 2
Country (United States) 16 of 75
Year (2008) 1 of 1
Size (of disclosed) 1 of 42
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-12 API Heat Transfer, Inc.

Buffalo, New York, United States

API Heat Transfer is a designer and manufacturer of a wide range of heat transfer technologies that service virtually every industrial market including food and beverage, dairy, compressors, air separation, chemical processing, mobile vehicles, power generation, pharmaceuticals, HVAC, and a wide variety of general industrial applications.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-02 Linens ‘N’ Things

Sacramento, California, United States

Linens ‘N Things is a retailer and brand of home goods and furnishings.

Sell -
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1996
PE ASSETS 62.0B 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 102 of 372
Sector (Gaming) 1 of 2
Type (Going Private) 4 of 12
State (Nevada) 1 of 1
Country (United States) 14 of 55
Year (2008) 1 of 20
Size (of disclosed) 2 of 66
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-12-28 Bharti Infratel Ltd.

New Delhi, India

Bharti Infratel Ltd. is an operator of telecommunication services businesses in India. Bharti's primary assets include national and international long distance licenses, cellular licenses in four metropolitan cities and 11 states and fixed line licenses in five states.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-15 Duplomatic Oleodinamica S.p.A.

Parabiago, Italy

Duplomatic Oleodinamica S.p.A. is a producer of hydraulic valves, pumps, and oil-pressure activated systems which are mainly utilised in industrial applications for industries such as energy, machine tools, construction machineries, rubber and wood industry as well as naval and agricultural industry. Duplomatic Oleodinamica was established in 1952 and is based in Parabiago, Italy.

Buy -
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 315 of 674
Sector (Gaming) 1 of 1
Type (Going Private) 12 of 32
State (Nevada) 1 of 2
Country (United States) 180 of 326
Year (2008) 1 of 28
Size (of disclosed) 2 of 131
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-01 Gemini Air Cargo, Inc.

Sterling, Virginia, United States

Gemini Air Cargo, Inc. was the world's second largest supplier of outsourced air freighter services.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-21 FN STARS Co., Ltd.

Seoul, South Korea

FN STARS Co., Ltd. is an independent distributor of financial services products in Korea.

Buy -
Buyer

The Blackstone Group Inc.

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 119 of 296
Sector (Gaming) 1 of 2
Type (Going Private) 10 of 25
State (Nevada) 1 of 2
Country (United States) 82 of 187
Year (2008) 1 of 14
Size (of disclosed) 2 of 160
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-20 DJO Global, Inc.

Vista, California, United States

DJO Global, Inc. is a manufacturer of rehabilitation and regeneration products for the non-operative orthopedic and spine markets. DJO Global offers a range of products includes rigid knee braces and soft goods, cold therapy, vascular systems, and bone stimulation and regeneration products. DJO Global, Inc. was founded in 1978 and is based in Vista, California.

Buy $1.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-18 Performance Food Group, Inc.

Richmond, Virginia, United States

PFG is a distributor of food products and snacks. PFG delivers food and food-related products to more than 130,000 independent and national chain restaurants, quick-service eateries, pizzerias, theaters, schools, hotels, healthcare facilities and other institutions across the United States. PFG was founded in 1885 and is based in Richmond, Virginia.

Buy $1.4B