M&A Deal Summary

Private Investor Capital, Unison Capital, Silver Lake, BC Partners and Intermediate Capital Group Acquires Intelsat Global SA

On February 4, 2008, private equity firm Private Investor Capital Ltd. (Pi Capital), private equity firm Unison Capital, Inc., private equity firm Silver Lake, private equity firm BC Partners and mezzanine finance firm Intermediate Capital Group (ICG) acquired communications company Intelsat Global SA from Apax, Permira and Madison Dearborn Partners LLC for 12.1B EUR

Acquisition Highlights
  • This is Private Investor Capital’s 1st, Unison Capital’s 2nd, Silver Lake’s 3rd, BC Partners’ 1st and Intermediate Capital Group’s 6th transaction in the Communications sector.
  • This is Private Investor Capital’s 0th, Unison Capital’s 0th, Silver Lake’s 1st, BC Partners’ 0th and Intermediate Capital Group’s 0th largest (disclosed) transaction.
  • This is Private Investor Capital’s 1st, Unison Capital’s 1st, Silver Lake’s 1st, BC Partners’ 1st and Intermediate Capital Group’s 3rd transaction in Luxembourg.

M&A Deal Summary

Date 2008-02-04
Target Intelsat Global SA
Sector Communications
Buyer(s) Private Investor Capital Ltd. (Pi Capital)
Unison Capital, Inc.
Silver Lake
BC Partners
Intermediate Capital Group (ICG)
Sellers(s) Apax
Permira
Madison Dearborn Partners LLC
Deal Type Secondary Buyout
Deal Value 12.1B EUR
Advisor(s) Credit Suisse Investment Banking (Financial)
Wachtell, Lipton, Rosen & Katz LLP
Milbank, Tweed, Hadley & McCloy LLP
Paul, Weiss, Rifkind, Wharton & Garrison LLP
Wiley Rein LLP (Legal)

Target

Intelsat Global SA

Grand-Duchy, Luxembourg
website
Intelsat's office in McLean, Virginia.
Intelsat's office in McLean, Virginia.
Intelsat Global SA is a provider of fixed satellite services worldwide, delivering advanced transmission access for information and entertainment to some of the world’s leading media and network companies, multi-national corporations, internet service providers and governmental agencies. Intelsat was formed in 1965 and is based in Luxembourg.

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Buyer(S) 5

Buyer

Private Investor Capital Ltd. (Pi Capital)

London, United Kingdom

Investor Investor

website


Category Private Equity Firm
SizeSmall
Type Sector Agnostic
DESCRIPTION

Private Investor Capital Limited (which operates as Pi Capital) is an independent private equity group set-up as a network of peers that targets direct private equity investments as well as investments in private equity funds. The Group's direct investment area seeks to lead investments or will serve as a co-investor. Prospective transaction situations include management buyouts and consolidations where Pi can commit GBP2 to GBP10 million per transaction. Areas of interest include communications, manufacturing, business services, retail, consumer services, and gaming. Pi Capital is based in London.


DEAL STATS #
Overall 5 of 5
Sector (Communications) 1 of 1
Type (Secondary Buyout) 2 of 2
Country (Luxembourg) 1 of 1
Year (2008) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-14 Applied Kilovolts Ltd.

West Sussex, United Kingdom

Applied Kilovolts Ltd., is a supplier of high voltage power supplies to scientific equipment manufacturers in the UK, Europe and the USA.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-12 Applied Kilovolts Ltd.

West Sussex, United Kingdom

Applied Kilovolts Ltd., is a supplier of high voltage power supplies to scientific equipment manufacturers in the UK, Europe and the USA.

Sell -
Buyer

Unison Capital, Inc.

Tokyo, Japan

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1998
PE ASSETS 3.6B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

Unison Capital is a private equity investment firm focused on control investments in mid-cap companies operating in Japan, Korea, and Singapore. Target transaction situations include growth support, business successions, corporate carve-outs, buyouts, and restructurings. Unison is a generalist investor, however the Firm has a preference for opportunities in the retail, niche manufacturing, and healthcare sectors. Unison Capital was formed in 1998 and has offices in Tokyo, Seoul, and Singapore.


DEAL STATS #
Overall 13 of 37
Sector (Communications) 2 of 2
Type (Secondary Buyout) 1 of 5
Country (Luxembourg) 1 of 1
Year (2008) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-09-01 Akindo Sushiro Co. Ltd.

Osaka, Japan

Akindo Sushiro Co. Ltd. Operates sushi restaurants in Japan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-02-01 Cosmos Life Co. Ltd.

Japan

Cosmos Life Co.,Ltd. manages and operates some 125000 condo units and 116 office buildings.

Buy -
Buyer

Silver Lake

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1999
PE ASSETS 60.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Silver Lake is a mega-sized private equity firm focused on a broad range of growth investments in and acquisitions of technology companies. Silver Lake is subdivided into several investing groups including Silver Lake Partners, Silver Lake Sumeru, Silver Lake Waterman, Silver Lake Alpine, and Silver Lake Kraftwerk. Silver Lake Partners pursues large-scale private investments in companies within the technology, tech-enabled and related growth industries. Silver Lake Sumeru invests in middle market technology companies with established business models and attractive growth prospects where there is an opportunity to create value through operational transformation. Silver Lake Waterman provides growth capital to later-stage companies in the technology and technology-enabled industries, offering flexible solutions to finance expansion and acquisitions. Silver Lake Alpine is Silver Lake's debt and credit investing arm. Silver Lake Kraftwerk provides growth capital to technology and tech-enabled businesses driving efficiency across the operations, energy, and resources industries. Silver Lake Partners was formed in 1999 is headquartered in Menlo Park, California.


DEAL STATS #
Overall 23 of 106
Sector (Communications) 3 of 3
Type (Secondary Buyout) 2 of 14
Country (Luxembourg) 1 of 2
Year (2008) 1 of 3
Size (of disclosed) 1 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-12-19 Gerson Lehrman Group, Inc.

New York, New York, United States

Gerson Lehrman Group, Inc. is a global information platform that provides insights for leading knowledge professionals. Business leaders, investors, consultants, social entrepreneurs, and other top professionals rely on GLG to learn in short- and long-term engagements from more than 425,000 members and other experts. GLG was established in 1998 and is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-17 AVI-SPL, Inc.

Tampa, Florida, United States

AVI-SPL is an AV and VC solutions and services provider. The Company provides customers with design, engineering, procurement, integration and installation of AV and VC systems for corporate office space, control centers, educational facilities, convention centers and a variety of other end markets. Industry-leading services include on-site AV and VC systems support, maintenance support and managed software solutions. AVI-SPL was founded in 1979 and is based in Tampa, Florida.

Buy -
Buyer

BC Partners

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1986
PE ASSETS 17.0B EUR
SizeMega
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 35 of 91
Sector (Communications) 1 of 4
Type (Secondary Buyout) 10 of 37
Country (Luxembourg) 1 of 2
Year (2008) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-28 Mark IV Industries, Inc.

Amherst, New York, United States

Engineered systems and components for automotive, industrial and transportation

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-02-14 Migros Turk T.A.S

Istanbul, Turkey

Migros Turk T.A.S is a Turkish food retailer with a circa 22 % share of the organised food retail market. The group operates more than 900 stores, and is present in 55 cities throughout all seven Turkish regions, making it the only truly national food retailer in Turkey.

Buy €1.7B
Buyer

Intermediate Capital Group (ICG)

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 27.2B EUR
SizeMega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.


DEAL STATS #
Overall 206 of 276
Sector (Communications) 6 of 7
Type (Secondary Buyout) 59 of 106
Country (Luxembourg) 3 of 3
Year (2008) 2 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-02-01 SAG GmbH

Langen, Germany

SAG GmbH is a provider of engineering, construction, maintenance and operation services for utilities and industrial clients with a focus on their energy infrastructure.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-03-04 Au Bon Pain, Inc.

Boston, Massachusetts, United States

Au Bon Pain is a bakery cafe operator with almost 300 Company-owned and franchised stores globally. By providing its quality offering in high-density, high-traffic locations. The Company's menu includes freshly baked goods, made-to-order sandwiches, soups, and cafe beverages. Au Bon Pain was founded in 1978 and is based in Boston, Massachusetts.

Buy $250M

Seller(S) 3

SELLER

Apax

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1981
PE ASSETS 60.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Apax Partners is a mega-sized private equity investment group, operating across the United States, Europe, Israel and Asia. Broad industry sectors of interest include tech & telecom, media, retail & consumer, healthcare, financial services, and business services. Apax will consider both minority and majority investment positions and prefers companies with strong market positions and growth potential. The Firm generally pursues platform acquisitions valued from €1 to €5 billion. Apax Partners was formed in 1981 and is based in London.


DEAL STATS #
Overall 34 of 158
Sector (Communications) 5 of 10
Type (Secondary Buyout) 12 of 58
Country (Luxembourg) 1 of 2
Year (2008) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-08 Independer.nl N.V.

Hilversum, Netherlands

Independer.nl is an independent financial services and healthcare comparison and advice website.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-03-27 Consort NT

Paris, France

Consort NT is an IT services firm focusing on communication and information technologies comprising three divisions: infrastructure services, application services, and engineering services. Consort NT is a leading IT outsourcing firm in the French market. Consort NT was founded in 1992 and is based in Paris, France.

Buy -
SELLER

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 32 of 79
Sector (Communications) 4 of 5
Type (Secondary Buyout) 10 of 23
Country (Luxembourg) 2 of 3
Year (2008) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-15 Aearo Technologies, Inc.

Indianapolis, Indiana, United States

Aearo is a global leader in the hearing, eye, face, head and respiratory protection segments of the global personal protection equipment market. Aearo manufactures and sells hearing protection devices, communication headsets, prescription and non-prescription safety eyewear, face shields, reusable and disposable respirators, fall protection equipment, hard hats and first aid kits in more than 70 countries.

Sell $1.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-06-27 NDS Group Ltd.

Staines, United Kingdom

NDS Group Ltd. is a provider of video software and content security solutions that enable service providers and media companies to securely deliver and monetize new video entertainment experiences.

Buy €2.5B
SELLER

Madison Dearborn Partners LLC

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1992
PE ASSETS 23.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Madison Dearborn Partners (MDP) is a large private equity firm that targets buyouts of private or publicly held companies, divestitures of larger companies, recapitalizations of family-owned or closely-held companies, acquisition-oriented financings, and financings to fund internal growth. MDP's target investment size is $100 to $600 million in buyout oriented transactions and $100 to $400 million in growth capital commitments. Areas of interest include basic industries (natural resources, chemicals, energy and power, automotive, building products, food, metals and mining, refining, paper, packaging and forest products, and general manufacturing), as well as communications, consumer products/services, financial services, and healthcare. Madison Dearborn Partners was formed in 1992 and is based in Chicago, Illinois.


DEAL STATS #
Overall 30 of 64
Sector (Communications) 8 of 10
Type (Secondary Buyout) 6 of 10
Country (Luxembourg) 1 of 1
Year (2008) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-12 The Topps Co., Inc.

New York, New York, United States

Topps is a manufacturer and marketer of trading cards, distinctive confectionery, and entertainment products. Topps card products cover sports such as Major League Baseball, NFL, Bundesliga, and the Indian Premiere League as well as entertainment properties such as Disney, WWE, and Star Wars. The Company's confectionery brands include Bazooka bubble gum, Ring Pop, Push Pop, Baby Bottle Pop, and Juicy Drop Pop lollipops. The Topps Co. was established in 1938 and is based in New York City.

Buy $385M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-06-05 Wind Telecom SpA

Rome, Italy

WIND TELECOM S.p.A.(formerly Weather Investments S.p.A.)is an international telecommunications company offering mobile, fixed, internet and international communication services.

Buy €1.0B