Investment Summary

Exits Eutelsat Communications

On October 1, 2005, invested in communications company Eutelsat Communications from Sparring Capital, Star Capital SGR, Spectrum Equity, TPG Global, Cinven and Investindustrial

Investment Highlights
  • This is transaction in the Communications sector.
  • This is transaction in France.

Investment Summary

Date 2005-10-01
Target Eutelsat Communications
Sector Communications
Sellers(s) Sparring Capital
Star Capital SGR
Spectrum Equity
TPG Global
Cinven
Investindustrial
Deal Type IPO

Target

Eutelsat Communications

Issy-les-Moulineaux, France
website
Eutelsat Communications is a satellite operator. Eutelsat provides transponder capacity for video broadcasters, European Direct-to-Home (DTH) operators, European governments, and the US government, as well as for corporate data networks and other voice and data providers. Eutelsat Communications was founded in 1977 and is based in Issy-les-Moulineaux, France.

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Seller(S) 6

SELLER

Sparring Capital

Paris, France

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2002
PE ASSETS 850M EUR
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Sparring Capital Capital is a private equity firm focused on acquiring majority positions in private medium-sized French companies. Pragma looks to fund leveraged buyouts and development capital financings of businesses with high barriers to entry and that lead their respective market niches. The Firm typically seeks companies with at least €10 million in revenue and at least €2 million of EBITDA. Sparring Capital was formed in 2002 and is based in Paris.


DEAL STATS #
Overall 1 of 18
Sector (Communications) 1 of 1
Type (IPO) 1 of 1
Country (France) 1 of 17
Year (2005) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-22 Proven

Villeneuve Loubet, France

Proven (previously DTS Développement) operates in i) the production and distribution of maintenance and disinfectants to specialized professionals and distributors (all non-supermarket distribution networks), and ii) the distribution of small professional cleaning equipment. Distrimar and Spado are current brand products on the maintenance and large public hygiene markets. Topso, Phagogène, and Azurdi operate – both directly and through distributors – on the hygiene market for professionals. Sales in specialized distribution (DIY, Cash & Carry, …) represent around 50% of their activity and are made under their own brand and under license (St marc, Air Wick, Destop …). Sales to professional points of sale (local authorities, cleaning businesses) involve cleaning products, disinfectants, and small equipment. The group has made durable development a real principle of action. Offering a complete range of ecological products and integrating environmental impacts into its production and packaging processes, Proven – through its products – also supports its clients in the implementation of their own durable development approach.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-31 Trefilaction SA

Aubervilliers, France

Trefilaction SA is a packager and distributor of hardware items (e.g., nails, screws, door handles) and other small home improvement items (locks, chains). It distributes its products under the group’s own brand names (Rocket, etc.) and under its distributors’ brand names. Trefilaction was established in 1963 and is based in Aubervilliers, France.

Buy -
SELLER

Star Capital SGR

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 2000
PE ASSETS 486M EUR
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Star Capital is a private equity firm focused on lower middle-market acquisitions of Italian companies. The Firm targets profitable businesses with €3 to €10 million of EBITDA and €20 to €50 million of revenue. Star Capital is a generalist investor, however the Firm will not consider early-stage or distressed companies. Star Capital was formed in 2000 and is headquartered in Milan.


DEAL STATS #
Overall 2 of 11
Sector (Communications) 1 of 1
Type (IPO) 1 of 1
Country (France) 1 of 1
Year (2005) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-04-08 Marr

Rimini, Italy

Marr S.p.A. is an Italian food services distributor offering daily delivery of a wide range of products including fresh, refrigerated and chilled foods and restaurant equipment. Its clientele of 25,000 companies includes restaurants, fast food outlets, hotels, schools, hospitals and large institutions.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-01 SAET

Leinì, Italy

Saet Group is a supplier of induction heating equipment in the automotive and wind energy industries.

Buy -
SELLER

Spectrum Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1994
PE ASSETS 4.7B USD
Size Large
Type Sector Focused
DESCRIPTION

Spectrum Equity Management L.P. is a private equity investor focused on service businesses. Spectrum specifically targets established businesses in the media, communications, IT, information, and business services industries. The Firm looks to commit $25 to $100 million of equity capital per transaction and focuses on opportunities throughout North America and Western Europe. Prospective transaction situations include leveraged buyouts, recapitalizations, acquisition financings, and secondary purchases. Spectrum Equity Investors was formed in 1994 and has offices in Boston, Massachusetts and Menlo Park, California.


DEAL STATS #
Overall 12 of 66
Sector (Communications) 5 of 9
Type (IPO) 4 of 11
Country (France) 1 of 1
Year (2005) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-09-28 Mortgagebot

Mequon, Wisconsin, United States

Mortgagebot LLC provides software that enables banks and credit unions to market and process mortgage applications online. The company's software is delivered as a hosted service priced on a recurring monthly basis.

Buy $84M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-01 QTC Holdings

Diamond Bar, California, United States

QTC Holdings Inc. is a provider of outsourced disability evaluations in the United States. Through its nationwide network of contract providers and proprietary workflow software and technology, QTC manages every aspect of the disability evaluation process, from the point of initial appointment setting and exam preparation, to report preparation and generation, to final billing and payment.

Buy -
SELLER

TPG Global

Fort Worth, Texas, United States

Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1992
PE ASSETS 135.0B USD
Size Mega
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 24 of 237
Sector (Communications) 4 of 14
Type (IPO) 9 of 70
Country (France) 1 of 2
Year (2005) 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-01 Cloudshield Technologies

Sunnyvale, California, United States

Cloudshield Technologies, Inc. is a cybersecurity and management solutions provider. CloudShield provides services management and infrastructure security solutions to service providers and national governments worldwide.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-03 Texas Genco Holdings

Houston, Texas, United States

Texas Genco Holdings, Inc., based in Houston, Texas, is an electric power generating company with over 14,000 megawatts of generation capacity. It sells electric generation capacity, energy and ancillary services in one of the nation's largest power markets, the Electric Reliability Council of Texas (ERCOT). Texas Genco has one of the most diversified generation portfolios in Texas, using natural gas, oil, coal, lignite, and uranium fuels. The company owns and operates 60 generating units at 11 electric power-generating facilities and owns a 30.8 percent interest in a nuclear generating plant.

Sell $5.8B
SELLER

Cinven

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1977
PE ASSETS 37.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Cinven is a private equity firm focused on buyout investments in growing, profitable businesses located throughout Europe. Sectors of interest include business and financial services, healthcare, industrial, retail, leisure, consumer, technology, media, and telecommunications. Cinven looks to invest a minimum of €200 million in companies with a minimum enterprise value of €400 million. Cinven does not invest in start-ups or development phase companies. Cinven was established in 1977 and has offices in Frankfurt, London, Paris, Hong Kong, and Milan.


DEAL STATS #
Overall 72 of 123
Sector (Communications) 2 of 3
Type (IPO) 30 of 39
Country (France) 4 of 11
Year (2005) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-09-22 Fitness First Group

Dorset, United Kingdom

Fitness First Group Ltd. is a health club operator in the world with over one million members and over 400 clubs in 15 countries.

Sell $835M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-09 The Gala Group

Nottingham, United Kingdom

The Gala Group is a provider of bingo and casino operations in the UK.

Buy -
SELLER

Investindustrial

London, United Kingdom

Investor Investor

website


Category Private Equity Firm
Founded 1990
PE ASSETS 11.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Investindustrial is an investment firm focused on creating global leaders through organic growth and acquisitions. The Firm is operationally driven and seeks opportunities in Southern Europe. Areas of interest include services, consumer, retail, leisure, and industrial manufacturing. Investindustrial has offices in London, Luxembourg, Milan, Lugano, Barcelona, Shanghai, and New York.


DEAL STATS #
Overall 4 of 34
Sector (Communications) 1 of 2
Type (IPO) 1 of 4
Country (France) 1 of 2
Year (2005) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-01 Avincis

Alicante, Spain

Grupo Inaer (www.grupoinaer.com) is consolidating its leadership in the emergency and mission critical European helicopter services market both by reinforcing organic growth in the domestic market and by implementing selective international bolt-on acquisitions. The company operates as a concession business with strong sales visibility.

Buy €205M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-03-02 Ducati

Bologna, Italy

Ducati is the European manufacturer and distributor in the niche of high-performance sport motorcycles with a 6.3% market share in the sport segment of the high displacement road market (greater than 500 cc). Ducati’s headquarters and manufacturing operations are based in Bologna (Italy).

Buy -