M&A Deal Summary

Sparring Capital, Star Capital SGR, Spectrum Equity, TPG Global, Cinven and Investindustrial Acquires Eutelsat Communications S.A.

On March 5, 2003, private equity firm Sparring Capital, asset manager Star Capital SGR SPA, private equity firm Spectrum Equity, asset manager TPG Global, private equity firm Cinven and private equity firm Investindustrial acquired communications company Eutelsat Communications S.A. from Deutsche Telekom AG for 210M EUR

Acquisition Highlights
  • This is Sparring Capital’s 1st, Star Capital SGR’s 1st, Spectrum Equity’s 3rd, TPG Global’s 5th, Cinven’s 2nd and Investindustrial’s 1st transaction in the Communications sector.
  • This is Sparring Capital’s 1st, Star Capital SGR’s 1st, Spectrum Equity’s 3rd, TPG Global’s 83rd, Cinven’s 54th and Investindustrial’s 5th largest (disclosed) transaction.
  • This is Sparring Capital’s 2nd, Star Capital SGR’s 1st, Spectrum Equity’s 1st, TPG Global’s 1st, Cinven’s 5th and Investindustrial’s 1st transaction in France.

M&A Deal Summary

Date 2003-03-05
Target Eutelsat Communications S.A.
Sector Communications
Buyer(s) Sparring Capital
Star Capital SGR SPA
Spectrum Equity
TPG Global
Cinven
Investindustrial
Sellers(s) Deutsche Telekom AG
Deal Type Divestiture
Deal Value 210M EUR

Target

Eutelsat Communications S.A.

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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Buyer(S) 6

Buyer

Sparring Capital

Paris, France

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2002
PE ASSETS 850M EUR
SizeMiddle-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 2 of 30
Sector (Communications) 1 of 1
Type (Divestiture) 1 of 1
Country (France) 2 of 28
Year (2003) 2 of 3
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-02-28 Fraikin Groupe SA

quai Le Gallo, France

Fraikin is the French leader in long-term leasing of commercial vehicles and holds a 25% market share. Fraikin’s customer growth has mainly been in the area of parcel delivery and transportation, as well as in the food industry and distribution.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-09-25 F.P.E.E. Industries S.A.

Brûlon, France

F.P.E.E. Industries S.A. is a provider of PVC and aluminum enclosures with the principal focus on windows. FPEE offers the most complete range on the market of external enclosure products with entry points, swinging shutters, integrating rolling shutters, and a complete series of gates and fences. F.P.E.E. Industries was established in 1981 and is based in Brûlon, France.

Buy -
Buyer

Star Capital SGR SPA

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 2000
PE ASSETS 486M EUR
SizeMiddle-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 1 of 22
Sector (Communications) 1 of 1
Type (Divestiture) 1 of 1
Country (France) 1 of 1
Year (2003) 1 of 5
Size (of disclosed) 1 of 3
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-04-08 Marr S.p.A.

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.

Buy -
Buyer

Spectrum Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1994
PE ASSETS 4.7B USD
SizeLarge
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 9 of 86
Sector (Communications) 3 of 7
Type (Divestiture) 1 of 2
Country (France) 1 of 1
Year (2003) 2 of 3
Size (of disclosed) 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-01-01 Ancestry.com, Inc.

Provo, Utah, United States

Ancestry.com is a provider of family history and consumer genomics information, and helps people gain a new level of understanding about their lives. The Company's suite of history products include Archives, Fold3, Newspapers.com, AncestryDNA, and AncestryHealth. Ancestry.com was formed in 1990 and is based in Provo, Utah.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-04-15 Patriot Media and Communications LLC

Greenwich, Connecticut, United States

Patriot Media and Communications LLC is a cable operator that focused on providing video (basic, premium, digital cable and video on demand), data (broadband Internet) and voice (VOIP) services.

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 35 of 374
Sector (Communications) 5 of 14
Type (Divestiture) 6 of 31
Country (France) 1 of 4
Year (2003) 1 of 10
Size (of disclosed) 83 of 93
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-02-28 Endurance Specialty Holdings Ltd.

Pembroke, Bermuda

Endurance Specialty Holdings Ltd. is an insurance company engaged in the writing of various lines of commercial property and liability insurance and reinsurance. Endurance underwrites a diversified portfolio of property and liability coverages through both direct and reinsured writings. Endurance focuses on property catastrophe and per-risk reinsurance, excess workers' compensation policies, directors' and officers' reinsurance, aviation, general liability, and other lines of reinsurance.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-04-11 IQVIA Holdings, Inc.

Durham, North Carolina, United States

IQVIA is a provider of advanced analytics, technology solutions, and contract research services to the life sciences industry in the Americas, Europe, Africa, and the Asia-Pacific.

Buy $1.7B
Buyer

Cinven

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1977
PE ASSETS 37.0B EUR
SizeMega
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 90 of 172
Sector (Communications) 2 of 6
Type (Divestiture) 20 of 33
Country (France) 5 of 15
Year (2003) 1 of 4
Size (of disclosed) 54 of 61
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-07-19 Semitron Industries Ltd.

Swindon, United Kingdom

Semitron Industries Ltd. designed, produced and marketed power protection devices for the electronics and telecommunications markets.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-03-07 Gala Coral Group Ltd.

Essex, United Kingdom

Gala Coral Group Ltd. is a fast growing UK retail gaming company, Gala operates successfully in the UK bingo casino, licensed betting offices and multimedia gaming markets. It is by some margin the largest bingo operator in the UK.

Buy £1.2B
Buyer

Investindustrial

London, United Kingdom

Investor Investor

website


Category Private Equity Firm
Founded 1990
PE ASSETS 11.0B EUR
SizeMega
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 2 of 47
Sector (Communications) 1 of 3
Type (Divestiture) 1 of 5
Country (France) 1 of 2
Year (2003) 1 of 1
Size (of disclosed) 5 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-08-16 Mountain Warehouse Ltd.

London, United Kingdom

Mountain Warehouse operates retail stores that offer outdoor clothing, footwear, and accessories for men, women, and kids. Mountain Warehouse was founded in 1997 and is based in London, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-03-22 Recoletos Grupo de Comunicación S.A.

Madrid, Spain

Recoletos is the leading specialized publishing company in Spain. Recoletos’ titles include sports daily Marca, Spain's most read newspaper, and Expansión, Spain's leading business daily.

Buy €900M

Seller(S) 1

SELLER

Deutsche Telekom AG

Bonn, Germany

website


Category Company
Founded 1995
SectorCommunications
Employees221,909
Revenue 100.7B EUR (2020)
DESCRIPTION

Deutsche Telekom is a German telephone company. Through its three main divisions, T-Com, T-Mobile and T-Systems, Deutsche Telekom offers a range of fixed-line, mobile and Internet access services. Deutsche Telekom was founded in 1995 and is based in Bonn, Germany.


DEAL STATS #
Overall 2 of 8
Sector (Communications) 1 of 4
Type (Divestiture) 2 of 5
Country (France) 1 of 1
Year (2003) 2 of 2
Size (of disclosed) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-03-01 Kabel Deutschland GmbH

Unterfohring, Germany

Kabel Deutschland is the cable television operator in Germany

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-04-01 EE Limited

Hatfield, United Kingdom

EE, formerly Everything Everywhere, is a UK-based mobile network company and internet service provider. It was formed in 2010 as a JV between Deutsche Telekom and Orange S.A.

Buy -