M&A Deal Summary

Odyssey Investment Partners, Providence Equity Partners, Goldman Sachs Merchant Banking and Hellman & Friedman Acquire Western Wireless

On October 1, 1992, private equity firms Odyssey Investment Partners, Providence Equity Partners, Goldman Sachs Merchant Banking and Hellman & Friedman acquired communications company Western Wireless

Acquisition Highlights
  • This is Odyssey Investment Partners’ 1st, Providence Equity Partners’ 1st, Goldman Sachs Merchant Banking’s 1st and Hellman & Friedman’s 1st transaction in the Communications sector.
  • This is Odyssey Investment Partners’ 2nd, Providence Equity Partners’ 1st, Goldman Sachs Merchant Banking’s 1st and Hellman & Friedman’s 1st transaction in the United States.
  • This is Odyssey Investment Partners’ 1st, Providence Equity Partners’ 1st, Goldman Sachs Merchant Banking’s 1st and Hellman & Friedman’s 1st transaction in Washington.
Investment Fate
  • Western Wireless was sold to a consortium of financial buyers in 1993.
  • Western Wireless went public in 1999.
  • Western Wireless was sold to a strategic buyer in 2005 for 6.0B USD.
  • Western Wireless was sold to a strategic buyer in 2005 for 6.0B USD.

M&A Deal Summary

Date 1992-10-01
Target Western Wireless
Sector Communications
Buyer(s) Odyssey Investment Partners
Providence Equity Partners
Goldman Sachs Merchant Banking
Hellman & Friedman
Deal Type Buyout (LBO, MBO, MBI)

Target

Western Wireless

Issaquah, Washington, United States
Western Wireless Corporation is a cellular network operator that provided mobile telecommunications service to subscribers in 19 western states and seven countries.

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Buyer(S) 4

Buyer

Odyssey Investment Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 8.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Odyssey Investments is a private equity firm that seeks control/majority investments in middle-market companies. Odyssey looks to back existing management and make investments in the form of leveraged acquisitions, growth financings and recapitalizations. Sectors of interest include industrial manufacturing, business and financial services, aerospace products and services, and 'route-based services'. Odyssey Investment Partners is based in New York City with an additional office in Woodland Hills, California.


DEAL STATS #
Overall 2 of 52
Sector (Communications) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 2 of 20
State (Washington) 1 of 1
Country (United States) 2 of 49
Year (1992) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1991-12-01 Alliance Broadcasting

Walnut, California, United States

Alliance Broadcasting, L.P. was a partnership with John Hayes, an executive with 22 years of experience in the radio industry, which focused on building a leading radio company through the acquisition of smaller, often distressed radio stations. The company's operating strategy involved opportunistically purchasing under-performing stations, implementing a series of well-defined strategic improvements and eventually establishing multiple station ownership duopolies in market regions

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1993-01-01 Williams Scotsman

Baltimore, Maryland, United States

Williams Scotsman providers of mobile and modular office space, serving more than 24,000 customers through over 90 offices in the United States, Canada, and Mexico. Williams Scotsman was founded in 1955 and is based in Baltimore, Maryland.

Buy $234M
Buyer

Providence Equity Partners

Providence, Rhode Island, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 36.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Providence Equity Partners is a specialist private equity firm that targets investments in media, entertainment, communications, and information companies. Specifically, Providence seeks investments in wireless and wireline telephony, cable television content and distribution, music, film, publishing, radio and television broadcasting, and other media and communications sectors. Providence Equity looks to commit $150 million to $800 million of equity capital in transactions ranging from growth financings and recapitalizations, to buyouts and take-privates. Providence Equity Partners was formed in 1989 and has offices in Providence, Rhode Island; New York, New York; Los Angeles, California; London, United Kingdom; Hong Kong, China; and New Delhi, India.


DEAL STATS #
Overall 1 of 135
Sector (Communications) 1 of 20
Type (Buyout (LBO, MBO, MBI)) 1 of 23
State (Washington) 1 of 2
Country (United States) 1 of 85
Year (1992) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1993-01-01 Brooks Fiber Properties

St. Louis, Missouri, United States

Brooks Fiber Properties, Inc. is a provider of competitive local telecommunications services, with an emphasis on secondary markets, by aggressively pursuing switched services opportunities, further building out existing systems and expanding service offerings.

Buy -
Buyer

Goldman Sachs Merchant Banking

New York, New York, United States

Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 1 of 182
Sector (Communications) 1 of 8
Type (Buyout (LBO, MBO, MBI)) 1 of 33
State (Washington) 1 of 3
Country (United States) 1 of 126
Year (1992) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1995-11-01 Novem Car Interior Design

Vorbach, Germany

Novem Car Interior Design is the supplier for interior wood trim components in the automotive sector. Its products are designed to be fitted to the car interior as fully finished components and are manufactured primarily using pressing, sanding, and lacquering techniques and processes. Novem Car Interior Design was founded in 1947 and is based in Vorbach, Germany.

Buy -
Buyer

Hellman & Friedman

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 50.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Hellman & Friedman (H&F) is a large private equity firm on the West Coast of the US. H&F focuses on control and minority investments in a variety of transaction structures and will consider opportunities across the US and Europe. H&F seeks buyouts and business in need of restructurings that operate in defensible markets with predictable revenue and earnings growth. Target sectors include financial services, healthcare, indusrial, energy, insurance, media, marketing, professional services, software, and information services. H&F's target equity investment size is $300 million to $1 billion. Hellman & Friedman was formed in 1984 and has offices in San Francisco, New York City, and London.


DEAL STATS #
Overall 1 of 88
Sector (Communications) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 1 of 15
State (Washington) 1 of 2
Country (United States) 1 of 61
Year (1992) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1995-08-01 Eller Media

United States

Eller Media is one of the largest outdoor advertising companies in the United States. In August 1995, HFCP III invested $157 million to buy Patrick Media (later renamed Eller Media Company) in partnership with Karl Eller, one of the country's most experienced outdoor advertising executives. H&F was attracted to the investment because of the strong market position enjoyed by the Company, which was nearly 100 years old at the time, and because of the strong barriers to entry most industry participants have. Mr. Eller and his management team successfully grew the business and increased its profitability. In April 1997, HFCP III sold Eller Media Company to Clear Channel Communications.

Buy -