M&A Deal Summary

3i Private Equity, Partners Group, HarbourVest Partners, Ardian, Hellman & Friedman and NB Private Equity Partners Acquire Action

On July 30, 2011, private equity firm 3i Private Equity, asset manager Partners Group, private equity firm HarbourVest Partners, private equity firm Ardian, private equity firm Hellman & Friedman and asset manager NB Private Equity Partners acquired retailer Action

Acquisition Highlights
  • This is 3i Private Equity’s 11th, Partners Group’s 3rd, HarbourVest Partners’ 3rd, Ardian’s 10th, Hellman & Friedman’s 1st and NB Private Equity Partners’ 1st transaction in the Retail sector.
  • This is 3i Private Equity’s 10th, Partners Group’s 1st, HarbourVest Partners’ 5th, Ardian’s 6th, Hellman & Friedman’s 1st and NB Private Equity Partners’ 1st transaction in the Netherlands.

M&A Deal Summary

Date 2011-07-30
Target Action
Sector Retail
Buyer(s) 3i Private Equity
Partners Group
HarbourVest Partners
Ardian
Hellman & Friedman
NB Private Equity Partners
Deal Type Buyout (LBO, MBO, MBI)

Target

Action

Zwaagdijk-oost, Netherlands
Action is a non-food discount retailer. Its core product assortment includes decoration, DIY, garden and outdoor, household goods, multimedia, sports, stationery and hobby, toys and entertainment, food and drink, laundry and cleaning, personal care, pets, clothing and linen. Action uses large-scale procurement, flexible assortment, optimal distribution and a cost-conscious corporate culture to ensure very low prices for its customers, with the promise of "more than you expect for less than you imagine". Action was founded in 1993 and is based in Zwaagdijk-oost, Netherlands.

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Buyer(S) 6

Buyer

3i Private Equity

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1945
PE ASSETS 21.0B GBP
Size Mega
Type Sector Agnostic
DESCRIPTION

3i Private Equity is the private equity arm of 3i Group, a publicly held, global investment firm focused on private equity and infrastructure investing. 3i Private Equity generally targets buyout and growth capital financings and looks for opportunities across Europe, North America, and Asia. The Firm's targeted transaction range is €100 to €500 million. Industries of interest include business services, healthcare, consumer, media, oil/gas & power, technology, and financial services. 3i Group was originally formed in 1945 and is based in London.


DEAL STATS #
Overall 207 of 251
Sector: Retail M&A 11 of 13
Type: Buyout (LBO, MBO, MBI) M&A Deals 105 of 115
Country: Netherlands M&A 10 of 19
Year: 2011 M&A 7 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-19 Angel Springs

Wolverhampton, United Kingdom

Angel Springs is a water cooler service companies and rents out bottled water coolers and point-of-use water coolers, sells consumables, and provides related services. The group serves an installed base of more than 46,000 bottled water coolers and 14,000 point-of-use water coolers in the UK. Angel Springs was founded in 2003 and is based in Wolverhampton, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-05 Mosaicon

Milan, Italy

Mosaicon is an Italian-based, market leading retailer of branded leather handbags. Mosaicon is the holding company for four brands: Francesco Biasia, Braccialini, Coccinelle and Mandarina Duck. All four brands are positioned within the affordable luxury goods sector and are sold predominantly in Western Europe, with a presence also in the US, Japan, Russia and other fast growing markets.

Sell €8M
Buyer

Partners Group

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1996
PE ASSETS 174.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Partners Group is a global investment management firm with a variety of funds and institutional clients. The Firm's direct investment group looks to invest in or acquire market leading companies with growth opportunities linked to technology. Partners is a hands-on investor and looks to actively support its portfolio companies with expansion, operational, and governance structure support. Partners Group was established in 1996 and is headquartered in Zug, Switzerland.


DEAL STATS #
Overall 8 of 97
Sector: Retail M&A 3 of 6
Type: Buyout (LBO, MBO, MBI) M&A Deals 3 of 19
Country: Netherlands M&A 1 of 4
Year: 2011 M&A 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-20 Atos Medical

Malmö, Sweden

Atos Medical is a medical device company with a global market and technology leading position in the segment for voice and pulmonary rehabilitation of patients who have undergone laryngectomy (surgical removal of the voice box). Atos Medical was formed in 1986 and is based in Malmö, Sweden.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-10 Nobel Learning Communities

West Chester, Pennsylvania, United States

Nobel Learning Communities is a provider of preschool and K-12 education through nearly 190 nonsectarian private schools and its global private online K-12 college preparatory school. Nobel Learning serves over 25,000 students in 17 states and the District of Columbia as well as globally via its online platform. The company delivers high-quality private education through small schools and class sizes, employs qualified teachers and meets students' individual learning styles.

Buy -
Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 147.0B USD
Size Mega
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 101 of 214
Sector: Retail M&A 3 of 5
Type: Buyout (LBO, MBO, MBI) M&A Deals 22 of 41
Country: Netherlands M&A 5 of 7
Year: 2011 M&A 11 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-25 PhotoBox

London, United Kingdom

Photobox offers a wide range of photo gifting products including photo books, calendars, canvases and wall-art, mugs, gifts, jigsaws, prints and magnets. The company has strong market positions in United Kingdom, France, Spain and Germany as well as other European markets. Photobox serves its key geographical markets through three online brands: Photobox, Hofmann & PosterXXL.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-21 MYOB

Cremorne, Australia

MYOB is a provider of business management software. The company's innovative software and services simplify many parts of a business including accounting, payroll, retail POS, CRM, websites, tax, and more. MYOB was founded in 1991 and is based in Cremorne, Australia.

Sell AU$1.2B
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 127.0B USD
Size Mega
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 €1 billion 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 170 of 464
Sector: Retail M&A 10 of 15
Type: Buyout (LBO, MBO, MBI) M&A Deals 71 of 123
Country: Netherlands M&A 6 of 12
Year: 2011 M&A 12 of 18
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-28 Martek Power

Torrance, California, United States

Martek Power is today one of the world's leaders in the power conversion industry. With over 40 years of experience, Martek Power possesses a unique expertise in the design and production of power conversion products for high technological aeronautical, defence, medical, telecom and railway industries.

Sell €130M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-01 Vizada SAS

Paris, France

Vizada SAS is a provider in the provision of VSAT and MSS satellite services.

Sell €960M
Buyer

Hellman & Friedman

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 115.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Hellman & Friedman 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 47 of 90
Sector: Retail M&A 1 of 3
Type: Buyout (LBO, MBO, MBI) M&A Deals 10 of 16
Country: Netherlands M&A 1 of 1
Year: 2011 M&A 4 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-29 Mondrian Investment Partners

Philadelphia, Pennsylvania, United States

Mondrian Investment Partners, Ltd., based in London, manages over $30 billion in international equity and fixed income, primarily for US institutional clients. Mondrian's value oriented investment process utilizes a dividend discount analysis that has produced an outstanding one, three, and five year track record. HFCP IV invested $125 million to assist management in buying control of Mondrian (formerly, Delaware International Advisors Limited) from its parent, Lincoln Financial Corporation, in September 2004.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-04 Change Healthcare

Nashville, Tennessee, United States

Change Healthcare is a provider of revenue cycle management and clinical communication solutions that enables payers, providers and patients to improve healthcare business processes. Change Healthcare is based in Nashville, Tennessee.

Buy $3.0B
DESCRIPTION

NB Private Equity Partners is a publicly traded asset manager focused on acquiring direct investments in privately held companies. The Firm principally targets businesses in the US and looks to invest alongside other private equity managers when considering opportunities. NB Private Equity Partners is headquartered in the UK, with an additional office in the US.


DEAL STATS #
Overall 1 of 39
Sector: Retail M&A 1 of 2
Type: Buyout (LBO, MBO, MBI) M&A Deals 1 of 6
Country: Netherlands M&A 1 of 2
Year: 2011 M&A 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-16 CSC ServiceWorks

Melville, New York, United States

CSC ServiceWorks is a manufacturer of the coin-operated laundry machine. CSC ServiceWorks was founded in 2013 and is based in Melville, New York.

Buy $1.4B