M&A Deal Summary

Advent International, Ontario Teachers Pension Plan, Ares Private Equity Group and Cohesive Capital Partners Acquire Serta Simmons Bedding

On October 1, 2012, private equity firm Advent International, pension Ontario Teachers Pension Plan, private equity firm Ares Private Equity Group and private equity firm Cohesive Capital Partners acquired consumer products company Serta Simmons Bedding

Acquisition Highlights
  • This is Advent International’s 8th, Ontario Teachers Pension Plan’s 9th, Ares Private Equity Group’s 7th and Cohesive Capital Partners’ 1st transaction in the Consumer Products sector.
  • This is Advent International’s 56th, Ontario Teachers Pension Plan’s 26th, Ares Private Equity Group’s 35th and Cohesive Capital Partners’ 2nd transaction in the United States.
  • This is Advent International’s 4th, Ontario Teachers Pension Plan’s 4th, Ares Private Equity Group’s 3rd and Cohesive Capital Partners’ 1st transaction in Georgia.

M&A Deal Summary

Date 2012-10-01
Target Serta Simmons Bedding
Sector Consumer Products
Buyer(s) Advent International
Ontario Teachers Pension Plan
Ares Private Equity Group
Cohesive Capital Partners
Deal Type Recapitalization

Target

Serta Simmons Bedding

Doraville, Georgia, United States
Serta Simmons engages in designing, manufacturing and selling sleep products that give consumers the sleep they need to live the lives they want. Serta Simmons primary brands include Serta, Beautyrest, Simmons, and Tuft & Needle brands. Serta Simmons was founded in 2010 and is based in Doraville, Georgia.

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Buyer(S) 4

Buyer

Advent International

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 76.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Advent is a global private equity firm that targets investments in North America, Europe, Asia, and Latin America. Advent's emerging market efforts are concentrated in Central Europe and Latin America. Advent seeks transactions valued between $50 million and $5 billion and can commit up to $2 billion of equity capital per investment. Broad areas of interest include business & financial services, retail & consumer, technology, media, & telecoms, healthcare & life sciences, and industrial. Prospective transaction types include buyouts, growth capital financings, take privates, and recapitalizations. Advent was formed in 1984 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 201 of 339
Sector (Consumer Products) 8 of 21
Type (Recapitalization) 11 of 13
State (Georgia) 4 of 5
Country (United States) 56 of 100
Year (2012) 6 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-05 Party City

Woodcliff Lake, New Jersey, United States

Party City is a designer, manufacturer, contract for manufacture and distributes party goods, including paper and plastic tableware, metallic balloons, accessories, novelties, gifts and stationery. Party City was founded in 1947 and is based in Woodcliff Lake, New Jersey.

Sell $2.7B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-15 KMD A/S

Ballerup, Denmark

KMD A/S is a provider of IT software solutions and services to the Danish municipalities and central government. KMD was formed in 1972 and is based in Ballerup, Denmark.

Buy -
Buyer

Ontario Teachers Pension Plan

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor


Category Pension
Founded 1990
PE ASSETS 242.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Teachers' Private Capital is the direct investment arm of the Ontario Teachers' Pension Plan. Teachers' Private Capital considers both private equity and venture related investments in North America, Europe, and Asia. Teachers' can support direct private equity investments between $100 million and $3 billion. Target sectors include business services, consumer products, retail, diversified industrials, financial services, technology, media, and communications. Teachers' Private Capital also makes private equity fund investments between $50 million and $750 million. Teachers' Private Capital was formed in 1991 and is based in Toronto, with additional offices in London and New York.


DEAL STATS #
Overall 56 of 175
Sector (Consumer Products) 9 of 10
Type (Recapitalization) 2 of 3
State (Georgia) 4 of 7
Country (United States) 26 of 72
Year (2012) 8 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-21 ANV Holdings B.V.

Jersey City, New Jersey, United States

ANV is a specialty insurance company that underwrites a variety of commercial property/casualty insurance products through its three Lloyd's syndicates and managing general underwriter. ANV has a well-established infrastructure composed of a highly skilled management team and solid underwriting capability.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-17 Q9 Networks

Toronto, Ontario, Canada

Q9 Networks, Inc. is a provider of outsourced data center infrastructure for mission-critical IT operations. Operates three state-of-the-art data centers in Ontario and Alberta, Canada. Headquartered in Toronto, ON.

Buy CA$1.1B
Buyer

Ares Private Equity Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 20.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ares Private Equity Group is the private equity arm of Ares Management, a global alternative asset manager. The Ares Private Equity Group specializes in opportunistic majority/shared control investments in under-capitalized middle-market companies. Ares looks for companies with strong franchises and attractive growth opportunities. The Group prefers to be the lead investor and will invest across the capital structure, including common equity, preferred equity, convertible equity/debt and senior debt. Areas of interest include business services, defense, healthcare, manufacturing, industrial, energy and consumer products and services. Ares Private Equity Group was formed in 2003 and is based in Los Angeles, California.


DEAL STATS #
Overall 39 of 98
Sector (Consumer Products) 7 of 8
Type (Recapitalization) 3 of 3
State (Georgia) 3 of 5
Country (United States) 35 of 82
Year (2012) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-05 AOT Bedding

Itasca, Illinois, United States

AOT Bedding is the largest manufacturer of Serta brand mattresses in North America. Serta is one of the oldest and best known names in the bedding industry. Serta's brands include Perfect Sleeper, Perfect Day, Luxury Response and Vera Wang by Serta.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-10 Insight Global

Atlanta, Georgia, United States

Insight Global is a provider of employment solutions to Fortune 500 customers across the United States and Canada. Insight Global provides long-term, short-term, temporary-to-permanent, placement staffing, and enhanced staffing services. Insight Global was founded in 2001 and is based in Atlanta, Georgia.

Buy -
Buyer
DESCRIPTION

Cohesive Capital Partners is private equity co-investment firm. The Firm looks to invest and work alongside deal sponsors in small to mid-sized companies and will consider businesses operating in any sector. Prospective deal situations include buyouts, growth equity financings, and other opportunistic situations. Cohesive Capital Partners was formed in 2010 and is based in New York City.


DEAL STATS #
Overall 2 of 32
Sector (Consumer Products) 1 of 4
Type (Recapitalization) 1 of 2
State (Georgia) 1 of 1
Country (United States) 2 of 30
Year (2012) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-01 Circana

Chicago, Illinois, United States

Circana is a provider of big data, predictive analytics and forward-looking insights that help CPG companies, OTC health care organizations, retailers, financial services and media companies grow their businesses. Circana was founded in 1979 and is based in Chicago, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-01 Interlink

Hamilton, Bermuda

Interlink is a dry bulk shipping company that owns and operates Handysize vessels. The company’s eco-friendly fleet predominately operates in regional and global waterways (usually between emerging markets and developed nations) transporting grains, coal, ore and other dry bulk commodities. Interlink was founded in 1979 and is based in Hamilton, Bermuda.

Buy -