M&A Deal Summary

Welsh Carson Anderson & Stowe, The Blackstone Group and Advent Morro Equity Partners Acquire Centennial Communications

On January 1, 1999, private equity firms Welsh Carson Anderson & Stowe, The Blackstone Group and Advent Morro Equity Partners acquired communications company Centennial Communications for 1.9B USD

Acquisition Highlights
  • This is Welsh Carson Anderson & Stowe’s 2nd, The Blackstone Group’s 4th and Advent Morro Equity Partners’ 1st transaction in the Communications sector.
  • This is Welsh Carson Anderson & Stowe’s 5th, The Blackstone Group’s 62nd and Advent Morro Equity Partners’ largest (disclosed) transaction.
  • This is Welsh Carson Anderson & Stowe’s 16th, The Blackstone Group’s 28th and Advent Morro Equity Partners’ 2nd transaction in the United States.
  • This is Welsh Carson Anderson & Stowe’s 1st, The Blackstone Group’s 1st and Advent Morro Equity Partners’ 1st transaction in New Jersey.
Investment Fate
  • Centennial Communications was sold to a publicly-traded strategic buyer in 2008 for 944M USD.

M&A Deal Summary

Date 1999-01-01
Target Centennial Communications
Sector Communications
Buyer(s) Welsh Carson Anderson & Stowe
The Blackstone Group
Advent Morro Equity Partners
Deal Type Secondary Buyout
Deal Value 1.9B USD

Target

Centennial Communications

Wall, New Jersey, United States
Centennial Communications Corp. was an independent cellular telephone operator in the U.S. and an operator of both wireless and wireline systems in the Caribbean. Centennial Communications was formed in 1988 and was based in Wall, New Jersey.

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Buyer(S) 3

Buyer

Welsh Carson Anderson & Stowe

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1979
PE ASSETS 31.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Welsh Carson Anderson & Stowe (WCAS) is a mega-sized, specialist private equity firm focused on investments in growth-oriented companies operating within the healthcare and technology/tech-enabled services industries. WCAS will consider small and large transactions; including venture investments, growth equity investments, buy-and-build transactions, public-to-private acquisitions, and corporate carve-outs. The Firm prefers control situations and generally seeks opportunities in the US. Welsh Carson Anderson & Stowe was formed in 1979 and is based in New York City.


DEAL STATS #
Overall 16 of 103
Sector (Communications) 2 of 2
Type (Secondary Buyout) 2 of 20
State (New Jersey) 1 of 2
Country (United States) 16 of 98
Year (1999) 3 of 5
Size (of disclosed) 5 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-01-01 Savvis

Town & Country, Missouri, United States

Savvis, Inc. is a provider of cloud infrastructure and hosted IT solutions for enterprises.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-01-29 Accredo Health Group

Memphis, Tennessee, United States

Accredo Health Group, Inc., provides specialty pharmacy and related services for patients with certain complex and chronic conditions through our unique Therapeutic Resource Centers.

Buy -
Buyer

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 131.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York, New York.


DEAL STATS #
Overall 32 of 340
Sector (Communications) 4 of 25
Type (Secondary Buyout) 2 of 81
State (New Jersey) 1 of 9
Country (United States) 28 of 211
Year (1999) 2 of 4
Size (of disclosed) 62 of 172
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-01-01 Intermedia Partners Of Tennessee Lp

Knoxville, Tennessee, United States

Intermedia Partners Of Tennessee Lp is one of the ten largest cable multiple system operators.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-01-29 American Axle & Manufacturing

Detroit, Michigan, United States

American Axle & Manufacturing is a manufacturer of automobile driveline and drivetrain components and systems for commercial vehicle and industrial markets. American Axle & Manufacturing Holdings was incorporated in 1994 and is based in Detroit, Michigan.

Sell -
Buyer

Advent Morro Equity Partners

San Juan, Puerto Rico

Investor Investor


Category Private Equity Firm
Founded 1989
Size Small
Type Sector Agnostic
DESCRIPTION

Advent Morro Equity Partners is a private equity firm focused on opportunities connected to Puerto Rico. The FIrm invests in companies operating in Puerto Rico, Puerto Rican companies expanding into the US, and established US-based companies whose products or services target the US hispanic market. Advent Morro’s seeks to team with management teams looking for capital to accelerate growth organically or through acquisitions. The Firm looks to invest $5 to $10 million in companies with annual revenues between $5 and $20 million. Sectors of interest include healthcare, hospitality, telecommunications, software-development, distribution, education and medical insurance. The Firm will consider a variety of investment situations, including MBOs, corporate divestitures, turnarounds, recapitalization of family owned businesses, and industry consolidation. Advent Morro Equity Partners was formed 1989 and is based in San Juan.


DEAL STATS #
Overall 3 of 22
Sector (Communications) 1 of 1
Type (Secondary Buyout) 1 of 1
State (New Jersey) 1 of 2
Country (United States) 2 of 11
Year (1999) 1 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1995-01-01 Hotel El Convento

San Juan, Puerto Rico

Hotel El Convento is a hotel located opposite the San Juan Cathedral and Cathedral square, the second oldest church in Puerto Rico. The Hotel which has restaurants, a ballroom, meeting facilities, and retail spaces originally had 58 rooms and over the years additional spaces have been added as of today the total room count is 79. Hotel El Convento was founded in 1646 and is based in San Juan, Puerto Rico.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-12-16 Trexel

Wilmington, Massachusetts, United States

Trexel develops and commercializes microcellular processing technologies used in injection molding. Trexel was founded in 1982 and is based in Wilmington, Massachusetts.

Buy -