M&A Deal Summary

APG Asset Management and Arcus Infrastructure Partners Acquire TDF

On April 1, 2015, asset manager APG Asset Management and infrastructure investor Arcus Infrastructure Partners acquired communications company TDF from Stockwell Capital, Crescent Capital Group, TPG, Charterhouse Capital Partners and Ardian for 3.6B EUR

Acquisition Highlights
  • This is APG Asset Management’s 1st and Arcus Infrastructure Partners’ 1st transaction in the Communications sector.
  • This is APG Asset Management’s 0th and Arcus Infrastructure Partners’ largest (disclosed) transaction.
  • This is APG Asset Management’s 1st and Arcus Infrastructure Partners’ 1st transaction in France.

M&A Deal Summary
Date 2015-04-01
Target TDF
Sector Communications
Buyer(s) APG Asset Management
Arcus Infrastructure Partners
Sellers(s) Stockwell Capital
Crescent Capital Group
TPG
Charterhouse Capital Partners
Ardian
Deal Type Secondary Buyout
Deal Value 3.6B EUR

Target

TDF

Montrouge, France
TDF engages in the operation and provision of audiovisual, mobile phone, and broadband services to radio and television operators, telecoms operators, and local communities in Europe. It also involves in the video shooting; analog/digital television and radio broadcasting; and the deployment, maintenance, and management of telecom networks. TDF was founded in 1975 and is based in Montrouge, France.

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Buyer(S) 2

Buyer

APG Asset Management

Category Asset Manager
Size Large
Type Sector Agnostic
DESCRIPTION

APG Asset Management is a multi-asset Dutch investment management firm focused on managing and providing investment programs for pension funds. APG Asset Management is based in Amsterdam with additional offices in New York City and Hong Kong.

DEAL STATS #
Overall 2 of 7
Sector (Communications) 1 of 2
Type (Secondary Buyout) 1 of 4
Country (France) 1 of 1
Year (2015) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-01 The Social Hub

Amsterdam, Netherlands

The Social Hub is a diverse community where people come to learn, stay, work, and play. The Social Hub is based in Amsterdam, Netherlands.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-15 Brussels Airport

Brussels, Belgium

Brussels Airport manages the Brussels airport, a European airport handling 25.7 million passengers and 732,000 tonnes of freight annually. Brussels Airport links the European capital with 248 destinations worldwide and is served by 80 different airlines. Brussels Airport is based in Brussels, Belgium.

Buy -
Buyer

Arcus Infrastructure Partners

Investor Investor Investor Investor Investor

Category Infrastructure
Founded 2009
PE ASSETS 8.9B EUR
Size Mega
Type Sector Focused
DESCRIPTION

Arcus Infrastructure Partners is an independent UK-based fund manager focused on acquiring and investing in European infrastructure assets. The Firm looks for opportunities in telecom, energy, and transport that will benefit from increased renewable energy production, demographic shifts in consumption, and increased data generation. Arcus Infrastructure Partners was established in 2009 and is headquartered in London.

DEAL STATS #
Overall 3 of 17
Sector (Communications) 1 of 3
Type (Secondary Buyout) 1 of 4
Country (France) 1 of 1
Year (2015) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-08-01 Alpha Trains Luxembourg S.à r.l.

Luxembourg, Luxembourg

Alpha Trains Luxembourg S.à r.l. is a private operating lessor of rolling stock (passenger trains and locomotives). Alpha Trains owns 416 passenger trains and 363 locomotives and offers tailor-made leasing solutions, comprehensive know-how in maintenance and vehicle repairs as well as long-term experience in the financing of new build projects. Alpha Trains is based in Luxembourg.

Buy £3.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-01 AmberOne Autostrada A1

Sopot, Poland

AmberOne Autostrada A1 is a provider of transportation services. AmberOne Autostrada A1 is based in Sopot, Poland.

Buy -

Seller(S) 5

SELLER

Stockwell Capital

Austin, Texas, United States

Investor Investor

Category Private Equity Firm
Founded 2002
PE ASSETS 750M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Stockwell Capital is a co-investment firm, focused on making minority investments alongside private equity sponsors. Stockwell is a generalist investor, with no sector preferences and looks to commit $3 to $10 million per investment. The Firm will consider opportunities throughout the US and Europe and prefers late-stage or growth equity situations. Stockwell Capital was formed in 2002 and is based in Chicago.

DEAL STATS #
Overall 25 of 41
Sector (Communications) 2 of 3
Type (Secondary Buyout) 5 of 9
Country (France) 1 of 1
Year (2015) 1 of 9
Size (of disclosed) 4 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-11 Horizon Lines

Charlotte, North Carolina, United States

Horizon Lines, Inc. is a container transportation shipping company, accounting for over 35% of all U.S. marine container shipments from the U.S. mainland to Alaska, Hawaii / Guam and Puerto Rico.

Sell $469M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-28 Del Taco

Lake Forest, California, United States

Del Taco offers a unique variety of both Mexican and American favorites such as burritos and fries, prepared fresh in every restaurant's working kitchen with the value and convenience of a drive-thru. Del Taco's menu items taste better because they are made with quality ingredients like freshly grilled chicken and carne asada steak, fresh house-made guacamole, freshly grated cheddar cheese, slow-cooked beans made from scratch, and creamy Queso Blanco. It serves more than three million guests each week at its approximately 600 restaurants across 16 states. Del Taco’s commitment to providing guests with the best quality and value for their money originates from cooking, chopping, shredding, and grilling menu items from scratch. Del Taco was founded in 1964 and is based in Lake Forest, California.

Sell -
SELLER

Crescent Capital Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1991
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Crescent Capital is a provider of debt securities to middle-market companies. Crescent looks to issue senior bank loans, high yield bonds, mezzanine debt and distressed debt to fund a variety of needs. The FIrm's direct lending group looks to provide $10 to $30 million to sponsor-backed companies that generate $5 to $35 million of EBITDA. Crescent's mezzanine practice typically provides junior capital to support buyouts, recapitalizations, and refinancings. Crescent Capital was formed in 1991 and was originally known as TCW/Crescent Mezzanine. The Firm has offices in Los Angeles, Boston, New York, and London.

DEAL STATS #
Overall 28 of 47
Sector (Communications) 3 of 3
Type (Secondary Buyout) 7 of 13
Country (France) 1 of 1
Year (2015) 1 of 6
Size (of disclosed) 2 of 18
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-28 TASC

Chantilly, Virginia, United States

TASC is a provider of advanced systems engineering, integration and decision-support services to the intelligence, defense, homeland security and civilian-federal agencies.

Sell $1.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-04 Scitor

Reston, Virginia, United States

Scitor Corp. is a provider of engineering, financial, management, and related services to the corporate customers. The company offers services for acquisition and life cycle management support, business process improvement, configuration management, facilitation services, feasibility assessments, and integrated logistics support. Scitor was formed in 1979 and is based in Reston, Virginia.

Sell $790M
SELLER

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
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 140 of 267
Sector (Communications) 10 of 14
Type (Secondary Buyout) 9 of 36
Country (France) 2 of 2
Year (2015) 5 of 15
Size (of disclosed) 13 of 71
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-16 Life Time

Chanhassen, Minnesota, United States

Life Time operates sports, athletic, fitness, and family recreation centers offering premium amenities and services in a resort-like setting. Life Time was founded in 1992 and is based in Chanhassen, Minnesota.

Buy $4.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-02 Adare Pharma Solutions

Lawrenceville, New Jersey, United States

Adare Pharma Solutions provides enhanced medicines, creating new possibilities for improved patient health. Adare Pharma Solutions has solved complex formulation, manufacturing, and commercialization challenges, resulting in transformational medicines that deliver value to all its stakeholders. The company has a global presence with R&D, manufacturing, and commercial operations in the Unites States, Europe, and Canada. Adare Pharma Solutions was founded in 2015 and is based in Lawrenceville, New Jersey.

Buy -
SELLER

Charterhouse Capital Partners

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1934
PE ASSETS 5.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Charterhouse Capital Partners is a large private equity firm specializing in buyouts of European industrial and commercial service companies. The Firm primarily seeks opportunities in Western Europe and the UK. Charterhouse focuses on profitable companies led by experienced management valued from €200 million to €1.5 billion. Specific areas of interest include business services, chemicals, engineering, leisure, transport and logistics. Charterhouse Capital Partners was formed in 1934 and is based in London.

DEAL STATS #
Overall 20 of 33
Sector (Communications) 1 of 1
Type (Secondary Buyout) 7 of 13
Country (France) 6 of 9
Year (2015) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-09 Deb Group

Denby, United Kingdom

Deb manufactures and markets skincare products and dispensing systems for the industrial, automotive, healthcare, food and commercial sectors. The business has operations in 16 countries and its products are sold across 100 countries through a global network of distributors.

Sell £950M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-08 Mirion

Atlanta, Georgia, United States

Mirion is a provider of radiation detection, measurement, analysis, and monitoring products and services to the nuclear power, medical, military, and homeland security markets. Mirion Technologies was founded in 2005 and is based in Atlanta, Georgia.

Buy $750M
SELLER

Ardian

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B 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 €150 million 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 100 of 222
Sector (Communications) 6 of 9
Type (Secondary Buyout) 36 of 89
Country (France) 49 of 106
Year (2015) 4 of 12
Size (of disclosed) 2 of 34
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-11 Global Medical Response

Greenwood Village, Colorado, United States

Global Medical Response is a provider of medical transportation services formed by bringing together Air Medical Group Holdings (AMGH) and American Medical Response (AMR). Global Medical Response was founded in 2004 and is based in Greenwood Village, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-08 Mirion

Atlanta, Georgia, United States

Mirion is a provider of radiation detection, measurement, analysis, and monitoring products and services to the nuclear power, medical, military, and homeland security markets. Mirion Technologies was founded in 2005 and is based in Atlanta, Georgia.

Buy $750M
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