M&A Deal Summary

Kelso, CAI Capital Partners, Vestar Capital Partners and Goldman Sachs Merchant Banking Acquire Tervita

On November 19, 2007, private equity firms Kelso, CAI Capital Partners, Vestar Capital Partners and Goldman Sachs Merchant Banking acquired environmental company Tervita for 3.5B USD

Acquisition Highlights
  • This is Kelso’s 2nd, CAI Capital Partners’ 1st, Vestar Capital Partners’ 2nd and Goldman Sachs Merchant Banking’s 1st transaction in the Environmental sector.
  • This is Kelso’s , CAI Capital Partners’ , Vestar Capital Partners’ 2nd and Goldman Sachs Merchant Banking’s 14th largest (disclosed) transaction.
  • This is Kelso’s 2nd, CAI Capital Partners’ 10th, Vestar Capital Partners’ 1st and Goldman Sachs Merchant Banking’s 1st transaction in Canada.
  • This is Kelso’s 1st, CAI Capital Partners’ 2nd, Vestar Capital Partners’ 1st and Goldman Sachs Merchant Banking’s 1st transaction in Alberta.

M&A Deal Summary

Date 2007-11-19
Target Tervita
Sector Environmental
Buyer(s) Kelso
CAI Capital Partners
Vestar Capital Partners
Goldman Sachs Merchant Banking
Deal Type Going Private
Deal Value 3.5B USD

Target

Tervita

Calgary, Alberta, Canada
Tervita is a North American environmental solutions provider. Its integrated earth, water, waste and resource solutions deliver safe and efficient results through all phases of a project by minimizing impact, maximizing returns. Tervita was founded in 1979 and is based in Calgary, Canada.

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Buyer(S) 4

Buyer

Kelso

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1971
PE ASSETS 15.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Kelso & Company is a private equity and investment management firm that seeks control investments in middle-market companies operating primarily throughout the US. Sectors of interest include manufacturing, communications, media, distribution, service, consumer products, retail, healthcare, transportation, logistics, textiles, & apparel, chemicals, and energy. Kelso looks to align 'management's interest with those of investors' when considering opportunities. Kelso & Company was formed in 1971 and is based in New York City.


DEAL STATS #
Overall 28 of 81
Sector (Environmental) 2 of 2
Type (Going Private) 2 of 4
State (Alberta) 1 of 3
Country (Canada) 2 of 6
Year (2007) 6 of 6
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-31 US Electrical Services

Middletown, Connecticut, United States

US Electrical Services (USESI) is a wholesale distributor of electrical products and related services.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-12-10 Del Laboratories

Uniondale, New York, United States

Del Laboratories, Inc. is a fully integrated manufacturer and marketer of cosmetics and over-the-counter pharmaceuticals.

Sell -
Buyer

CAI Capital Partners

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 1.6B CAD
Size Large
Type Sector Agnostic
DESCRIPTION

CAI Capital Partners is a private equity firm that targets lower middle-market, profitable companies with $3 million or more of EBITDA. CAI Capital Partners has a special interest in founder-led business services or specialty manufacturing companies. CAI Capital Partners was formed in 1989 and is based in Vancouver, British Columbia.


DEAL STATS #
Overall 17 of 32
Sector (Environmental) 1 of 1
Type (Going Private) 1 of 1
State (Alberta) 2 of 2
Country (Canada) 10 of 20
Year (2007) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-29 Douglas Machine & Tool

Cincinnati, Ohio, United States

Douglas Machine, based in Cincinnati, Ohio, was a leading manufacturer of industrial and aerospace gas turbine engine components. Widely considered to be the leading provider of drilling services to the turbine industry, Douglas Machine was named GE Power Systems' "Supplier of the Year" in 2002-2004. Its unique EDM process technology enables it to produce the lowest cost and highest quality precision components in the industry. An additional facility in Budapest, Hungary serves European customers.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-02-01 SafeGuard Health Enterprises

Los Angeles, California, United States

SafeGuard Health Enterprises, Inc. is a provider of dental benefits. It contracts with large and medium-sized governmental and private-sector employers to provide employees with managed care dental plans, indemnity dental plans, vision benefit plans, administrative services and preferred provider services.

Sell -
Buyer

Vestar Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 11.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Vestar Capital Partners is a private equity firm that targets management buyouts and growth capital investments across North America and Europe in the consumer, business services, and healthcare sectors. The Firm looks to invest $50 to $150 million in transactions valued up to $1 billion. Specific areas of interest include food, apparel, household goods, retail, consumer services, industrial services, information services, manufacturing, distribution, transportation, financial services, media/communications, digital health media, and medical technology. Vestar Capital Partners was formed in 1988 and is based in New York City.


DEAL STATS #
Overall 57 of 86
Sector (Environmental) 2 of 2
Type (Going Private) 4 of 7
State (Alberta) 1 of 1
Country (Canada) 1 of 1
Year (2007) 2 of 2
Size (of disclosed) 2 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-18 OGF Group - Pompes Funèbres Générales

Paris, France

Founded in 1844, OGF Group is the leader in the French funeral services market. OGF has the largest integrated funeral services business and the most extensive network in France, with 1,100 points of sale, 378 funeral homes and 44 crematoria.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-02-01 21st Century Oncology

Fort Myers, Florida, United States

21st Century Oncology is a provider of cancer care services across multiple modalities, the largest radiation oncology provider and one of the largest groups of urologists in the U.S. 21st Century Oncology was founded in 1983 and is based in Fort Myers, Florida.

Buy $1.1B
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 53 of 181
Sector (Environmental) 1 of 3
Type (Going Private) 10 of 15
State (Alberta) 1 of 1
Country (Canada) 1 of 5
Year (2007) 19 of 21
Size (of disclosed) 14 of 52
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-13 Sprint Industrial

Houston, Texas, United States

Sprint Industrial is a provider of specialized industrial rental equipment and services to blue-chip customers in the petrochemical, chemical, and downstream energy industries. Sprint’s product lines include temporary liquid and solid storage tanks for maintenance projects, as well as safety products such as gas detection and breathing air systems to protect workers and employees during maintenance jobs.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-20 Get AS

Oslo, Norway

Get AS (“Get”) is a provider of cable TV, high-speed broadband internet and telephony services to residential customers in Norway. The company serves approximately 375,000 households, with a footprint spanning each of Norway 's five largest cities. Get's core service offering is Pay TV; all of its customers subscribe to it. It also offers broadband and voice services. Get operates a fully digitized network, and is the only significant local loop provider outside of telecom incumbent Telenor.

Buy Nkr5.8B