M&A Deal Summary

Candover Investments, Cinven and Intermediate Capital Group Acquire Springer Science + Business Media KG

On September 1, 2003, private equity firm Candover Investments, private equity firm Cinven and mezzanine finance firm Intermediate Capital Group acquired publishing company Springer Science + Business Media KG from Bertelsmann for 1.1B EUR

Acquisition Highlights
  • This is Candover Investments’ 1st, Cinven’s 9th and Intermediate Capital Group’s 3rd transaction in the Publishing sector.
  • This is Candover Investments’ 5th, Cinven’s 28th and Intermediate Capital Group’s 16th largest (disclosed) transaction.
  • This is Candover Investments’ 2nd, Cinven’s 2nd and Intermediate Capital Group’s 9th transaction in Germany.
Investment Fate
  • Springer Science + Business Media KG was sold to a consortium of financial buyers in 2010.
  • Springer Science + Business Media KG was sold to a consortium of financial buyers in 2013 for 3.3B EUR.

M&A Deal Summary
Date 2003-09-01
Target Springer Science + Business Media KG
Sector Publishing
Buyer(s) Candover Investments
Cinven
Intermediate Capital Group
Sellers(s) Bertelsmann
Deal Type Divestiture
Deal Value 1.1B EUR

Target

Springer Science + Business Media KG

Berlin, Germany
Springer Science+Business Media Deutschland GmbH is a publisher of scientific research journals in Science, Technology and Medicine (STM) and a publisher of STM books. Springer is also a specialist information provider in German-speaking countries. The group publishes around 2000 journals and more than 6,500 new books per year

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Buyer(S) 3

Buyer

Candover Investments

London, United Kingdom
Category Private Equity Firm
Founded 1980
PE ASSETS 8.7B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Candover Investments is a private equity firm that targets investments in European and Asian companies operating in broad range of industries. Candover's primary focus is on businesses located in Western Europe; including the UK, France, Germany, Italy, Scandinavia, and Spain. However, the Firm also considers opportunities in Asia and Eastern Europe. The Firm's target investment size is €150 to €500 million in businesses valued between €500 million and €5 billion. Sectors of interest include media, financial services, support services, leisure, healthcare, technology, and industrial. Candover Investments was formed in 1980 and is based in London.

DEAL STATS #
Overall 9 of 30
Sector (Publishing) 1 of 1
Type (Divestiture) 2 of 5
Country (Germany) 2 of 2
Year (2003) 4 of 4
Size (of disclosed) 5 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-05-01 Equity Trust Holding sarl

New York, New York, United States

Equity Trust Holding sarl is a global provider of non-advisory trust and fiduciary services to multinational corporate clients, financial institutions, high net worth individuals and intermediaries.

Buy €198M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-12-03 Aspen Insurance Holdings

Hamilton, Bermuda

Aspen Insurance Holdings is a provider of reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Australia, Bermuda, Canada, Ireland, Singapore, Switzerland, the United Arab Emirates, the United Kingdom and the United States. Aspen Insurance Holdings was founded in 2002 and is based in Hamilton, Bermuda.

Sell -
Buyer

Cinven

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1977
PE ASSETS 39.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Cinven is a private equity firm focused on buyout investments in growing, profitable businesses located throughout Europe and North America. Sectors of interest include business and financial services, healthcare, industrial, retail, leisure, consumer, technology, media, and telecommunications. Cinven looks to invest a minimum of €200 million in companies with minimum enterprise values of €400 million. Cinven does not invest in start-ups or development phase companies. Cinven was established in 1977 and is headquartered in London.

DEAL STATS #
Overall 93 of 184
Sector (Publishing) 9 of 10
Type (Divestiture) 21 of 35
Country (Germany) 2 of 13
Year (2003) 4 of 4
Size (of disclosed) 28 of 62
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-07-21 Aprovia SA

Paris, France

Aprovia SA is a UK construction publisher and event organiser.

Sell £79M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-03-26 Moniteur

Saint-Denis, France

Moniteur is an information provider for construction and local authority sectors in France, providing quality and value added content (via 25 publications), classified and display advertising, online services (via 30 websites), databases, exhibitions and training courses. Moniteur was founded in 1903 and is based in Saint-Denis, France.

Sell €275M
Buyer

Intermediate Capital Group

London, United Kingdom

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 74.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.

DEAL STATS #
Overall 99 of 292
Sector (Publishing) 3 of 6
Type (Divestiture) 15 of 27
Country (Germany) 9 of 24
Year (2003) 9 of 13
Size (of disclosed) 16 of 82
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-09-01 William Cook Holdings

Sheffield, United Kingdom

William Cook is an engineering Company. It started as a steel casting manufacturer and steel castings still form the basis of 99% of William Cook’s products.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-09-22 Cromology

Clichy, France

Cromology designs, manufactures, sells, and distributes a wide range of decorative paints and products to professionals and consumers through its presence in eight European countries. 65% of its activity is in France, 35% in Southern Europe, and in the rest of the world. Cromology was founded in 1986 and is based in Clichy, France.

Buy €1.1B

Seller(S) 1

SELLER

Bertelsmann

Gutersloh, Germany
Category Company
Founded 1835
Sector Media
Employees132,842
Revenue 17.1B EUR (2015)
DESCRIPTION

Bertelsmann is a German multinational mass media corporation. Bertelsmann was founded in 1835 and is based in Gutersloh, Germany.

DEAL STATS #
Overall 1 of 6
Sector (Publishing) 1 of 1
Type (Divestiture) 1 of 6
Country (Germany) 1 of 2
Year (2003) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1969 Gruner + Jahr

Hamburg, Germany

Gruner + Jahr GmbH is a magazine publisher. Gruner + Jahr products include established brands such as Stern, Geo, Brigitte, Essen & Trinken, and Schöner Wohnen as well as younger brands including Chefkoch, Barbara, Beef, and 1 Freunde. In total, Gruner + Jahr publishes around 500 print and digital media products across more than 20 countries. Gruner + Jahr is based in Hamburg, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-03-03 Sony BMG Music Entertainment

New York, New York, United States

Sony BMG Music Entertainment was a joint venture between the Sony Corporation of America and Bertelsmann AG.

Buy -
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