M&A Deal Summary

Stockwell Capital, Crescent Capital Group, TPG, Charterhouse Capital Partners and Ardian Acquire TDF

On October 10, 2006, private equity firm Stockwell Capital, mezzanine finance firm Crescent Capital Group, private equity firm TPG, private equity firm Charterhouse Capital Partners and private equity firm Ardian acquired communications company TDF for 5.0B EUR

Acquisition Highlights
  • This is Stockwell Capital’s 2nd, Crescent Capital Group’s 3rd, TPG’s 8th, Charterhouse Capital Partners’ 1st and Ardian’s 4th transaction in the Communications sector.
  • This is Stockwell Capital’s 6th, Crescent Capital Group’s 0th, TPG’s 11th, Charterhouse Capital Partners’ and Ardian’s 9th largest (disclosed) transaction.
  • This is Stockwell Capital’s 1st, Crescent Capital Group’s 1st, TPG’s 2nd, Charterhouse Capital Partners’ 4th and Ardian’s 41st transaction in France.
Investment Fate
  • TDF was sold to a consortium of financial buyers in 2015 for 3.6B EUR.

M&A Deal Summary
Date 2006-10-10
Target TDF
Sector Communications
Buyer(s) Stockwell Capital
Crescent Capital Group
TPG
Charterhouse Capital Partners
Ardian
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 5.0B 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) 5

Buyer

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 44
Sector (Communications) 2 of 3
Type (Buyout (LBO, MBO, MBI)) 10 of 13
Country (France) 1 of 1
Year (2006) 8 of 10
Size (of disclosed) 6 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-06 Advanced Accessory Systems

Sterling Heights, Michigan, United States

Advanced Accessory Systems, is a global supplier of roof rack systems, towing systems and related lifestyle accessories to the automotive OEM and aftermarket.

Sell $203M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-18 David s Bridal

Conshohocken, Pennsylvania, United States

David’s Bridal is a retailer of bridal gowns and bridal-party related merchandise through its David’s Bridal stores and Priscilla of Boston stores. David’s Bridal stores provide an assortment of designer wedding gowns, special occasion dresses and accessories at affordable prices. Known for value, fashionable designs and the ease of one-stop shopping, David’s Bridal designs, produces and sells a wide selection of styles and sizes through a network of over 300 US and 5 Canadian stores. David's Bridal is based in Conshohocken, Pennsylvania.

Buy $750M
Buyer

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 30 of 67
Sector (Communications) 3 of 4
Type (Buyout (LBO, MBO, MBI)) 15 of 19
Country (France) 1 of 1
Year (2006) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-14 Petco Health and Wellness Company

San Diego, California, United States

Petco Health and Wellness Company is a health and wellness company focused on improving the lives of pets, pet parents, and their own Petco partners. The company is focused on delivering comprehensive wellness solutions through its products and services, and creating communities that deepen the pet-pet parent bond. It operates more than 1,500 Petco locations across the U.S., Mexico, and Puerto Rico, including a growing network of more than 100 in-store veterinary hospitals, and offer a complete online resource for pet health and wellness. Petco Health and Wellness Company was founded in 1965 and is based in San Diego, California.

Buy $1.8B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-01 Motorsport Aftermarket Group

Coppell, Texas, United States

Motorsport Aftermarket Group (MAG) is a large distributor and manufacturer of branded aftermarket products for the powersports industry in North America. MAG provides dealers, e-commerce sites and their enthusiast end-users with parts, accessories and apparel for motorcycles, ATVs and UTVs. The Company’s brands include Vance & Hines, Kuryakyn, Performance Machine, QuadBoss, DragonFire and ProTaper. Motorsport Aftermarket Group was formed in 2000 and is based in Coppell, Texas.

Buy -
Buyer

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 83 of 421
Sector (Communications) 8 of 15
Type (Buyout (LBO, MBO, MBI)) 17 of 47
Country (France) 2 of 4
Year (2006) 14 of 19
Size (of disclosed) 11 of 105
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-29 Avidia

Mountain View, California, United States

Avidia is a privately-held biopharmaceutical company discovering and developing a new class of human therapeutic proteins. Avidia is engineering these Avimer(TM) therapeutics against multiple validated and novel targets to address a wide range of disease areas, including inflammation, oncology and neurology.

Sell $290M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-23 FPT

Hanoi, Vietnam

FPT operates as an information and communication technology company that offers mobile distribution, systems integration, software outsourcing and development, ERP services, IT products distribution, telecom, Internet and e-media content, and computer assembly. The company was founded in 1988 and is headquartered in Hanoi, Vietnam.

Buy -
Buyer

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 11 of 50
Sector (Communications) 1 of 2
Type (Buyout (LBO, MBO, MBI)) 4 of 9
Country (France) 4 of 13
Year (2006) 4 of 4
Size (of disclosed) 1 of 29
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-01 Fives

Paris, France

Fives is an international industrial engineering group that designs and produces equipment, primarily for the automotive, steel and aluminium industries. Fives has participated in the modernization of various global industries, including steel, aluminium, cement, energy, and more recently, the automotive and aerospace industries, as well as logistics. The group’s rich history is grounded in constant innovation, development of proprietary technologies, international expansion and a pioneering spirit. This enables Fives to have a comprehensive global vision of the various industries in which it operates, as well as strong expertise in the design of critical equipment and solutions for industrial processes. Fives was founded in 1812 and is based in Paris, France.

Buy €450M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-28 Drive Assist UK

Tamworth, United Kingdom

Drive Assist UK Ltd. is a provider of replacement vehicles across the United Kingdom. The company works alongside the insurance industry to provide short-term replacement vehicles to non-fault parties involved in accidents while their vehicles are repaired. Drive Assist also focuses on longer-term corporate rentals and warranty replacements.

Buy £250M
Buyer

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 65 of 418
Sector (Communications) 4 of 17
Type (Buyout (LBO, MBO, MBI)) 34 of 108
Country (France) 41 of 185
Year (2006) 28 of 36
Size (of disclosed) 9 of 67
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-06 RSC Equipment Rental

Scottsdale, Arizona, United States

RSC Equipment Rental serves as a vital and trusted partner for thousands of customers in construction, industrial, petrochemical, governmental, and manufacturing businesses across the United States and Canada.

Buy $3.8B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-21 SUEZ

Maidenhead, United Kingdom

SUEZ provides more than seven million tonnes of waste through our network of recycling, composting, energy-from-waste, and landfill facilities, recycling and recovering over two million tonnes of this. SUEZ was founded in 1988 and is based in Maidenhead, United Kingdom.

Buy -
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