M&A Deal Summary

CVC Capital Partners, GIC, Silver Lake and Ardian Acquire RAC

On December 2, 2015, private equity firm CVC Capital Partners, sovereign wealth fund GIC, private equity firm Silver Lake and private equity firm Ardian acquired consumer services company RAC from The Carlyle Group and Omnes Capital

Acquisition Highlights
  • This is CVC Capital Partners’ 6th, GIC’s 2nd, Silver Lake’s 2nd and Ardian’s 3rd transaction in the Consumer Services sector.
  • This is CVC Capital Partners’ 41st, GIC’s 3rd, Silver Lake’s 2nd and Ardian’s 17th transaction in the United Kingdom.

M&A Deal Summary

Date 2015-12-02
Target RAC
Sector Consumer Services
Buyer(s) CVC Capital Partners
GIC
Silver Lake
Ardian
Sellers(s) The Carlyle Group
Omnes Capital
Deal Type Secondary Buyout

Target

RAC

Walsall, United Kingdom
RAC is an motoring organization offers roadside assistance to around 8.6 million members if their vehicles suffer a mechanical failure, fixing 80% of issues at the roadside. If the issue can’t be resolved then members will be offered a tow to a destination of the member’s choice. RAC is also an insurance broker, offering car, home, motorcycle and van and other specialist insurance using a panel of third-party underwriters to roadside members and non-members. RAC was founded in 1897 and is based in Walsall, United Kingdom.

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Buyer(S) 4

Buyer

CVC Capital Partners

Luxembourg, Luxembourg

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 177.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CVC Capital Partners is a global private equity firm focused on investments in large companies located in Europe, North America, and Asia. CVC looks for opportunities with stable cash flows and talented management, and will consider businesses in a variety of industries. Target sectors include textiles, industrial products, waste management, building materials, energy/utilities, business services, financial services, distribution, healthcare, media, semiconductors, and gaming. CVC can handle transactions valued from €200 million to €10 billion. CVC Capital Partners was formed in 1981 and is based in Luxembourg.


DEAL STATS #
Overall 181 of 328
Sector: Consumer Services M&A 6 of 10
Type: Secondary Buyout M&A Deals 33 of 78
Country: United Kingdom M&A 41 of 61
Year: 2015 M&A 12 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-24 Cerved Group

Milan, Italy

Cerved Group S.p.A. is the business information supplier in Italy. The Company is active in the Italian financial and credit information market and provides products and services to financial institutions, corporations, finance professionals, retail users and public administration entities.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-04 Moto

Bedfordshire, United Kingdom

Moto is an operator of motorway service areas (MSAs). The company operates 48 MSA sites at 33 locations across the UK. Moto operates franchises with well-known, national and international brands including: Costa, Burger King, M&S Simply Food, Greggs and WH Smith, providing a diverse mix of offers to customers in one convenient location. Moto was founded in 2001 and is based in Bedfordshire, United Kingdom.

Buy -
Buyer
DESCRIPTION

GIC Private Ltd. is the investment arm of Singapore. The Group primarily invests through three investment groups, including public markets, private equity and real estate. GIC's private equity practice looks to invest in funds as well as directly in companies. GIC is based in Singapore with additional offices globally.


DEAL STATS #
Overall 12 of 46
Sector: Consumer Services M&A 2 of 2
Type: Secondary Buyout M&A Deals 3 of 16
Country: United Kingdom M&A 3 of 8
Year: 2015 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-14 CETIN

Prague, Czech Republic

CETIN provides mobile network infrastructure services, fixed net services for households and tradesmen, data services for corporate networks and data center rental. CETIN was founded in 2015 and is based in Prague, Czech Republic.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-18 Quest Global Services

Singapore , Singapore

Quest Global Services is a global engineering solutions provider with a proven track record of serving the product development & production engineering needs of high technology companies. Quest Global Services was founded in 1997 and is based in Singapore.

Buy -
Buyer

Silver Lake

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 104.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Silver Lake is a mega-sized private equity firm focused on a broad range of growth investments in and acquisitions of technology companies. Silver Lake is subdivided into several investing groups including Silver Lake Partners, Silver Lake Sumeru, Silver Lake Waterman, Silver Lake Alpine, and Silver Lake Kraftwerk. Silver Lake Partners pursues large-scale private investments in companies within the technology, tech-enabled and related growth industries. Silver Lake Sumeru invests in middle market technology companies with established business models and attractive growth prospects where there is an opportunity to create value through operational transformation. Silver Lake Waterman provides growth capital to later-stage companies in the technology and technology-enabled industries, offering flexible solutions to finance expansion and acquisitions. Silver Lake Alpine is Silver Lake's debt and credit investing arm. Silver Lake Kraftwerk provides growth capital to technology and tech-enabled businesses driving efficiency across the operations, energy, and resources industries. Silver Lake Partners was formed in 1999 is headquartered in Menlo Park, California.


DEAL STATS #
Overall 76 of 136
Sector: Consumer Services M&A 2 of 4
Type: Secondary Buyout M&A Deals 9 of 20
Country: United Kingdom M&A 2 of 5
Year: 2015 M&A 10 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-18 SolarCity

San Mateo, California, United States

SolarCity is a provider of clean energy solutions. The Company delivers renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company makes solar energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity was formed in 2006 and is based in San Mateo, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-07 TeamSystem

Pesaro, Italy

TeamSystem is a provider of accounting, payroll, and business management software for accountants and small and medium-sized enterprises. TeamSystem offers a broad range of mission-critical, on-premise and cloud solutions to a diversified base of its customers. TeamSystem was founded in 1979 and is based in Pesaro, Italy.

Buy -
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 127.0B 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 €1 billion 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 250 of 464
Sector: Consumer Services M&A 3 of 6
Type: Secondary Buyout M&A Deals 75 of 155
Country: United Kingdom M&A 17 of 27
Year: 2015 M&A 23 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-27 Micropross SAS

Villeneuve d'Ascq, France

Micropross SAS is a provider of test and personalization solutions for the business of RFID, smartcard and NFC.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-04 The Innovation Group

Hampshire, United Kingdom

The Innovation Group is a provider of business process outsourcing and technology solutions to the insurance, fleet and automotive industries. The Innovation Group was founded in 1996 and is based in Hampshire, United Kingdom.

Buy £500M

Seller(S) 2

SELLER

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 288 of 488
Sector: Consumer Services M&A 6 of 8
Type: Secondary Buyout M&A Deals 55 of 119
Country: United Kingdom M&A 18 of 37
Year: 2015 M&A 21 of 24
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-23 Eastern Broadcasting

Taipei, Taiwan

Eastern Broadcasting Company provides media information and entertainment services. It operates in North America, Central and South America, Southeast Asia, New Zealand, Australia, and Europe.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-04 The Innovation Group

Hampshire, United Kingdom

The Innovation Group is a provider of business process outsourcing and technology solutions to the insurance, fleet and automotive industries. The Innovation Group was founded in 1996 and is based in Hampshire, United Kingdom.

Buy £500M
SELLER

Omnes Capital

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 5.7B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Omnes Capital formerly known as Credit Agricole Private Equity (CAPE) is the investment arm of financial services group Credit Agricole. Omnes Capital looks to invest in a range of investment stages and transaction types, including LBO/expansion, venture capital, mezzanine, renewable energy, co-investment, infrastructure, and special situations. The Firm's LBO/expansion group looks to invest €25 to €80 million to support growth initiatives and buyouts of small and mid-cap businesses operating in a variety of industries. Omnes Capital generally invests in businesses operating in France and Italy. Omnes Capital's mezzanine area was formed in 2002 and looks to provide €5 to €30 million of junior capital to similar sized established businesses. In addition to Omnes Capital's traditional equity and subordinated debt investment arm, the Firm also invests in infrastructure projects as well as provides capital for distressed businesses with €10 to €150 million in revenue. Omnes Capital was formed in 2004 and is based in Paris.


DEAL STATS #
Overall 75 of 118
Sector: Consumer Services M&A 2 of 2
Type: Secondary Buyout M&A Deals 22 of 37
Country: United Kingdom M&A 3 of 3
Year: 2015 M&A 9 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-05 Gerard Darel

Paris, France

Gerard Darel is a designer, retailer, and distributor of high-end womenswear and leather goods. Gerard Darel was founded in 1971 and is based in Paris, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-08 Dispam

Le Pontet, France

Dispam is a temperature-controlled transportation company. Dispam was founded in 1970 and is based in Le Pontet, France.

Buy -