M&A Deal Summary

Cinven, BC Partners, European Capital and Emisys Capital SGRpA Acquire Amadeus

On June 1, 2005, private equity firm Cinven, private equity firm BC Partners, private equity firm European Capital and mezzanine finance firm Emisys Capital SGRpA acquired information technology company Amadeus for 4.3B EUR

Acquisition Highlights
  • This is Cinven’s 2nd, BC Partners’ 3rd, European Capital’s 1st and Emisys Capital SGRpA’s 1st transaction in the Information Technology sector.
  • This is Cinven’s 2nd, BC Partners’ 5th, European Capital’s and Emisys Capital SGRpA’s largest (disclosed) transaction.
  • This is Cinven’s 5th, BC Partners’ 2nd, European Capital’s 1st and Emisys Capital SGRpA’s 1st transaction in Spain.
Investment Fate
  • Amadeus went public in 2010.

M&A Deal Summary
Date 2005-06-01
Target Amadeus
Sector Information Technology
Buyer(s) Cinven
BC Partners
European Capital
Emisys Capital SGRpA
Deal Type Going Private
Deal Value 4.3B EUR

Target

Amadeus

Madrid, Spain
Amadeus office in Miami, Florida.
Amadeus office in Miami, Florida.
Amadeus offers distribution solutions for the travel and tourism industries. At its core is the 'GDS' - the Global Distribution System that connects customers and travel agents with travel content options and facilitates booking, payment and fulfillment of flights, hotel bookings, car hire and other products. Amadeus was founded in 1987 and is based in Madrid, Spain.

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Buyer(S) 4

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 99 of 184
Sector (Information Technology) 2 of 4
Type (Going Private) 2 of 4
Country (Spain) 5 of 14
Year (2005) 3 of 6
Size (of disclosed) 2 of 62
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-05-01 Dynacast

Charlotte, North Carolina, United States

Dynacast is a provider of precision die cast components for a wide variety of industries including healthcare, consumer electronics, computers and peripherals, and automotive, among others.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-12 National Car Parks

London, United Kingdom

National Car Parks has contracts with 31 of the UK's local or regional government authorities, and manages over 900 car parks including car parks at 10 of the principal UK airports and 57 railway and London Underground stations. National Car Parks was founded in 1931 and is based in London, United Kingdom.

Sell £555M
Buyer

BC Partners

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1986
PE ASSETS 30.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

BC Partners is a large investment group focused on private equity, credit, real estate, and co-investment strategies. The Firm's private equity group looks to make control investments in European and North American businesses valued above €300 million. Sectors of interest include healthcare, directory publishing, media, industrial products, food, distribution, manufacturing, consumer services, business services, and communications. BC Partners was formed in 1986 and is based in London, England.

DEAL STATS #
Overall 27 of 96
Sector (Information Technology) 3 of 7
Type (Going Private) 1 of 6
Country (Spain) 2 of 3
Year (2005) 3 of 4
Size (of disclosed) 5 of 42
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-01 Dometic Group

Solna, Sweden

Dometic Group is a provider of value-added products to the recreational vehicle and pleasure boat industries. Dometic Group was founded in 1922 and is based in Solna, Sweden.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-09-22 Fitness First Group

Dorset, United Kingdom

Fitness First Group Ltd. is a health club operator in the world with over one million members and over 400 clubs in 15 countries.

Buy $835M
Buyer

European Capital

London, United Kingdom
Category Private Equity Firm
Founded 2005
PE ASSETS 1.2B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

European Capital is the European investment affiliate of American Capital. European Capital looks to provide a variety of investment and financing solutions including unitranche debt, mezzanine capital, senior debt, and equity co-investment. Funds are typically used to support buyouts, recapitalizations, finance growth, and make acquisitions. European Capital is sector agnostic, however the Firm has a preference for investments in the consumer, technology, manufacturing, services, and distribution sectors. European Capital was formed in 2005 and is based in London.

DEAL STATS #
Overall 4 of 74
Sector (Information Technology) 1 of 1
Type (Going Private) 1 of 3
Country (Spain) 1 of 2
Year (2005) 2 of 9
Size (of disclosed) 1 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-04-19 Polyconcept

Roelofarendsveen, Netherlands

Polyconcept supplies a wide range of promotional, lifestyle and gift products to more than 10,000 advertising distributors across Europe, as well as to various retail channels. End-users range from large corporations to small enterprises and consumers. Polyconcept was founded in 1973 and is based in Roelofarendsveen, Netherlands.

Buy €365M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-31 Terreal SAS

Suresnes, France

Terreal SAS manufactures clay construction products used for roofs, structural work, wall claddings, and decoration environmental protection. In 2013, Terreal has taken over by creditors.

Buy €860M
Buyer

Emisys Capital SGRpA

Milan, Italy
Category Mezzanine Finance Firm
Founded 2013
PE ASSETS 130M EUR
Size Small
Type Sector Agnostic
DESCRIPTION

AF Mezzanine is a provider of junior capital to support leveraged buyouts, growth capital financings, as well as recapitalizations. AF generally focuses on mid-sized companies with sales of €50 to €500 million. AF does have any sector preferences, however the Firm prefers stable businesses with predictable cash-flows. The Firm's target investment size is €4 to €20 million. AF will not invest in start-ups or turnaround situations. AF Mezzanine is controlled by financial group Fineurop and is based in Milan.

DEAL STATS #
Overall 2 of 18
Sector (Information Technology) 1 of 1
Type (Going Private) 1 of 2
Country (Spain) 1 of 1
Year (2005) 1 of 1
Size (of disclosed) 1 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-12-16 Sirti

Milan, Italy

Sirti S.p.A. is a provider of provision, implementation and servicing of telecommunications networks and systems offering its services to fixed line, mobile, railway and broadcasting operators. The Company?s client base includes some of the most important Italian companies, such as Telecom Italia, TIM, Ferrovie dello Stato and RAI.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-03-02 Ducati

Bologna, Italy

Ducati is the European manufacturer and distributor in the niche of high-performance sport motorcycles with a 6.3% market share in the sport segment of the high displacement road market (greater than 500 cc). Ducati’s headquarters and manufacturing operations are based in Bologna (Italy).

Buy -
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