M&A Deal Summary

HarbourVest Partners, Vestar Capital Partners and Warburg Pincus Acquire Triton International

On February 24, 2011, private equity firms HarbourVest Partners, Vestar Capital Partners and Warburg Pincus acquired transportation company Triton International for 1.0B USD

Acquisition Highlights
  • This is HarbourVest Partners’ 1st, Vestar Capital Partners’ 1st and Warburg Pincus’ 2nd transaction in the Transportation sector.
  • This is HarbourVest Partners’ 39th, Vestar Capital Partners’ 5th and Warburg Pincus’ 16th largest (disclosed) transaction.
  • This is HarbourVest Partners’ 2nd, Vestar Capital Partners’ 4th and Warburg Pincus’ 3rd transaction in Bermuda.
Investment Fate
  • Triton International was sold to a publicly-traded strategic buyer in 2023 for 13.3B USD.

M&A Deal Summary

Date 2011-02-24
Target Triton International
Sector Transportation
Buyer(s) HarbourVest Partners
Vestar Capital Partners
Warburg Pincus
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 1.0B USD
Advisor(s) BofA Securities (Financial)
Latham & Watkins (Legal)

Target

Triton International

Hamilton, Bermuda
Triton International engages in the acquisition, leasing, re-leasing, and sale of various types of intermodal transportation equipment to shipping lines, and freight forwarding companies and manufacturers. Triton International was founded in 1980 and is based in Hamilton, Bermuda.

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Buyer(S) 3

Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 147.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 93 of 214
Sector: Transportation M&A 1 of 2
Type: Buyout (LBO, MBO, MBI) M&A Deals 21 of 41
Country: Bermuda M&A 2 of 3
Year: 2011 M&A 3 of 14
Size (of disclosed) 39 of 61
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-25 Nielsen

New York, New York, United States

Nielsen is a global information and measurement company that provides clients with a comprehensive understanding of consumers and consumer behaviour. Nielsen delivers critical media and marketing information, analytics, and industry expertise about what consumers buy and what consumers watch (consumer interaction with television, online and mobile) on a global and local basis. Nielsen was founded in 1923 and is based in New York City.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-02 ReCommunity Holdings

Charlotte, North Carolina, United States

ReCommunity is a recycling, recovery and repowering company that is focused on dramatically reducing the volume of land-filled waste through conversion into useful products such as recycled commodities, low-carbon energy, ReEngineered Feedstock, biofuels, and other value-added recycled products. ReCommunity Holdings was founded in 2011 and is based in Charlotte, North Carolina.

Buy $134M
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 62 of 86
Sector: Transportation M&A 1 of 1
Type: Buyout (LBO, MBO, MBI) M&A Deals 36 of 41
Country: Bermuda M&A 4 of 4
Year: 2011 M&A 1 of 4
Size (of disclosed) 5 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-14 Fiorucci

Rome, Italy

Fiorucci is a small pork and cured meats craft workshop, Fiorucci specializing in the production and marketing of cured meats and other branded gastronomic products. Fiorucci was founded in 1850 and is based in Rome, Italy.

Sell $170M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-08 Big Heart Pet Brands

San Francisco, California, United States

Big Heart Pet Brands is a standalone producer, distributor and marketer of premium quality, branded pet food and pet snacks. The Company’s purpose is to nurture the bond between pets and the people who love them – making every day special. Its portfolio of brands, with a foundation in dog and cat food and treats, strives to cater to every pet life stage and every family’s budget through the availability and accessibility of its products.

Buy $5.3B
Buyer

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.


DEAL STATS #
Overall 186 of 492
Sector: Transportation M&A 2 of 12
Type: Buyout (LBO, MBO, MBI) M&A Deals 51 of 86
Country: Bermuda M&A 3 of 4
Year: 2011 M&A 3 of 21
Size (of disclosed) 16 of 49
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-02-03 Wright Medical Group N.V.

Amsterdam, Netherlands

Wright Medical Group N.V. is a medical device company focused on extremities and biologics. Wright Medical Group was founded in 1950 and is based in Amsterdam, Netherlands.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-02-25 United Internet

Montabaur, Germany

United Internet is a Internet services company. United Internet was founded in 1988 and is based in Montabaur, Germany.

Buy -