M&A Deal Summary

IAC Acquires Cornerstone Brands

On March 2, 2005, IAC acquired retailer Cornerstone Brands from CCMP Capital and Madison Dearborn Partners for 720M USD

Acquisition Highlights
  • This is IAC’s 1st transaction in the Retail sector.
  • This is IAC’s 2nd largest (disclosed) transaction.
  • This is IAC’s 8th transaction in the United States.
  • This is IAC’s 1st transaction in Ohio.

M&A Deal Summary
Date 2005-03-02
Target Cornerstone Brands
Sector Retail
Buyer(s) IAC
Sellers(s) CCMP Capital
Madison Dearborn Partners
Deal Type Add-on Acquisition
Deal Value 720M USD
Advisor(s) Gruppo, Levey & Co. (GLC) (Financial)

Target

Cornerstone Brands

West Chester, Ohio, United States
Cornerstone Brands is a family of leading catalog companies for the home, leisure and casual apparel, including: Ballard Designs, Frontgate, Garnet Hill, Improvements, Smith+Noble, The Territory Ahead and TravelSmith Outfitters.

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Buyer(S) 1

Buyer

IAC

New York, New York, United States
Category Company
Sector Digital Media
Employees9,500
Revenue 4.4B USD (2023)
DESCRIPTION

IAC is a media and Internet company focused in the core areas of search, applications, online dating, local and media. IAC's network of sites have over a billion total monthly visits in more than 100 countries. The company is headquartered in the Chelsea neighborhood of New York City with business operations and satellite offices around the world. IAC is based in New York, New York.

DEAL STATS #
Overall 8 of 23
Sector (Retail) 1 of 1
Type (Add-on Acquisition) 8 of 18
State (Ohio) 1 of 1
Country (United States) 8 of 21
Year (2005) 1 of 4
Size (of disclosed) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-09-01 HomeAdvisor

Golden, Colorado, United States

HomeAdvisor, Inc. is a home services marketplace in North America. HomeAdvisor International operates in six countries through four leading brands: MyHammer in Germany, Austria, and the United Kingdom; Travaux.com in France; Werkspot in the Netherlands; and Instapro in Italy.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-03-21 Ask.com

Oakland, California, United States

Ask.com operates the question and answer site ask.com.

Buy $1.9B

Seller(S) 2

SELLER

CCMP Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 18.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

CCMP Capital is a large private equity firm focused on buyout and growth equity valued up to $2 billion. Sectors of interest include consumer, retail, and services (specialty retail, direct marketing, consumer packaged goods); media/telecom (consumer and trade publishing, content and programming, broadcasting, cable, wireless and wire line communications ); industrial (chemicals, manufacturing, distribution, automotive); energy (exploration and production, power generation, renewable energy, services); and healthcare (services, pharmaceuticals, medical devices). The Firm's target investment size is $100 to $500 million. CCMP Capital Advisors was formed in 1984 and was spun off in 2006 from JP Morgan Chase. The Firm is based in New York City.

DEAL STATS #
Overall 18 of 78
Sector (Retail) 3 of 5
Type (Add-on Acquisition) 4 of 22
State (Ohio) 1 of 5
Country (United States) 16 of 61
Year (2005) 1 of 6
Size (of disclosed) 20 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-01-19 Warner Chilcott

Ardee, Ireland

Warner Chilcott is a global specialty pharmaceutical company currently focused on the gastroenterology, women's healthcare, dermatology and urology segments of the North American and Western European pharmaceuticals markets.

Buy $3.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-05-16 Patina Oil & Gas

Denver, Colorado, United States

Patina Oil & Gas Corporation is an independent energy company engaged in the production, development, exploitation and acquisition of oil and natural gas properties, principally in the Wattenberg Field of Colorado's Denver-Julesburg Basin.

Sell $3.4B
SELLER

Madison Dearborn Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1992
PE ASSETS 28.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Madison Dearborn Partners (MDP) is a large private equity firm that targets buyouts of private or publicly held companies, divestitures of larger companies, recapitalizations of family-owned or closely-held companies, acquisition-oriented financings, and financings to fund internal growth. MDP's target investment size is $100 to $600 million in buyout oriented transactions and $100 to $400 million in growth capital commitments. Areas of interest include basic industries (natural resources, chemicals, energy and power, automotive, building products, food, metals and mining, refining, paper, packaging and forest products, and general manufacturing), as well as communications, consumer products/services, financial services, and healthcare. Madison Dearborn Partners was formed in 1992 and is based in Chicago, Illinois.

DEAL STATS #
Overall 14 of 74
Sector (Retail) 2 of 5
Type (Add-on Acquisition) 7 of 34
State (Ohio) 1 of 3
Country (United States) 13 of 66
Year (2005) 1 of 6
Size (of disclosed) 19 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-01-28 Intelsat

Luxembourg, Luxembourg

Intelsat is a provider of fixed satellite services worldwide, delivering advanced transmission access for information and entertainment to some of the world’s leading media and network companies, multi-national corporations, internet service providers and governmental agencies. Intelsat was formed in 1965 and is based in Luxembourg.

Buy €4.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-04-29 Pax Clearing

Chicago, Illinois, United States

Pax Clearing Corp. is a full-service options, stock and futures clearing firm.

Sell -
Mergr

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