M&A Deal Summary

JH Partners and Berkshire Partners Acquire Bare Escentuals Beauty

On October 10, 2005, private equity firms JH Partners and Berkshire Partners acquired consumer products company Bare Escentuals Beauty from York Street Capital Partners, Arrowhead Investment Management, JH Partners and Berkshire Partners for 480M USD

Acquisition Highlights
  • This is JH Partners’ 6th and Berkshire Partners’ 4th transaction in the Consumer Products sector.
  • This is JH Partners’ and Berkshire Partners’ 3rd largest (disclosed) transaction.
  • This is JH Partners’ 11th and Berkshire Partners’ 35th transaction in the United States.
  • This is JH Partners’ 6th and Berkshire Partners’ 5th transaction in California.
Investment Fate
  • Bare Escentuals Beauty went public in 2006.

M&A Deal Summary

Date 2005-10-10
Target Bare Escentuals Beauty
Sector Consumer Products
Buyer(s) JH Partners
Berkshire Partners
Sellers(s) York Street Capital Partners
Arrowhead Investment Management
JH Partners
Berkshire Partners
Deal Type Recapitalization
Deal Value 480M USD

Target

Bare Escentuals Beauty

San Francisco, California, United States
Bare Escentuals Beauty, Inc. is a developer and multi-channel marketer of cosmetics, skin care and body care products. Bare Escentuals Beauty was formed in 1999 and is based in San Francisco, California.

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Buyer(S) 2

Buyer

JH Partners

San Francisco, California, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 1.0B USD
Size Large
Type Sector Focused
DESCRIPTION

JH Partners LLC is a private equity firm. It typically invests in online direct marketing, business to business, online services, internet software and services, food products, beverages, consumer staples, advertising, media, consumer services. It seeks to invest between $10 and $300 million in revenues. JH Partners is a hands-on investor and desires to work closely with portfolio companies. JH Partners was formed in 1997 and is based in San Francisco, California.


DEAL STATS #
Overall 12 of 26
Sector (Consumer Products) 6 of 9
Type (Recapitalization) 3 of 4
State (California) 6 of 10
Country (United States) 11 of 21
Year (2005) 3 of 3
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-01 GO SMiLE

Berkeley, California, United States

GoSMILE, Inc. is a producer and multi-channel marketer of advanced tooth-whitening and oral care products designed to promote health and beauty on the go. The products have been proven through clinical study to be more effective than competing products on the market. GoSMILE is currently sold through specialty retailers and high-end department stores in both the U.S. and Europe.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-03-09 DR Power Equipment

Vergennes, Vermont, United States

DR Power Equipment is a designer, assembler, and marketer of professional grade outdoor power equipment for homeowners under the DR and Neuton brand names. DR Power Equipment was founded in 1985 and is based in Vergennes, Vermont.

Buy -
Buyer

Berkshire Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 16.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Berkshire Partners is a private equity firm focused on investing in businesses with strong management and that lead their respective markets. Berkshire will consider investments in both public and private companies. Prospective transactions for private companies include leveraged buyouts, recapitalizations, growth capital financings, and privatizations. Public company transactions include take-privates, PIPEs, and equity stakes. Berkshire generally looks to invest $150 to $500 million of equity capital per transaction in companies valued up to $2 billion. Sectors of interest include industrial manufacturing, consumer products, retailing, transportation, communications and business services. Berkshire Partners was formed in 1984 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 38 of 100
Sector (Consumer Products) 4 of 8
Type (Recapitalization) 7 of 23
State (California) 5 of 10
Country (United States) 35 of 88
Year (2005) 6 of 7
Size (of disclosed) 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-09-27 Party City

Woodcliff Lake, New Jersey, United States

Party City is a designer, manufacturer, contract for manufacture and distributes party goods, including paper and plastic tableware, metallic balloons, accessories, novelties, gifts and stationery. Party City was founded in 1947 and is based in Woodcliff Lake, New Jersey.

Buy $360M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-21 WordWave

Boston, Massachusetts, United States

WordWave is a provider of litigation support, captioning and subtitling, and court reporting and transcription services. Services include simplifying and expediting information capture and creating an effective asset for law firms, media and entertainment companies, businesses, and public sector organizations around the world. WordWave is based in Boston, Massachusetts.

Sell -

Seller(S) 4

SELLER

York Street Capital Partners

Bedminster, New Jersey, United States

Investor


Category Mezzanine Finance Firm
Founded 2002
PE ASSETS 559M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

York Street Capital Partners is an investment firm focused on providing mezzanine and equity capital to private equity sponsors. York Street looks to fund acquisitions, buyouts, growth capital, and recapitalizations of middle-market companies. Target sectors include consumer products and services, business services, manufacturing and industrial, aerospace, retail, restaurants, healthcare, transportation and logistics, food, and agriculture. York Street Capital Partners was formed in 2002 and is based in Bedminster, New Jersey.


DEAL STATS #
Overall 3 of 17
Sector (Consumer Products) 2 of 4
Type (Recapitalization) 1 of 2
State (California) 1 of 5
Country (United States) 3 of 15
Year (2005) 1 of 1
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-13 Panther Expedited Services

Medina, Ohio, United States

Panther Expedited Services, Inc. provides transportation and logistics services in North America. The company focuses on logistics services, including ground and air freight services. It offers ground services, such as door-to-door expedited ground service, truckload service, LTL freight services, elite services, and mode optimization; ground and specialized handling services; air freight and air charter services; and value-added services, such as shipping of dangerous goods, hold-for-pick-up, liftgate services, customs clearance, cargo insurance, and documentation services.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-22 Targus

Anaheim, California, United States

Targus is a provider of quality and innovative mobile computer accessories, cases, and bags. Targus was formed in 1983 and is based in Anaheim, California.

Buy $383M
SELLER

Arrowhead Investment Management

Greenwich, Connecticut, United States

Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1996
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Arrowhead Investment Management is a provider of subordinated debt, preferred stock and non-control common equity to mid-sized businesses. Arrowhead invests alongside private equity sponsors in acquisitions, buyouts, recapitalizations and growth capital transactions. Arrowhead is a generalist investor, however the Firm tends to focus on healthcare, packaging, chemicals, consumer products, industrial manufacturing, value-added distribution and business services. Arrowhead looks to commit $10 to $100 million in transactions valued up to $500 million. Arrowhead Investment Management was formed in 1996 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 7 of 24
Sector (Consumer Products) 3 of 5
Type (Recapitalization) 1 of 1
State (California) 2 of 3
Country (United States) 7 of 24
Year (2005) 3 of 4
Size (of disclosed) 3 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-15 Meineke

Charlotte, North Carolina, United States

Meineke is a franchise-based international automotive repair chain with over 750 locations and a 50-year history of delivering consistent and high-quality repair and preventative maintenance services. Meineke CARSTAR is based in Charlotte, North Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-14 Ranpak

Concord Township, Ohio, United States

Ranpak manufactures paper-based systems for protective packaging needs including cushioning, void-fill and wrapping applications. Ranpak's goal was to create the first environmentally responsible system to effectively protect products during shipment. The development and improvement of materials, systems and total solution concepts have earned Ranpak a reputation as an innovative leader in e-commerce and industrial supply chain solutions. Ranpak was founded in 1972 and is based in Concord Township, Ohio.

Sell $284M
SELLER

JH Partners

San Francisco, California, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 1.0B USD
Size Large
Type Sector Focused
DESCRIPTION

JH Partners LLC is a private equity firm. It typically invests in online direct marketing, business to business, online services, internet software and services, food products, beverages, consumer staples, advertising, media, consumer services. It seeks to invest between $10 and $300 million in revenues. JH Partners is a hands-on investor and desires to work closely with portfolio companies. JH Partners was formed in 1997 and is based in San Francisco, California.


DEAL STATS #
Overall 7 of 24
Sector (Consumer Products) 5 of 11
Type (Recapitalization) 1 of 1
State (California) 5 of 10
Country (United States) 7 of 20
Year (2005) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-01 GO SMiLE

Berkeley, California, United States

GoSMILE, Inc. is a producer and multi-channel marketer of advanced tooth-whitening and oral care products designed to promote health and beauty on the go. The products have been proven through clinical study to be more effective than competing products on the market. GoSMILE is currently sold through specialty retailers and high-end department stores in both the U.S. and Europe.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-03-09 DR Power Equipment

Vergennes, Vermont, United States

DR Power Equipment is a designer, assembler, and marketer of professional grade outdoor power equipment for homeowners under the DR and Neuton brand names. DR Power Equipment was founded in 1985 and is based in Vergennes, Vermont.

Buy -
SELLER

Berkshire Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 16.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Berkshire Partners is a private equity firm focused on investing in businesses with strong management and that lead their respective markets. Berkshire will consider investments in both public and private companies. Prospective transactions for private companies include leveraged buyouts, recapitalizations, growth capital financings, and privatizations. Public company transactions include take-privates, PIPEs, and equity stakes. Berkshire generally looks to invest $150 to $500 million of equity capital per transaction in companies valued up to $2 billion. Sectors of interest include industrial manufacturing, consumer products, retailing, transportation, communications and business services. Berkshire Partners was formed in 1984 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 15 of 61
Sector (Consumer Products) 2 of 8
Type (Recapitalization) 1 of 3
State (California) 3 of 8
Country (United States) 14 of 52
Year (2005) 2 of 3
Size (of disclosed) 13 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-09-27 Party City

Woodcliff Lake, New Jersey, United States

Party City is a designer, manufacturer, contract for manufacture and distributes party goods, including paper and plastic tableware, metallic balloons, accessories, novelties, gifts and stationery. Party City was founded in 1947 and is based in Woodcliff Lake, New Jersey.

Buy $360M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-21 WordWave

Boston, Massachusetts, United States

WordWave is a provider of litigation support, captioning and subtitling, and court reporting and transcription services. Services include simplifying and expediting information capture and creating an effective asset for law firms, media and entertainment companies, businesses, and public sector organizations around the world. WordWave is based in Boston, Massachusetts.

Sell -