Going Private • Consumer Services

Leonard Green & Partners and Annex Capital Acquire VCA

On September 20, 2000, private equity firms Leonard Green & Partners and Annex Capital acquired consumer services company VCA

Acquisition Context
  • This is Leonard Green & Partners’ 1st and Annex Capital’s 1st transaction in the Consumer Services sector.
  • This is Leonard Green & Partners’ 5th and Annex Capital’s 5th transaction in the United States.
  • This is Leonard Green & Partners’ 2nd and Annex Capital’s 2nd transaction in California.
Investment Fate
  • VCA went public in 2003.
  • VCA was sold to a strategic buyer in 2017 for 9.1B USD.

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M&A Deal Summary

Date September 20, 2000
Target VCA
Sector Consumer Services
Buyer(s) Leonard Green & Partners
Annex Capital
Deal Type Going Private

Target Company

VCA

Los Angeles, California, United States
VCA's corporate headquarters in Los Angeles, California.
VCA's corporate headquarters in Los Angeles, California.
VCA, Inc. is an animal healthcare company operating in the United States and Canada. VCA provides veterinary services and diagnostic testing to support veterinary care, sells diagnostic imaging equipment and other medical technology products and related services to the veterinary market and provide various communication, marketing solutions and other services to the veterinary community. VCA provides pharmaceutical products and performs a variety of pet wellness programs including health examinations, diagnostic testing, routine vaccinations, spaying, neutering and dental care. VCA, Inc. was formed in 1986 and is based in Los Angeles, California.
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Buyers Overview 2

Buyer

Leonard Green & Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 75.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Leonard Green & Partners is a mega-sized private equity firm that invests in established companies that are leaders in their respective markets. Leonard Green will consider investments in consumer and business services, consumer products, distribution, media, and retail. Typical transaction values for acquisitions are between $500 million and $2 billion, however, the firm is capable of closing transactions valued up to $5 billion. Types of transactions include public-to-private, recapitalizations of privately held businesses, growth capital, equity capital to facilitate acquisitions, turnarounds/restructurings, and acquisitions of divisions/assets from large corporations. Leonard Green & Partners was formed in 1989 and is based in Los Angeles, California.


Deal Context for Buyer #
Overall 5 of 108
Sector: Consumer Services 1 of 7
Type: Going Private 2 of 14
State: California 2 of 11
Country: United States 5 of 100
Year: 2000 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-07-24 White Cap

Norcross, Georgia, United States

White Cap is a distributor of specialty concrete and construction products. White Cap serves as a one-stop shop providing concrete accessories and chemicals, tools and equipment, building materials and fasteners, erosion and waterproofing and safety products to professional contractors by meeting their distinct and customized supply needs in non-residential, residential and industrial applications. White Cap was formed in 1976 and is based in Norcross, Georgia.

Buy $240M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2000-10-11 AsianMedia Group

Los Angeles, California, United States

AsianMedia Group LLC , headquartered in Los Angeles, California, is the leading diversified Asian-language media company in the United States. AMG owns and operates International Media Group which is comprised of KSCI-TV Channel 18, a multi-lingual UHF television station serving the greater Los Angeles and San Diego markets, and KIKU-TV Channel 20, a multi-lingual UHF television station in Honolulu.

Buy -
Buyer

Annex Capital

New York, New York, United States

Category Private Equity Firm
Founded 2004
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Annex Capital Management is a private investment firm focused on secondary private equity transactions and special situations opportunities. Annex is sector agnostic with an emphasis on consumer products, including food and beverage, information services, telecommunications and specialized manufacturing. Annex was formed in 2004 with the spinout of Dresdner Bank's direct investment portfolio into a new secondary firm backed by Coller Capital. Annex Capital is based in New York City.


Deal Context for Buyer #
Overall 5 of 9
Sector: Consumer Services 1 of 1
Type: Going Private 1 of 1
State: California 2 of 2
Country: United States 5 of 9
Year: 2000 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-08-30 Sensitech

Beverly, Massachusetts, United States

Sensitech offers a robust portfolio of products and services designed to help you monitor and manage the cold chain of the world’s most temperature-sensitive, perishable products: food, pharmaceuticals, biologics, and industrial chemicals.

Buy $17M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2000-12-01 TNP Enterprises

Fort Worth, Texas, United States

TNP Enterprises, Inc. is a provider of community based electric service to 85 cities and more than 252,000 customers in Texas and New Mexico.

Buy -