M&A Deal Summary

New Mountain Capital, Vestar Capital Partners, Hellman & Friedman and Cohesive Capital Partners Acquire Circana

On June 1, 2011, private equity firms New Mountain Capital, Vestar Capital Partners, Hellman & Friedman and Cohesive Capital Partners acquired information services company Circana from STG and Tennenbaum Capital Partners

Acquisition Highlights
  • This is New Mountain Capital’s 1st, Vestar Capital Partners’ 2nd, Hellman & Friedman’s 2nd and Cohesive Capital Partners’ 1st transaction in the Information Services sector.
  • This is New Mountain Capital’s 20th, Vestar Capital Partners’ 49th, Hellman & Friedman’s 32nd and Cohesive Capital Partners’ 1st transaction in the United States.
  • This is New Mountain Capital’s 1st, Vestar Capital Partners’ 4th, Hellman & Friedman’s 2nd and Cohesive Capital Partners’ 1st transaction in Illinois.

M&A Deal Summary
Date 2011-06-01
Target Circana
Sector Information Services
Buyer(s) New Mountain Capital
Vestar Capital Partners
Hellman & Friedman
Cohesive Capital Partners
Sellers(s) STG
Tennenbaum Capital Partners
Deal Type Secondary Buyout
Advisor(s) Jefferies
BofA Securities (Financial)
Davis Polk & Wardwell (Legal)

Target

Circana

Chicago, Illinois, United States
Circana is a provider of big data, predictive analytics and forward-looking insights that help CPG companies, OTC health care organizations, retailers, financial services and media companies grow their businesses. Circana was founded in 1979 and is based in Chicago, Illinois.

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Buyer(S) 4

Buyer

New Mountain Capital

New York, New York, United States
Category Private Equity Firm
Founded 2000
PE ASSETS 35.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

New Mountain Capital is a private investment firm focused on investment in public and private companies in a variety of industries. New Mountain generally invests $100 to $500 million per transaction and looks for businesses with strong market positions and high barriers to entry. New Mountain also prefers businesses that succeed in both good and bad economies. Sectors of interest include education, healthcare, business services, federal IT services, media, software, consumer products, logistics, financial services and technologies, and energy. New Mountain Capital was formed in 2000 and is based in New York City.

DEAL STATS #
Overall 23 of 95
Sector (Information Services) 1 of 3
Type (Secondary Buyout) 5 of 38
State (Illinois) 1 of 8
Country (United States) 20 of 90
Year (2011) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-27 Apptis

Chantilly, Virginia, United States

Apptis, Inc., is a privately held company in the federal information technology services sector. Apptis provides end-to-end enterprise solutions (both products and services) to a wide range of federal government agencies, with low perceived risk of budgetary cutbacks.

Sell $260M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-26 SNL Financial

Charlottesville, Virginia, United States

SNL Financial is a provider of financial data and analytics services. The Company was formed in 1987 and is based in Charlottesville, Virginia.

Buy -
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 64 of 86
Sector (Information Services) 2 of 2
Type (Secondary Buyout) 6 of 14
State (Illinois) 4 of 8
Country (United States) 49 of 70
Year (2011) 3 of 4
PREVIOUS 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
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-06 Essent Healthcare

Nashville, Tennessee, United States

Essent Healthcare, Inc. is owns and operates non-urban acute care hospitals that are essential to communities in Pennsylvania, Massachusetts, Connecticut, and Texas.

Sell $260M
Buyer

Hellman & Friedman

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 50.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Hellman & Friedman (H&F) is a large private equity firm on the West Coast of the US. H&F focuses on control and minority investments in a variety of transaction structures and will consider opportunities across the US and Europe. H&F seeks buyouts and business in need of restructurings that operate in defensible markets with predictable revenue and earnings growth. Target sectors include financial services, healthcare, indusrial, energy, insurance, media, marketing, professional services, software, and information services. H&F's target equity investment size is $300 million to $1 billion. Hellman & Friedman was formed in 1984 and has offices in San Francisco, New York City, and London.

DEAL STATS #
Overall 45 of 88
Sector (Information Services) 2 of 6
Type (Secondary Buyout) 8 of 26
State (Illinois) 2 of 6
Country (United States) 32 of 61
Year (2011) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-06 Artisan Partners Distributors

Milwaukee, Wisconsin, United States

Artisan Partners Limited Partnership is a leading independent, multi-product investment management firm that currently manages approximately $50 billion in assets. The Company, founded in 1994, has investment teams located in Milwaukee (its headquarters), San Francisco, and Atlanta.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-24 Verisure

Malmo, Sweden

Verisure is a provider of high quality monitored alarm and security services to residential homes and small businesses in Europe. Verisure serves subscribers across Europe, including Spain, Sweden, Norway and France, and Latin America. Through its proprietary, industry-leading technology platform, the Company ensures customer peace of mind by remotely monitoring properties 24 hours, 7 days a week and ensuring rapid response. Verisure was founded in 1988 and is based in Malmo, Sweden.

Buy kr2.1B
Buyer

Cohesive Capital Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2010
PE ASSETS 385M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Cohesive Capital Partners is private equity co-investment firm. The Firm looks to invest and work alongside deal sponsors in small to mid-sized companies and will consider businesses operating in any sector. Prospective deal situations include buyouts, growth equity financings, and other opportunistic situations. Cohesive Capital Partners was formed in 2010 and is based in New York City.

DEAL STATS #
Overall 1 of 32
Sector (Information Services) 1 of 3
Type (Secondary Buyout) 1 of 6
State (Illinois) 1 of 1
Country (United States) 1 of 30
Year (2011) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-01 Serta Simmons Bedding

Doraville, Georgia, United States

Serta Simmons engages in designing, manufacturing and selling sleep products that give consumers the sleep they need to live the lives they want. Serta Simmons primary brands include Serta, Beautyrest, Simmons, and Tuft & Needle brands. Serta Simmons was founded in 2010 and is based in Doraville, Georgia.

Buy -

Seller(S) 2

SELLER

STG

Menlo Park, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2002
PE ASSETS 10.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

STG is a private equity firm focused on making investments in software and services companies. STG looks to leverage operational expertise in helping its portfolio companies 'increase customer value' and grow. In addition to its focus within the software/services sectors, STG also has interest in healthcare, pharmaceuticals manufacturing, consumer packaged goods, retail, financial services, and communications. STG was formed in 2002 and is based in Menlo Park, California.

DEAL STATS #
Overall 5 of 30
Sector (Information Services) 1 of 1
Type (Secondary Buyout) 2 of 8
State (Illinois) 1 of 1
Country (United States) 4 of 20
Year (2011) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-29 Connexity

Santa Monica, California, United States

Connexity offers a range of marketing solutions including search marketing, syndicated product listings, targeted display advertising, and the Bizrate Insights customer feedback program. Connexity was founded in 1996 and is based in Santa Monica, California.

Buy $165M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-29 Iptor

Solna, Sweden

Iptor is a provider of distribution resource management software – business applications for the wholesale, distribution and manufacturer/distributor markets. Iptor was founded in 1978 and is based in Solna, Sweden.

Buy -
SELLER

Tennenbaum Capital Partners

Santa Monica, California, United States
Category Asset Manager
Founded 1999
PE ASSETS 18.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Tennenbaum Capital Partners' headquarters in Santa Monica, California.
Tennenbaum Capital Partners' headquarters in Santa Monica, California.

Tennenbaum Capital Partners is a private investment group focused on providing financing solutions to middle-market companies in a variety of sectors. The Firm separates its activity into two segments - performing and distressed. The performing group looks to invest $10 to $125 million to support recapitalizations, LBOs, acquisitions, and growth capital needs of companies valued between $100 million and $1.5 billion. The special situations group looks to provide $20 to $125 million to support rescue needs, as well as fund complex situations or secondary market purchases. Tennenbaum primarily considers opportunities in North America and Europe, but will consider other geographies. Tennenbaum Capital Partners was formed in 1999 and is based in Santa Monica, California.

DEAL STATS #
Overall 1 of 9
Sector (Information Services) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Illinois) 1 of 1
Country (United States) 1 of 8
Year (2011) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-01-01 Novanta

Bedford, Massachusetts, United States

Novanta is a provider of core technology solutions that give medical and advanced industrial original equipment manufacturers a competitive advantage. The Company combines deep proprietary technology expertise and competencies in precision medicine and manufacturing, medical solutions, and robotics and automation with a proven ability to solve complex technical challenges. Novanta was founded in 1968 and is based in Bedford, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-12 Revere Packaging

Shelbyville, Kentucky, United States

Revere Packaging is a niche provider of single-use aluminum and plastic packaging solutions to the food service industry. Revere Packaging was founded in 1801 and is based in Shelbyville, Kentucky.

Sell -
Mergr

Product

Company

Legal