Buyout (LBO, MBO, MBI) • Communications

Stockwell Capital, Quadrangle Group, Pamlico Capital, CCMP Capital, Providence Equity Partners, Thomas H. Lee Partners, Candover Investments, Ontario Teachers Pension Plan and ATP Private Equity Partners Acquire Grupo Corporativo ONO S.A.

On November 4, 2005, private equity firm Stockwell Capital, private equity firm Quadrangle Group, private equity firm Pamlico Capital, private equity firm CCMP Capital, private equity firm Providence Equity Partners, private equity firm Thomas H. Lee Partners, private equity firm Candover Investments, pension Ontario Teachers Pension Plan and private equity firm ATP Private Equity Partners acquired communications company Grupo Corporativo ONO S.A. for 2.3B EUR

Acquisition Context
  • This is Stockwell Capital’s 1st, Quadrangle Group’s 7th, Pamlico Capital’s 4th, CCMP Capital’s 4th, Providence Equity Partners’ 11th, Thomas H. Lee Partners’ 2nd, Candover Investments’ 1st, Ontario Teachers Pension Plan’s 1st and ATP Private Equity Partners’ 1st transaction in the Communications sector.
  • This is Stockwell Capital’s 12th, Quadrangle Group’s 2nd, Pamlico Capital’s 2nd, CCMP Capital’s 3rd, Providence Equity Partners’ 8th, Thomas H. Lee Partners’ 12th, Candover Investments’ , Ontario Teachers Pension Plan’s 6th and ATP Private Equity Partners’ 9th largest (disclosed) transaction.
  • This is Stockwell Capital’s 1st, Quadrangle Group’s 1st, Pamlico Capital’s 1st, CCMP Capital’s 2nd, Providence Equity Partners’ 2nd, Thomas H. Lee Partners’ 1st, Candover Investments’ 1st, Ontario Teachers Pension Plan’s 1st and ATP Private Equity Partners’ 1st transaction in Spain.
Investment Fate
  • Grupo Corporativo ONO S.A. was sold to a publicly-traded strategic buyer in 2014 for 7.2B EUR.

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M&A Deal Summary

Date November 4, 2005
Target Grupo Corporativo ONO S.A.
Sector Communications
Buyer(s) Stockwell Capital
Quadrangle Group
Pamlico Capital
CCMP Capital
Providence Equity Partners
Thomas H. Lee Partners
Candover Investments
Ontario Teachers Pension Plan
ATP Private Equity Partners
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 2.3B EUR

Target Company

Grupo Corporativo ONO S.A.

Madrid, Spain
Grupo Corporativo ONO S.A. is a broadband service provider. It offers direct access telephony, pay television and internet access services to the residential market where, ONO offers advanced voice, data and value-added services across its own high capacity local access and national backbone networks.
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Buyers Overview 9

Buyer

Stockwell Capital

Chicago, Illinois, United States

Category Private Equity Firm
Founded 2002
PE ASSETS 750M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Stockwell Capital is a co-investment firm, focused on making minority investments alongside private equity sponsors. Stockwell is a generalist investor, with no sector preferences and looks to commit $3 to $10 million per investment. The Firm will consider opportunities throughout the US and Europe and prefers late-stage or growth equity situations. Stockwell Capital was formed in 2002 and is based in Chicago.


Deal Context for Buyer #
Overall 16 of 44
Sector: Communications 1 of 3
Type: Buyout (LBO, MBO, MBI) 6 of 13
Country: Spain 1 of 1
Year: 2005 5 of 6
Size (of disclosed) 12 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-01 Neurotherm

Wilmington, Massachusetts, United States

NeuroTherm is a developer, manufacturer and provider of medical products used in interventional pain management. NeuroTherm’s products include radiofrequency (“RF”) generators and related consumable products as well as epidural catheters, discography devices, intradiscal therapies, pharmaceutical compounding and procedure tables. Neurotherm was formed in 2005 and is based in Wilmington, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-11 Serena

Redwood City, California, United States

Serena is a provider of enterprise application lifecycle management software. Serena is one of the largest independent ALM vendors and the only one that orchestrates DevOps, the processes that bring together application development and operations. Serena was formed in 1980 and is based in Redwood City, California.

Buy $1.2B
Buyer

Quadrangle Group

New York, New York, United States

Category Private Equity Firm
Founded 2000
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Quadrangle Group is a specialist private equity firm focused on the information and communications technology services sectors. Quadrangle was formed in 2000 and is based in New York City.


Deal Context for Buyer #
Overall 17 of 25
Sector: Communications 7 of 11
Type: Buyout (LBO, MBO, MBI) 4 of 7
Country: Spain 1 of 1
Year: 2005 3 of 3
Size (of disclosed) 2 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-08-31 DHI Group

Centennial, Colorado, United States

DHI Group is a provider of specialized career websites for professional communities, including technology and engineering, financial services, energy, healthcare, and security clearance. DHI Group was incorporated in 1990 and is based in Centennial, Colorado.

Buy $200M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-31 Intrado

Longmont, Colorado, United States

Intrado is a cloud-based, global technology partner to clients around the world. The Company's solutions connect people and organizations at the right time and in the right ways, making those mission-critical connections more relevant, engaging, and actionable - turning Information to Insight. Intrado was founded in 1979 and is based in Longmont, Colorado.

Buy $3.0B
Buyer

Pamlico Capital

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 3.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Pamlico Capital is a private equity group focused on mid-sized transactions. Pamlico looks to invest $25 to $125 million per transaction. Sectors of interest include business and technology services, consumer products/services, industrial, energy, financial services, healthcare, media, and communications. Pamlico will consider both minority and majority positions. Prospective transactions include management or leveraged buyouts, recapitalizations, growth financings, mezzanine, and special situations. Pamlico was formerly known as Wachovia Capital Partners. The Firm was originally formed in 1988 and is based in Charlotte, North Carolina.


Deal Context for Buyer #
Overall 26 of 87
Sector: Communications 4 of 11
Type: Buyout (LBO, MBO, MBI) 17 of 21
Country: Spain 1 of 1
Year: 2005 6 of 6
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-01 Randall-Reilly

Tuscaloosa, Alabama, United States

Randall-Reilly is a provider of data and data-driven marketing solutions for industrial end markets including heavy-duty trucking, construction equipment, agricultural equipment, and machine tools. Randall-Reilly’s unique data assets and highly customizable digital marketing solutions enable clients to identify and target sales, marketing, and recruiting prospects. Randall-Reilly was founded in 1934 and is based in Tuscaloosa, Alabama.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-04 Worldstrides

Charlottesville, Virginia, United States

WorldStrides is a provider of experiential learning to over 400,000 students per year covering academic, professional, performing arts, and athletic programming. The company partners with more than 7,000 K-12 schools and 800 universities, including MBA programs. Worldstrides was founded in 1967 and is based in Charlottesville, Virginia.

Sell -
Buyer

CCMP Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 16.0B 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 Context for Buyer #
Overall 67 of 97
Sector: Communications 4 of 5
Type: Buyout (LBO, MBO, MBI) 40 of 49
Country: Spain 2 of 3
Year: 2005 7 of 7
Size (of disclosed) 3 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-24 Madisonville Gas Processing

North Zulch, Texas, United States

Madisonville Gas Processing is a collection of assets including a sour gas processing plant and an associated gathering system, located 100 miles north of Houston in Madisonville, Texas.

Buy $50M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 College Sports Television

New York, New York, United States

College Sports Television is comprised of two business units: College Sports TV and CollegeSports.com. College Sports TV televises regular season and championship event coverage from every major collegiate athletic conference. CollegeSports.com and its network of official athletic sites are leading online sources for college sports broadband content, news, information, scores and analysis. The company was acquired by CBS in 200

Sell -
Buyer

Providence Equity Partners

Providence, Rhode Island, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 38.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Providence Equity Partners is a specialist private equity firm that targets investments in media, entertainment, communications, and information companies. Specifically, Providence seeks investments in wireless and wireline telephony, cable television content and distribution, music, film, publishing, radio and television broadcasting, and other media and communications sectors. Providence Equity looks to commit $150 million to $800 million of equity capital in transactions ranging from growth financings and recapitalizations, to buyouts and take-privates. Providence Equity Partners was formed in 1989 and has offices in Providence, Rhode Island; New York, New York; Los Angeles, California; London, United Kingdom; Hong Kong, China; and New Delhi, India.


Deal Context for Buyer #
Overall 30 of 137
Sector: Communications 11 of 20
Type: Buyout (LBO, MBO, MBI) 11 of 23
Country: Spain 2 of 5
Year: 2005 6 of 7
Size (of disclosed) 8 of 34
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-01 TDC Group

Copenhagen, Denmark

TDC Group is a provider of communications and entertainment solutions. TDC Group has become two companies, each with its own core areas, which work towards a digital future, TDC NET delivers the best mobile network and the fastest fixed-line connections – and represents Denmark’s digital future with a roll-out of fiber and 5G. Nuuday is the leading service provider of digital services within TV, broadband, network, and telephony for private customers and businesses and consists of nine-strong brands. TDC Group was founded in 1882 and is based in Copenhagen, Denmark.

Buy $15.8B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-05 Com Hem AB

Stockholm, Sweden

Com Hem offers broadband, TV, play and telephony services to Swedish households and companies. The company plays an important role in Sweden’s ongoing digitalisation push, with its powerful and future-proofed broadband network that covers half of the country’s households, reaching approximately 1.5 million customers.

Buy €1.2B
Buyer

Thomas H. Lee Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1974
PE ASSETS 35.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Thomas H. Lee Partners (THL) is a private equity firm that seeks buyout, expansion, consolidation, distressed, and recapitalization investments across various industries. Sectors of interest include business and information services, consumer products/retail, financial services, healthcare, industrial, and media/communications. THL looks to invest $100 to $400 million in companies valued up to $2.5 billion. THL was formed in 1974 and is based in Boston, Massachusetts.


Deal Context for Buyer #
Overall 20 of 92
Sector: Communications 2 of 3
Type: Buyout (LBO, MBO, MBI) 7 of 18
Country: Spain 1 of 1
Year: 2005 3 of 5
Size (of disclosed) 12 of 28
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-21 TransWestern Publishing Co.

San Diego, California, United States

TransWestern Publishing Company, LLC operates as an independent yellow page directory publisher in the United States.

Sell $1.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-18 Ariel Re

Hamilton, Bermuda

Ariel Re is a reinsurance company based in Bermuda that underwrites a global portfolio of insurance and reinsurance business through offices in London, Bermuda, Atlanta and Kansas City. Ariel Re was founded in 2005 and is based in Hamilton, Bermuda.

Buy $1.0B
Buyer

Candover Investments

London, United Kingdom

Category Private Equity Firm
Founded 1980
PE ASSETS 8.7B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Candover Investments is a private equity firm that targets investments in European and Asian companies operating in broad range of industries. Candover's primary focus is on businesses located in Western Europe; including the UK, France, Germany, Italy, Scandinavia, and Spain. However, the Firm also considers opportunities in Asia and Eastern Europe. The Firm's target investment size is €150 to €500 million in businesses valued between €500 million and €5 billion. Sectors of interest include media, financial services, support services, leisure, healthcare, technology, and industrial. Candover Investments was formed in 1980 and is based in London.


Deal Context for Buyer #
Overall 17 of 30
Sector: Communications 1 of 1
Type: Buyout (LBO, MBO, MBI) 9 of 13
Country: Spain 1 of 2
Year: 2005 3 of 4
Size (of disclosed) 1 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-09 The Gala Group

Nottingham, United Kingdom

The Gala Group is a provider of bingo and casino operations in the UK.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-01 Qioptiq Group

Kroll, Luxembourg

Qioptiq designs and manufactures photonic products and solutions that serve a wide range of markets and applications in the areas of medical and life sciences, industrial manufacturing, defense and aerospace, and research and development.

Buy €220M
Buyer

Ontario Teachers Pension Plan

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor


Category Pension
Founded 1990
PE ASSETS 116.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Teachers' Private Capital is the direct investment arm of the Ontario Teachers' Pension Plan. Teachers' Private Capital considers both private equity and venture related investments in North America, Europe, and Asia. Teachers' can support direct private equity investments between $100 million and $3 billion. Target sectors include business services, consumer products, retail, diversified industrials, financial services, technology, media, and communications. Teachers' Private Capital also makes private equity fund investments between $50 million and $750 million. Teachers' Private Capital was formed in 1991 and is based in Toronto, with additional offices in London and New York.


Deal Context for Buyer #
Overall 22 of 176
Sector: Communications 1 of 4
Type: Buyout (LBO, MBO, MBI) 14 of 39
Country: Spain 1 of 2
Year: 2005 9 of 9
Size (of disclosed) 6 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-12 GCAN Insurance Co.

Montreal, Quebec, Canada

GCAN Insurance Co. is a large risks and specialty commercial line property and casualty insurance, offering a range of products including property, liability and auto with a balanced portfolio by line of business and geography.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-02-07 Easton Bell Sports

Van Nuys, California, United States

Easton-Bell Sports, Inc. is a designer, developer and marketer of branded equipment and accessories that enhance athletic performance and protection. The Company markets and licenses products under Easton, Bell, Riddell, Giro and Blackburn brands. Easton Bell Sports was based in Van Nuys, California.

Sell $400M
Buyer

ATP Private Equity Partners


Category Private Equity Firm
Founded 2001
PE ASSETS 10.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

ATP Private Equity Partners is a Danish institutional investment firm focused on investing in private equity funds across Europe, North America, and select emerging markets. The Firm is supported by ATP, Denmark's largest pension fund. In addition to investing in private equity funds, ATP also looks to for co-investment situations. ATP Private Equity Partners was formed in 2001 and is headquartered in Copenhagen, Denmark.


Deal Context for Buyer #
Overall 5 of 44
Sector: Communications 1 of 3
Type: Buyout (LBO, MBO, MBI) 2 of 11
Country: Spain 1 of 2
Year: 2005 3 of 3
Size (of disclosed) 9 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-09 The Gala Group

Nottingham, United Kingdom

The Gala Group is a provider of bingo and casino operations in the UK.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-01 Brock

Houston, Texas, United States

Brock is a provider of industrial maintenance and capital project solutions (scaffolding, coatings, insulation, fabrications, painting, and various other soft crafts) that support the continuous and reliable operation and expansion of critical energy infrastructure and industrial processing facilities. For nearly 70 years, Brock has been a preferred service provider to many of the largest and most demanding refining, petrochemical, power generation, and industrial processing companies in North America. Brock was founded in 1947 and is based in Houston, Texas.

Buy -