M&A Deal Summary

TPG Acquires Catellus

On December 21, 2010, private equity firm TPG acquired real estate company Catellus from Prologis for 505M USD

Acquisition Highlights
  • This is TPG’s 1st transaction in the Real Estate sector.
  • This is TPG’s 79th largest (disclosed) transaction.
  • This is TPG’s 114th transaction in the United States.
  • This is TPG’s 38th transaction in California.

M&A Deal Summary

Date 2010-12-21
Target Catellus
Sector Real Estate
Buyer(s) TPG
Sellers(s) Prologis
Deal Type Divestiture
Deal Value 505M USD

Target

Catellus

Oakland, California, United States
Catellus is a West Coast property and development business. The business includes Class A shopping centers in the Bay Area and greater Los Angeles area office buildings, certain ground leases, and other right-of-way leases, and twelve mixed-use and residential development projects across California and Texas. Catellus was formed in 1984 and is headquartered in Oakland, California.

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Buyer(S) 1

Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 167 of 403
Sector (Real Estate) 1 of 8
Type (Divestiture) 18 of 36
State (California) 38 of 82
Country (United States) 114 of 270
Year (2010) 27 of 28
Size (of disclosed) 79 of 101
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-21 Elevance

Pearland, Texas, United States

Elevance produces novel, high-performing specialty chemicals from plant oils using a proprietary, Nobel Prize-winning metathesis catalyst technology. Elevance is the first and only company to have commercialized natural oil metathesis technology at scale. Elevance was founded in 2007 and is based in Pearland, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-23 VPSI

Troy, Michigan, United States

VPSI, Inc. is a largest provider of professionally-managed commuter vanpooling services. VPSI also provides passenger vehicle leasing services and transportation management and consulting services throughout the U.S. and Europe.

Buy -

Seller(S) 1

SELLER

Prologis

San Francisco, California, United States

Category Company
Sector Real Estate
Employees2,574
Revenue 8.0B USD (2023)
DESCRIPTION
Entrance to Prologis' corporate headquarters in San Francisco, California.
Entrance to Prologis' corporate headquarters in San Francisco, California.

Prologis is an owner, operator, and developer of industrial real estate, focused on global and regional markets across the Americas, Europe and Asia. Prologis is based in San Francisco, California.


DEAL STATS #
Overall 1 of 3
Sector (Real Estate) 1 of 3
Type (Divestiture) 1 of 3
State (California) 1 of 1
Country (United States) 1 of 3
Year (2010) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-05 Catellus

Oakland, California, United States

Catellus is a West Coast property and development business. The business includes Class A shopping centers in the Bay Area and greater Los Angeles area office buildings, certain ground leases, and other right-of-way leases, and twelve mixed-use and residential development projects across California and Texas. Catellus was formed in 1984 and is headquartered in Oakland, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-31 AMB Property

San Francisco, California, United States

AMB, has a portfolio of about 160 million square feet of warehouse space, compared with ProLogis's 475 million square feet. Analysts view AMB's balance sheet as relatively healthy in the aftermath of the financial crisis.

Buy $8.7B