M&A Deal Summary

TPG, Leonard Green & Partners and The Carlyle Group Acquire Savers

On June 7, 2012, private equity firms TPG, Leonard Green & Partners and The Carlyle Group acquired retailer Savers from Freeman Spogli and Crescent Capital Group for 1.6B USD

Acquisition Highlights
  • This is TPG’s 10th, Leonard Green & Partners’ 15th and The Carlyle Group’s 5th transaction in the Retail sector.
  • This is TPG’s 50th, Leonard Green & Partners’ 12th and The Carlyle Group’s 44th largest (disclosed) transaction.
  • This is TPG’s 130th, Leonard Green & Partners’ 39th and The Carlyle Group’s 230th transaction in the United States.
  • This is TPG’s 3rd, Leonard Green & Partners’ 1st and The Carlyle Group’s 4th transaction in Washington.
Investment Fate
  • Savers was sold to existing investors in 2019.

M&A Deal Summary

Date 2012-06-07
Target Savers
Sector Retail
Buyer(s) TPG
Leonard Green & Partners
The Carlyle Group
Sellers(s) Freeman Spogli
Crescent Capital Group
Deal Type Recapitalization
Deal Value 1.6B USD
Advisor(s) Moelis & Co.
Barclays Investment Bank (Financial)
Bingham McCutchen LLP (Legal)

Target

Savers

Bellevue, Washington, United States
Savers retail store in Duluth, Minnesota.
Savers retail store in Duluth, Minnesota.
Savers, Inc. is a global thrift retailer offering clothing and accessories for men, women and children and household goods under the Savers, Value Village, Village des Valeurs, Unique Thrift Store and Valu Thrift Store brands. Founded in 1954, Savers operates nearly 290 locations and has more than 17,000 employees across the United States, Canada and Australia.

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Buyer(S) 3

Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 296.0B 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 191 of 451
Sector: Retail M&A 10 of 13
Type: Recapitalization M&A Deals 4 of 6
State: Washington M&A 3 of 5
Country: United States M&A 130 of 298
Year: 2012 M&A 3 of 10
Size (of disclosed) 50 of 113
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-09 GoIndustry DoveBid

London, United Kingdom

GoIndustry DoveBid, plc is a global provider of surplus asset management, auction and valuation services.

Sell $31M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-11 iMDsoft

Düsseldorf, Germany

iMDsoft is a clinical information systems software provider. The Company’s products are designed to enhance care and improve financial performance throughout the hospital.

Buy $80M
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 STATS #
Overall 40 of 107
Sector: Retail M&A 15 of 19
Type: Recapitalization M&A Deals 3 of 8
State: Washington M&A 1 of 1
Country: United States M&A 39 of 99
Year: 2012 M&A 2 of 6
Size (of disclosed) 12 of 29
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-25 PharmARC Analytic Solutions Pvt.

Bangalore, India

PharmARC is a global sales and marketing analysis company, dedicated to the pharmaceutical industry and allied consultants worldwide. It provides high-end sales and marketing analytics and business intelligence services. The company believes it can enhance the value of customer projects at a significantly economical cost while retaining excellence and accuracy. Its customers include 12 of the top 20 Pharmaceutical companies in the world.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-21 US Renal Care

Plano, Texas, United States

US Renal Care is a provider of outpatient treatment centers for persons suffering from chronic and acute renal disease. The company serves more than 25,000 patients in 335 dialysis facilities in 32 states and the Territory of Guam. US Renal Care was founded in 2000 and is based in Plano, Texas.

Buy -
Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 432 of 749
Sector: Retail M&A 5 of 8
Type: Recapitalization M&A Deals 7 of 10
State: Washington M&A 4 of 7
Country: United States M&A 230 of 350
Year: 2012 M&A 12 of 37
Size (of disclosed) 44 of 137
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-01 Guangxi Nanning Waterworks

Nanning, China

Guangxi Nanning Waterworks provides water distribution and sewage treatment services. Guangxi Nanning Waterworks was founded in 2006 and is based in Nanning, China.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-15 Wastequip

Charlotte, North Carolina, United States

Wastequip is a North American manufacturer of waste and recycling equipment, with an international network of manufacturing facilities and the most extensive dealer network in the industry. Wastequip's broad range of waste and recycling equipment and systems is used to collect, process and transport recyclables, solid waste, liquid waste and organics. The Company's brands include Wastequip, Toter, Galbreath, Pioneer, Mountain Tarp, Cusco, Go To Parts, and Accurate. Wastequip was founded in1989 and is based in Charlotte, North Carolina.

Sell -

Seller(S) 2

SELLER

Freeman Spogli

Los Angeles, California, United States

Category Private Equity Firm
Founded 1983
PE ASSETS 7.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Freeman Spogli & Co. is a private equity firm focused on acquiring middle-market retail, direct marketing, and distribution companies. The Firm will consider opportunities throughout North America and prefers partnering with management when pursuing acquisitions. Freeman Spogli looks to invest $75 to $300 million in transactions valued up to $750 million. Freeman Spogli was formed in 1983 and is based in Los Angeles, California with an additional office in New York City.


DEAL STATS #
Overall 14 of 25
Sector: Retail M&A 8 of 12
Type: Recapitalization M&A Deals 1 of 1
State: Washington M&A 1 of 1
Country: United States M&A 13 of 24
Year: 2012 M&A 2 of 2
Size (of disclosed) 2 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-02 Mattress Giant

Addison, Texas, United States

Mattress Giant Corp. is a specialty retailer of bedding products to markets across the eastern half of the U.S.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-02 MicroStar Logistics

Denver, Colorado, United States

MicroStar Logistics is a provider of keg management and logistics services. The company manages a pool of over 1.4 million kegs and the corresponding logistical needs for over 160 craft brewery customers. The Company provides a cost-effective outsourced solution that enables its customers to preserve capital and focuses on core competencies such as production and marketing. MicroStar Logistics was founded in 1996 and is based in Denver, Colorado.

Buy -
SELLER

Crescent Capital Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1991
PE ASSETS 48.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Crescent Capital is a provider of debt securities to middle-market companies. Crescent looks to issue senior bank loans, high yield bonds, mezzanine debt and distressed debt to fund a variety of needs. The FIrm's direct lending group looks to provide $10 to $30 million to sponsor-backed companies that generate $5 to $40 million of EBITDA. Crescent's mezzanine practice typically provides junior capital to support buyouts, recapitalizations, and refinancings. Crescent Capital was formed in 1991 and was originally known as TCW/Crescent Mezzanine. The Firm has offices in Los Angeles, Boston, New York, and London.


DEAL STATS #
Overall 21 of 47
Sector: Retail M&A 1 of 4
Type: Recapitalization M&A Deals 2 of 3
State: Washington M&A 1 of 1
Country: United States M&A 17 of 40
Year: 2012 M&A 1 of 3
Size (of disclosed) 8 of 18
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-15 ViaPath Technologies

Falls Church, Virginia, United States

ViaPath Technologies is a provider of telecommunications and technology services to the United States corrections industry. ViaPath Technologies offers innovative product solutions including offender management systems, case management systems, and inmate phone systems. ViaPath Technologies was founded in 1989 and is based in Falls Church, Virginia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-02 Kinetek

Deerfield, Illinois, United States

Kinetek is a global manufacturing enterprise that provides custom engineered control, motor and drive system solutions for world class customers in the elevator/escalator, commercial floor care, material handling/aerial lift, commercial food equipment, golf car/utility vehicle, renewable energy and medical markets. Kinetek product lines include AC, DC and brushless DC electric motors, pumps, gearing, gearboxes, fans, transaxles, human machine interface products, and electronic controls/systems.

Sell -