M&A Deal Summary

Silver Lake, TPG, Trident Capital, Stockwell Capital and Adams Street Partners Acquire Sabre

On December 12, 2006, private equity firm Silver Lake, private equity firm TPG, Trident Capital, private equity firm Stockwell Capital and asset manager Adams Street Partners acquired software company Sabre for 5.0B USD

Acquisition Highlights
  • This is Silver Lake’s 4th, TPG’s 4th, Trident Capital’s 10th, Stockwell Capital’s 2nd and Adams Street Partners’ 4th transaction in the Software sector.
  • This is Silver Lake’s 8th, TPG’s 16th, Trident Capital’s , Stockwell Capital’s 8th and Adams Street Partners’ 2nd largest (disclosed) transaction.
  • This is Silver Lake’s 15th, TPG’s 62nd, Trident Capital’s 40th, Stockwell Capital’s 19th and Adams Street Partners’ 30th transaction in the United States.
  • This is Silver Lake’s 3rd, TPG’s 11th, Trident Capital’s 4th, Stockwell Capital’s 4th and Adams Street Partners’ 2nd transaction in Texas.
Investment Fate
  • Sabre went public in 2014.

M&A Deal Summary

Date 2006-12-12
Target Sabre
Sector Software
Buyer(s) Silver Lake
TPG
Trident Capital
Stockwell Capital
Adams Street Partners
Deal Type Going Private
Deal Value 5.0B USD
Advisor(s) Goldman Sachs
Morgan Stanley (Financial)
Latham & Watkins (Legal)

Target

Sabre

Southlake, Texas, United States
Sabre's corporate headquarters in Southlake, Texas.
Sabre's corporate headquarters in Southlake, Texas.
Sabre is a technology software provider to the travel and tourism industry. Sabre's software, data, mobile and distribution solutions are used by hundreds of airlines and thousands of hotel properties to manage critical operations, including passenger and guest reservations, revenue management, flight, network and crew management. Sabre was formed in 2006 and is based in Southlake, Texas.

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Buyer(S) 5

Buyer

Silver Lake

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 104.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Silver Lake is a mega-sized private equity firm focused on a broad range of growth investments in and acquisitions of technology companies. Silver Lake is subdivided into several investing groups including Silver Lake Partners, Silver Lake Sumeru, Silver Lake Waterman, Silver Lake Alpine, and Silver Lake Kraftwerk. Silver Lake Partners pursues large-scale private investments in companies within the technology, tech-enabled and related growth industries. Silver Lake Sumeru invests in middle market technology companies with established business models and attractive growth prospects where there is an opportunity to create value through operational transformation. Silver Lake Waterman provides growth capital to later-stage companies in the technology and technology-enabled industries, offering flexible solutions to finance expansion and acquisitions. Silver Lake Alpine is Silver Lake's debt and credit investing arm. Silver Lake Kraftwerk provides growth capital to technology and tech-enabled businesses driving efficiency across the operations, energy, and resources industries. Silver Lake Partners was formed in 1999 is headquartered in Menlo Park, California.


DEAL STATS #
Overall 18 of 135
Sector (Software) 4 of 27
Type (Going Private) 5 of 17
State (Texas) 3 of 11
Country (United States) 15 of 95
Year (2006) 5 of 5
Size (of disclosed) 8 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-29 IPC Systems

Jersey City, New Jersey, United States

IPC Systems is a global provider of mission-critical network services and trading communication technology to the financial markets community. IPC Systems was founded in 1973 and is based in Jersey City, New jersey.

Buy $800M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-01 UGS PLM Solutions SL

Dallas, Texas, United States

UGS PLM Solutions, a leader in product data management, collaboration and product design software and services with 42,000 clients and more than 2.8 million seats of technology operating in the market, is the product lifecycle management (PLM) subsidiary of EDS. The company works collaboratively with its clients to create solutions enabling them to transform their process of innovation and thus begin to capture the promise of PLM.

Sell -
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 87 of 421
Sector (Software) 4 of 35
Type (Going Private) 11 of 36
State (Texas) 11 of 34
Country (United States) 62 of 276
Year (2006) 18 of 19
Size (of disclosed) 16 of 105
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-29 Intergraph

Madison, Alabama, United States

Intergraph Corp. is a provider of spatial information management software and services. Security organizations, businesses, and governments use Intergraph's software to turn vast amounts of complex data into visual representations, allowing for faster, more effective operational decisions. Intergraph was formed in 1969 and is based in Mobile, Alabama.

Buy $1.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-19 Aleris International

Cleveland, Ohio, United States

Aleris International is a producer of aluminum rolled products and extrusions, aluminum recycling and specification alloy production. Major customers include some of the world’s largest companies in the aerospace, building and construction, containers and packaging, metal distribution, and transportation industries. Aleris serves these customers with its low-cost, flexible, technically advanced and strategically located manufacturing operations supported by industry-leading research and development.

Buy $3.3B
Buyer

Trident Capital

San Mateo, California, United States

Category Private Equity Firm
Founded 1993
PE ASSETS 1.9B USD
Size Large
Type Sector Focused
DESCRIPTION

Trident Capital was a venture capital firm focused on investments at all company stages, from early and expansion stage investments to buyouts and recapitalizations. Trident focused on investments in tech-enabled sectors, including enterprise software/services, outsourcing and payments, healthcare software/services, internet/consumer, and energy/clean tech. In 2015, Trident ceased investing and the Firm's employees split to form Sunstone Partners, a growth equity firm, and Trident Capital Cybersecurity, a venture firm focused on the cyber security sector.


DEAL STATS #
Overall 44 of 86
Sector (Software) 10 of 18
Type (Going Private) 2 of 2
State (Texas) 4 of 7
Country (United States) 40 of 77
Year (2006) 9 of 9
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-01 Neohapsis

Chicago, Illinois, United States

Neohapsis, Inc. is a provider of mobile and cloud security services. Neohapsis provides risk management, compliance, cloud, application, mobile, and infrastructure security solutions to Fortune 500 customers

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-16 People Business Network

Jacksonville, Florida, United States

People Business Network, Inc. (PBN), headquartered in Somerville, NJ operates in the workforce management space, specializing in Web-based Workforce Alignment solutions helping companies make the right decisions on whom to retain, whom to re-deploy and whom to separate. These solutions replace existing manual processes resulting in increased decision quality and assurance of regulatory compliance while significantly reducing administration, errors and decision time representing substantial return on investment.

Sell -
Buyer

Stockwell Capital

Austin, Texas, United States

Investor Investor


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 STATS #
Overall 27 of 44
Sector (Software) 2 of 2
Type (Going Private) 5 of 12
State (Texas) 4 of 6
Country (United States) 19 of 35
Year (2006) 10 of 10
Size (of disclosed) 8 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-18 David s Bridal

Conshohocken, Pennsylvania, United States

David’s Bridal is a retailer of bridal gowns and bridal-party related merchandise through its David’s Bridal stores and Priscilla of Boston stores. David’s Bridal stores provide an assortment of designer wedding gowns, special occasion dresses and accessories at affordable prices. Known for value, fashionable designs and the ease of one-stop shopping, David’s Bridal designs, produces and sells a wide selection of styles and sizes through a network of over 300 US and 5 Canadian stores. David's Bridal is based in Conshohocken, Pennsylvania.

Buy $750M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-27 Univision

New York, New York, United States

Univision entertains, informs, and empowers U.S. Hispanics with news, sports, and entertainment content across broadcast and cable television, audio, and digital platforms. The company’s top-rated media portfolio includes the Univision and UniMás broadcast networks, as well as cable networks Galavisión and TUDN, the No. 1 Spanish-language sports network in the country. Locally, Univision owns or operates 65 television stations in major U.S. Hispanic markets and Puerto Rico. Additionally, Uforia, the Home of Latin Music, encompasses 58 owned or operated radio stations, plus 89 affiliates, a live event series, and a robust digital audio footprint. Univision was formed in 1992 and is based in New York, New York.

Buy $13.7B
Buyer

Adams Street Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1972
PE ASSETS 60.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Adams Street Partners is a diversified, global investment firm that targets direct, fund of funds, and secondary investments. Adams' direct investing group covers co-investments in buyout transactions, as well as growth equity and venture capital commitments. The direct buyout and growth equity team looks to commit $5 to $30 million per transaction. For venture related investments, commitments of $5 to $20 million are provided to companies in the technology, life sciences and technology enabled services sectors. Typically, target companies have received prior financing from early stage venture firms and are seeking additional capital to fund product development and commercialization. Adams Street Partners was formed in 1972 and is based in Chicago, Illinois.


DEAL STATS #
Overall 34 of 148
Sector (Software) 4 of 30
Type (Going Private) 1 of 2
State (Texas) 2 of 11
Country (United States) 30 of 136
Year (2006) 11 of 12
Size (of disclosed) 2 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-08 MachineryLink

Kansas City, Missouri, United States

MachineryLink is a Asset & logistics management company leasing agricultural equipment to farmers. MachineryLink is a provider of combine leasing products to producers throughout North America. MachineryLink was founded in 2000 and is based in Kansas City, Missouri.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-13 Setanta

Dublin, Ireland

Setanta Ltd. is an international sports broadcaster.

Buy -