M&A Deal Summary

Vision Capital Acquires Portman Travel

On January 30, 2007, private equity firm Vision Capital acquired leisure company Portman Travel from Dunedin, Bridgepoint and Intermediate Capital Group

Acquisition Highlights
  • This is Vision Capital’s 4th transaction in the Leisure sector.
  • This is Vision Capital’s 15th transaction in the United Kingdom.

M&A Deal Summary
Date 2007-01-30
Target Portman Travel
Sector Leisure
Buyer(s) Vision Capital
Sellers(s) Dunedin
Bridgepoint
Intermediate Capital Group
Deal Type Secondary Buyout

Target

Portman Travel

Chertsey, United Kingdom
Portman Travel Ltd. is an independent travel management companies operating from 17 locations. Portman provides a range of specialist travel management solutions to SMEs, multinationals and public sector organisations the world over.

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Buyer(S) 1

Buyer

Vision Capital

London, United Kingdom

Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 2.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Vision Capital is a large private equity firm focused on control investments in companies located in Europe and the US. Vision targets equity and debt investments in profitable businesses valued from €50 million to €1 billion. Specific areas of interest include financial services, real estate, industrial, manufacturing, consumer and business services. Target transaction types include buyouts and corporate divestitures/spinoffs. In addition to its principal investment activity, Vision Capital's Principal Finance group provides financing to other investors or company owners to support growth initiatives, debt repayment, acquisitions, or investor liquidity. Vision Capital was formed in 1997 and is based in London.

DEAL STATS #
Overall 20 of 40
Sector (Leisure) 4 of 5
Type (Secondary Buyout) 2 of 11
Country (United Kingdom) 15 of 19
Year (2007) 6 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-01 Fletchers Group of Bakeries

Sheffield, United Kingdom

Fletchers Group of Bakeries Ltd. is a supplier of a wide range of fresh and frozen bread, rolls and speciality bakery products. Fletchers supplies retailers and food service customers. Its products include muffins, croissants, buns, rolls, and specialty bread.

Buy £160M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-01 Cerbo Group AB

Trollhattan, Sweden

Cerbo Group AB is a high-tech developer and manufacturer of polymer product systems and component for customers in specific market areas.

Sell kr437M

Seller(S) 3

SELLER

Dunedin

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 400M GBP
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Dunedin is a middle-market private equity firm focused on investments in the UK. Dunedin looks to invest in businesses with proven management, strong market positions/brands, positive cash-flow, significant barriers to entry, and strong opportunities for growth. Dunedin seeks businesses valued from £20 to £100 million. Targeted sectors include construction, building materials, consumer products/services, financial services, healthcare, leisure, specialist manufacturing, and support services. Dunedin was formed in 1996 and is based in Edinburgh with an additional office in London.

DEAL STATS #
Overall 9 of 34
Sector (Leisure) 2 of 2
Type (Secondary Buyout) 3 of 14
Country (United Kingdom) 9 of 33
Year (2007) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-14 WFEL

Stockport, United Kingdom

WFEL is a designer and manufacturer of bridging systems for use in military and disaster relief scenarios.

Buy £48M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-26 Enrich Reward

London, United Kingdom

Enrich Reward Ltd. is a provider of a range of employee benefits services to corporate.

Buy £19M
SELLER

Bridgepoint

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 28.2B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Bridgepoint is a large European private equity firm that invests in middle-market companies across a broad range of industries with an enterprise value of €200 - €1000 million. Prospective transaction situations include buyouts, buy-ins, growth financings, consolidations, and take privates. The firms invest in the range of €75 - €400 million transaction. Bridgepoint Development Capital specializes in investments in businesses valued up to a €150 million, taking equity stakes of between €10 million and €75 million. General sectors of interest include consumer products and services, retail, financial services, healthcare, media, technology, industrials, and business services. Bridgepoint was formed in 1984 and has offices in London, Frankfurt, Luxembourg, Madrid, Milan, Paris, Stockholm and Warsaw.

DEAL STATS #
Overall 23 of 109
Sector (Leisure) 2 of 5
Type (Secondary Buyout) 15 of 65
Country (United Kingdom) 12 of 50
Year (2007) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-29 Worldmark International

Glasgow, United Kingdom

Worldmark International Ltd. is a global supplier of product and identification solutions. Worldmark designs and manufactures branding components, security products, informational and intelligent labelling products for high growth sectors of the global electronics market.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-08 Safestore Holdings

Borehamwood, United Kingdom

Safestore Holdings provides clean, secure unitised storage space to which only customers have access and whose use is driven by relocation, house moves or simple requirements for additional space. Stores are usually located in high profile, main road locations close to densely populated areas. Safestore was founded in 1998 and is based in Borehamwood, United Kingdom.

Sell -
SELLER

Intermediate Capital Group

London, United Kingdom

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 74.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.

DEAL STATS #
Overall 76 of 217
Sector (Leisure) 3 of 6
Type (Secondary Buyout) 26 of 83
Country (United Kingdom) 28 of 58
Year (2007) 2 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-26 Molnlycke Health Care

Gothenburg, Sweden

Mölnlycke Health Care Group ("MHCG") is a medical products company which manufactures and markets single-use wound care and surgical products for the professional health care sector. Molnlycke Health Care was founded in 1849 and is based in Gothenburg, Sweden.

Sell €2.9B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-01 Fraikin Groupe SA

quai Le Gallo, France

Fraikin is the French leader in long-term leasing of commercial vehicles and holds a 25% market share. Fraikin’s customer growth has mainly been in the area of parcel delivery and transportation, as well as in the food industry and distribution.

Buy €1.4B
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