M&A Deal Summary

Emisys Capital SGRpA, Stockwell Capital, Warburg Pincus, Cinven, Ardian, HarbourVest Partners and Adams Street Partners Acquire Ziggo

On August 17, 2006, mezzanine finance firm Emisys Capital SGRpA, private equity firm Stockwell Capital, private equity firm Warburg Pincus, private equity firm Cinven, private equity firm Ardian, private equity firm HarbourVest Partners and asset manager Adams Street Partners acquired media company Ziggo from GMT Communications Partners, The Carlyle Group and Providence Equity Partners for 2.1B EUR

Acquisition Highlights
  • This is Emisys Capital SGRpA’s 1st, Stockwell Capital’s 2nd, Warburg Pincus’ 5th, Cinven’s 3rd, Ardian’s 4th, HarbourVest Partners’ 2nd and Adams Street Partners’ 1st transaction in the Media sector.
  • This is Emisys Capital SGRpA’s 2nd, Stockwell Capital’s 13th, Warburg Pincus’ 9th, Cinven’s 11th, Ardian’s 22nd, HarbourVest Partners’ 22nd and Adams Street Partners’ 2nd largest (disclosed) transaction.
  • This is Emisys Capital SGRpA’s 1st, Stockwell Capital’s 1st, Warburg Pincus’ 4th, Cinven’s 7th, Ardian’s 2nd, HarbourVest Partners’ 2nd and Adams Street Partners’ 2nd transaction in the Netherlands.
Investment Fate
  • Ziggo went public in 2012.
  • Ziggo was sold to a strategic buyer in 2014.

M&A Deal Summary

Date 2006-08-17
Target Ziggo
Sector Media
Buyer(s) Emisys Capital SGRpA
Stockwell Capital
Warburg Pincus
Cinven
Ardian
HarbourVest Partners
Adams Street Partners
Sellers(s) GMT Communications Partners
The Carlyle Group
Providence Equity Partners
Deal Type Secondary Buyout
Deal Value 2.1B EUR

Target

Ziggo

Groningen, Netherlands
Ziggo is a cable operator in the Netherlands, providing analogue and digital television, broadband and telephony services to consumers and businesses. Ziggo was founded in 2007 and is based in Groningen, Netherlands.

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Buyer(S) 7

Buyer

Emisys Capital SGRpA

Milan, Italy

Category Mezzanine Finance Firm
Founded 2013
PE ASSETS 130M EUR
Size Small
Type Sector Agnostic
DESCRIPTION

AF Mezzanine is a provider of junior capital to support leveraged buyouts, growth capital financings, as well as recapitalizations. AF generally focuses on mid-sized companies with sales of €50 to €500 million. AF does have any sector preferences, however the Firm prefers stable businesses with predictable cash-flows. The Firm's target investment size is €4 to €20 million. AF will not invest in start-ups or turnaround situations. AF Mezzanine is controlled by financial group Fineurop and is based in Milan.


DEAL STATS #
Overall 5 of 18
Sector (Media) 1 of 2
Type (Secondary Buyout) 2 of 8
Country (Netherlands) 1 of 1
Year (2006) 3 of 4
Size (of disclosed) 2 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-06 GE AVIO S.r.l.

Rivalta, TO, Italy

Avio is a designers and manufacturers of components and systems for commercial, military and space launch engines. Its activities include jet derivative engines and automation systems for naval and industrial applications, power generation and a highly successful maintenance, repair and overhaul operation for civil and military clients.

Buy €2.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-01 Venere Net Srl

Roma, Italy

Venere Net Srl is an Online Travel Agency operating on a global scale, focusing exclusively on hotel reservations.

Buy -
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 23 of 44
Sector (Media) 2 of 3
Type (Secondary Buyout) 6 of 10
Country (Netherlands) 1 of 2
Year (2006) 6 of 10
Size (of disclosed) 13 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-14 Petco Health and Wellness Company

San Diego, California, United States

Petco Health and Wellness Company is a health and wellness company focused on improving the lives of pets, pet parents, and their own Petco partners. The company is focused on delivering comprehensive wellness solutions through its products and services, and creating communities that deepen the pet-pet parent bond. It operates more than 1,500 Petco locations across the U.S., Mexico, and Puerto Rico, including a growing network of more than 100 in-store veterinary hospitals, and offer a complete online resource for pet health and wellness. Petco Health and Wellness Company was founded in 1965 and is based in San Diego, California.

Buy $1.8B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-01 NXP Semiconductors

Eindhoven, Netherlands

NXP Semiconductors is a provider of semiconductors, system solutions and software that deliver better sensory experiences in mobile phones, personal media players, TVs, set-top boxes, identification applications, cars and a wide range of other electronic devices. NXP Semiconductors was founded in 2006 and is based in Eindhoven, the Netherlands.

Buy -
Buyer

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.


DEAL STATS #
Overall 102 of 482
Sector (Media) 5 of 6
Type (Secondary Buyout) 13 of 63
Country (Netherlands) 4 of 7
Year (2006) 15 of 20
Size (of disclosed) 9 of 47
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-04 Amtek

New Delhi, India

Amtek is a manufacturer of forgings, machined, and assembled products for domestic and international original equipment manufacturers and Tier 1 suppliers of auto components.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-01 Casema NV

The Hague, Netherlands

Casema NV is a provider of analogue TV, digital TV and broadband Internet access to its residential customers, and leased line data communications and voice telephony to its business customers.

Buy €2.1B
Buyer

Cinven

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1977
PE ASSETS 39.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Cinven is a private equity firm focused on buyout investments in growing, profitable businesses located throughout Europe and North America. Sectors of interest include business and financial services, healthcare, industrial, retail, leisure, consumer, technology, media, and telecommunications. Cinven looks to invest a minimum of €200 million in companies with minimum enterprise values of €400 million. Cinven does not invest in start-ups or development phase companies. Cinven was established in 1977 and is headquartered in London.


DEAL STATS #
Overall 106 of 184
Sector (Media) 3 of 5
Type (Secondary Buyout) 8 of 56
Country (Netherlands) 7 of 9
Year (2006) 4 of 8
Size (of disclosed) 11 of 62
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-17 Numericable-SFR

Paris, France

Numericable-SFR is the cable operator providing digital television, broadband and telephony services to the residential market ('B2C'). The company also serves the enterprise market ('B2B') in France, Belgium, and Luxembourg.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-01 Casema NV

The Hague, Netherlands

Casema NV is a provider of analogue TV, digital TV and broadband Internet access to its residential customers, and leased line data communications and voice telephony to its business customers.

Buy €2.1B
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


DEAL STATS #
Overall 58 of 418
Sector (Media) 4 of 9
Type (Secondary Buyout) 15 of 137
Country (Netherlands) 2 of 10
Year (2006) 21 of 36
Size (of disclosed) 22 of 67
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-17 Numericable-SFR

Paris, France

Numericable-SFR is the cable operator providing digital television, broadband and telephony services to the residential market ('B2C'). The company also serves the enterprise market ('B2B') in France, Belgium, and Luxembourg.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-01 NXP Semiconductors

Eindhoven, Netherlands

NXP Semiconductors is a provider of semiconductors, system solutions and software that deliver better sensory experiences in mobile phones, personal media players, TVs, set-top boxes, identification applications, cars and a wide range of other electronic devices. NXP Semiconductors was founded in 2006 and is based in Eindhoven, the Netherlands.

Buy -
Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 40 of 223
Sector (Media) 2 of 2
Type (Secondary Buyout) 9 of 55
Country (Netherlands) 2 of 7
Year (2006) 11 of 14
Size (of disclosed) 22 of 68
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-16 Cramer Systems Group

London, United Kingdom

Cramer Systems is a provider of operations and support systems software (OSS) to the global telecommunications industry.

Sell $375M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-01 NXP Semiconductors

Eindhoven, Netherlands

NXP Semiconductors is a provider of semiconductors, system solutions and software that deliver better sensory experiences in mobile phones, personal media players, TVs, set-top boxes, identification applications, cars and a wide range of other electronic devices. NXP Semiconductors was founded in 2006 and is based in Eindhoven, the Netherlands.

Buy -
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 30 of 148
Sector (Media) 1 of 3
Type (Secondary Buyout) 1 of 7
Country (Netherlands) 2 of 2
Year (2006) 7 of 12
Size (of disclosed) 2 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-11 XTENT

Menlo Park, California, United States

XTENT, Inc. is a developer of stent systems for delivering multiple drug eluting stents of customizable length with a single catheter.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-07 Applied Predictive Technologies

Arlington, Virginia, United States

Applied Predictive Technologies, Inc. is a cloud-based analytics provider. APT’s Test & Learn® platform helps companies tailor investments and maximize bottom-line impact by harnessing analytics to design, measure and calibrate marketing, merchandising, operations and capital initiatives.

Buy -

Seller(S) 3

SELLER

GMT Communications Partners

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1993
PE ASSETS 3.5B EUR
Size Large
Type Sector Focused
DESCRIPTION

GMT Communications Partners is a specialist private equity firm focused on investments in the media and communications industries. The Firm prefers established companies with strong barriers to entry. Specific sectors of interest include publishing, information services, tv/radio, mobile voice & data networks, out-of-home media, and telecom infrastructure/services. GMT focuses its investment activity across Europe and will consider later stage investments as well as buyouts. GMT Communications Partners is based in London.


DEAL STATS #
Overall 14 of 24
Sector (Media) 5 of 8
Type (Secondary Buyout) 1 of 8
Country (Netherlands) 2 of 3
Year (2006) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-01 Enento Group

Helsinki, Finland

Enento Group provides digital business and consumer information services in the Nordic countries. The company's products and services are primarily used for risk management, finance, administration, and decision-making as well as sales and marketing purposes. Enento Group was incorporated in 1905 and is based in Helsinki, Finland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-01 Casema NV

The Hague, Netherlands

Casema NV is a provider of analogue TV, digital TV and broadband Internet access to its residential customers, and leased line data communications and voice telephony to its business customers.

Sell €2.1B
SELLER

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 81 of 480
Sector (Media) 3 of 13
Type (Secondary Buyout) 13 of 117
Country (Netherlands) 1 of 6
Year (2006) 14 of 19
Size (of disclosed) 16 of 135
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-13 FRS Belgium NV

St. Stevens-Woluwe, Belgium

FRS Belgium NV is a provider of software for risk management and regulatory compliance for financial market in the United States and internationally.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-01 Casema NV

The Hague, Netherlands

Casema NV is a provider of analogue TV, digital TV and broadband Internet access to its residential customers, and leased line data communications and voice telephony to its business customers.

Sell €2.1B
SELLER

Providence Equity Partners

Providence, Rhode Island, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 36.0B 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 STATS #
Overall 12 of 100
Sector (Media) 3 of 23
Type (Secondary Buyout) 2 of 31
Country (Netherlands) 1 of 4
Year (2006) 1 of 3
Size (of disclosed) 11 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-08 Asurion

Nashville, Tennessee, United States

Asurion provides insurance tech support for smartphones, tablets, consumer electronics, appliances, satellite receivers and jewelry. Asurion was founded in 1994 and is based in Nashville, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-01 Casema NV

The Hague, Netherlands

Casema NV is a provider of analogue TV, digital TV and broadband Internet access to its residential customers, and leased line data communications and voice telephony to its business customers.

Sell €2.1B