M&A Deal Summary

Berkshire Partners, Freeman Spogli, Providence Equity Partners, Welsh Carson Anderson & Stowe and Madison Dearborn Partners Acquire Asurion

On August 8, 2006, private equity firms Berkshire Partners, Freeman Spogli, Providence Equity Partners, Welsh Carson Anderson & Stowe and Madison Dearborn Partners acquired consumer services company Asurion from TH Lee Putnam Ventures

Acquisition Highlights
  • This is Berkshire Partners’ 1st, Freeman Spogli’s 1st, Providence Equity Partners’ 2nd, Welsh Carson Anderson & Stowe’s 2nd and Madison Dearborn Partners’ 2nd transaction in the Consumer Services sector.
  • This is Berkshire Partners’ 38th, Freeman Spogli’s 16th, Providence Equity Partners’ 23rd, Welsh Carson Anderson & Stowe’s 42nd and Madison Dearborn Partners’ 33rd transaction in the United States.
  • This is Berkshire Partners’ 1st, Freeman Spogli’s 1st, Providence Equity Partners’ 2nd, Welsh Carson Anderson & Stowe’s 6th and Madison Dearborn Partners’ 3rd transaction in Tennessee.
Investment Fate
  • Asurion was sold to a consortium of financial buyers in 2016.

M&A Deal Summary
Date 2006-08-08
Target Asurion
Sector Consumer Services
Buyer(s) Berkshire Partners
Freeman Spogli
Providence Equity Partners
Welsh Carson Anderson & Stowe
Madison Dearborn Partners
Sellers(s) TH Lee Putnam Ventures
Deal Type Recapitalization

Target

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.

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Buyer(S) 5

Buyer

Berkshire Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 16.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Berkshire Partners is a private equity firm focused on investing in businesses with strong management and that lead their respective markets. Berkshire will consider investments in both public and private companies. Prospective transactions for private companies include leveraged buyouts, recapitalizations, growth capital financings, and privatizations. Public company transactions include take-privates, PIPEs, and equity stakes. Berkshire generally looks to invest $150 to $500 million of equity capital per transaction in companies valued up to $2 billion. Sectors of interest include industrial manufacturing, consumer products, retailing, transportation, communications and business services. Berkshire Partners was formed in 1984 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 42 of 100
Sector (Consumer Services) 1 of 3
Type (Recapitalization) 11 of 23
State (Tennessee) 1 of 2
Country (United States) 38 of 88
Year (2006) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-19 Vi-Jon Laboratories

St. Louis, Missouri, United States

Vi-Jon Laboratories is a manufacturer of private label personal care products in the U.S. The Company produces private label products across a broad range of personal care categories including mouthwash, soaps, hand sanitizers, first aid, baby care, and hair care. Vi-Jon Laboratories was founded in 1908 and is based in St. Louis, Missouri.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-01 Bare Escentuals Beauty

San Francisco, California, United States

Bare Escentuals Beauty, Inc. is a developer and multi-channel marketer of cosmetics, skin care and body care products. Bare Escentuals Beauty was formed in 1999 and is based in San Francisco, California.

Sell -
Buyer

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 16 of 48
Sector (Consumer Services) 1 of 4
Type (Recapitalization) 2 of 4
State (Tennessee) 1 of 4
Country (United States) 16 of 48
Year (2006) 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-03 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.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-20 hhgregg

Carmel, Indiana, United States

hhgregg is a specialty retailer of consumer electronics, home appliances, computers, mobile products and related services operating under the name hhgregg. hhgregg was founded in 1955 and is based in Indianapolis, Indiana.

Sell -
Buyer

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 36 of 135
Sector (Consumer Services) 2 of 6
Type (Recapitalization) 3 of 4
State (Tennessee) 2 of 3
Country (United States) 23 of 85
Year (2006) 5 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-08 Pluris

Framingham, Massachusetts, United States

Pluris is a leading marketing solutions provider.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-17 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.

Sell €2.1B
Buyer

Welsh Carson Anderson & Stowe

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1979
PE ASSETS 31.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Welsh Carson Anderson & Stowe (WCAS) is a mega-sized, specialist private equity firm focused on investments in growth-oriented companies operating within the healthcare and technology/tech-enabled services industries. WCAS will consider small and large transactions; including venture investments, growth equity investments, buy-and-build transactions, public-to-private acquisitions, and corporate carve-outs. The Firm prefers control situations and generally seeks opportunities in the US. Welsh Carson Anderson & Stowe was formed in 1979 and is based in New York City.

DEAL STATS #
Overall 43 of 103
Sector (Consumer Services) 2 of 3
Type (Recapitalization) 3 of 3
State (Tennessee) 6 of 11
Country (United States) 42 of 98
Year (2006) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-12 Mobile Storage Group

Glendale, California, United States

Mobile Storage Group, Inc. of Glendale, California, is a provider of portable storage in the United States and the United Kingdom.

Buy $500M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-17 Triple Point Technology

Westport, Connecticut, United States

Triple Point Technology is a global provider of cloud and on-premise Commodity Management software that delivers advanced analytics for optimizing end-to-end commodity and energy value chains.

Buy -
Buyer

Madison Dearborn Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1992
PE ASSETS 28.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Madison Dearborn Partners (MDP) is a large private equity firm that targets buyouts of private or publicly held companies, divestitures of larger companies, recapitalizations of family-owned or closely-held companies, acquisition-oriented financings, and financings to fund internal growth. MDP's target investment size is $100 to $600 million in buyout oriented transactions and $100 to $400 million in growth capital commitments. Areas of interest include basic industries (natural resources, chemicals, energy and power, automotive, building products, food, metals and mining, refining, paper, packaging and forest products, and general manufacturing), as well as communications, consumer products/services, financial services, and healthcare. Madison Dearborn Partners was formed in 1992 and is based in Chicago, Illinois.

DEAL STATS #
Overall 36 of 99
Sector (Consumer Services) 2 of 2
Type (Recapitalization) 3 of 3
State (Tennessee) 3 of 3
Country (United States) 33 of 85
Year (2006) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-21 Sirona Dental Systems

Long Island City, New York, United States

Sirona Dental Systems, Inc. is a manufacturer of dental equipment, including treatment units, instruments, dental imaging systems, and dental CAD/CAM systems, including the company's CEREC 3 chair side system for same-day dental restorations.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-26 Yankee Candle

South Deerfield, Massachusetts, United States

Yankee Candle, is a manufacturer, wholesaler and retailer of premium scented candles.

Buy $1.4B

Seller(S) 1

SELLER

TH Lee Putnam Ventures

New York, New York, United States
Category Growth Capital Firm
Founded 1999
PE ASSETS 1.1B USD
Size Large
Type Sector Focused
DESCRIPTION

TH Lee Putnam Ventures (THLPV) is a technology-focused private equity firm affiliated with Thomas H. Lee Partners and Putnam Investments. THLPV's primary focus is on later-stage venture investments, but the firm will also consider public entities, middle market buyouts, recapitalizations and spinouts of corporate divisions. A typical investment is between $20 and $50 million. TH Lee Putnam Ventures was formed in 1999 and is based in New York City.

DEAL STATS #
Overall 3 of 9
Sector (Consumer Services) 1 of 1
Type (Recapitalization) 1 of 1
State (Tennessee) 1 of 1
Country (United States) 2 of 8
Year (2006) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 Straive

Parañaque City, Philippines

Straive provides a comprehensive set of specialized services and technology solutions related to the creation, enrichment, and transformation of the published content. These services span a publisher's entire value chain, from author support and content development, through copy editing and typesetting, to digitalization, database management, and data analytics. The company serves its clients in 14 languages through 12 delivery operations globally and employs more than 12,500 people. Straive was formed in 1980 and is based in Parañaque City, Philippines.

Sell $159M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-13 ResMAE Fiancial

Pasadena, California, United States

ResMAE Financial Corporation provides technoogy enabled originator and services subprime mortgages.

Sell -
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