M&A Deal Summary

Vodafone Group Acquires Grupo Corporativo ONO S.A.

On March 17, 2014, Vodafone Group acquired communications company Grupo Corporativo ONO S.A. from Stockwell Capital, Quadrangle Group, Pamlico Capital, Thomas H. Lee Partners, Providence Equity Partners, CCMP Capital Advisors, Candover Investments, Ontario Teachers Pension Plan and ATP Private Equity Partners for 7.2B EUR

Acquisition Highlights
  • This is Vodafone Group’s 6th transaction in the Communications sector.
  • This is Vodafone Group’s 2nd largest (disclosed) transaction.
  • This is Vodafone Group’s 1st transaction in Spain.

Target

Grupo Corporativo ONO S.A.

Madrid, Spain
website
Grupo Corporativo ONO S.A. is a broadband service provider. It offers direct access telephony, pay television and internet access services to the residential market where, ONO offers advanced voice, data and value-added services across its own high capacity local access and national backbone networks.

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Buyer(S) 1

Buyer

Vodafone Group

Newbury, United Kingdom

website


Category Company
Founded 1984
SectorCommunications
Employees105,000
Revenue 43.8B EUR (2021)
DESCRIPTION

Vodafone Group is a multinational telecommunications company. Vodafone operates networks in 21 countries and provides communications and IT services to corporate clients in over 65 countries. Vodafone Group was founded in 1984 and is based in Newbury, the United Kingdom.


DEAL STATS #
Overall 7 of 9
Sector (Communications) 6 of 8
Type (Add-on Acquisition) 6 of 7
Country (Spain) 1 of 1
Year (2014) 1 of 1
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-24 Kabel Deutschland

Unterfohring, Germany

Kabel Deutschland is the cable television operator in Germany

Buy €10.7B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-29 Bharti Infotel

New Delhi,, India

Bharti Infotel Limited offers fixed line, national and international long distance, group data, and broadband services.

Sell -

Seller(S) 9

SELLER

Stockwell Capital

Austin, Texas, United States

Investor Investor

website


Category Private Equity Firm
Founded 2002
PE ASSETS 750M USD
SizeMiddle-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 21 of 41
Sector (Communications) 1 of 3
Type (Add-on Acquisition) 6 of 12
Country (Spain) 1 of 1
Year (2014) 3 of 6
Size (of disclosed) 1 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-10 Serena Software

Redwood City, California, United States

Serena Software, Inc. is a provider of enterprise application lifecycle management software. Serena has 29 offices in 14 countries and helps IT departments capitalize on its software development initiatives.

Sell $450M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-17 Sabre

Southlake, Texas, United States

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.

Sell -
SELLER

Quadrangle Group

New York, New York, United States

Investor Investor

website


Category Private Equity Firm
Founded 2000
PE ASSETS 3.0B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

Quadrangle Group is a specialist private equity firm focused on the information and communications technology services sectors. Quadrangle was formed in 2000 and is based in New York City.


DEAL STATS #
Overall 17 of 20
Sector (Communications) 6 of 7
Type (Add-on Acquisition) 6 of 8
Country (Spain) 1 of 1
Year (2014) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-03-21 Intrado

Omaha, Nebraska, United States

Intrado is a cloud-based, global technology partner to clients around the world. The Company's solutions connect people and organizations at the right time and in the right ways, making those mission-critical connections more relevant, engaging, and actionable - turning Information to Insight. Intrado was formed in 1986 and is based in Omaha, Nebraska.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-15 Get AS

Oslo, Norway

Get AS (“Get”) is a provider of cable TV, high-speed broadband internet and telephony services to residential customers in Norway. The company serves approximately 375,000 households, with a footprint spanning each of Norway 's five largest cities. Get's core service offering is Pay TV; all of its customers subscribe to it. It also offers broadband and voice services. Get operates a fully digitized network, and is the only significant local loop provider outside of telecom incumbent Telenor.

Sell $2.2B
SELLER

Pamlico Capital

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1988
PE ASSETS 3.5B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

Pamlico Capital is a private equity group focused on mid-sized transactions. Pamlico looks to invest $25 to $125 million per transaction. Sectors of interest include business and technology services, consumer products/services, industrial, energy, financial services, healthcare, media, and communications. Pamlico will consider both minority and majority positions. Prospective transactions include management or leveraged buyouts, recapitalizations, growth financings, mezzanine, and special situations. Pamlico was formerly known as Wachovia Capital Partners. The Firm was originally formed in 1988 and is based in Charlotte, North Carolina.


DEAL STATS #
Overall 29 of 57
Sector (Communications) 5 of 8
Type (Add-on Acquisition) 12 of 28
Country (Spain) 1 of 1
Year (2014) 2 of 5
Size (of disclosed) 1 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-02-24 Daxko

Birmingham, Alabama, United States

Daxko provides SaaS solutions to organizations including YMCA/YWCAs, JCCs, health clubs, wellness centers and recreation facilities. The Company’s products help more than 1,200 organizations manage their scheduling and daily operations, member management and engagement, accounting, event registration, payment services, and mobile applications. Daxko was founded in 1998 and is based in Birmingham, Alabama.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-24 Biomet

Warsaw, Indiana, United States

Biomet, Inc. is a designs and manufactures orthopedic medical devices and other products used primarily by surgeons and medical specialists, with distribution in over 70 countries and a product portfolio that encompasses orthopedic joint replacement products, dental reconstructive implants, fixation devices, spinal products and other applications.

Sell $13.4B
SELLER

Thomas H. Lee Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1974
PE ASSETS 25.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Thomas H. Lee Partners, LP (THL) is a private equity firm that seeks buyout, expansion, consolidation, distressed, and recapitalization investments across various industries. Sectors of interest include business and information services, consumer products/retail, financial services, healthcare, industrial, and media/communications. THL looks to invest $100 to $400 million in companies valued up to $2.5 billion. Thomas H. Lee Partners, LP was formed in 1974 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 26 of 51
Sector (Communications) 3 of 3
Type (Add-on Acquisition) 9 of 18
Country (Spain) 1 of 1
Year (2014) 1 of 4
Size (of disclosed) 1 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-02-03 1-800-Contacts

Draper, Utah, United States

1-800-Contacts is a direct-to-consumer independent retailer of contact lenses in the US. The Company also provides contact lens sourcing and fulfillment services to leading brick-and-mortar retailers. 1-800-Contacts was formed in 1995 and is based in Draper, Utah.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-18 Sterling Financial

Lancaster, Pennsylvania, United States

Sterling Financial Corp. a bank holding company for Sterling Savings Bank, a state-chartered and federally insured commercial bank. Sterling offers banking products and services, mortgage lending, construction financing and investment products to individuals, small businesses, commercial organizations and corporations. Sterling operates 178 deposit-taking branches in Washington, Oregon, Idaho, Montana and California.

Sell $2.0B
SELLER

Providence Equity Partners

Providence, Rhode Island, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1989
PE ASSETS 57.0B USD
SizeMega
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 42 of 90
Sector (Communications) 12 of 16
Type (Add-on Acquisition) 22 of 36
Country (Spain) 2 of 2
Year (2014) 5 of 8
Size (of disclosed) 1 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-10 OpenSky

New York, New York, United States

OpenSky is a e-commerce platform curated by celebrities and experts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-04 STAR CJ Network India Private

Mumbai, India

STAR CJ Network India Private Ltd. backed by the domain leadership of CJ O Shopping, operates a 24×7 home shopping channel called “STAR CJ alive” and a web-based portal ww.starcj.com. It reaches out to a wide array of consumers across India and provides unparalleled service and convenience of shopping from the comfort of their homes.

Buy -
SELLER

CCMP Capital Advisors

New York, New York, United States

Investor Investor Investor Investor Investor

website


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

CCMP Capital Advisors is a large private equity firm focused on buyout and growth equity opportunities across Asia, North America and Western Europe valued up to $2 billion. Sectors of interest include consumer, retail, and services (specialty retail, direct marketing, consumer packaged goods); media/telecom (consumer and trade publishing, content and programming, broadcasting, cable, wireless and wire line communications ); industrial (chemicals, manufacturing, distribution, automotive); energy (exploration and production, power generation, renewable energy, services); and healthcare (services, pharmaceuticals, medical devices). The Firm's target investment size is $100 to $500 million. CCMP Capital Advisors was formed in 1984 and was spun off in 2006 from JP Morgan Chase with offices in New York, Houston, and London.


DEAL STATS #
Overall 64 of 77
Sector (Communications) 5 of 5
Type (Add-on Acquisition) 20 of 22
Country (Spain) 1 of 2
Year (2014) 2 of 2
Size (of disclosed) 1 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-02-24 Medpace

Cincinnati, Ohio, United States

Medpace is a scientifically-driven, global, full-service clinical contract research organization (CRO) providing Phase I-IV clinical development services to the biotechnology, pharmaceutical and medical device industries. Medpace’s mission is to accelerate the global development of safe and effective medical therapeutics through its high-science and disciplined operating approach that leverages local regulatory and deep therapeutic expertise across all major areas including oncology, cardiology, metabolic disease, endocrinology, central nervous system and anti-viral and anti-infective. Headquartered in Cincinnati, Ohio, Medpace employs approximately 2,700 people across 36 countries. Medpace was founded in 1992 and is based in Cincinnati, Ohio.

Sell $915M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-19 The Hillman Companies

Cincinnati, Ohio, United States

The Hillman Companies, Inc. (Fund IV) is a distributor of fasteners, key blanks, signage and other small hardware components and a leading manufacturer of key making equipment. The company operates in multiple channels of the retail marketplace including national and regional home centers, hardware stores and mass merchants.

Buy $1.5B
SELLER

Candover Investments

London, United Kingdom

website


Category Private Equity Firm
Founded 1980
PE ASSETS 8.7B EUR
SizeMega
Type Sector Agnostic
DESCRIPTION

Candover Investments is a private equity firm that targets investments in European and Asian companies operating in broad range of industries. Candover's primary focus is on businesses located in Western Europe; including the UK, France, Germany, Italy, Scandinavia, and Spain. However, the Firm also considers opportunities in Asia and Eastern Europe. The Firm's target investment size is €150 to €500 million in businesses valued between €500 million and €5 billion. Sectors of interest include media, financial services, support services, leisure, healthcare, technology, and industrial. Candover Investments was formed in 1980 and is based in London.


DEAL STATS #
Overall 23 of 26
Sector (Communications) 1 of 1
Type (Add-on Acquisition) 4 of 5
Country (Spain) 1 of 1
Year (2014) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-02-27 DX Group

Datchet, United Kingdom

Continuing deregulation in the UK postal sector plus high barriers to entry are presenting real opportunities for mail delivery companies. When Candover was first introduced to SMS we liked the company but felt the deal was, by itself, too small for our fund. Rather than pass up the opportunity, we identified a potential partner in DX Services. The successful merger has created the UK's largest private mail operator. DX Group was incorporated in 1975 and is headquartered in Datchet, the United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-28 Innovia

Cumbria, United Kingdom

Innovia makes high-tech transparent and coated films for packaging and labels. Its bi-orientated polypropylene (BOPP) films are extruded from oil through a unique 'bubble’ technology. It is also the only scale manufacturer of cellulose film made from wood pulp (Cello) outside Japan.

Sell €498M
SELLER

Ontario Teachers Pension Plan

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

website


Category Pension
Founded 1990
PE ASSETS 242.5B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Teachers' Private Capital is the direct investment arm of the Ontario Teachers' Pension Plan. Teachers' Private Capital considers both private equity and venture related investments in North America, Europe, and Asia. Teachers' can support direct private equity investments between $100 million and $3 billion. Target sectors include business services, consumer products, retail, diversified industrials, financial services, technology, media, and communications. Teachers' Private Capital also makes private equity fund investments between $50 million and $750 million. Teachers' Private Capital was formed in 1991 and is based in Toronto, with additional offices in London and New York.


DEAL STATS #
Overall 19 of 64
Sector (Communications) 1 of 2
Type (Add-on Acquisition) 9 of 26
Country (Spain) 1 of 1
Year (2014) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-13 ISS

SAborg, Denmark

ISS is one of the world?s largest facility services companies with more than 290,000 employees in more than 40 countries worldwide. The company holds market leading positions in most of the countries where it operates. ISS was founded in 1901 and is based in Søborg, Denmark.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-30 24 Hour Fitness

San Ramon, California, United States

24 Hour Fitness is a health club provider, involved in helping members change their lives and reach their individual fitness goals. 24 Hour Fitness offers fitness solutions for everyone including personal training services, group exercise classes and strength, cardio and functional training equipment.

Buy -
SELLER

ATP Private Equity Partners

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2001
PE ASSETS 10.0B EUR
SizeMega
Type Sector Agnostic
DESCRIPTION

ATP Private Equity Partners is a Danish institutional investment firm focused on investing in private equity funds across Europe, North America, and select emerging markets. The Firm is supported by ATP, Denmark's largest pension fund. In addition to investing in private equity funds, ATP also looks to for co-investment situations. ATP Private Equity Partners was formed in 2001 and is headquartered in Copenhagen, Denmark.


DEAL STATS #
Overall 7 of 28
Sector (Communications) 1 of 3
Type (Add-on Acquisition) 2 of 9
Country (Spain) 1 of 2
Year (2014) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-05 Kerneos Neuilly

Cedex, France

Kerneos company offers calcium aluminates for the building chemistry and refractories industries. Based in Paris, France, Kerneos has 1.200 employees and 10 production sites located in France, the UK, China, the US, Brazil, and South Africa. The company strives to develop high value-­‐added products intended for its clients' new solutions and to regularly widen its product range, whilst constantly improving the reliability of its manufacturing processes and products. Kerneos sells its products in more than 100 countries, and has expanded its foothold into emerging markets, which now account for close to one-third of its total revenues.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-24 Nets

Ballerup, Denmark

Nets is a payments processing utility for the Nordics region. Nets connects banks, businesses, public sector organizations, merchants and consumers through an international network facilitating digital payments. Nets was founded in 1968 and is based in Ballerup, Denmark.

Buy kr.17.0B