M&A Deal Summary

KKR, Sterling Partners, Vulcan Capital, Snow Phipps Group and Stockwell Capital Acquires Laureate Education

On August 17, 2007, private equity firm KKR & Co. L.P., private equity firm Sterling Partners, family office Vulcan Capital, private equity firm Snow Phipps Group and private equity firm Stockwell Capital acquired education company Laureate Education, Inc. for 3.8B USD

Acquisition Highlights
  • This is KKR’s 2nd, Sterling Partners’ 7th, Vulcan Capital’s 1st, Snow Phipps Group’s 1st and Stockwell Capital’s 1st transaction in the Education sector.
  • This is KKR’s 27th, Sterling Partners’ 1st, Vulcan Capital’s 1st, Snow Phipps Group’s 1st and Stockwell Capital’s 11th largest (disclosed) transaction.
  • This is KKR’s 31st, Sterling Partners’ 19th, Vulcan Capital’s 11th, Snow Phipps Group’s 6th and Stockwell Capital’s 22nd transaction in the United States.
  • This is KKR’s 1st, Sterling Partners’ 6th, Vulcan Capital’s 1st, Snow Phipps Group’s 1st and Stockwell Capital’s 1st transaction in Maryland.

M&A Deal Summary

Date 2007-08-17
Target Laureate Education, Inc.
Sector Education
Buyer(s) KKR & Co. L.P.
Sterling Partners
Vulcan Capital
Snow Phipps Group
Stockwell Capital
Deal Type Going Private
Deal Value 3.8B USD
Advisor(s) Morgan Stanley
Bank of America Merrill Lynch (BofA Securities) (Financial)
Pillsbury Winthrop Shaw Pittman LLP
DLA Piper (Legal)

Target

Laureate Education, Inc.

Baltimore, Maryland, United States
website
Laureate is a provider of higher education. The company’s network of 60 accredited campus-based and online universities offers undergraduate and graduate degree programs to more than 740,000 students across 29 countries. Laureate offers more than 130 career-focused, undergraduate, master’s, and doctoral degree programs in fields including architecture, art, business, culinary arts, design, education, engineering, health sciences, hospitality, information technology, law, and medicine. Laureate was founded in 1998 and is based in Baltimore, Maryland.

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Buyer(S) 5

Buyer

KKR & Co. L.P.

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1976
PE ASSETS 367.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

Kohlberg Kravis Roberts & Co. LP (KKR) is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into three business segments which include private markets, public markets, and capital markets and principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will consider investments in a broad range of industries located in North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976, is based in New York City, and has offices throughout the globe.


DEAL STATS #
Overall 58 of 383
Sector (Education) 2 of 10
Type (Going Private) 10 of 25
State (Maryland) 1 of 6
Country (United States) 31 of 162
Year (2007) 7 of 15
Size (of disclosed) 27 of 84
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-06 Dollar General Corp.

Goodlettsville, Tennessee, United States

Dollar General is a discount retailer offering a variety of apparels, household, cleaning, health, beauty and baby products. Dollar General was formed in 1939 and is based in Goodlettsville, Tennessee.

Buy $7.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-09-17 China Tianrui Group Cement Co. Ltd.

Henan, China

China Tianrui Group Cement Company Limited is a leading clinker and cement producer in China in terms of production capacity and production volume as of December 31, 2010. We are primarily involved in the production, sale and distribution of clinker and cement.

Buy -
Buyer

Sterling Partners

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1983
PE ASSETS 5.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Sterling Partners is a private equity firm focused on investing in small to medium-sized companies positioned for growth, either organically or through acquisitions. Sterling has a strong interest in businesses with differentiated products, defensible competitive positions, recurring revenues, and diversified customers. The Firm's target equity commitment size is $5 to $175 million. Broad sectors of interest include direct marketing, education, specialty distribution, specialty manufacturing, healthcare, technology, and business services. Sterling Partners was formed in 1983 and has offices in Baltimore, Maryland and Chicago, Illinois.


DEAL STATS #
Overall 19 of 63
Sector (Education) 7 of 15
Type (Going Private) 2 of 5
State (Maryland) 6 of 8
Country (United States) 19 of 61
Year (2007) 2 of 4
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-26 Educate, Inc.

Baltimore, Maryland, United States

Educate consists of Sylvan Learning Centers and Educate Online. Sylvan is the leading provider of tutoring and supplemental education services to students of all ages and skill levels. Sylvan has provided millions of students the individual attention, personalized lesson plans and positive reinforcement that help build the skills, habits and attitudes students need to achieve their goals and to succeed in school and in life. Educate is based in Baltimore, Maryland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-26 Avectra, Inc.

McLean, Virginia, United States

Avectra is the provider of enterprise and on-demand membership management software solutions.

Buy -
Buyer

Vulcan Capital

Seattle, Washington, United States

Investor Investor Investor Investor Investor

website


Category Family Office
Founded 1986
SizeMega
Type Sector Agnostic
DESCRIPTION

Vulcan Capital is the private investment group of Vulcan Inc., the organization founded by Paul G. Allen to manage his personal and professional endeavors. Vulcan Capital looks to invest at all company stages and will consider opportunities across an array of industries. Sectors of interest include business services, consumer products, distribution and logistics, energy and natural resources, financial services and insurance, healthcare, manufacturing, media, technology, and telecom. The Firm's target investment size is $10 to $100 million. In addition to direct investing, Vulcan Capital also makes fund investments as well as invests in public securities. Vulcan Inc. was formed in 1986 and has offices in Seattle, Washington and Palo Alto, California.


DEAL STATS #
Overall 11 of 33
Sector (Education) 1 of 1
Type (Going Private) 1 of 1
State (Maryland) 1 of 1
Country (United States) 11 of 30
Year (2007) 2 of 2
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-01 Silvercrest Asset Management Group LLC

New York, New York, United States

Silvercrest Asset Management Group is a registered investment advisor which provides asset management and family office services to families and select institutional investors. Silvercrest combines the client-focused service which was the hallmark of private banks and investment counsel firms in an earlier age with state of the art theories of portfolio construction, risk management and diversification.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-20 Oxygen Media LLC

New York, New York, United States

Oxygen Media LLC is a cable television programming network and media company serving women audiences with a mixture of entertainment and information.

Sell $925M
Buyer

Snow Phipps Group

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2005
PE ASSETS 2.4B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

Snow Phipps Group is a private equity firm that invests in small to mid-market companies throughout North America. The Firm seeks to invest $50 to $150 million in companies valued between $100 and $500 million. Snow Phipps will consider a variety of transaction types, including leveraged acquisitions, build-ups, recapitalizations, restructurings and growth equity commitments. Snow Phipps Group was formed in 2005 and is based in New York City.


DEAL STATS #
Overall 6 of 26
Sector (Education) 1 of 1
Type (Going Private) 1 of 1
State (Maryland) 1 of 1
Country (United States) 6 of 26
Year (2007) 3 of 3
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-12 Tasti D-Lite LLC

Franklin, Tennessee, United States

Tasti D-Lite LLC is a provider of unique low-fat and lower-calorie frozen dairy dessert product sold through its network of retail stores.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-09-23 Excel Mining Systems LLC

Bowerston, Ohio, United States

Excel Mining Systems LLC is a provider in the production of roof support for the coal and hard rock mining industries. Excel Mining is a premier supplier of complete roof systems in the United States.

Sell $670M
Buyer

Stockwell Capital

Chicago, Illinois, United States

Investor 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 29 of 42
Sector (Education) 1 of 1
Type (Going Private) 7 of 12
State (Maryland) 1 of 1
Country (United States) 22 of 34
Year (2007) 3 of 9
Size (of disclosed) 11 of 26
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-05 Icicle Seafoods, Inc.

Seattle, Washington, United States

Icicle Seafoods, Inc. is a diversified seafood harvesting and processing company. Icicle's core business is the primary processing of seafood including wild salmon, pollock, halibut, cod, sablefish, and herring. Icicle Seafoods was founded in 1965 and is based in Seattle, Washington.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-09-24 First Data Corp.

Atlanta, Georgia, United States

First Data is a provider of electronic commerce and payment solutions for merchants, financial institutions and card issuers. First Data was formed in 1989 and is based in Atlanta, Georgia.

Buy $29.0B