DOCSLIB.ORG

Coller Capital Private Equity Findings

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Coller Capital Private Equity Findings ISSUE 17 2021 £25 30 $35 PRI VATE A WINNING STRATEGY Does private equity genuinely outperform public equity? THE VANISHING PUBLIC COMPANY EQUITY Is the public company an out-of-date model in the 21st century? IS THE RACE TO THE SWIFT? Why some LPs seem to consistently outperform their peers FINDINGS SHOOTING THEMSELVES IN THE FOOT Insights from private equity research worldwide Are male investors neglecting female entrepreneurs at their own cost? BUILDING VALUE Is value creation in buy-and-builds principally from multiple arbitrage? INCLUDING CONTRIBUTIONS FROM: CALIFORNIA INSTITUTE OF TECHNOLOGY | BOSTON COLLEGE CARROLL SCHOOL OF MANAGEMENT ERASMUS UNIVERSITY ROTTERDAM | HARVARD BUSINESS SCHOOL | MIT SLOAN SCHOOL OF MANAGEMENT | THE OHIO STATE UNIVERSITY SAÏD BUSINESS SCHOOL UNIVERSITY OF OXFORD | THE UNIVERSITY OF CHICAGO BOOTH SCHOOL OF BUSINESS THE UNIVERSITY OF ILLINOIS AT CHICAGO | UNIVERSITY OF NORTH CAROLINA CONTENTS By the numbers The vanishing 4 16 public company Global private equity soars through the pandemic; Covid-19 impact on PE potentially worse than the Global Financial Crisis; The number of public companies in the West is waning, Growth in PRI signatories is accelerating; Over half of limited yet private equity AUM is growing rapidly. Why is this? We partners plan to access PE’s secondary market; Biotech and discuss the trend with a panel of three academics who have pharma venture capital deals smash records. studied the reasons for the decline, plus three seasoned private markets investors, to understand what’s behind the shift from public to private. Building value “Having a healthy public market matters because, ultimately, 6 private equity has to exit. We are transitional owners” Do buy-and-build strategies genuinely deliver on their promise of value creation? Or are they simply a multiple arbitrage play? Roberto Quarta, Clayton, Dubilier & Rice We explore recent academic research that seeks to throw light on these questions. 24 A winning strategy Is the race to the swift? Private equity firms make much of their ability to outperform 10 public markets. But is the asset class really achieving this? Two In an industry with such a high dispersion of returns, backing leading academics, Ludovic Phalippou and Steven Kaplan, take the right private equity funds and co-investment opportunities opposing sides in the debate. can make a significant difference to limited partner returns. So what does it take to be a successful investor in the asset class? Two new research papers lift the lid on the relative Shooting themselves importance of skill versus access. 28 in the foot “Any investor that can generate an extra 2% in private equity Early-stage investing has often been accused of gender bias. returns is making a significant contribution – that usually Yet to what extent does discrimination exist in investment translates into many millions of dollars” selection? We highlight the findings of a new paper that uncovers some interesting behaviours that could be detrimental to some Michael S. Weisbach, The Ohio State University investors’ overall returns. “Many women have had success raising capital through crowdfunding, but you are not going to get complex businesses funded this way” Sarah Turner, Angel Academe 2 PRIVATE EQUITY FINDINGS 2021 FOREWORD Professor Josh Lerner Jeremy Coller Entrepreneurial Management Unit, Chief Investment Officer, Harvard Business School Coller Capital t a time when many companies exposure to the asset class. While PE papers that uncover the variation are feeling the pain of repeated has grown over the past two decades, of performance among LPs’ investments lockdowns and economic the number of companies listed on in funds and in alternative vehicles A malaise, there is a greater need public markets has declined markedly. such as co-investments, culminating than ever for investors capable of building In this issue’s roundtable discussion, in a discussion of what makes a stronger, more efficient businesses. The vanishing public company, leading successful LP. academics and practitioners discuss Private equity firms, which have the reasons behind the decrease and Finally, in an era when diversity and increasingly adopted buy-and-build whether PE’s rise is part of the answer. inclusion have become key action items strategies, might argue that they fit for the industry, we profile the findings the bill perfectly by creating resilience Comparisons of public and private of a recent paper on whether there is a through scale and operational synergies. markets also feature in another of gender bias among early-stage investors. But some detractors counter that, our pieces: A winning strategy. To the extent that a gender bias does by pursuing serial add-on acquisitions, Here, prominent academics Ludovic exist, Shooting themselves in the foot the industry is simply engaging in Phalippou and Steven Kaplan offer also asks whether this harms returns. multiple arbitrage. Our cover feature, opposing views of whether PE really Building value, uses the results of outperforms public markets. We hope you find our latest issue an recent academic research to examine engaging and thought-provoking read. which version of the story is closer to Of course, in an asset class with a As ever, we welcome any feedback the truth and which buy-and-build high dispersion of returns among you may have; please get in touch approach might offer the greatest fund managers, there will be clear with questions or comments at: potential for operational and outperformers. Much research has been [email protected]. performance improvements. done to determine the extent to which outperformance can be explained by the Despite tougher economic conditions, expertise of fund managers, but rather limited partners continue to allocate less on the skill of LPs. Is the race to the capital to PE, with many increasing their swift? explores the findings of two new COLLER RESEARCH INSTITUTE 3 PE TRENDS AND STATISTICS BY THE NUMBERS Global private equity activity soars through the pandemic Covid-19 impact on private equity potentially worse than • Despite disruption from the onset of After a pause in Q2 as investors the Global Financial Crisis the pandemic in the first half of the digested the effects of the pandemic How will the Covid-19 crisis affect the industry year, 2020 proved to be exceptionally on the economy, PE houses resumed compared with the GFC? busy for private equity firms globally. dealmaking from Q3 onwards in a bid More severely Over US$580bn of buyout deals were to deploy dry powder. Slightly more recorded – the highest annual figure 24% severely since the run-up to the Global Financial • PE activity levels in H2 2020 reflect 44% On a similar level Crisis, when a record US$662bn of PE broader M&A trends. According to deals were struck, Refinitiv figures show. Mergermarket, US$2.2trn of M&A 32% deals were announced in H2 2020, Source: Dechert, Global • The second half of 2020 accounts the highest half-year figure on record. Private Equity Outlook 2021 for much of the increase in activity for However, at US$3.2trn, the whole year’s • The GFC certainly disrupted the the year. In H2 2020, US$378bn of total was down slightly on the US$3.4trn private equity industry, but many PE deals were struck, up significantly of M&A value for 2019. executives believe the eventual impact from the H1 value of US$210bn. of Covid-19 will be worse, according to Dechert’s Global Private Equity Outlook Global PE investment by value 2021. Three-quarters of the survey’s respondents believe the pandemic will affect the PE industry more severely – either to a greater (44% of respondents) or a lesser extent (32%). • It is well known that certain sectors – hospitality, bricks-and-mortar retail, and travel, for example – have suffered significant damage from lockdowns, but the extent of the scarring on the wider US$bn economy remains to be seen. With 90% of Dechert’s respondents expecting an increase in distressed deals in the wake of the pandemic, PE professionals may be anticipating more widespread pain. • Other effects of the pandemic expected by industry players are: delays to deals 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (82%); more fund restructurings (64%); Source: Refinitiv and suspended fundraisings (55%). 4 PRIVATE EQUITY FINDINGS 2021 Growth in PRI signatories is accelerating Biotech and pharma venture capital deals smash records PRI signatories by number and AUM • With annual venture capital deals Signatories in the US breaking the US$150bn mark for the first time in 2020, one of the brightest spots was the biotech US$trn and pharma sector, according to the Pitchbook-NVCA Venture Monitor 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 for Q4 2020. This was perhaps Source: PRI Association AUM (US$trn) Number of signatories unsurprising given the huge health impact of Covid-19. • With responsible investing and • Indeed, the acceleration of PRI’s environmental, social and governance growth was particularly noticeable US VC biotech and pharma deal activity issues entering mainstream investing, in the year just gone. the Principles for Responsible Investment (PRI) Association passed two major • The number of new PRI signatories milestones in 2020 – the number of PRI increased by 28% in 2020 (to 3,038) Deals signatories topped the 3,000 mark for the compared with 2019 and signatory US$bn first time and the total AUM of signatories AUM rose by 20% (to US$103.4trn). exceeded US$100trn. Over half of limited partners plan to access PE’s secondary market 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Value (US$bn) Deal count • Just over half of limited partner Planned LP activity in the secondary market in the Source: PitchBook-NVCA Venture Monitor, Q4 2020 institutions (52%) expect to buy or sell next two years (excluding GP-led secondaries) assets as secondaries in the next two • US VC investment in the sector years, according to Coller Capital’s latest in 2020 reached a record high of Global Private Equity Barometer.
Load more

Recommended publications
  • Knowledgenow Conference Pressure Points October 2017 What’S Inside?
    KnowledgeNow Conference Pressure Points October 2017 What’s inside? THE INSIDE-OUT VIEW Tackling today’s biggest threats to business 02 Time, talent and energy Driving Sales Effectiveness Digital transformation At Boats Group Amazon The elephant in every room Invent Farma A smooth transition Unilabs A transformation story THE OUTSIDE-IN VIEW Global leaders provide perspective 10 Disjointed environments The rising tide of populism Globalization under attack Addressing the challenge 16 Who’s who? 18 The Operational Excellence team 20 References Introduction Pressure Points The theme of our seventh annual KnowledgeNow Conference, “Pressure Points”, explored the th complex combination annual of internal and external KnowledgeNow 7 forces that executives must navigate to evolve and grow their enterprise. The event combines the open sharing of knowledge between the Apax Funds’ portfolio companies in attendance with the tools and experience of the Operational Excellence Practice (OEP) to generate actionable insights. Apax Partners 01 Driving growth through operational excellence “Benign economic conditions, a plentiful supply of financing and record stock-markets have driven corporate valuations on both sides of the Atlantic to unsurpassed levels. Against this backdrop, the ability to materially accelerate portfolio growth is a crucial factor in driving returns.” Andrew Sillitoe Co-CEO, Apax Partners Operational improvements have accounted for circa The fact that the OEP has been our % fastest-growing team in recent years is real proof of the
    [Show full text]
  • HELLAS TELECOMMUNICATIONS (LUXEMBOURG) II SCA Case No
    UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK In re: Chapter 15 HELLAS TELECOMMUNICATIONS (LUXEMBOURG) II SCA Case No. 12-10631 (MG) Debtor in a Foreign Proceeding. ANDREW LAWRENCE HOSKING and BRUCE MACKAY, in Adv. Pro. No. 14-01848 (MG) their capacity as joint compulsory liquidators and duly authorized foreign representatives of HELLAS TELECOMMUNICATIONS (LUXEMBOURG) II SCA, Plaintiffs, -against- TPG CAPITAL MANAGEMENT, L.P., f/k/a TPG CAPITAL, L.P., and APAX PARTNERS, L.P., on behalf of themselves, -and- DAVID BONDERMAN, JAMES COULTER, WILLIAM S. PRICE III, TPG ADVISORS IV, INC., TPG GENPAR IV, L.P., TPG PARTNERS IV, L.P., T3 ADVISORS II, INC., T3 GENPAR II, L.P., T3 PARTNERS II, L.P., T3 PARALLEL II, L.P., TPG FOF IV, L.P., TPG FOF IV-QP, L.P., TPG EQUITY IV-A, L.P., f/k/a FIRST AMENDED COMPLAINT TPG EQUITY IV, L.P., TPG MANAGEMENT IV-B, L.P., TPG COINVESTMENT IV, L.P., TPG ASSOCIATES IV, L.P., TPG MANAGEMENT IV, L.P., TPG MANAGEMENT III, L.P., BONDERMAN FAMILY LIMITED PARTNERSHIP, BONDO-TPG PARTNERS III, L.P., DICK W. BOYCE, KEVIN R. BURNS, JUSTIN CHANG, JONATHAN COSLET, KELVIN DAVIS, ANDREW J. DECHET, JAMIE GATES, MARSHALL HAINES, JOHN MARREN, MICHAEL MACDOUGALL, THOMAS E. REINHART, RICHARD SCHIFTER, TODD B. SISITSKY, BRYAN M. TAYLOR, CARRIE A. WHEELER, JAMES B. WILLIAMS, JOHN VIOLA, TCW/CRESCENT MEZZANINE PARTNERS III NETHERLANDS, L.P., a/k/a TCW/CRESCENT MEZZANINE PARTNERS NETHERLANDS III, L.P., TCW/CRESCENT MEZZANINE PARTNERS III, L.P., a/k/a TCW/CRESCENT MEZZANINE FUND III, L.P., TCW/CRESCENT MEZZANINE TRUST III, TCW/CRESCENT MEZZANINE III, LLC, TCW CAPITAL INVESTMENT CORPORATION, DEUTSCHE BANK AG, and DOES 1-25, on behalf of themselves and a class of similarly situated persons and legal entities, Defendants.
    [Show full text]
  • Knowledgenow: Future Foundations
    KnowledgeNow: Future Foundations Apax Partners KnowledgeNow Conference October 2016 The 6th Annual Apax Partners Barcelona, KnowledgeNow Conference took place in Barcelona on October 2016 18 to 20 October 2016 What’s inside this report? Introduction Building the future for growth Putting the foundations in 02 12 20 place: case studies for success Building foundations for the future in Follow your North Star uncertain times Kyle Leahy Executive Vice President and A recipe for winning new customers Seth Brody Partner and Global Head of the General Manager of North America, Cole Haan Jon Simmons Operating Executive, Operational Excellence Practice, Apax Partners Apax Partners Mapping career paths to a strong future Greg Kayata Senior Vice President of Preparing for public markets Doug Ahrens CFO, GlobalLogic Shifting foundations in a Human Resources, Acelity 04 turbulent world The price of change Health and safety as a value driver Scott Kim CEO, Bankrate.com Cliff Dixon Vice President of Information Micro-opportunities, macro-knowledge Technology, Quality Distribution Building strength in carve-out situations Andrew Sillitoe Co-CEO and Nico Hansen Putting customers at the heart of Chief Investment Offi cer, Apax Partners Noel Goggin CEO, Aptos Matt Foster COO, Duck Creek Technologies systems planning Putting Brexit in a global context Vid Desai CIO, Vyaire Medical Sal Caruso CIO, One Call Care Management Andrew Sentance Senior Economic Nick Iozzo Operating Adviser, Apax Partners Adviser, PwC Extending your infl uence Rich Beattie Vice President, Multiply Using the Apax Portfolio Effi ciency The view from the Hill platform to get “large company” John Boehner 53rd Speaker of the United procurement States House of Representatives Edward Burgers Procurement & Facilities Manager, Exact Software Attendees The Operational Excellence team A differentiated platform for 26 28 30 value creation KnowledgeNow 2016 01 In attendance..
    [Show full text]
  • A Trial for Private Equity Firms
    TheSummer first 2009 in a series of Wharton Private Equity Reviews Wharton Private Equity Review NAVIGATING THE CHALLE N GES AHEAD http://knowledge.wharton.upenn.edu SPO N SORS WPEP 1-09:Wharton ad 1/9/2009 1:26 PM Page 1 Connecting Alumni in Private Equity WPEP is the community connecting the 2,500+ Members access resources that: Wharton and UPENN alumni who are leaders in • Offer unique opportunities for our members to private equity around the globe. network with their peers. An exclusive and growing network, WPEP is • Deliver the latest in market trends and industry limited to alumni who are GPs and/or LPs investing knowledge. in leveraged buyouts, growth capital, mezzanine, • Enhance Wharton’s standing in the private venture capital and secondaries. investor community. • Support the engagement of the alumnae members with the school. Formed in 1998, WPEP has grown to nearly 500 members with chapters in cities around the world. United States International Atlanta Los Angeles Silicon Valley London Hong Kong Boston Miami Texas Paris India Chicago New York Washington, D.C. The Middle East Philadelphia www.wpen.org Summer 2009 Wharton Private Equity Review NAVIGATING THE CHALLE N GES AHEAD Private equity (PE) firms will see unprecedented challenges over the next few years, given the depth and duration of the current financial crisis. In this special report, produced in cooperation with the Wharton Private Equity Club, Knowledge@Wharton looks at how markets are shifting and what participants can expect in the coming months. One example: Deals that settled for just 15% in equity a couple of years ago now require 35% to 40%, and up to 75% for some smaller buyouts.
    [Show full text]
  • FT PARTNERS RESEARCH 2 Fintech Meets Alternative Investments
    FT PARTNERS FINTECH INDUSTRY RESEARCH Alternative Investments FinTech Meets Alternative Investments Innovation in a Burgeoning Asset Class March 2020 DRAFT ©2020 FinTech Meets Alternative Investments Alternative Investments FT Partners | Focused Exclusively on FinTech FT Partners’ Advisory Capabilities FT Partners’ FinTech Industry Research Private Capital Debt & Raising Equity Sell-Side / In-Depth Industry Capital Buy-Side Markets M&A Research Reports Advisory Capital Strategic Structuring / Consortium Efficiency Proprietary FinTech Building Advisory FT Services FINTECH Infographics Partners RESEARCH & Board of INSIGHTS Anti-Raid Advisory Directors / Advisory / Monthly FinTech Special Shareholder Committee Rights Plans Market Analysis Advisory Sell-Side Valuations / LBO Fairness FinTech M&A / Financing Advisory Opinion for M&A Restructuring Transaction Profiles and Divestitures Named Silicon Valley’s #1 FinTech Banker Ranked #1 Most Influential Person in all of Numerous Awards for Transaction (2016) and ranked #2 Overall by The FinTech in Institutional Investors “FinTech Excellence including Information Finance 40” “Deal of the Decade” • Financial Technology Partners ("FT Partners") was founded in 2001 and is the only investment banking firm focused exclusively on FinTech • FT Partners regularly publishes research highlighting the most important transactions, trends and insights impacting the global Financial Technology landscape. Our unique insight into FinTech is a direct result of executing hundreds of transactions in the sector combined with over 18 years of exclusive focus on Financial Technology FT PARTNERS RESEARCH 2 FinTech Meets Alternative Investments I. Executive Summary 5 II. Industry Overview and The Rise of Alternative Investments 8 i. An Introduction to Alternative Investments 9 ii. Trends Within the Alternative Investment Industry 23 III. Executive Interviews 53 IV.
    [Show full text]
  • The Rise of Latham & Watkins
    The M&A journal - Volume 7, Number 5 The Rise of Latham & Watkins In 2006, Latham & Watkins came in fifth in terms of deal value.” the U.S. for deal value in Thompson Financial’s Mr. Nathan sees the U.S. market as crucial. league tables and took second place for the num- “This is a big part of our global position,” he says, ber of deals. “Seven years before that,” says the and it is the Achilles’ heel of some of the firm’s firm’s Charles Nathan, global co-chair of the main competitors. “The magic circle—as they firm’s Mergers and Acquisitions Group, “we dub themselves—Allen & Overy, Freshfields, weren’t even in the top twenty.” Latham also Linklaters, Clifford Chance and Slaughters— came in fourth place for worldwide announced have very high European M&A rankings and deals with $470.103 million worth of transactions, global rankings, but none has a meaningful M&A and sixth place for worldwide completed deals presence in the U.S.,” Mr. Nathan says. Slaughter Charles Nathan worth $364.051 million. & May, he notes, has no offices abroad. What is behind the rise of Latham & Watkins Similarly, in the U.S., Mr. Nathan says that his in the world of M&A? firm has a much larger footprint than its domestic “If you look back to the late nineties,” Mr. rivals. “Unlike all the other major M&A firms,” Nathan says, “Latham was not well-recognized he says, “we have true national representation. as an M&A firm. We had no persona in M&A.
    [Show full text]
  • Private Equity Investors
    Private Equity Investors Press Release Guernsey, Channel Islands, October 2, 2006 KKR Private Equity Investors Makes $282.3 Million Investment in Philips Semiconductors Business KKR Private Equity Investors, L.P. (Euronext Amsterdam: KPE) announced that it has invested approximately $282.3 million in connection with the publicly announced transaction to acquire, by an investor group that includes Kohlberg Kravis Roberts & Co. (KKR), a controlling stake in the semiconductors business of Royal Philips Electronics, formerly known as Philips Semiconductors International B.V. The semiconductors business has been renamed NXP B.V. Royal Philips Electronics recently announced the closing of this transaction, pursuant to which a consortium that includes KKR, Silver Lake Partners, Bain Capital, Apax Partners and AlpInvest Partners NV acquired an 80.1% stake in NXP B.V. and Royal Philips Electronics retained a 19.9% stake in NXP B.V. The $282.3 million total investment was comprised of a $250.0 million co-investment and $32.3 million of capital contributions to KKR-sponsored private equity funds. The amount invested by KPE in NXP B.V. represents approximately 6.0% of KPE’s net asset value as of August 30, 2006. About KPE KKR Private Equity Investors, L.P. (KPE) is a Guernsey-based limited partnership that seeks to create long-term value primarily by participating in private equity investments sponsored by KKR. Formed in April 2006 to provide complementary capital for KKR-sponsored private equity funds, KPE enables certain non-U.S. public market investors and certain other qualified investors to invest in select KKR- sponsored investments.
    [Show full text]
  • Testimony of Richard Bressler Managing Director, Thomas H. Lee Partners on Behalf of the Private Equity Counci
    Testimony of Richard Bressler Managing Director, Thomas H. Lee Partners on behalf of the Private Equity Council Subcommittee on Telecommunications & the Internet March 11, 2008 Introduction Good morning. ) am pleased to be here today to share some perspectives on the role of private equity in today’s rapidly evolving media and telecommunications market. ) appear in my capacity as a Managing Director at Thomas (. Lee Partners T(L, but my views are also offered on behalf of the Private Equity Council, the trade association representing many of the largest private equity firms doing business in the United States today. ) have been with T(L for two years. T(L is a leading private equity firm based in Boston, Massachusetts. We focus on identifying and obtaining substantial ownership positions in large, growth‐oriented companies where, in partnership with outstanding managers, we bring managerial and strategic expertise to accelerate the long‐term growth of our portfolio companies. We have found, throughout our long history, that building good companies into great ones is the best way to create value for our investors, our portfolio company employees and all stakeholders. As one of the oldest and most successful private equity firms, T(L has raised approximately $ billion of equity capital and invested in more than businesses with an aggregate purchase price of more than $ billion. We seek to build companies of lasting value while generating superior returns for our investors and operating partners. Prior to joining the firm, ) held senior management positions at Viacom and Time Warner, where ) served as CFO and as a senior executive with a close working relationships with, and a deep understanding of, both the editorial and business units.
    [Show full text]
  • Avcj Private Equity & Venture Forum
    AVCJ PRIVATE EQUITY & VENTURE FORUM 2021 SERIES Global perspective, local opportunity India Private Markets Investor Spotlight 17 March 2021 FORUM REVIEW Co-Sponsors Exclusive Legal Sponsor www.avcjforum.com/india-privatemarkets-webinar India Private Markets Investor Spotlight The AVCJ India Private Markets Investor Spotlight was successfully held on 17 March. This virtual event brought together over 530 senior industry practitioners including 180+ LPs from 22 countries. The regions senior private equity, credit and venture capital leaders discussed the current industry landscape in India and shared their views on the private markets outlook in each asset class, the areas they will be targeting for growth and the challenges the industry is facing in 2021 and beyond. 2021 Delegate composition • Attended by 180+ Limited Partners •17 Speakers • Over 530 participants from from India and overseas 22 countries and more than 365 companies Chairman / CEO / PE/VC General Managing Partner, 11% U.S.A., 5% Others Partners, 28% Others, 1% (Media, etc.), 1% India,33% Managing Director / Europe, 5% Partner / CFO / Others - Asia, 6% Professional CIO, 30% Services, 23% Principal / VP Japan & Korea, 4% / Manager / Associate, 43% Banks / iBanks, 5% Limited Singapore, 21% Partners, 35% Hong Kong, Corporates 8% Director / 26% General Manager / Chief Representative, 15% Supporting Organisations India Private Markets Investor Spotlight Speakers • Utsav Baijal, Head of India Private Equity • Vishal Mahadevia, Managing Director & & Senior Partner, APOLLO GLOBAL
    [Show full text]
  • Private Equity Transactions
    PRIVATE EQUITY TRANSACTIONS Unsurpassed Counsel Throughout the Life Cycle of PE Transactions ROPES & GRAY PRIVATE EQUITY TRANSACTIONS ROPES & GRAY’S more than 175 private equity lawyers transactions. Clients rely on us to help them make routinely advise leading large-cap and middle- the right deals on the right terms, thoughtfully market clients in multiple industries on every assess risk and make appropriate tradeoffs, and aspect of their largest and most complex global respond quickly to meet business demands. WHO WE SERVE Our impressive client base includes 20 of the 50 largest U.S. funds and 28 of the 100 largest global funds routinely doing deals over $1 billion, and more than 35 midmarket firms regularly doing $100 million to $1 billion transactions. LARGE-CAP MIDDLE-MARKET n Advent International n Altamont Capital n General Catalyst n Moelis Capital Partners Partners n Apax Partners n American Industrial Partners n Genstar Capital n Monitor Clipper n Bain Capital Partners n Audax Group n Gridiron Capital n Berkshire Partners n Pfingsten Partners n Avista Capital n H.I.G. Capital n Blackstone Group n Smedvig Capital n Baring Private n JMI Equity n Charlesbank Equity n Sterling Partners n J.W. Childs n Hellman & Friedman n BV Investment Associates n Summit Partners n Madison Dearborn Partners Partners n Kanders & Co. n SV Life Sciences n Castanea Partners n KarpReilly n TA Associates n Ontario Teachers’ n Charlesbank Pension Plan n Kohlberg & Co. n TPG Growth Capital Partners n Silver Lake Partners n KRG Capital n TSG Consumer n Cressey & Co. Partners n Thomas H.
    [Show full text]
  • Press Release
    Press release LBO France, Apax Partners, Altamir and Nixen finalise the sale of Maisons du Monde to Bain Capital Paris, 4 September 2013 – Apax Partners (along with Altamir), LBO France and Nixen are announcing the finalisation of the sale of Maisons du Monde, a specialist home decoration and furniture retailer to Bain Capital. The closing was on 9 August 2013 at the end of the process to consult the personnel representative bodies and after the approval of the competent European authorities had been obtained. Bain Capital now controls the majority of the capital of Maisons du Monde. Xavier Marie, CEO and founder of Maisons du Monde and the management team remain substantial shareholders alongside Bain Capital. “We are proud to have supported the European growth of a very fine French player in specialist retailing, one of our favoured sectors. We are pleased to have supported a visionary entrepreneur and talented teams who have implemented an extremely virtuous multichannel strategy. There is no doubt that Maisons du Monde, with its new shareholder, will be able to continue its international expansion, to become one of the world leaders in its sector”, states Bruno Candelier, a partner at Apax Partners. “Over the course of the last five years we have focused on backing Maisons du Monde’s growth strategy in France and abroad. The result is a very positive one, as the company’s sales revenue has almost doubled to €500 million driven by the opening of 51 new points of sale. Maisons du Monde’s positioning is unique and it is very well placed to begin the next stage in its development”, adds Robert Daussun, CEO of LBO France.
    [Show full text]
  • Apax Partners, Altamir, LBO France and Nixen Have Entered Into Exclusive Negotiations with Bain Capital for the Sale of Maisons Du Monde
    Apax Partners, Altamir, LBO France and Nixen have entered into exclusive negotiations with Bain Capital for the sale of Maisons du Monde Paris, 20 June 2013 – Apax Partners (along with Altamir), LBO France and Nixen have signed an exclusivity agreement with Bain Capital for the sale of Maisons du Monde, a specialist home decoration and furniture retailer. The transaction could be completed in the coming weeks. Apax Partners and LBO France acquired a majority stake in Maisons du Monde in April 2008 partnering with its founder and CEO, Xavier Marie, the company’s management team, and Nixen. Over the course of the last five years, Apax Partners, LBO France and Nixen have backed the company’s growth strategy, executed by Xavier Marie and his team in France and internationally. During that time (2007-2012), sales revenue grew from €230 million to €500 million driven by the opening of 51 new points of sale across several European markets, and by dynamic organic growth, which in turn was driven by the launch of new collections and growing e-commerce activity. Bain Capital has a long history of supporting growth in unique consumer brands and rolling out strong retail concepts in numerous categories and geographies. Maisons du Monde founder and CEO, Xavier Marie, and his management team are excited to have Bain Capital as their partner for the next phase of growth of the company, including accelerating the international store roll-out and the development of the online platform. Management will remain a significant shareholder alongside Bain Capital. About Altamir Altamir is a listed private equity company with approximately €500 million in assets under management.
    [Show full text]