BC Partners
 | |
| Private limited company | |
| Industry | Private equity |
| Predecessor | Baring Capital Investors |
| Founded | 1986 |
| Founder | Otto van der Wyck |
| Headquarters |
London (Global) New York City Milan Paris Hamburg |
Key people |
Raymond Svider (New York) Francesco Loredan (Europe) |
| Products | Private equity funds, Leveraged buyout |
| Total assets | $17 billion USD[1] |
Number of employees | ~50 |
| Website | www.bcpartners.com |
BC Partners is a private equity firm specialising in buyouts and acquisitions financing in Europe and the United States. The firm invests across all industries. BC Partners was founded in 1986 and is based in London with additional offices in Paris; New York City; Milan and Hamburg.[2]
The firm competes for buyouts and investment opportunities with other large cap private equity firms including Blackstone Group, CVC Capital Partners, Advent International and The Carlyle Group.[3][4] The firm raised its eighth fund in 2005, which at the time made it the largest European buyout fund. Raised in less than five months, the fund was heavily oversubscribed. Investors in previous funds supplied 90% of the capital.[5]
BC Partners is majority shareholder of Intelsat, the global satellite services provider valued at $16.6 billion USD in its leveraged buyout in 2007—one of the largest private equity buyouts of all time. In 2008, BC Partners replaced Intelsat's chairman with Raymond Svider, BC's New York-based co-chairman.[6]
History
The firm, originally founded in 1986 as Baring Capital Investors Ltd. by Otto van der Wyck, who was also a co-founder of CVC Capital Partners. Originally, BC was formed by Barings to advise funds providing development capital, in particular for management buyouts. The principals of Baring Capital Investors completed a spinout of what would become BC Partners following the collapse of Barings in 1995.[7] Van der Wyck left the firm in 2001 and has held senior roles with firms including Coller Capital climate change capital and AlpInvest Partners. BC is currently investing from its 9th private equity fund.
| Raised / Announced Fund | Vintage Year | Fund Size (USD) |
|---|---|---|
| BC Partners IX | 2012 | $8.6 billion[8] |
| BC Partners VIII | 2005 | $8.4 billion |
| BC Partners VII | 2001 | $5.4 billion |
| BC Partners VI | 1997 | $1.1 billion |
| BC Partners V | 1994 | $1.1 billion |
In June 2013, BC Partners agreed to buy German publisher Springer Science+Business Media for about 3.3 billion euros.[9]
BC Partners revealed in January 2015 that it would sell its 40.25 percent stake in its supermarket chain Migros to the Turkish conglomerate Anadolu Endustri Holding AS for around $2.74 billion.[10]
Significant transactions
BC Partners portfolio includes 17 companies with aggregate sales revenue of US$35 billion (€28 billion). BC Partners can commit over $2.75 billion (€2.0 billion) of equity to any single transaction. The firm's most successful and profitable realised investments include General Healthcare (leading acute care hospital provider and independent provider of psychiatric care), C&C Group plc (leading seller of alcoholic and non-alcoholic beverages), Galbani (market-leading cheese company) and Phones 4u (leading mobile phone provider in the UK - until its bankruptcy in September 2014)
| Year | Company Name | Description of BC Partners Transaction[11] |
|---|---|---|
| 2014 | PetSmart | $8.7 billion acquisition of pet services and products vendor[12] |
| 2012 | Sullair Milton Roy Sundyne | $3.4 billion LBO of industrial business engaged in the design, manufacture and supply of specialist pumps and compressors[13] |
| 2012 | Suddenlink | $6.5 billion LBO of 7th largest cable communications system operator in the US;[14] sale of 70% interest in Suddenlink held by BC and Canada Pension Plan Investment Board for $9.1 Bn announced in May 2015[15] |
| 2011 | Phones 4u | Bought for £700 million; entered into administration on 15 September 2014[16][17] |
| 2011 | Com Hem | Largest LBO in Europe in 2011 |
| 2010 | MultiPlan | $3.1 billion LBO of leading provider of health care cost management services |
| 2009 | Office Depot | Leading global provider of office products and services |
| 2008 | Migros Türk | Turkey's leading supermarket chain |
| 2008 | Intelsat | $16.6 billion acquisition of world's leading fixed satellite service provider |
| 2007 | Foxtons | UK estate agency, bought at the top of the property market in May 2007 for £370 million[18] In December 2009, BC Partners lost control of Foxtons, less than three years after buying it, after creditors reorganized the real estate broker’s debt.[19] |
| 2006 | Brenntag | Second largest LBO in Germany to date |
| 2006 | Regency Entertainment | Largest public-to-private LBO in Greece to date |
| 2005 | Amadeus IT Group | Largest LBO in Spain to date |
| 2004 | Picard | Largest LBO in France that year |
| 2003 | SEAT PG | Largest LBO in Europe at the time |
| 2002 | Hirslanden | Largest LBO in Switzerland that year |
| 2001 | Sanitec | Largest public to private LBO in Finland to date |
| 2000 | Mark IV | Largest LBO in the USA by a European sponsor at the time |
References
- ↑ PRNewswire
- ↑ "Home – BC Partners".
- ↑ "Blackstone, BC Partners, CVC Mull Bids for Kabel Deutschland". Retrieved 2010-01-27.
- ↑ "PE HUB » Reuters – CVC Capital, BC Partners Ready Bid for Elior". PE HUB.
- ↑ "BC Partners ramping up for next fundraising".
- ↑ "Intelsat Chairman Resigns; Succeeded By BC Partners Exec". BN. Retrieved 2008-05-03.
- ↑ Partners share BC success. eFinancialNews, November 9, 1998
- ↑ BC Partners Raises $8.6 Billion Fund, NY Times DealBook
- ↑ Alexander Huebner; Claire Ruckin; Ludwig Burger; Christoph Steitz (19 June 2013). "BC Partners to buy Springer Science for 3.3 billion euros". Reuters.
- ↑ BC Partners to sell half of its stake in Migros to Turkey's Anadolu. Reuters, 31 December 2014
- ↑ BC Partners, Current Investments
- ↑ "BC Partners to acquire PetSmart for $8.7 billion" (Press release). Reuters. 14 December 2014.
- ↑ "PE HUB » BC Partners, Carlyle Complete Hamilton Sundstrand Deal". PE HUB.
- ↑ Group Led by BC Partners to Buy U.S. Cable Operator for $6.6 Billion
- ↑ Scott, Mark, and Emily Steel, "Altice’s Deal to Buy Suddenlink May Be Prelude to Pursuit of Time Warner Cable", New York Times, May 20, 2015. Retrieved 2015-05-21.
- ↑ "Retailer Phones 4u 'Forced Into Administration'". Sky News.
- ↑ "Phones4U closure". Evernote.
- ↑ Blackhurst, Chris (15 September 2012). "What Foxtons founder Jon Hunt did next...". Evening Standard.
Hunt...sold the estate agencies chain for £370 million just weeks before the credit crunch hit and the property market slumped...His timing was brilliant.
- ↑ "Foxtons taken over by banks". The Daily Telegraph. London. 2010-01-08. Retrieved 14 June 2015.
External links
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