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BC Partners

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BC Partners

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] In comparison to other large private equity practices, BC Partners is more efficiently staffed for the quantum of capital it manages. While investing in its $8.4 billion Fund VIII, the firm employs only ~50 investment professionals.[6] Competitors such as The Carlyle Group (890 professionals), Bain Capital (700+ professionals), TPG Capital, Permira and CVC Capital Partners employ hundreds of professionals.

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.[7]

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.[8] 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[9]
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.[10]

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.[11]

Significant Transactions Completed by BC Partners

Washington D.C. headquarters of BC Partners-owned satellite operator, Intelsat.
One of BC Partners-owned Migros Türk retail stores. The company is Turkey's leading supermarket chain.

BC Partners portfolio includes 17 companies with aggregate sales revenue of $35 billion USD (€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 Phones4u (leading mobile phone provider in the UK - until its bankruptcy in September 2014)

Year Company Name Description of BC Partners Transaction[12]
2014 PetSmart $8.7 billion acquisition of pet services and products vendor[13]
2012 Sullair Milton Roy Sundyne $3.4 billion LBO of industrial business engaged in the design, manufacture and supply of specialist pumps and compressors[14]
2012 Suddenlink $6.5 billion LBO of 7th largest cable communications system operator in the US;[15] sale of 70% interest in Suddenlink held by BC and Canada Pension Plan Investment Board for $9.1 Bn announced in May 2015[16]
2011 Phones4U Bought for £700 million; entered into administration on 15 September 2014[17][18]
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[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

  1. ^ PRNewswire
  2. ^
  3. ^
  4. ^
  5. ^
  6. ^
  7. ^
  8. ^ Partners share BC success. eFinancialNews, November 9, 1998
  9. ^ BC Partners Raises $8.6 Billion Fund, NY Times DealBook
  10. ^
  11. ^ BC Partners to sell half of its stake in Migros to Turkey's Anadolu. Reuters, 31 December 2014
  12. ^ BC Partners, Current Investments
  13. ^
  14. ^
  15. ^ Group Led by BC Partners to Buy U.S. Cable Operator for $6.6 Billion
  16. ^ 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.
  17. ^
  18. ^
  19. ^

External links

  • Official website
  • "BC Partners to Start Raising $8.4 Billion This Year"
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