BC Partners

BC Partners LLP
Private limited company
Industry Private equity
Predecessor Baring Capital Investors
Founded 1986 (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
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.[1]

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.[2][3] 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.[4]

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.[5]

History

The firm, 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.[6] 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 FundVintage YearFund Size (USD)
BC Partners IX2012$8.6 billion[7]
BC Partners VIII2005$8.4 billion
BC Partners VII2001$5.4 billion
BC Partners VI1997$1.1 billion
BC Partners V1994$1.1 billion

In June 2013, BC Partners agreed to buy German publisher Springer Science+Business Media for about 3.3 billion euros.[8]

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.[9]

Significant transactions

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 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)

YearCompany NameDescription of BC Partners Transaction[10]
2018 The United Group $2.6 billion for majority stake in telecom provider The United Group.[11]
2017 Pronovias $495 million for the wedding dress manufacturer.[12]
2016 CenturyLink $2.3 billion acquisition of data center operations.[13]
2016 Keter $1.3 billion for the acquisition of 80%
2014 Cartrawler Car rental technology platform bought from ECI Partners[14]
2014PetSmart$8.7 billion acquisition of pet services and products vendor[15]
2012Sullair Milton Roy Sundyne$3.4 billion LBO of industrial business engaged in the design, manufacture and supply of specialist pumps and compressors[16]
2012Suddenlink$6.5 billion LBO of 7th largest cable communications system operator in the US;[17] sale of 70% interest in Suddenlink held by BC and Canada Pension Plan Investment Board for $9.1 Bn announced in May 2015[18]
2011Phones 4uBought for £700 million; entered into administration on 15 September 2014[19][20]
2011Com HemLargest LBO in Europe in 2011
2010MultiPlan$3.1 billion LBO of leading provider of health care cost management services
2009Office DepotLeading global provider of office products and services
2008Migros TürkTurkey's leading supermarket chain
2008Intelsat$16.6 billion acquisition of world's leading fixed satellite service provider
2007FoxtonsUK estate agency, bought at the top of the property market in May 2007 for £370 million[21] 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.[22]
2006BrenntagSecond largest LBO in Germany to date
2006Regency EntertainmentLargest public-to-private LBO in Greece to date
2005Amadeus IT GroupLargest LBO in Spain to date
2004PicardLargest LBO in France that year
2003SEAT PGLargest LBO in Europe at the time
2002HirslandenLargest LBO in Switzerland that year
2001SanitecLargest public to private LBO in Finland to date
2000Mark IVLargest LBO in the USA by a European sponsor at the time

References

  1. ↑ "Home". BC Partners.
  2. ↑ "Blackstone, BC Partners, CVC Mull Bids for Kabel Deutschland". Retrieved 2010-01-27.
  3. ↑ "PE HUB » Reuters – CVC Capital, BC Partners Ready Bid for Elior". PE HUB.
  4. ↑ "BC Partners ramping up for next fundraising". Buyouts Insider / Argosy Group LLC.
  5. ↑ "Intelsat Chairman Resigns; Succeeded By BC Partners Exec". BN. Retrieved 2008-05-03.
  6. ↑ Partners share BC success. eFinancialNews, November 9, 1998
  7. ↑ Scott, Mark. "BC Partners Raises $8.6 Billion Fund". The New York Times.
  8. ↑ Alexander Huebner; Claire Ruckin; Ludwig Burger; Christoph Steitz (19 June 2013). "BC Partners to buy Springer Science for 3.3 billion euros". Reuters.
  9. ↑ BC Partners to sell half of its stake in Migros to Turkey's Anadolu. Reuters, 31 December 2014
  10. ↑ BC Partners, Current Investments Archived 2013-02-18 at the Wayback Machine.
  11. ↑ "KKR prodao većinski udeo Junajted grupe, SBB ima novog suvlasnika". b92.net (in Serbian). Beta. 27 September 2018. Retrieved 3 October 2018.
  12. ↑ Florio, Luis Federico (10 July 2017). "El fondo BC Partners compra Pronovias por 550 millones de euros". La Vanguardia.
  13. ↑ Aycock, Jason (2016-11-04). "CenturyLink has deal to sell data centers for near $2.3B". Seeking Alpha. Retrieved 2016-12-19.
  14. ↑ Editorial, Reuters. "RLPC-BC Partners to buy majority stake in CarTrawler". U.K. Retrieved 2017-08-31.
  15. ↑ "BC Partners to acquire PetSmart for $8.7 billion" (Press release). Reuters. 14 December 2014.
  16. ↑ "PE HUB » BC Partners, Carlyle Complete Hamilton Sundstrand Deal". PE HUB.
  17. ↑ Scott, Mark. "Group Led by BC Partners to Buy U.S. Cable Operator for $6.6 Billion". The New York Times.
  18. ↑ 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.
  19. ↑ "Retailer Phones 4u 'Forced Into Administration'". Sky News.
  20. ↑ "Phones4U closure". Evernote.
  21. ↑ 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.
  22. ↑ "Foxtons taken over by banks". The Daily Telegraph. London. 2010-01-08. Retrieved 14 June 2015.
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