BC Partners

Last updated
BC Partners LLP
Company type Limited liability partnership
Industry Private equity
Predecessor Baring Capital Investors
Founded1986;38 years ago (1986)
FounderOtto van der Wyck
Headquarters London (Global)
Key people
Raymond Svider [1]
Nikos Stathopoulos [2]
Jean-Baptiste Wautier [3]
Products Private Equity, Credit, Real Estate
AUM $40+ billion [4]
Number of employees
~190
Website www.bcpartners.com

BC Partners is a British [5] international investment firm with over $40 billion of assets under management across private equity, credit and real estate in Europe and North America. [4] Its global headquarters are in London. The firm invests across all industries. BC Partners was founded in 1986 and has offices in New York, Paris and Hamburg. [6] Since inception, BC Partners has completed 113 private equity investments in companies with a total enterprise value of €145 billion. [7]

Contents

As one of the largest European private equity firms, BC Partners competes for buyouts and investment opportunities with other large cap private equity firms including Blackstone Group, KKR, CVC Capital Partners, Advent International and The Carlyle Group. [8] [9] 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. [10] The firm's most recent fund, BC Partners X, was one of the largest buyout funds raised in 2018. [11] Despite its large size, the firm is known for its operational efficiency, boasting an incredibly high amount of assets under management per investment professional.

BC Partners was until recently majority shareholder of Intelsat, the global satellite services provider valued at US$16.6 billion in its leveraged buyout in 2007—one of the largest private equity buyouts of all time led by a consortium of investors including BC Partners and Silver Lake Partners. In 2008, BC Partners replaced Intelsat's chairman with Raymond Svider, BC's New York–based co-chairman. [12] Sometime between 2008 and 2018, BC Partners sold all of Intelsat to the company.

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 Partners was formed by Barings to advise funds providing development capital, in particular for management buyouts. John Burgess joined him from Candover, the US and UK buyout house, a month after. [13] The principals of Baring Capital Investors completed a spinout of what would become BC Partners following the collapse of Barings in 1995. [14] Van der Wyck left the firm in 2001, and has held senior roles with firms including Coller Capital, Climate Change Capital and AlpInvest Partners.

Raised / Announced Fund Vintage Year Fund Size (USD)
BC Partners X2017€7.0 billion [11] [15]
BC Partners IX2011€6.7 billion [16] [15]
BC Partners VIII2005€5.9 billion [17]
BC Partners VII2000€4.3 billion [18]
BC Partners VI1998€1.1 billion
BC Partners V1994€450 million

Significant transactions

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

As of December 31,2019, BC Partners portfolio includes 114 companies with aggregate sales revenue of €145 billion. [19] BC Partners can commit over $2.75 billion (€2.0 billion) of equity to any single transaction. The firm's most successful and profitable realized 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).

In June 2013, BC Partners agreed to buy German publisher Springer Science+Business Media for about 3.3 billion euros. [20]

BC Partners revealed in January 2015 that it would sell its 40.25 percent stake in its supermarket chain Migros Türk to the Turkish conglomerate Anadolu Endustri Holding AS for around $2.74 billion. [21]

In June 2019 Chewy, which was acquired by BC Partners in 2017, and is the online pet retailer division of PetSmart, announced its IPO on the NYSE when it was valued at $8.8 billion. [22]

In 2019, BC Partners announced their backing for the acquisition [23] (via the United Group) of Vivacom, the largest Bulgarian telecom. The acquisition became an issue of the media and legal dispute with the company's previous owner, Empreno Ventures, which asked BC Partners [24] to wait until judicial resolution.

On November 7, BC Partners was added to a lawsuit by Empreno seeking to ban the sale of Vivacom. [25]

In early 2021, the firm entered into talks with Inter Milan owner Suning about potentially buying the football club. [26]

YearCompany NameDescription of BC Partners Transaction [27]
2022 Fedrigoni US$3.0 billion for 50% stake [28]
2022Heavea GroupUS$1.1 billion (approx.) [29]
2018 GFL Environmental CAD$5.1 billion for majority stake in waste services company GFL Environmental. [30]
2018 United Group €2.6 billion for majority stake in telecom provider United Group. [31]
2018Navex GlobalAcquisition of ethics and compliance software and services company NAVEX Global from Vista Equity Partners [32]
2017 Chewy $3.4 billion for the e-commerce company specializing in pet products — largest e-commerce acquisition in history [33]
2016 CenturyLink $2.3 billion acquisition of data center operations. [34]
2016 Keter €1.4 billion for the acquisition of global manufacturer of quality resin consumer products [35]
2016 Elysium Healthcare £360 million for the acquisition of a portfolio of mental health hospitals from Partnerships in Care and the Priory Group [36]
2014CartrawlerCar rental technology platform bought from ECI Partners [37]
2014 PetSmart $8.7 billion acquisition of pet services and products vendor [38]
2013 Acuris Acquisition of MergerMarket, now called Acuris, news service from Pearson plc [39]
2012Sullair Milton Roy Sundyne$3.4 billion LBO of industrial business engaged in the design, manufacture and supply of specialist pumps and compressors [40]
2012Suddenlink$6.5 billion LBO of 7th largest cable communications system operator in the US; [41] sale of 70% interest in Suddenlink held by BC and Canada Pension Plan Investment Board for $9.1 Bn announced in May 2015 [42]
2011 Phones 4u Bought for £700 million; entered into administration on 15 September 2014 [43] [44]
2011 Com Hem Largest LBO in Europe in 2011 [45]
2010MultiPlan$3.1 billion LBO of provider of health care cost management services
2009 Office Depot provider of office products and services
2008 SGB-SMIT Group Manufacturer of transformers (sold in 2017)
2008 Migros Türk Turkey's leading supermarket chain
2008 Intelsat $16.6 billion acquisition of fixed satellite service provider
2007 Foxtons UK estate agency, bought at the top of the property market in May 2007 for £370 million [46] 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. [47]
2006BrenntagSecond largest LBO in Germany to date
2006Regency EntertainmentLargest public-to-private LBO in Greece to date
2005 Amadeus IT Group Largest 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 US by a European sponsor at the time

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References

  1. ↑ "BC Partners-Raymond Svider" . Retrieved 20 May 2020.
  2. ↑ "BC Partners-Nikos Stathopoulos" . Retrieved 20 May 2020.
  3. ↑ "BC-Partners-Jean-Baptiste Wautier" . Retrieved 20 May 2020.
  4. 1 2 "Appgate, a Leading Cybersecurity Company, to Merge With Public Company Newtown Lane Marketing". Business Wire. 9 Feb 2021. Retrieved 9 Feb 2021.
  5. ↑ "BC partners: Legal" . Retrieved 13 August 2022.
  6. ↑ "Contact Us". BC Partners.
  7. ↑ "Portfolio". BC Partners. 30 June 2019. Retrieved 20 May 2020.
  8. ↑ "Blackstone, BC Partners, CVC Mull Bids for Kabel Deutschland" . Retrieved 2010-01-27.[ dead link ]
  9. ↑ "PE HUB » Reuters – CVC Capital, BC Partners Ready Bid for Elior". PE HUB. 2013-02-20. Archived from the original on 2013-04-11.
  10. ↑ "BC Partners ramping up for next fundraising". Buyouts Insider / Argosy Group LLC.[ permanent dead link ]
  11. 1 2 Dowd, Kevin. "The 6 biggest buyout funds of 2018 (so far)". Pitchbook .
  12. ↑ "Intelsat Chairman Resigns; Succeeded By BC Partners Exec". BN. Archived from the original on 2011-07-08. Retrieved 2008-05-03.
  13. ↑ Meikle, Brad (2000-10-01). "Deploying Europe's biggest buyout fund". Buyouts. Retrieved 2020-05-31.
  14. ↑ Smith, Elliot (26 February 2020). "The Barings collapse 25 years on: What the industry learned after one man broke a bank". CNBC. Retrieved 16 June 2020.
  15. 1 2 "BC Partners Closes BC European Capital X at €7 Billion Target". LegalMonitor. 22 January 2018. Retrieved 16 June 2020.
  16. ↑ Scott, Mark (21 February 2012). "BC Partners Raises $8.6 Billion Fund". The New York Times .
  17. ↑ "UPDATE 1-BC Partners writes fund back up to par-source". Reuters. 27 July 2009. Retrieved 25 June 2020.
  18. ↑ "BC Partners closes record fund". PEI. 21 July 2005. Retrieved 25 June 2020.
  19. ↑ "BC Partners | Private Equity Investments". BC Partners. Retrieved 2020-06-21.
  20. ↑ Alexander Huebner; Claire Ruckin; Ludwig Burger; Christoph Steitz (19 June 2013). "BC Partners to buy Springer Science for 3.3 billion euros". Reuters.
  21. ↑ BC Partners to sell half of its stake in Migros to Turkey's Anadolu. Reuters, 31 December 2014
  22. ↑ Hirsch, Lauren; Lucas, Amelia (2019-06-14). "Chewy, PetSmart's online business, soars as much 86% after IPO pricing at $22 per share". CNBC. Retrieved 2020-06-30.
  23. ↑ "Bulgarian telecoms group Vivacom eyed in buyout battle". Financial Times. 29 September 2019. Retrieved 2019-10-27.
  24. ↑ "Empreno Has Urged United Group and BC Partners of the Risks Pursuing Acquisition of Vivacom Pending Final Judicial Determination". Bloomberg.com. 2019-10-25. Retrieved 2019-10-27.
  25. ↑ "UPDATE 1-United Group to buy Bulgaria's Vivacom in $1.3 bln deal". finance.yahoo.com. 7 November 2019. Retrieved 2019-11-29.
  26. ↑ "Suning In Talks With BC Partners Over Inter Sale & Bain Capital For Loan, Italian Media Explain". SempreInter.com. 2021-02-18. Retrieved 2021-02-28.
  27. ↑ "BC Partners, Current Investments". Archived from the original on February 18, 2013.
  28. ↑ "BC Partners takes joint control of Italy's Fedrigoni in $3 billion deal". Reuters . 2022-07-26.
  29. ↑ Farr, Emma-Victoria (2022-06-23). "BC Partners acquires Havea for $1.16 bln -source". Reuters . Retrieved 2022-07-18.
  30. ↑ "GFL Environmental Inc. announces $5.125 Billion recapitalization with new investors led by BC Partners and their partner OTPP".
  31. ↑ "KKR prodao većinski udeo Junajted grupe, SBB ima novog suvlasnika". b92.net (in Serbian). Beta. 27 September 2018. Retrieved 3 October 2018.
  32. ↑ Kellaher, Colin (2018-07-17). "BC Partners to Acquire Compliance-Software Firm Navex Global". The Wall Street Journal . Retrieved 2019-07-03.
  33. ↑ Del Rey, Jason (10 July 2017). "PetSmart is acquiring Chewy.com for $3.35 billion in the largest e-commerce acquisition ever". Vox . Retrieved 2019-07-03.
  34. ↑ Aycock, Jason (2016-11-04). "CenturyLink has deal to sell data centers for near $2.3B". Seeking Alpha. Retrieved 2016-12-19.
  35. ↑ "BC Partners signs deal to buy Keter Plastic". Globes (in Hebrew). 2016-07-28. Retrieved 2020-07-20.
  36. ↑ "Elysium". 2016-07-28. Retrieved 2021-05-20.
  37. ↑ Ruckin, Claire (March 24, 2014). "RLPC-BC Partners to buy majority stake in CarTrawler". Reuters . Archived from the original on August 31, 2017. Retrieved 2017-08-31.
  38. ↑ "BC Partners to acquire PetSmart for $8.7 billion" (Press release). Reuters. 14 December 2014.
  39. ↑ Chassany, Anne-Sylvaine; Mance, Henry (November 29, 2013). "Pearson agrees to sell Mergermarket unit to BC Partners". Financial Times.
  40. ↑ "PE HUB » BC Partners, Carlyle Complete Hamilton Sundstrand Deal". PE HUB. 2012-12-14.
  41. ↑ Scott, Mark (19 July 2012). "Group Led by BC Partners to Buy U.S. Cable Operator for $6.6 Billion". The New York Times.
  42. ↑ 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.
  43. ↑ "Retailer Phones 4u 'Forced Into Administration'". Sky News.
  44. ↑ "Phones4U closure". Evernote.
  45. ↑ "Exclusive: BC Partners to buy Com Hem in $2.6 billion deal". Reuters. 2011-07-21. Retrieved 2023-10-30.
  46. ↑ 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.
  47. ↑ "Foxtons taken over by banks". The Daily Telegraph. London. 2010-01-08. Retrieved 14 June 2015.
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