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Company type | Private Ownership |
---|---|
Industry | Private Equity |
Founded | February 2003 |
Founder | Ted Virtue |
Headquarters | Midtown Manhattan, New York City |
Area served | Global |
Products | Private equity funds, Leveraged buyouts |
Total assets | $10 billion [1] |
Website | www |
MidOcean Partners is a New York based alternative asset management firm that specializes in mid-sized private equity and alternative leveraged investments. [2] [3]
The firm, founded in February 2003, [4] [5] is based in Midtown Manhattan. MidOcean was originally formed by the managers of DB Capital Partners to acquire Deutsche Bank's late stage private equity investments in the United States and Europe in one of the largest private equity secondary transactions completed to date. [6] [7]
MidOcean Partners was formed through a management spinout transaction. A group of investors provided capital to the managers of DB Capital Partners, led by MidOcean CEO Ted Virtue, to acquire the portfolio of private equity investments they had managed at Deutsche Bank. [8] In addition to the €1.5 billion DB portfolio, MidOcean took over a €1 billion portfolio from a subsidiary of DB. [9] Among the investors in the transaction were NIB Capital Private Equity (today AlpInvest Partners), HarbourVest Partners, Paul Capital Partners, Coller Capital, Ontario Teachers' Pension Plan and CPP Investment Board, with investments from Northwestern Mutual, The Yucaipa Companies and Presidential Life. [8] The management spinout of MidOcean, at the time valued at €1.5 billion (over $1.8 billion) was then and is still one of the largest transactions completed in the private equity secondary market. [6]
In 2003, MidOcean sold the class ring and school yearbook supplier Jostens for nearly $500 million to CSFB. [10]
In 2009, MidOcean Partners formed MidOcean Credit Opportunity LP. [5] [11]
In December 2018, MidOcean acquired HW Holdco and Meyers Research. [12] [13]
In May 2021, MidOcean sold their majority stake in The Planet Group to ProPharma Group. [14] In November that same year, Hunter Point Capital bought a minority stake in MidOcean. [15] [16]
In June 2022, MidOcean Partners acquired Pragmatic Institute, a product management training company. [17] [18] [19]
The spinout of MidOcean came at the same time as the spinouts of private equity groups from other leading investment banks including: JPMorgan Chase (CCMP Capital), Citigroup (Court Square Capital Partners), Morgan Stanley (Metalmark Capital) and Credit Suisse First Boston (Avista Capital Partners, Diamond Castle Holdings).[ citation needed ]
Among MidOcean's investments are various business services; consumer and leisure companies, media and niche industrial services companies including:
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