Caslon Analytics elephant logo title for Private Equity Funds note
home | about | site use | resources | publications | timeline   spacer graphic   Ketupa







related pages icon




& the GII

related pages icon


Booms, Busts
& Bubbles



section heading icon     landmarks

This page highlights acquisition and sale of enterprises by private equity funds such as Cinven, Providence Equity, Texas Pacific, Apollo Management and CVC.

It covers -

It has a particular emphasis on media enterprises. For convenience the listing does not differentiate between fund managers and their individual funds. Note also that many deals involve consortia of several funds.

Context is provided by the broader communications & media timeline and by the more detailed Benchmarks note elsewhere on this site.

subsection heading icon    1982

Wesray Capital buys Gibson Greeting Cards from RCA for US$80m

subsection heading icon    1983

Wesray floats Gibson for US$290m

subsection heading icon    1984

KKR funds buyout of Wometco for US$1.07bn

subsection heading icon    1985

KKR funds buyout of Storer Communications for US$2.43bn

subsection heading icon    1986

Cinven supports Headline Book Publishing

subsection heading icon    1986

Wesray buys Six Flags for US$617m, later sells 50% to Time Warner

KKR funds buyout of Beatrice foods for US$8.7bn

KKR funds buyout of Safeway for US$4.7bn

KKR funds US$4.6bn buyout of Owens-Illinois

subsection heading icon    1988

US$5.1bn LBO of HCA

Thomas H. Lee and Merrill Lynch consortium buy American Health Companies for US$163m

KKR funds buyout of Duracell for US$1.8bn

subsection heading icon    1989

KKR forms K-III in magazine publishing sector

US$31.4bn LBO of RJR Nabisco by KKR

KKR buys Intertec Publishing and Newbridge Communications for US$320m

subsection heading icon    1990

K-III buys International Thomson Transport Press from Thomson

Headline acquires Hodder & Stoughton, becomes Hodder Headline

subsection heading icon    1991

K-III buys Funk & Wagnalls encyclopedia from Field Publications

Hodder Headline lists on LSE

Blackstone Group and Wertheim Schroder buy 50% of Six Flags

K-III buys Murdoch Magazines, publisher of New York, Soap Opera Digest, Soap Opera Weekly, Seventeen, Automobile, New Woman, Premiere and Daily Racing Form

Tourang consortium (Conrad Black and US merchant bank Hellman and Friedman Partners) gain control of Fairfax

subsection heading icon    1994

Ziff family sells 95% of Ziff-Davis Publishing to Forstmann Little for US$1.4bn

Bain Capital buys American Physical Therapy, Weslo and ProForm Fitness from Weider for US$270m

subsection heading icon    1995

Softbank buys 70% of Ziff-Davis, Inc. (publishing arm of Ziff-Davis Communications) from Forstmann Little for US$2.1bn

KKR funds £210m buyout of Newsquest from Elsevier

Time Warner sells 51% of Six Flags to Boston Ventures for US$1bn

subsection heading icon    1996

KKR-III buys Westminster Press group from Pearson for £298m

Cinven buys ABC Cinemas

KKR-III buys Cahners Consumer Magazines from Elsevier, becomes Primedia

subsection heading icon    1997

Newsquest floated with market capitalisation of £500m

United Artists cinema chain bought by HMTF for US$850m

HMTF buys Grupo MVS (Mexican paytv) for US$120m

subsection heading icon    1998

HMTF acquires LIN TV for US$1.9bn

Blackstone buys Savoy Group for US$980m

Cinven acquires IPC from Reed International for €1.4bn

Charterhouse Capital Partners buys Tussauds from Pearson for £352m

Cinven merges IPC with LH Media

KKR and HMTF buy Regal Cinemas (4,000 screens) for US$1.57bn

subsection heading icon    1999

Evercore Partners acquires American Media, Inc. for US$850m

HMTF sells Argentine cable tv operations to CEI Citicorp for US$225m

Cinven and Terra Firma Capita buy William Hill for €1.4bn

AstraZeneca sells Zeneca Specialities to Cinven for £1.25bn

CVC acquires Netherlands publisher Veen

CVC acquires Bosch & Keuning book publisher, forms Veen Bosch & Keuning

subsection heading icon    2000

Willis Stein buys Ziff-Davis Inc magazines for US$780m

Ripplewood buys Long-Term Credit Bank (LTCB)

HMTF sells Mumm and Perrier-Jouët to Allied Domecq for £346m

Cinven buys United Biscuits for €2.9bn

Rank sells Odeon cinemas to Cinven and Terra Firma for £280m

subsection heading icon    2001

Purcell acquires Community Newspaper Co from Fidelity Investments for US$150m

CVC and Catalyst buy Pacific Brands from Pacific Dunlop for $730m

Forstmann Little buys Citadel for US$2bn

GS Private Equity, Gresham Private Equity and Macquarie Direct Investment fund $265m MBO of Repco

BT sells Yell Directories to Apax and HMTF for £1.15bn

Hersant sells stake in Figaro to Carlyle

Loews Cineplex acquired by Onex and Oaktree Capital

Primedia buys emap usa (Petersen Publishing) from EMAP for US$515m

Time Warner buys IPC Magazines from Cinven for £1.15bn

Apax buys Damovo for £327m

subsection heading icon    2002

Candover and Cinven buy Kluwer Academic Publishers for US$591m

Macquarie consortium acquires Sydney Airport for $5.6bn

Gillett and HMTF buy ConAgra's beef operations (Swift & Co) for US$1.4bn

American Media and Evercore agree to acquire Weider for US$350m

Bain, Texas Pacific and Goldman Sachs buy Burger King

ntl sells NTL Australia to Macquarie consortium for $850m

Onex acquires 58% of Mexico's Grupo Cinemex for US$190m

Carlyle sells stake in Figaro

Cinven buys Aprovia from Vivendi for €493m

Primedia sells Chicago magazine to Tribune for US$35m and American Baby Group to Meredith for US$115m

Vivendi sells Houghton Mifflin to Thomas H Lee, Blackstone and Bain consortium for US$1.66bn

Madison Dearborn buys Jefferson Smurfit for US$3.5bn

Cinven, Carlyle and Apax buy MediMedia from Vivendi for €523m

Carlyle and Welsh, Carson, Anderson & Stowe buy QwestDex (later Dex) for US$7.05bn

subsection heading icon    2003

Cinven and Candover acquire BertelsmannSpringer for €1.05bn, merge Kluwer Academic Publishers and BertelsmannSpringer

VeriSign sells 85% of registrar operations to Pivotal Private Equity for US$100m

Carlyle Group and Finmeccanica buy Avio from Fiat for €1.97bn

Warner Music arm sold to consortium led by Edgar Bronfman for US$2.6bn

Mayne sells hospitals arm (later Affinity Health) to CVC Asia Pacific and GIC Special Investments consortium for $813m

Cinven buys Gala for €1.8bn

Carlyle and Eurazeo buy Terreal from Saint-Gobain for €400m

Blackstone, Apollo Management and Goldman Sachs Capital Partners acquire Ondeo Nalco from Suez S.A. for US$4.2bn

Permira buys Travelodge and Little Chef from Compass for £712m

Repco relists on ASX for $442m

Providence and Blackstone take stake in Freedom

Terra Firma buys WRG (Waste Recycling Group) for £531m

Permira backs MBO of Premiere

United buys Aprovia UK from Cinven and Carlyle for £79m

Odeon and ABC cinemas sold to WestLB syndicate for €628m

subsection heading icon    2004

Macquarie buys Reg Grundy's 56% stake in RG Capital radio

Terra Firma buys Shanks' landfill assets for £227m

Madison Dearborn buys Boise Cascade for US$3.7bn

Pacific Brands lists on ASX

Thermo Capital Partners acquires GlobalStar for US$40m

Clayton, Dubilier & Rice sells Kinko's to FedEx Corporation for US$2.4bn

Intelsat sold for US$3.1bn to Madison Dearborn, Apax, Permira and Apollo

Blackstone buys New Skies Satellites NV

Apax buys major stake in PCM Uitgevers

Macquarie consortium acquires 70% of Brussels International Airport for €735m

Cinven buys Eutelsat for €4.4bn

Dex lists on NYSE

Macquarie acquires Chicago's Skyway tollroad for US$1.8bn

CenterPoint sells Texas Genco to Texas Pacific consortium for US$0.9bn

Blackstone buys Celanese for US$3.8bn

Apollo buys Borden Chemical for US$649m

Candover leads buyout of Bureau van Dijk Electronic Publishing

ntl sells ntl:broadcast to Macquarie for £1.27bn

Blackstone sells Savoy Group for US$1.3bn

Bain buys Canadian colour pages for US$1.5bn

Carlyle buys AMC Entertainment

IPO of Feltex

LBO of Warner Chilcott

Blackstone buys Extended Stay for US$3.1bn

Apax and Spectrum Equity acquire a majority interest in NEP Broadcasting from Wachovia Capital Partners

DirecTV sells 80.5% of PanAmSat to KKR for US$4.3bn

Warner Music sells distributor The Entertainment Network (joint venture with Sony Music Entertainment) to Cinram network

Clayton Dubilier buys Culligan International from Veolia Environnement for US$610m

VNU sells VNU World Directories arm for €2.1bn to Apax and Cinven

Apax and HMTF sell 34% holding in Yell to institutional investors for £720m

Macquarie consortium buys YBR from 3i and VSS for €1.825bn

subsection heading icon    2005

Proventus acquires 8% stake in Alma

Apax acquires Tommy Hilfiger for US$1.6bn

Carlyle Group and Eurazeo sell Terreal to LBO France for €860m

Terra Firma pays US$8.3bn for Viterra (150,000 dwellings)

Blackstone buys Wyndham International for US$3.2bn

Blackstone sells New Skies Satellites NV to SES Global SA

IPO of Burger King

Clayton Dubilier, Carlyle and Merrill Lynch Global Private Equity acquire Hertz from Ford for US$15bn

Macquarie consortium buys Dyno Nobel Holding for US$1.7bn

Warner Music sells Warner Bros. Publications to Alfred Publishing

Cinven buys Amadeus for €4.4bn

Ramsay Health Care pays $1.43bn for Affinity Health

Babcock & Brown buys Enersis II SGPS for US$590m

Blackstone buys La Quinta for US$3.4bn

Bain, Carlyle and Thomas H Lee acquire Dunkin' Brands (Dunkin' Donuts) from Pernod Ricard for US$2.4bn

Macquarie agrees to buy Taiwan Broadband Communications for $1.19bn

IPO of Premiere

Thomas H. Lee, Bain and Warner Music buy six talent management companies to form Front Line Management Companies, Inc.

Bain sells Advertising Directory Solutions to Yellow Pages Group for C$2.55bn

Cumulus Media Partners (Bain, Blackstone and Thomas H Lee) acquire Susquehanna Pfaltzgraff radio arm for US$1.2bn

Veen Bosch & Keuning sold to Noordelijke Dagblad Combinatie (NDC)

SBS acquired by KKR and Permira in deal valued at US$2.5bn

Primedia sells to New York Times for US$410m

Yell Group buys TransWestern Holdings from Thomas H Lee, CVC and TransWestern Management for US$1.5bn

Warburg Pincus consortium buys Neiman Marcus for US$5.1bn

Cadbury Schweppes sells European beverages unit to Lion Capital and Blackstone for €1.85bn

TDC acquired by Blackstone, KKR, Apax, Permira and Providence Equity consortium for US$15.3bn

REFCO collapses after IPO

US$5bn LBO of Toys-R-Us

Apax acquires Hit Entertainment for £489m

Dubai International Capital (DIC) buys Tussauds Group from Charterhouse Capital for US$1.5bn

MediMedia sells Trade Press & Services and MediMedia Academic Publishing

Silver Lake buys half of Instinet for US$208m

Bonnier and Proventus jointly acquire Alma's broadcasting division

Liberty Global sells UPC Norway to Candover for €463m

subsection heading icon    2006

Warner Music agrees to buy Ryko for US$675m from JP Morgan consortium

Blackstone agrees to buy CarrAmerica Realty for US$5.6bn

Cinven buys Avio for €2.57bn

Macquarie agrees to buy Stagecoach's London bus unit for £263.6m

Investor AB and EQT Partners agree to buy Gambro for US$4.9bn

Babcock & Brown agrees to buy NorthWestern for US$2.2bn

Philips Electronics sells 80% stake in semiconductors arm to KKR, Silver Lake Partners, Bain, Apax and AlpInvest Partners consortium for €6.4bn

IPO of GlobalStar returns US$127m to Thermo Capital Partners

Pacific Equity Partners buys Tegel Foods from for NZ$250m

JW Childs Associates sells American Safety Razor to Lion Capital for US$625m

Permira buys fast-food group Telepizza for €850m

KKR and Goldman Sachs pay €3.3bn for Pages Jaunes

Macquarie agrees to buy Duquesne Light Holdings for US$1.59bn

GM sells 78% stake in GMAC Commercial Holding to KKR, Five Mile Capital Partners and Goldman Sachs consortium for US$8.8bn

CVC Asia Pacific agrees to buy DCA Group for $1.7bn

Pacific Equity Partners buys Griffins Foods from Groupe Danone SA for NZ$385m

Terra Firma sells WRG to Fomento de Construcciones y Contratas (FCC) for £1.4bn

Blackstone agrees to buy MeriStar Hospitality for US$2.6bn

Colony Capital and Alwaleed bin Talal agree to buy Fairmont Hotels & Resorts for US$3.9bn

KKR acquires Australian waste management operations of Brambles for $1.83bn

CVC acquires Holding AVR Bedrijven from city of Rotterdam for €1.4bn

CVC sells Scandinavian DT Group to Wolseley for £1.35bn

Brookfield Asset Management agrees to buy 92% stake in Transelec Chile from Hydro-Quebec for US$1.55bn

GM sells 51% stake in GMAC to Cerberus Capital Management, Citigroup and Aozora consortium for US$14bn

Univision agrees to be acquired for US$11bn by consortium that includes Haim Saban, Madison Dearborn Partners, Providence Equity, Texas Pacific and Thomas H Lee Partners

Apax buys half of Lauder's stake in CME for US$190m

Valcon Acquisition consortium acquires VNU with US$9.7bn bid

CVC takes half stake in PBL Media as part of restructure of Packer interests

Providence Equity and Doughty Hanson pay £1.46bn for Caudwell Group

Smurfit-Stone Container agrees to sell consumer packaging unit to Texas Pacific for US$1.04bn

Providence Equity consortium agrees to buy Kerzner International for US$3.6bn

Pacific Equity Partners and CCMP Capital Asia buy Godfreys for $300m

Blackstone agrees to buy Cendant's Travelport unit for US$4.3bn

Texas Pacific/Newbridge acquires Myer department stores for $1.4bn

Macquarie and Cintra pay US$3.85bn for Indiana Toll Road concession

Cinven agrees to sell MediMedia USA Inc to Vestar Capital Partners

Apax buys Incisive Media for £199m

Blackstone and Brookfield Properties buy Trizec Properties and Trizec Canada for US$8.9bn

US Equity buys Penton Media from Abry Partners for US$530m

HCA agrees to US$21bn LBO

Coles Myer rejects $18.2bn bid by KKR

Forbes family sells 40% of Forbes Media to Elevation Partners for US$250m

Blackstone buys stake in United Biscuits from Cinven and MidOcean Partners

Nomura buys Instinet for US$1bn

Linde sells Kion forklift unit to KKR and Goldman Sachs Capital Partners for US$5.1bn

Bain Capital and Catterton Partners pay US$3.2bn for OSI Restaurant Partners Inc

Reader's Digest agrees to be acquired for US$2.4bn (inc debt) by Ripplewood Holdings consortium

Dubai International Capital buys UK-based Travelodge Hotels from Permira for £675m

Clear Channel agrees to be bought for US$18.7bn by Thomas H Lee Partners and Bain Capital consortium

Seven network agrees to sell 50% stake in broadcast and publishing interests to joint venture with KKR

Blackstone agrees to acquire Equity Office Properties Trust for US$36bn

Houghton Mifflin acquired by Riverdeep for US$3.36bn (inc debt)

Travelport agrees to buy Worldspan for US$1.4bn

Apax hands Damovo to creditors

Apollo buys Realogy for US$9bn

Macquarie and Texas Pacific consortium pays $11.1bn for Qantas

Texas Pacific and Apollo agree to buy Harrah's Entertainment for US$16.7bn

Onex and Goldman Sachs agree to buy Raytheon's aircraft unit for US$3.3bn

subsection heading icon    2007

Blackstone Group buys Equity Office Properties Trust for US$39bn

Blackstone sells 36 buildings to Beacon Capital for US$6.35bn, 17 properties to Shorenstein for US$1.2bn, 8 buildings to Macklowe Properties for US$7bn

higher education, careers and library reference assets of Thomson Learning acquired by Apax and Omers Capital Partners for US$7.75bn

Blackstone's Merlin Entertainment acquires Tussauds Group from DIC for £1.03bn

GMG sells sells 49% of Trader Media to Apax for £674m

CanWest sells remaining 70% of NZ broadcasting arm to Ironbridge Capital for NZ$386m

DaimlerChrysler agrees to sell 80.1% stake in Chrysler Group to Cerberus Capital Management for US$7.4bn

Bausch & Lomb agrees to be acquired by Warburg Pincus in deal valued at US$4.5bn (inc assumption of US$830m debt)

Texas Pacific and Goldman Sachs consortium agrees to acquire Alltel for US$27.5bn

BC Partners consortium agrees to pay US$5bn Apax and Apollo consortium for 76% of Intelsat

subsection heading icon    2008

Lone Star Funds agrees to buy IKB Deutsche Industriebank

TPG invests US$7bn in Washington Mutual (later nationalised by US govt)



this site
the web


version of September 2008
© Bruce Arnold | caslon analytics