Addition of information on Trilantic Capital Partners in Europe - please see Talk for more details |
→Current Investments: removal of Istanbul Doors Restaurant Group, no longer partner of Trilantic, added Euskaltel - please see Talk for references in the FTs and AltAssets |
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| '''Istanbul Doors Restaurant Group'''<ref name=news24></ref> || Istanbul Doors Restaurant Group is an operator of seven high-end restaurants and a chain of mid-market casual dining restaurants (“Kitchenette”) in Turkey and a growing presence in Russia, Azebaijan and the UK, following the acquisition of Tom Aikens Group. <ref>{{cite web|url=http://realdeals.eu.com/article/35066-dogus-takes-trilantics-restaurant-group-off-the-table |title= Dogus takes Trilantic's restaurant group off the table|publisher=Real Deals|date=16 November 2012|location=n/a }}</ref> |
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| '''Gamenet'''<ref name=FT-Nov29>{{cite news|title=Trilantic Capital embraces new deals|url=http://www.ft.com/intl/cms/s/0/3e7c4e5c-fbdb-11df-b7e9-00144feab49a.html#axzz1nE7pT1sD|newspaper=Financial Times|date=November 29, 2010}}</ref> || Gamenet is one of the market leaders in the Italian gaming sector, with a strong presence in the slot machines and video-lotteries businesses. The company is based in Rome and employs 85 people. |
| '''Gamenet'''<ref name=FT-Nov29>{{cite news|title=Trilantic Capital embraces new deals|url=http://www.ft.com/intl/cms/s/0/3e7c4e5c-fbdb-11df-b7e9-00144feab49a.html#axzz1nE7pT1sD|newspaper=Financial Times|date=November 29, 2010}}</ref> || Gamenet is one of the market leaders in the Italian gaming sector, with a strong presence in the slot machines and video-lotteries businesses. The company is based in Rome and employs 85 people. |
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| '''[[Leya]]'''<ref name=FT-Nov29></ref> || Leya is the largest publishing group in Portugal with leading positions in both textbooks (# 2) and general publishing (# 1). LeYa also has a leading role in Portuguese-speaking Africa and a nascent and fast-growing presence in Brazil. The company is headquartered in Lisbon and has approximately 500 employees. |
| '''[[Leya]]'''<ref name=FT-Nov29></ref> || Leya is the largest publishing group in Portugal with leading positions in both textbooks (# 2) and general publishing (# 1). LeYa also has a leading role in Portuguese-speaking Africa and a nascent and fast-growing presence in Brazil. The company is headquartered in Lisbon and has approximately 500 employees. |
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| '''[[Euskaltel]]'''<ref>{{cite web|url= http://www.ft.com/cms/s/0/a2af7e80-266d-11e2-9109-00144feabdc0.html#axzz2JMmLJmLI |title= Investindustrial in PortAventura deal|publisher= The Financial Times|date=04 November 2012| location=London| access date = 29/01/2013}}</ref> || EUSKALTEL S.A. is a telecom operator in the Basque region, [[Spain]], providing fixed services (fixed line, broadband and pay-TV) through a fully invested digital cable network and mobile services as a Mobile Virtual Network Operator. Founded in 1995, the company is headquartered in Bilbao and has approximately 550 employees.<ref>{{cite web|url= http://www.altassets.net/private-equity-news/by-news-type/deal-news/investindustrial-trilantic-seal-48-per-cent-euskaltel-stake-buy.html |title= Investindustrial, Trilantic seal 48 per cent Euskaltel stake buy|publisher= The AltAssets|date=08 October 2012| location=London| access date = 29/01/2013}}</ref> |
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==Partners== |
==Partners== |
Revision as of 17:00, 1 February 2013
Company type | Private |
---|---|
Industry | Private equity |
Predecessor | Lehman Brothers Merchant Banking |
Founded | 1986 |
Headquarters | New York, New York, United States; London, United Kingdom |
Key people | Charles Ayres, Chairman of Trilantic Executive Committee[1];Vittorio Pignatti-Morano, Founding Partner and Chairman of Trilantic Europe; Javier Banon, Founding Partner of Trilantic Capital Europe; Joe Cohen, Founding Partner of Trilantic Capital Europe[2] |
Products | Leveraged buyout, Growth capital |
Total assets | $3.8 billion |
Number of employees | 35+ |
Parent | Lehman Brothers (prior) |
Website | www.trilanticpartners.com |
Trilantic Capital Partners is a private equity investment firm focused on leveraged buyout and growth capital investments in middle-market companies across a range of industries in the US and Europe. The firm was formerly known as Lehman Brothers Merchant Banking (LBMB), the buyout arm of Lehman Brothers. In 2009, as part of the bankruptcy of Lehman, the LBMB business was sold to its partners and a minority interest was acquired by Reinet Investments, an investment firm owned by South African businessman Johann Rupert.
The original Lehman group, which was based in New York City, was founded in 1986 and is currently investing from a $2.6 billion fund raised prior to the bankruptcy of Lehman. Prior to the bankruptcy of Lehman, LBMB had raised four funds with aggregate commitments of $8 billion. The firm's fourth fund was reduced in size from $3.3 billion to $2.6 billion following Lehman's bankruptcy.
Among the group's most notable investments include: Blount, Inc. (NYSE: BLT), Antero Resources Corporation, Microstar Logistics, Flagstone Reinsurance (NYSE: FSR) and SRAM Corporation.
History
Founding and early history
Lehman Brothers Merchant Banking was founded in 1986 in the midst of the 1980s leveraged buyout boom to serve as the private equity arm of Lehman Brothers. LBMB was founded just a year after Lehman's Pete Peterson and Stephen A. Schwarzman left the bank to found The Blackstone Group and at the same time that similar groups were founded at other investment banks including Goldman Sachs Capital Partners, Morgan Stanley Capital Partners and DLJ Merchant Banking Partners.
History of private equity and venture capital |
---|
Early history |
(origins of modern private equity) |
The 1980s |
(leveraged buyout boom) |
The 1990s |
(leveraged buyout and the venture capital bubble) |
The 2000s |
(dot-com bubble to the credit crunch) |
The 2010s |
(expansion) |
The 2020s |
(COVID-19 recession) |
Following the departure of the Blackstone founders, Lehman restarted its private equity efforts in the late 1980s raising an investment fund with a new team of professionals led by Jim Stern, Jeff Hughes, Jamie Singleton and David Spalding. LBMB raised its first institutional private equity fund in 1989 with $1.3 billion of capital. Capitalizing on the success of this first fund, in 1994 the four senior managing directors of LBMB left the firm to found The Cypress Group, an independent $3.6 billion private equity firm.
Lehman rebuilt its private equity investment team in the mid-1990s and by 1997 LBMB was in position to raise a new fund. The group raised LBMB's second fund, Lehman Brothers Merchant Banking II, with $2.0 billion of investor commitments.
Lehman Brothers Merchant Banking III is a 2004 vintage fund with $1.2 billion of investor commitments and the group's most recent fund, Lehman Brothers Merchant Banking IV, is a 2007 vintage fund with $3.3 billion in total investor commitments. The fund was downsized to $2.6 billion after the spin-out following the Lehman Brothers bankruptcy. Trilantic Partners successfully kept virtually all of its investment professionals.[3]
Fund | Vintage Year | Capital Committed |
Fund IV | 2007 | $2.6 billion |
Fund III | 2004 | $1.2 billion |
Fund II | 1997 | $2.0 billion |
Fund I | 1989 | $1.3 billion |
Lehman Brothers bankruptcy and LBMB spin out
On September 15, 2008, Lehman Brothers filed for bankruptcy protection. As part of the liquidation process, Lazard was appointed to sell certain interests in Lehman Brothers Merchant Banking and its investment funds held by the bank.[4] At the same time Lehman's estate also attempted to sell two other Lehman private investment units, a venture capital investment group and a real-estate private equity group.[5]
At the time of Lehman's bankruptcy, the group was headed by Charles Ayres who joined Lehman in 2003.[1] Previously, Ayres co-founded MidOcean Partners, which was formed from the private equity assets of Deutsche Bank, where he had served as North American head of private equity.[4]
Among the bidders rumored in the transaction initially included The Blackstone Group, The Carlyle Group and Lexington Partners.[6]
In January 2009, Lehman reportedly reached an agreement to sell certain interests in Lehman Brothers Merchant Banking to South African businessman, Johann Rupert as part of a spinout of the group from the failed bank into an independent private equity firm.[7] Under the deal, the principals of LBMB would spin out the general partner interest of most recent fund LBMB IV with Rupert's Reinet Investments purchasing Lehman's limited partnership interest in LBMB IV.[5][8]
The announcement of the spinout of Lehman Brothers Merchant Banking came just six weeks after the completion of the spinout of Bear Stearns Merchant Banking from JPMorgan Chase to form Irving Place Capital.
Investments
Current Investments
Business Services
Angelica Corporation[9] | Angelica Corporation is a St. Louis, Missouri-based leading provider of outsourced linen management services to the U.S. healthcare industry. The company provides laundry services, linen and apparel rental and on-site linen management services to a diverse customer base of approximately 4,200 healthcare providers located in 25 states. |
Clarion Events LTD[9] | Clarion Events is a UK-based exhibition organizer offering B2B and B2C events at which exhibitors and visitors come together to conduct business and showcase their products. The company owns and operates 65 annual events including 39 exhibitions, 23 conferences and 3 entertainment shows. |
Evergreen Copyright Acquisitions, LLC[9] | Evergreen Copyright Acquisitions is a music publishing company formed to aggregate and optimize small to medium sized catalogs of music copyrights. The company earns royalty income from the use of song copyrights commercially, including public and radio performances, use in television, movies and commercial advertisements, as well as from the sale of CDs, DVDs, digital recordings and sheet music. |
Microstar Logistics[9] | Microstar Logistics provides outsourced mobile asset management solutions, with a particular focus on the craft beer market. The company owns the largest independent keg fleet in the US, managing over 700,000 kegs on behalf of over 120 North American and European craft brewers. |
Vantacore Partners [10] | Vantacore Partners was formed in December 2006 to acquire profitable, well-managed and competitively advantaged mid-sized aggregate companies and combine them into a national enterprise. The company's operations consist of an integrated limestone quarry, a dock facility, two asphalt plants and a commercial asphalt lay down business located in Clarksville, Tennessee and a sand and gravel business located near Baton Rouge, Louisiana. |
Consumer
Fortitech[11] | Fortitech is a global leader in the development of customer nutrient premixes for the food, beverage and pharmaceutical industries. The company integrates functional ingredients such as vitamins, minerals, amino acids, nucleotides and nutraceuticals into various products including infant formula, cereals, sports drinks and dairy products. Headquartered in Schenectady, N.Y., Fortitech has a global network of manufacturing and distribution facilities throughout Europe, Asia Pacific, South America, Mexico and the United States. |
Implus Corporation[12] | Implus Corporation is an innovative leader in the footwear, outdoor and fitness accessories markets with state of the art logistics, merchandising and marketing capabilities. The company’s brands include: Sof Sole (insoles/socks/shoe care), Sof Comfort (insoles), Airplus (insoles), Apara (insoles/socks), Yaktrax (socks/traction devices), Sneaker Balls (shoe care), Highgear (electronics), Little Hotties (warmers) and Perfect (fitness accessories). |
Energy
Antero Resources Corporation[13] | Antero Resources Corporation acquires, exploits, explores for and develops natural gas and oil in the Rocky Mountain and Mid-Continent regions of the U.S. |
Cross Holdings, Inc.[13] | Cross Holdings is an offshore oil and gas services provider involved in pipeline maintenance and repair, hurricane recovery, and routine platform inspection operations in the Gulf of Mexico. Cross also maintains a large inventory of used and refurbished winches that are sold or rented (typically with 1-2 operators) to other offshore service providers. |
Enduring Resources, LLC[13] | Enduring Resources acquires, exploits, explores for and develops natural gas and oil in the Permian Basin. |
Mediterranean Resources, LLC[13] | Mediterranean Resources is an Austin, Texas-based oil and gas company engaged in the acquisition, exploitation, exploration and development of natural gas and oil in mainland Italy, Sicily and the U.S. |
TLP Energy, LLC | TLP Energy is an Oklahoma City-based exploration and production company focused on the acquisition and development of oil and liquid-rich gas resources in the Anadarko Basin. |
Velvet Energy LTD[14] | Velvet Energy is a Calgary, Alberta-based exploration and production company focused on acquiring, exploiting, exploring for and developing oil and liquid-rich natural gas assets in the Western Canadian Sedimentary Basin. |
Financial Services
Flagstone Reinsurance Holdings, S.A.[9] | Flagstone Reinsurance Holdings, through its operating subsidiaries, is a global reinsurance and insurance company that employs a focused and technical approach to the Property Catastrophe, Property, and Specialty reinsurance and insurance businesses. Launched in December 2005, Flagstone was formed to underwrite selected lines of reinsurance in response to severe market dislocations as a result of the losses caused by Hurricanes Katrina, Rita and Wilma. |
Houston International Insurance Group[15] | Houston International Insurance Group (“HIIG”) is the holding company following the completion of the merger between Southwest Insurance Partners and Delos Insurance Company. HIIG's business primarily consists of small and medium size accounts written through its affiliated and non-affiliated underwriting agencies, with certain larger accounts written by the underwriting team in the Houston home office. |
Marex Spectron[16] | Marex Spectron is a leading independent commodities broker with a strong metal and agricultural franchise and presence in FX and Financial Futures trading. These four key segments together represent approximately 75% of revenue and approximately 80% of operating profit. In May 2011, Marex Spectron acquired Spectron, a London-based FSA-regulated agency broker with leading market shares across a number of specialist OTC segments, including UK & European gas & power, European & US emissions and freight derivatives. The combined entity is headquartered in London and employs c. 500 people.[17] |
Other
Healthcare | |
---|---|
Medi-Clinic International[9] | Medi-Clinic International is an international owner-operator of private hospitals that provides comprehensive, high-quality hospital services. It is the number one operator of private hospitals in Switzerland, the number three in South Africa, and also is a large player in the UAE. |
Industrial | |
MacLean Power Systems L.L.C. | MacLean Power Systems L.L.C. is a leading manufacturer and supplier of transmission and distribution products for the electric utility, telecommunications and civil construction markets. The company’s products, such as insulators, arresters and connectors, are used by every major utility in the United States. MPS has manufacturing facilities across the United States, China, France and Canada, and sells products globally in over 40 countries. |
Patentes Talgo S.A.[9] | Patentes Talgo S.A. is a leading train manufacturer in Spain, specialized in the design and manufacturing of high-speed (350km/h) and intercity trains (250km/h), and provider of maintenance, repair and overhaul services for those trains. |
Leisure | |
Gamenet[18] | Gamenet is one of the market leaders in the Italian gaming sector, with a strong presence in the slot machines and video-lotteries businesses. The company is based in Rome and employs 85 people. |
TMT | |
Leya[18] | Leya is the largest publishing group in Portugal with leading positions in both textbooks (# 2) and general publishing (# 1). LeYa also has a leading role in Portuguese-speaking Africa and a nascent and fast-growing presence in Brazil. The company is headquartered in Lisbon and has approximately 500 employees. |
Euskaltel[19] | EUSKALTEL S.A. is a telecom operator in the Basque region, Spain, providing fixed services (fixed line, broadband and pay-TV) through a fully invested digital cable network and mobile services as a Mobile Virtual Network Operator. Founded in 1995, the company is headquartered in Bilbao and has approximately 550 employees.[20] |
Partners
Trilantic North America
- Charles Ayres, Partner, Chairman of Trilantic and Chairman of the Executive Committee
- Daniel James, Partner, Head of Trilantic North America and member of the Executive Committee
- Christopher Manning, Partner and member of the Executive Committee
- Jon Mattson, Partner
- Charles Moore, Partner [21]
Trilantic Europe[22]
- Vittorio Pignatti-Morano, Partner and Chairman of Trilantic Europe
- Javier Bañon, Partner and member of the Executive Committee
- Joseph Cohen, Partner and member of the Executive Committee
- Michaël Madar, Partner [23]
- Giacinto D’Onofrio, Partner [24]
See also
References
- ^ a b New Merchant Bank Head at Lehman . New York Times, April 11, 2003
- ^ "Ex-Lehman unit rebrands as Trilantic Capital". Private Equity International.
- ^ Source: Preqin data
- ^ a b Lehman Brothers Merchant Banking In Limbo. IDD Magazine, September 15, 2008
- ^ a b Lehman Brothers Plans Private-Equity Spinoff. Wall Street Journal, January 9, 2009
- ^ Johann Rupert buys two Lehman PE funds. the Deal, January 22, 2009
- ^ A look inside Lehman Brothers Merchant Banking biz. The Deal, January 9, 2009
- ^ Reinet To Back Management Buyout Of Elements Of The Former Lehman Brothers Merchant Banking Business Reinet Capital Press Release, January 21, 2009.
- ^ a b c d e f g "Reinet cuts in colleagues". Fin24. June 2, 2012.
- ^ "VantaCore Partners Announces $100 Mln Equity Financing With Trilantic Capital Partners, And $42 Mln Debt Financing With PNC Bank". RTT News. April 8, 2010.
- ^ "Trilantic Capital Partners to Invest in Fortitech, Inc". BusinessWire. September 27, 2010.
- ^ "Trilantic Acquires Implus". peHUB. November 1, 2011.
- ^ a b c d "Gulf Blowout Has Energy Private-Equity Leaders Questioning Forward E&P Valuation Metrics". Oil and Gas Investor. June 22, 2010.
- ^ "Velvet Energy Gets PE Backing". peHUB. June 1, 2011.
- ^ "Picky HIIG Seeks Unadvertised Specials". Property Casualty 360. June 17, 2011.
- ^ "Marex Spectron Group to Acquire Global Markets Division from Eden Financial". The Business Journal. July 4, 2011.
- ^ "Marex Spectron Group". London: LEBA.
- ^ a b "Trilantic Capital embraces new deals". Financial Times. November 29, 2010.
- ^ "Investindustrial in PortAventura deal". London: The Financial Times. 04 November 2012.
{{cite web}}
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suggested) (help) - ^ "Investindustrial, Trilantic seal 48 per cent Euskaltel stake buy". London: The AltAssets. 08 October 2012.
{{cite web}}
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suggested) (help) - ^ "Trilantic Capital Partners". Bloomberg Businessweek.
- ^ "Trilantic capital Partners LLP". United Kingdom: Companies in the UK.
- ^ "Michael Madar, Partner". Private Equity Firms.
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- Lehman Merchant Banking to Spin Out. Mergers Unleashed, January 9, 2009
- Lehman merchant banking arm looks for backers. eFinancial News, September 30, 2008
- Billionaire Investor Buys 2 Lehman Funds. New York Times, January 22, 2009
- Lehman to Spin Off Part of Its Buyout Unit. New York Times, January 9, 2009
External links
- Trilantic Capital Partners (company website)