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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.
 1982
Wesray Capital buys Gibson Greeting Cards from RCA for
US$80m
1983
Wesray floats Gibson for US$290m
1984
KKR funds buyout of Wometco for US$1.07bn
1985
KKR funds buyout of Storer
Communications for US$2.43bn
1986
Cinven supports Headline Book Publishing
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
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
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
1990
K-III buys International Thomson Transport Press from
Thomson
Headline acquires Hodder & Stoughton, becomes Hodder
Headline
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
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
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
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
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
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
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
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
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
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
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
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 yellow 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
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 About.com 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 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
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
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