BC Partners
Encyclopedia
BC Partners is a private equity
firm specialising in buyouts and acquisitions financing in Europe and the United States
. The firm invests across all industries. BC Partners was founded in 1986 and is based in London
, United Kingdom
with additional offices in Paris
, France
; New York City
; Milan
and Hamburg
.
The firm competes for buyouts and investment opportunities with other large cap private equity firms including Blackstone Group
, CVC Capital Partners
, Advent International
and The Carlyle Group. 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. In comparison to other large private equity practices, BC Partners is more efficiently staffed for the quantum of capital it manages. While investing in its $8.4 billion Fund VIII, the firm employs only ~50 investment professionals. Competitors such as The Carlyle Group (890 professionals), Bain Capital (700+ professionals), TPG Capital, Permira and CVC Capital Partners employ hundreds of professionals.
BC Partners is majority shareholder of Intelsat
, the global satellite services provider valued at $16.6 billion USD in its leveraged buyout in 2007—one of the largest private equity buyouts of all time. In 2008, BC Partners replaced Intelsat's chairman with Raymond Svider, BC's New York-based co-chairman.
. Originally, BC was formed by Barings to advise funds providing development capital, in particular for management buyouts. The principals of Baring Capital Investors completed a spinout of what would become BC Partners following the collapse of Barings in 1995. Van der Wyck left the firm in 2001 and has held senior roles with firms including Coller Capital
climate change capital
and AlpInvest Partners
. BC is currently investing from its eighth private equity fund. The firm plans to start raising about €6 billion euros (~$8.4 billion USD) for leveraged buyouts in 2010.
BC Partners portfolio includes 17 companies with aggregate sales revenue of $35 billion USD (€28 billion). BC Partners can commit over $2.75 billion (€2.0 billion) of equity to any single transaction. The firm's most successful and profitable realised 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), and Galbani (market-leading cheese company).
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
firm specialising in buyouts and acquisitions financing in Europe and the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. The firm invests across all industries. BC Partners was founded in 1986 and is based in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
with additional offices in Paris
Paris
Paris is the capital and largest city in France, situated on the river Seine, in northern France, at the heart of the Île-de-France region...
, France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
; New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
; Milan
Milan
Milan is the second-largest city in Italy and the capital city of the region of Lombardy and of the province of Milan. The city proper has a population of about 1.3 million, while its urban area, roughly coinciding with its administrative province and the bordering Province of Monza and Brianza ,...
and Hamburg
Hamburg
-History:The first historic name for the city was, according to Claudius Ptolemy's reports, Treva.But the city takes its modern name, Hamburg, from the first permanent building on the site, a castle whose construction was ordered by the Emperor Charlemagne in AD 808...
.
The firm competes for buyouts and investment opportunities with other large cap private equity firms including Blackstone Group
Blackstone Group
The Blackstone Group L.P. is an American-based alternative asset management and financial services company that specializes in private equity, real estate, and credit and marketable alternative investment strategies, as well as financial advisory services, such as mergers and acquisitions ,...
, CVC Capital Partners
CVC Capital Partners
CVC Capital Partners is one of the top five largest private equity firms globally with approximately US$46 billion in funds focused on management buyouts...
, Advent International
Advent International
Advent International is a global private equity firm focused on buyouts of middle market growth companies in Western and Central Europe, North America, Latin America and Asia...
and The Carlyle Group. 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. In comparison to other large private equity practices, BC Partners is more efficiently staffed for the quantum of capital it manages. While investing in its $8.4 billion Fund VIII, the firm employs only ~50 investment professionals. Competitors such as The Carlyle Group (890 professionals), Bain Capital (700+ professionals), TPG Capital, Permira and CVC Capital Partners employ hundreds of professionals.
BC Partners is majority shareholder of Intelsat
Intelsat
Intelsat, Ltd. is a communications satellite services provider.Originally formed as International Telecommunications Satellite Organization , it was—from 1964 to 2001—an intergovernmental consortium owning and managing a constellation of communications satellites providing international broadcast...
, the global satellite services provider valued at $16.6 billion USD in its leveraged buyout in 2007—one of the largest private equity buyouts of all time. In 2008, BC Partners replaced Intelsat's chairman with Raymond Svider, BC's New York-based co-chairman.
History
The firm, originally founded in 1986 as Baring Capital Investors Ltd. by Otto van der Wyck, who was also a co-founder of CVC Capital PartnersCVC Capital Partners
CVC Capital Partners is one of the top five largest private equity firms globally with approximately US$46 billion in funds focused on management buyouts...
. Originally, BC was formed by Barings to advise funds providing development capital, in particular for management buyouts. The principals of Baring Capital Investors completed a spinout of what would become BC Partners following the collapse of Barings in 1995. Van der Wyck left the firm in 2001 and has held senior roles with firms including Coller Capital
Coller Capital
Coller Capital, founded in 1990 by Jeremy Coller, is one of the leading global investors in the Private equity secondary market ....
climate change capital
Climate Change Capital
Established in 2003, Climate Change Capital is a private investment manager that invests in carbon finance projects in developing countries, Cleantech companies headquartered in Europe and renewable energy projects and commercial green buildings in the United Kingdom.As of December 2010, Climate...
and AlpInvest Partners
AlpInvest Partners
AlpInvest Partners is a private equity investment manager and at the end of 2009 globally managed over €42 billion ....
. BC is currently investing from its eighth private equity fund. The firm plans to start raising about €6 billion euros (~$8.4 billion USD) for leveraged buyouts in 2010.
| Raised / Announced Fund | Vintage Year | Capital Committed / Target (USD) |
| BC Partners IX (Announced) | 2010 | $8.4 billion |
| BC Partners VIII | 2005 | $8.4 billion |
| BC Partners VII | 2001 | $5.4 billion |
| BC Partners VI | 1997 | $1.1 billion |
| BC Partners V | 1994 | $1.1 billion |
Significant Transactions Completed by BC Partners
| Year | Company Name | Description of BC Partners Transaction |
| 2010 | MultiPlan | $3.1 billion LBO of leading provider of health care cost management services |
| 2009 | Office Depot Office Depot Office Depot is a supplier of office products and provides many services. The company's selection of brand name office supplies includes business machines, computers, computer software and office furniture, while its business services encompass copying, printing, document reproduction, shipping,... | Leading global provider of office products and services |
| 2008 | Migros Türk Migros Türk Ramstore/Migros Türk Ticaret A.Ş. is one of the biggest chain of supermarkets in Turkey.Together via Migros supermarkets, Şok discount stores, international Ramstore shopping centers, online shopping, wholesale stores, and mobile sales units, Migros Türk serves an estimated 160 million customers... | Turkey's leading supermarket chain |
| 2008 | Intelsat Intelsat Intelsat, Ltd. is a communications satellite services provider.Originally formed as International Telecommunications Satellite Organization , it was—from 1964 to 2001—an intergovernmental consortium owning and managing a constellation of communications satellites providing international broadcast... | $16.6 billion acquisition of world's leading fixed satellite service provider |
| 2006 | Brenntag | Second largest LBO in Germany to date |
| 2006 | Regency Entertainment | Largest public-to-private LBO in Greece to date |
| 2005 | Amadeus IT Group Amadeus IT Group Amadeus IT Group is a transaction processor for the global travel and tourism industry. The company is structured around two key related areas - its global distribution system and its IT Solutions business area... | Largest LBO in Spain to date |
| 2004 | Picard | Largest LBO in France that year |
| 2003 | SEAT PG Seat Pagine Gialle SEAT Pagine Gialle is an Italian telephone directories and street maps publisher, active also in the online advertising sector. The UK subsidiary is Thomson Directories Ltd.-External links:***... | Largest LBO in Europe at the time |
| 2002 | Hirslanden | Largest LBO in Switzerland that year |
| 2001 | Sanitec | Largest public to private LBO in Finland to date |
| 2000 | Mark IV | Largest LBO in the USA by a European sponsor at the time |
External links
- BC Partners (company website)
- "BC Partners to Start Raising $8.4 Billion This Year"