MidOcean Partners
American private equity firm From Wikipedia, the free encyclopedia
MidOcean Partners is a New York based alternative asset management firm that specializes in mid-sized private equity and alternative leveraged investments.[2][3]
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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 |
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]
History
Summarize
Perspective
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]
Investments
Among MidOcean's investments are various business services; consumer and leisure companies, media and niche industrial services companies including:
- Music Reports
- Casablanca Fan Company
- Center Parcs UK
- Hunter Fan Company
- Jostens[20]
- LA Fitness (Europe) [21] – unaffiliated with American LA Fitness company
- Palace Entertainment
- Prestige Brands
- Sbarro
- Stratus Technologies
- Totes-Isotoner
- United Biscuits
- Young America Corporation[citation needed]
- KidKraft [22]
- LegalShield (previously known as Pre-Paid Legal)
- Travelpro Products, Inc
- Questex, a "leading B2B information services provider", acquired from Shamrock Capital in 2018[23] for a price estimated at around $180 million;[24] Questex holdings include:
- FierceMarkets Inc., a Washington, DC–based electronic media company focused on online and e-mail newsletter trade publishing covering various industries.[25][26][27] Fierce-branded properties include FierceBiotech, FierceCable, FierceCEO, FierceHealthcare, FiercePharma, FierceRetail, FierceTelecom, and FierceWireless.[28][29]
- Marketplaces, including Beauty, Spa & Wellness, Hospitality, Life Sciences & Healthcare, Telecommunications & Technology and Travel[29]
Former investments
- Bushnell Corporation, sold in 2013 to Alliant Techsystems/ATK[30]
- Jenny Craig, Inc.[31]
- Water Pik, Inc. (agreed to sell: 2017)[32]
Leadership
- Ted Virtue – CEO
- Steve Shenfeld – President
- Deborah Hodges – COO & Managing Director
- Andrew Spring – CFO & Managing Director[33]
References
External links
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