Ketupa.net a media industry resource

Funds: Activity

Activity

This page highlights particular funds that are active in the media sector.


It covers -

  • Apax Partners
  • Bain Capital
  • Blackstone
  • Candover
  • Carlyle Group
  • Cinven
  • CVC
  • Hicks Muse Tate & Furst
  • KKR
  • Thomas H Lee Partners
  • Madison Dearborn Partners
  • Macquarie
  • Oaktree Capital Management
  • Permira
  • Providence Equity Partners
  • Texas Pacific Group

More comprehensive coverage is available on the Caslon Analytics site.

Apax Partners

Apax operates across the US, Europe and Israel. It boasts that it has raised or advised some US$20bn for "long-term equity financing to build and strengthen world-class companies" through "a multi-stage equity investment strategy, investing in late venture, growth capital and buyouts". Apax's funds invest in the "Tech & Telecom", Retail & Consumer, Media, Healthcare and Financial & Business Services sectors.

Apax funds have taken stakes in CME, PCM Uitgevers, Yell Directories, VNU World Directories, Incisive Media and MediMedia.

Its corporate site is here.

Bain Capital

Bain Capital, established in 1984, encompasses a range of finance sector operations. It claims to be "one of the world's leading private investment firms with approximately $40 billion in assets under management". Bain Capital's "family of funds includes private equity, venture capital, public equity and leveraged debt assets".

Enterprises in the Bain orbit include Houghton Mifflin, Cumulus Media Partners, Advertising Directory Solutions, Warner Music, ProSiebenSat.1 and Canadian Yellow Pages, along with publications such as American Physical Therapy.

Its corporate site is here.

Blackstone

Blackstone was founded in 1985 by former Lehman Bros executive Peter Peterson and Stephen Schwarzman, raising investment funds in the late 1980s. As of 2006 it boasted a US$15.6bn private equity fund that it identified as the largest in the world

Media and entertainment holdings include Houghton Mifflin, Freedom, Cumulus Media Partners and Universal Studios Florida.

Its corporate site is here.

Candover

Candover was established in 1980, with a listing on the LSE in 1984. Its focus is on Belgium, Luxembourg, France, Germany, Italy, Scandinavia and Spain. As of 2006 it had invested in 128 deals with a total value of over €35bn. It boasts that "almost 90% of companies we have backed have achieved successful exits via stock market listings or trade sales".

Candover's investment trust has taken stakes in UPC Norway, Bertelsmann Springer, Kluwer Academic Publishers and Bureau van Dijk Electronic Publishing.

Its corporate site is here.

Carlyle Group

The Carlyle Group boasts US$44.3bn under management, with 42 funds covering "investment disciplines" - buyouts, venture & growth capital, real estate and leveraged finance. It was founded in 1987 and as of 2006 claimed to have invested US$22.4bn in 528 transactions, including US$1.7bn of its own capital. In recent years it has replaced KKR as a target for conspiracists and anti-globalisation enthusiasts.

Investments have included Aprovia, Baker & Taylor, Dex, VNU, Casema and MediMedia.

Its corporate site is here.

Cinven

Cinven was founded in 1977, with a focus on European enterprises. As of 2006 it had invested in buyouts with a value in excess of €55bn. In 2002 Cinven closed its latest fund (some €4.4bn), with over 100 institutional investors from 19 nations.

Cinven has funded deals involving Hodder Headline, ABC Cinemas, Odeon cinemas, LH Media, IPC magazines, Kluwer Academic Publishers, VNU World Directories, Newsquest, Aprovia, MediMedia and BertelsmannSpringer.

Its corporate site is here.

CVC

CVC identifies itself as "an independent buy-out group", founded in 1981. As of 2006 it had raised over US$18bn in Europe (US$15.5bn) and Asia. It boasts that it has acquired over 220 enterprises in Europe for a total consideration of some €61.9bn. Its European portfolio as of 2006 comprised of 38 companies, with "a combined transaction size of over €32.2 billion". CVC Asia Pacific, formed in 1999, currently handles US$2.7bn private equity funds, having acquired 17 companies in the region for over US$4.3bn.

Stakes in Europe, Australia and elsewhere include PBL Media, Veen Bosch & Keuning, SEAT Pagine Gialle and Formula One rights management.

Its corporate site is here.

Hicks Muse Tate & Furst

Interests badged as HM Capital Partners, Hicks & Haas, Hicks Muse Tate & Furst (HMTF) and Lion Capital trace their origins to 1977. HM Capital is currently investing and managing a US$1.6 billion fund.

Funding by the 'HMTF' entities has encompassed LIN TV, Chancellor Media, Capstar Communications, SFX Broadcasting, United Artsts cinemas, STC Television, Regal Cinemas and Clear Channel.

Its corporate site is here.

KKR

Kohlberg Kravis Roberts - variously tagged as 'barbarians at the gate' and 'pigs at the trough' - was founded in 1976 by Jerome Kohlberg, Henry Kravis and George Roberts. It boasts that as of 2006 it had completed over 140 transactions valued at US$215bn, supposedly creating US$68b of value on US$26bn invested capital.

Entities funded by KKR, successfully or otherwise, include Primedia, Wometco, Storer, SBS, Newsquest, Seven Media and Golden West Television.

Its corporate site is here.

Thomas H Lee

Boston-based Thomas H Lee Partners was founded in 1974 by Thomas Lee (who departed in 2006 to establish competitor Lee Equity Partners). As of 2006 it managed some US$12bn of committed capital.

It has taken stakes in VNU, Warner Music, Houghton Mifflin, American Media, ProSiebanSat.1 and Cumulus Media Partners.

Madison Dearborn Partners

Madison Dearborn was founded in 1992. Activity has centred on financial services (financial outsourcing, specialty finance and banking), basic industries (forestry, paper & packaging, building products), communications (media and telephone systems), consumer (retail, restaurants and consumer products) and health care (care providers, medical equipment and outsourced clinical staffing). In 2006 it raised some US$6.5bn for its latest fund.

Its corporate site is here.

Macquarie

Macquarie Bank traces its origins to merchant bank Hill Samuel Australia (HSA), a subsidiary of London banker Hill Samuel & Co. Limited. HSA began operation in Sydney in 1970 and became Macquarie Bank Limited in 1985, following deregulation of the Australian financial market and takeover of its UK parent by Trustee Savings Bank (TSB), in turn engulfed by Lloyd's Bank.

Macquarie listed on the Australian Stock Exchange (ASX) in 1996 with a market capitalisation of $1.3 billion. It subsequently expanded aggressively through development of infrastructure and other investment funds, which included an Australian tollway and the $5.6 billion acquisition of Sydney airport.

As of 2005 it is a $14.5 billion investment bank operating in 23 countries. It has been characterised as making its money by extracting substantial fees at every stage - advising on the sale of the assets to the trust, underwriting the subsequent float, continuing management of the trust and meeting performance targets

and through direct stakes in particular funds. Over 40% of Macquarie's earnings come from outside Australia.

Major interests under 13 listed infrastructure, tourism, retail property, nursing homes and airport funds include -

  • Macquarie Airports - stakes in Sydney, Birmingham, Rome, Bristol and Brussels International airports
  • Macquarie Infrastructure Group - stakes in 12 toll roads across six nations (inc M6 motorway in UK, Canada's 407ETR, SR-125 South in San Diego)
  • Macquarie Communications Infrastructure - stake in Arqiva (owns and operates over 3,000 UK television transmission towers sold by NTL in 2004 for £1.27bn) and in Broadcast Australia (600 transmitter sites across Australia used by public broadcasters including ABC and SBS)
  • 10% of Macquarie Capital Alliance - has 65% of Creative Broadcast Services Ltd, channel management and creative services arm formerly owned by BBC and known as BBC Broadcast Services. Macquarie Bank directly owns 35% of the business.

Oaktree

Oaktree Capital Management, LLC was founded in 1995 by Howard Marks, Larry Keele, Bruce Karsh, Richard Masson, Sheldon Stone and Stephen Kaplan.

It has been involved with Loews Cineplex and Grupo Cinemex.

Its corporate site is here.

Permira

Permira acts as adviser to 19 Permira Funds (aggregate €22bn). Since establishment in 1985 as Schroder Ventures it has been involved in over 280 transactions in 15 countries.

Permira has a major stake in SBS and SEAT. It formerly controlled German pay-tv group Premiere.

Its corporate site is here.

Providence Equity Partners

Providence Equity specialises in equity investments in media and communications, managing funds with over US$9bn in equity commitments. It has invested in over 80 companies in some 20 countries.

Providence has taken stakes in MGM, Freedom, Kerasotes Theatres, Casema, Hallmark International, Recoletos, ProSiebanSat.1 and Warner Music Group

Its corporate site is here.

Texas Pacific Group

Texas Pacific was founded in 1992 by by David Bonderman, James Coulter and William Price. As of 2006 it claimed US$20bn under management through a family of funds that includes private equity, venture capital and public equity and debt investing.

It has a stake in MGM.

Its corporate site is here.