Providence Equity Partners Information
Providence Equity Partners is a global private equity investment firm focused on media, entertainment, communications and information investments. The firm specializes in leveraged buyout transactions as well as growth capital investments and has invested in more than 100 companies globally since its inception in 1989.
The firm manages funds with over $22 billion in equity commitments, making it a large global player in the private equity industry. Providence was one of the principal pioneers of a sector-based approach to private equity investing. The firm’s sixth fund, Providence Equity Partners VI, closed on $12 billion in 2007,[1] making it the largest sector-focused private equity fund ever raised.[2]
Providence is headquartered in Providence, Rhode Island with five additional offices in New York, Los Angeles, London, Hong Kong and New Delhi.
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History
| History of private equity and venture capital | |
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Early history (Origins of modern private equity) • The 1980s (LBO boom) • The 1990s (LBO bust and the VC bubble) • The 2000s (Dot-com bubble to the credit crunch) |
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Providence is led by CEO Jonathan M. Nelson. The firm relies primarily on pools of committed capital that are raised from a broad array of institutional investors (e.g., pension funds, endowments, sovereign wealth funds, financial institutions, insurance companies, fund of funds, and high net worth individuals).
On September 16, 2009 Richard Parsons, who became chairman of Citigroup Inc. in February 2009, joined Providence Equity Partners Inc. as a senior adviser. “Dick is a highly regarded corporate leader and his counsel is regularly sought by boards, CEOs and government officials,” Citigroup said in a separate statement. “His advisory role at Providence will not require any day-to-day operational work or oversight, and his primary business activity absolutely will remain with Citi.”[3]
Providence partners with companies across different stages in their development, from growth capital and complex recapitalizations of family-owned businesses to large buyouts and take-privates. The firm targets equity investments of $250 million to $2.5 billion and can employ a variety of financing structures. Providence prefers to lead its investments, serve on company boards, and work collaboratively with company management.
In 2008, Providence hired Thomas Gahan as president of the firm’s new capital markets group.[4] Prior to joining Providence, Mr. Gahan was head of Deutsche Bank’s corporate and investment banking in the Americas and chief executive officer of Deutsche Bank Securities. Providence’s capital markets group invests in the debt of media, communications, entertainment and information companies worldwide.
In 2010, Providence has been one of the most active private equity firms. Providence buyouts and portfolio transactions in 2010 include Study Group, Kroll, Kerasotes Theatres, Virtual Radiologic, AutoTrader, and Baidu's online video division. Providence exits by sale or IPO include Bresnan Communications and Kabel Deutschland.
Portfolio investments
The following are lists of some of the most significant current and past leveraged buyout and growth capital investments completed by Providence to date.
Select current investments as of January 2011 include:
- AutoTrader.com (25%)
- Catalpa Kinderopvang BV
- Television Broadcasts Limited[5]
Select current investments as of June 2009 include:
- ABTL (Indus Towers)
- Asurion
- CanalDigitaal
- Com Hem
- Decision Resources
- Digiturk
- Education Management Corporation
- eTelecare Global Solutions
- Hulu
- Idea Cellular
- JBP Holdings
- Kabel Deutschland
- Kerasotes Theatres
- Metro-Goldwyn-Mayer
- MobileServ
- Mountain States Cable Television
- NexTag
- Study Island / Archipelago Learning
- TDC A/S
- Trilogy International Partners
- USIS
- Warner Music Group
- WhitePages
- World Triathlon Corporation
- Yankees Entertainment and Sports Network
- ZeniMax Media
Select past investments as of June 2009 include:
- American Cellular
- Brooks Fiber Properties
- Casema
- eircom
- Language Line Services
- MetroNet
- PanAmSat
- Powerfone Holdings
- ProSiebenSat.1
- Recoletos Grupo de Comunicación
- Verio
- VoiceStream Wireless
- Western Wireless
- WNP Communications
References
- ^ http://www.provequity.com//news/releases/Fund%20VI%20Close%20Press%20Release%20FINAL.pdf
- ^ http://www.peimedia.com/PEI50
- ^ http://www.bloomberg.com/apps/news?pid=20601103&sid=akQMLb9rWnTw
- ^ http://www.provequity.com//news/releases/Gahan%20Press%20Release%20FINAL.pdf
- ^ http://i1.web.vip.hk1.tvb.com/www.tvb.com/affairs/faq/corporate/pdf/announcement/c-Announcement_20110126.pdf
External links
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Categories: Private equity firms | Companies based in Providence, Rhode Island | Providence Equity Partners
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Providence Equity Partners
Thu, 29 Dec 2011 09:37:53 -0800
Sun Gard went private in an $11.4 billion deal in 2005 financed by Bain Capital, Blackstone Group, Goldman Sachs, Kohlberg Kravis Roberts, Providence Equity Partners and TPG, so next year, the investors should be assumed to want an exit. ...