MidOcean Partners
{{short description|American private equity firm}}
{{More citations needed|date=August 2019}}
{{Infobox company
| logo = MidOcean_Partners_Logo.svg
| name = MidOcean Partners
| type = Private
| founder = Ted Virtue
| hq_location = Midtown Manhattan, New York City
| founded = {{start date and age|2003|02}}
| industry = Private Equity
| area_served = Global
| products = Private equity funds, Leveraged buyouts
| homepage = {{URL|http://www.midoceanpartners.com/}}
}}
MidOcean Partners is a New York based alternative asset management firm that specializes in mid-sized private equity and alternative leveraged investments.{{Cite web |title=MidOcean Partners raises over $1.5bn for sixth PE fund |url=https://www.privateequitywire.co.uk/midocean-partners-raises-over-15bn-sixth-pe-fund/ |access-date=2024-02-19}}{{Cite web |date=2023-04-04 |title=MidOcean Partners Raises Over $1.5 Billion for Sixth Private Equity Fund |url=https://www.businesswire.com/news/home/20230404005353/en/MidOcean-Partners-Raises-Over-1.5-Billion-for-Sixth-Private-Equity-Fund |access-date=2024-02-19 |website=www.businesswire.com |language=en}}
The firm, founded in February 2003,{{cite news|title=Credit Suisse Gets Federal Nod to Sell DLJ Merchant Banking to Coller|url=http://pevc.dowjones.com/Article?an=DJFLBO0020131203e9c3qgud6&cid=32135028&ctype=ts&ReturnUrl=http://pevc.dowjones.com/Article?an=DJFLBO0020131203e9c3qgud6&cid=32135028&ctype=ts|access-date=1 September 2015|publisher=Dow Jones}}{{Cite web |title=Hunter Point Capital Takes a Stake in MidOcean Partners - SWFI |url=https://www.swfinstitute.org/news/89247/hunter-point-capital-takes-a-stake-in-midocean-partners |access-date=2024-02-19 |website=www.swfinstitute.org}} 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.{{Cite web |last= |first= |date=2013-01-15 |title=MidOcean to manage Morgan Grenfell assets |url=https://www.infrastructureinvestor.com/midocean-to-manage-morgan-grenfell-assets/ |access-date=2024-03-25 |website=Infrastructure Investor |language=en-GB}}{{Cite web |last=Marco |date=2003-02-21 |title=Deutsche Bank: asset sale |url=https://www.collercapital.com/deutsche-bank-asset-sale/ |access-date=2024-03-25 |website=Coller Capital |language=en-US}}
History
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.{{Cite web |last= |date=2003-02-21 |title=Deutsche Bank: asset sale |url=https://www.collercapital.com/deutsche-bank-asset-sale/ |access-date=2024-02-19 |website=Coller Capital |language=en-US}} In addition to the €1.5 billion DB portfolio, MidOcean took over a €1 billion portfolio from a subsidiary of DB.{{Cite web |last= |first= |date=2013-01-15 |title=MidOcean to manage Morgan Grenfell assets |url=https://www.infrastructureinvestor.com/midocean-to-manage-morgan-grenfell-assets/ |access-date=2024-07-02 |website=Infrastructure Investor |language=en-GB}} 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. 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.
In 2003, MidOcean sold the class ring and school yearbook supplier Jostens for nearly $500 million to CSFB.{{Cite web |last=Meikle |first=Brad |date=2003-07-07 |title=Investcorp Sells Jostens To CSFB For $1.1B - |url=https://www.buyoutsinsider.com/investcorp-sells-jostens-to-csfb-for-1-1b/ |access-date=2024-07-02 |website=Buyouts |language=en-US}}
In 2009, MidOcean Partners formed MidOcean Credit Opportunity LP.{{Cite web |title=MidOcean Partners Sells Majority Stake in The Planet Group {{!}} MidOcean Partners |url=https://www.midoceanpartners.com/news-media/2021-05-26-midocean-partners-sells-majority-stake-in-the-planet-group |access-date=2024-07-03 |website=www.midoceanpartners.com |language=en}}
In December 2018, MidOcean acquired HW Holdco and Meyers Research.{{Cite web |date=December 12, 2018 |title=MidOcean Partners Announces Acquisitions and Merger of Hanley Wood and Meyers Research |url=https://www.businesswire.com/news/home/20181212005119/en/MidOcean-Partners-Announces-Acquisitions-and-Merger-of-Hanley-Wood-and-Meyers-Research |access-date=2024-07-03 |website=businesswire}}{{Cite web |date=12 December 2018 |title=MidOcean buys Kennedy-Wilson's Meyers Research, merges it with Hanley Wood |url=https://www.spglobal.com/marketintelligence/en/news-insights/trending/weXsBn_yKnq6EXIPL-BRtA2 |access-date=2024-07-03 |website=S&P Global}}
In May 2021, MidOcean sold their majority stake in The Planet Group to ProPharma Group.{{Cite web |date=May 27, 2021 |title=MidOcean Partners Sells Majority Stake in The Planet Group |url=https://www.businesswire.com/news/home/20210527005734/en/MidOcean-Partners-Sells-Majority-Stake-in-The-Planet-Group |access-date=2024-03-07 |website=businesswire}} In November that same year, Hunter Point Capital bought a minority stake in MidOcean.{{Cite web |date=2021-11-01 |title=Hunter Point Capital makes minority investment in MidOcean |url=https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/hunter-point-capital-makes-minority-investment-in-midocean-67379449 |access-date=2024-07-04 |website=S&P Global}}{{Cite web |title=Bennett Goodman Strikes Deal for Stake in $10 Billion MidOcean |url=https://news.bloomberglaw.com/mergers-and-acquisitions/bennett-goodman-strikes-deal-for-stake-in-10-billion-midocean |access-date=2024-07-04 |website=news.bloomberglaw.com |language=en}}
In June 2022, MidOcean Partners acquired Pragmatic Institute, a product management training company.{{Cite web |url=https://www.bizjournals.com/phoenix/news/2022/07/13/midocean-partners-acquires-pragmatic-institute.html |title=MidOcean|access-date=2022-07-18 |website=www.bizjournals.com}}{{cite web |title=July 12, 2022: MidOcean Acquires Professional Training Provider |url=https://middlemarketgrowth.org/pe-today-midocean-court-square-o2-sponsor-finance/ |website=Middle Market Growth}}{{cite web |title=Pragmatic Institute Has Been Acquired by MidOcean Partners |url=https://www.williamblair.com/News/Pragmatic-Institute-and-MidOcean-Partners-Transaction |website=William Blair}}
References
{{reflist}}
{{refbegin}}
- "[http://dealbook.blogs.nytimes.com/2006/07/19/former-deutsche-buyout-arm-raises-1-billion-for-new-fund/ Former Deutsche Buyout Arm Raised $1 billion for New Fund]." New York Times, July 19, 2006
- "[http://www.efinancialnews.com/homepage/content/535017 MidOcean Partners to Raise $1 billion fund]", eFinancial News, January 9, 2006
- "[https://web.archive.org/web/20080123122008/http://www.buyoutsnews.com/story.asp Goldman Sachs, CPPIB Lead $925M Secondary Buy]."Buyouts, April 17, 2006
- "[https://www.prnewswire.com/news-releases/midocean-partners-announces-acquisition-of-travelpro-group-luggage-industry-leader-300272748.html MidOcean Partners Announces Acquisition of Travelpro Group Luggage Industry Leader]", PR Newswire, May 23, 2016
- [http://www.altassets.net/casefor/sectors/2003/nz1681.php Secondaries grow in stature]
{{refend}}
External links
{{Portal|New York City|Companies}}
- [http://www.midoceanpartners.com/ MidOcean Partners] (company website)
{{Private equity firms}}
{{Merchant banking private equity groups}}
{{DEFAULTSORT:Midocean Partners}}
Category:Private equity firms of the United States
Category:Private equity secondary market
Category:Financial services companies established in 2003
Category:Companies based in Manhattan