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MidOcean Partners

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MidOcean Partners
Company typePrivate Ownership
IndustryPrivate Equity
FoundedFebruary 2003; 21 years ago (2003-02)
FounderTed Virtue
HeadquartersMidtown Manhattan, New York City
Area served
Global
ProductsPrivate equity funds, Leveraged buyouts
Total assets$10 billion[1]
Websitewww.midoceanpartners.com

MidOcean Partners is a New York–based alternative asset management firm that specializes in mid-sized private equity and alternative leveraged investments.[2][3]

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

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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

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Among MidOcean's investments are various business services; consumer and leisure companies, media and niche industrial services companies including:

  • 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

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Leadership

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  • Ted Virtue – CEO
  • Steve Shenfeld – President
  • Deborah Hodges – COO & Managing Director
  • Andrew Spring – CFO & Managing Director[33]

References

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  1. ^ 'About', company web site. Earlier, an undated figure of $11.5 billion was listed, citing "Private Equity", a company web page which no longer publishes an asset-amount figure. Retrieved 2019-05-24.
  2. ^ "MidOcean Partners raises over $1.5bn for sixth PE fund". Retrieved 2024-02-19.
  3. ^ "MidOcean Partners Raises Over $1.5 Billion for Sixth Private Equity Fund". www.businesswire.com. 2023-04-04. Retrieved 2024-02-19.
  4. ^ "Credit Suisse Gets Federal Nod to Sell DLJ Merchant Banking to Coller". Dow Jones. Retrieved 1 September 2015.
  5. ^ a b "Hunter Point Capital Takes a Stake in MidOcean Partners - SWFI". www.swfinstitute.org. Retrieved 2024-02-19.
  6. ^ a b "MidOcean to manage Morgan Grenfell assets". Infrastructure Investor. 2013-01-15. Retrieved 2024-03-25.
  7. ^ Marco (2003-02-21). "Deutsche Bank: asset sale". Coller Capital. Retrieved 2024-03-25.
  8. ^ a b "Deutsche Bank: asset sale". Coller Capital. 2003-02-21. Retrieved 2024-02-19.
  9. ^ "MidOcean to manage Morgan Grenfell assets". Infrastructure Investor. 2013-01-15. Retrieved 2024-07-02.
  10. ^ Meikle, Brad (2003-07-07). "Investcorp Sells Jostens To CSFB For $1.1B -". Buyouts. Retrieved 2024-07-02.
  11. ^ "MidOcean Partners Sells Majority Stake in The Planet Group | MidOcean Partners". www.midoceanpartners.com. Retrieved 2024-07-03.
  12. ^ "MidOcean Partners Announces Acquisitions and Merger of Hanley Wood and Meyers Research". businesswire. December 12, 2018. Retrieved 2024-07-03.
  13. ^ "MidOcean buys Kennedy-Wilson's Meyers Research, merges it with Hanley Wood". S&P Global. 12 December 2018. Retrieved 2024-07-03.
  14. ^ "MidOcean Partners Sells Majority Stake in The Planet Group". businesswire. May 27, 2021. Retrieved 2024-03-07.
  15. ^ "Hunter Point Capital makes minority investment in MidOcean". S&P Global. 2021-11-01. Retrieved 2024-07-04.
  16. ^ "Bennett Goodman Strikes Deal for Stake in $10 Billion MidOcean". news.bloomberglaw.com. Retrieved 2024-07-04.
  17. ^ "MidOcean". www.bizjournals.com. Retrieved 2022-07-18.
  18. ^ "July 12, 2022: MidOcean Acquires Professional Training Provider". Middle Market Growth.
  19. ^ "Pragmatic Institute Has Been Acquired by MidOcean Partners". William Blair.
  20. ^ "MidOcean Partners Acquires Jostens". mergr.com. Retrieved 2024-03-25.
  21. ^ O'Brien, Bob (4 June 2015). "MidOcean Partners struggles to put rocky performance in past". The Deal. Retrieved 11 June 2015.
  22. ^ "KidKraft | MidOcean Partners".
  23. ^ Farooque, Faizan, "MidOcean buys B2B information services provider Questex", S&P Global Market Intelligence, 13 September 2018. Retrieved 2019-03-27.
  24. ^ Silber, Tony. "B2B Publisher Questex Acquired By The Private-Equity Firm MidOcean Partners". Forbes. Retrieved 2019-12-16.
  25. ^ Selby, Shawn (January 13, 2013). "Washington area business diary for week of Jan. 14". The Washington Post. Retrieved November 12, 2020.
  26. ^ Joyce, Amy (January 12, 2003). "Unwind . . . Before You Unravel". The Washington Post. Retrieved November 12, 2020.
  27. ^ Selby, Shawn (February 12, 2013). "Washington area business diary for week of Feb. 13". The Washington Post. Retrieved November 12, 2020.
  28. ^ Questex LLC (December 12, 2018). "Home - Questex". Archived from the original on 2018-12-12.
  29. ^ a b Questex main web page. Retrieved 2019-03-27.
  30. ^ de la Merced, Michael J., "Bushnell, Maker of Gun Accessories, Is Sold for $985 Million", New York Times Deal Book, September 5, 2013. Retrieved 2019-05-24.
  31. ^ "HIG becomes Jenny Craig's latest PE backer | PitchBook". pitchbook.com. Retrieved 2020-02-09.
  32. ^ Vasquez, Justina, "Church & Dwight to Buy Water Pik for $1 Billion" (subscription required), Wall Street Journal, July 17, 2017. Dental equipment and showerhead company. Retrieved 2017-07-17.
  33. ^ "Leadership". Official Website. Retrieved 2 June 2020.
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