CCMP Capital
Encyclopedia
CCMP Capital is a private equity
investment firm that focuses on leveraged buyout
and growth capital
transactions. Formerly known as JP Morgan Partners, the investment professionals of JP Morgan Partners separated from JPMorgan Chase on July 31, 2006. CCMP has invested approximately $12 billion in leveraged buyout
and growth capital
transactions since inception. In 2007, CCMP was ranked #17 among World's largest private equity funds.
CCMP has over 50 employees with offices in New York
, London
, Hong Kong
and Tokyo
. In 2008, CCMP hired Greg Brenneman
as chairman.
Following Chemical's acquisition of Chase Manhattan Bank
in 1996, Chemical adopted the Chase name and Chemical Venture Partners changed its name to Chase Capital Partners. Similarly, following the 2000 acquisition of J.P. Morgan & Co. and the formation of JPMorgan Chase, the group changed its name yet again to JP Morgan Partners. Over this time, the platform grew through its integration of the private equity organizations of Manufacturers Hanover, Chase Manhattan
, Hambrecht & Quist
, Robert Fleming & Co.
, The Beacon Group and J.P. Morgan & Co.
In 2004, JPMorgan Chase completed its acquisition of Bank One which had its own in house private equity investment group, One Equity Partners
. One Equity, led by Dick Cashin was ultimately designated as the lead private equity platform for JPMorgan Chase at which point JP Morgan Partners formalized plans to spin out of JPMorgan Chase.
JP Morgan Partners announced the spinout in March 2005 and completed the separation from JPMorgan Chase effective July 31, 2006. The new firm adopted the CCMP acronym in reference to its predecessor entities (i.e., Chemical and Chase and JP Morgan Partners). In April 2006, JPMorgan Chase completed the sale of a $925 million interest in JP Morgan Partners Global Fund to a consortium of secondary investors
.
The spinout of CCMP came at the same time as the spinouts of private equity groups from other leading investment banks including: Morgan Stanley
(Metalmark Capital
), Citigroup
(Court Square Capital Partners
), Deutsche Bank (MidOcean Partners
) and Credit Suisse First Boston
(Avista Capital Partners
, Diamond Castle Holdings
).
In 2007, CCMP completed fundraising for its most recent fund, closing on $3.4 billion in commitments from institutional investors for CCMP Capital Investors II. CCMP Capital Investors II, represented the first fund raised by the CCMP team subsequent to its split from JPMorgan Chase and came in slightly below the original $3.5 billion target that CCMP set for the fundraising.
, growth capital
and venture capital
transactions. Following the spinout, the investment professionals focused on venture capital
transactions separated from the CCMP Capital team to form a new firm, Panorama Capital.
Based in Menlo Park, California
, Panorama continues to focus on early and expansion-stage opportunities in both the information technology
and life sciences
sectors. Panorama began raising its first independent fund in October 2005, with a target size of $500 million. After more than a year of fundraising, Panorama closed on approximately $240 million of investor commitments.
had co-invested in several transactions alongside the global funds.
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
investment firm that focuses on leveraged buyout
Leveraged buyout
A leveraged buyout occurs when an investor, typically financial sponsor, acquires a controlling interest in a company's equity and where a significant percentage of the purchase price is financed through leverage...
and growth capital
Growth capital
Growth capital is a type of private equity investment, most often a minority investment, in relatively mature companies that are looking for capital to expand or restructure operations, enter new markets or finance a significant acquisition without a change of control of the business.Companies...
transactions. Formerly known as JP Morgan Partners, the investment professionals of JP Morgan Partners separated from JPMorgan Chase on July 31, 2006. CCMP has invested approximately $12 billion in leveraged buyout
Leveraged buyout
A leveraged buyout occurs when an investor, typically financial sponsor, acquires a controlling interest in a company's equity and where a significant percentage of the purchase price is financed through leverage...
and growth capital
Growth capital
Growth capital is a type of private equity investment, most often a minority investment, in relatively mature companies that are looking for capital to expand or restructure operations, enter new markets or finance a significant acquisition without a change of control of the business.Companies...
transactions since inception. In 2007, CCMP was ranked #17 among World's largest private equity funds.
CCMP has over 50 employees with offices in New York
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
and Tokyo
Tokyo
, ; officially , is one of the 47 prefectures of Japan. Tokyo is the capital of Japan, the center of the Greater Tokyo Area, and the largest metropolitan area of Japan. It is the seat of the Japanese government and the Imperial Palace, and the home of the Japanese Imperial Family...
. In 2008, CCMP hired Greg Brenneman
Greg Brenneman
Gregory D. Brenneman is the Chairman of CCMP Capital, a private equity firm. Most recently, Brenneman had served as president and CEO of CCMP-owned Quiznos Sub, a fast-food sandwich chain. Brenneman also serves on the board of directors of The Home Depot, Inc...
as chairman.
History
CCMP has been known by several names over the past two decades, originally founded as Chemical Venture Partners in 1984, to serve as the private equity and venture capital arm of Chemical Bank.Following Chemical's acquisition of Chase Manhattan Bank
Chase Manhattan Bank
JPMorgan Chase Bank, N.A., doing business as Chase, is a national bank that constitutes the consumer and commercial banking subsidiary of financial services firm JPMorgan Chase. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000...
in 1996, Chemical adopted the Chase name and Chemical Venture Partners changed its name to Chase Capital Partners. Similarly, following the 2000 acquisition of J.P. Morgan & Co. and the formation of JPMorgan Chase, the group changed its name yet again to JP Morgan Partners. Over this time, the platform grew through its integration of the private equity organizations of Manufacturers Hanover, Chase Manhattan
Chase (bank)
JPMorgan Chase Bank, N.A., doing business as Chase, is a national bank that constitutes the consumer and commercial banking subsidiary of financial services firm JPMorgan Chase. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000...
, Hambrecht & Quist
Hambrecht & Quist
Hambrecht & Quist was an investment bank based in San Francisco, California noted for its focus on the technology and internet sectors. H&Q was founded by William Hambrecht and George Quist in California, 1968....
, Robert Fleming & Co.
Robert Fleming & Co.
Robert Fleming & Co. was an asset manager and merchant bank founded in Dundee, Scotland, in 1873. In 1909 the firm moved its headquarters to London. It was sold to Chase Manhattan Bank for over $7 billion in 2000....
, The Beacon Group and J.P. Morgan & Co.
J.P. Morgan & Co.
J.P. Morgan & Co. was a commercial and investment banking institution based in the United States founded by J. Pierpont Morgan and commonly known as the House of Morgan or simply Morgan. Today, J.P...
One Equity Partners
One Equity Partners is a private equity firm focused on leveraged buyout and growth capital investments in middle-market companies across a range of industries....
. One Equity, led by Dick Cashin was ultimately designated as the lead private equity platform for JPMorgan Chase at which point JP Morgan Partners formalized plans to spin out of JPMorgan Chase.
JP Morgan Partners announced the spinout in March 2005 and completed the separation from JPMorgan Chase effective July 31, 2006. The new firm adopted the CCMP acronym in reference to its predecessor entities (i.e., Chemical and Chase and JP Morgan Partners). In April 2006, JPMorgan Chase completed the sale of a $925 million interest in JP Morgan Partners Global Fund to a consortium of secondary investors
Private equity secondary market
In finance, the private equity secondary market refers to the buying and selling of pre-existing investor commitments to private equity and other alternative investment funds....
.
The spinout of CCMP came at the same time as the spinouts of private equity groups from other leading investment banks including: Morgan Stanley
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
(Metalmark Capital
Metalmark Capital
Metalmark Capital, formerly Morgan Stanley Capital Partners is a private equity firm focused on leveraged buyout investments in middle-market companies across a range of industries. Metalmark was acquired by Citigroup Alternative Investments in December 2007....
), Citigroup
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
(Court Square Capital Partners
Court Square Capital Partners
Court Square Capital Partners is a private equity firm focused on leveraged buyout transactions. Court Square was originally a captive private equity firm within Citigroup known as Citigroup Venture Capital Equity Partners...
), Deutsche Bank (MidOcean Partners
MidOcean Partners
MidOcean Partners is a private equity firm specializing in leveraged buyouts, recapitalizations and growth capital investments in middle-market companies...
) and Credit Suisse First Boston
Credit Suisse First Boston
Credit Suisse First Boston was the former name of the banking firm Credit Suisse.-History:In 1978, Credit Suisse and First Boston Corporation formed a London-based 50-50 investment banking joint venture called the Financière Crédit Suisse-First Boston...
(Avista Capital Partners
Avista Capital Partners
Avista Capital Partners is a private equity firm focused on growth capital and leveraged buyout investments in middle-market companies in the energy, healthcare and media sectors....
, Diamond Castle Holdings
Diamond Castle Holdings
Diamond Castle Holdings is a private equity firm focused on leveraged buyout and growth capital investments in middle-market companies across a range of industries including the media, healthcare, financial services, power and industrial sectors....
).
In 2007, CCMP completed fundraising for its most recent fund, closing on $3.4 billion in commitments from institutional investors for CCMP Capital Investors II. CCMP Capital Investors II, represented the first fund raised by the CCMP team subsequent to its split from JPMorgan Chase and came in slightly below the original $3.5 billion target that CCMP set for the fundraising.
Panorama Capital
Prior to its spin out from JPMorgan Chase in 2006, JP Morgan Partners made investments in leveraged buyoutLeveraged buyout
A leveraged buyout occurs when an investor, typically financial sponsor, acquires a controlling interest in a company's equity and where a significant percentage of the purchase price is financed through leverage...
, growth capital
Growth capital
Growth capital is a type of private equity investment, most often a minority investment, in relatively mature companies that are looking for capital to expand or restructure operations, enter new markets or finance a significant acquisition without a change of control of the business.Companies...
and venture capital
Venture capital
Venture capital is financial capital provided to early-stage, high-potential, high risk, growth startup companies. The venture capital fund makes money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as...
transactions. Following the spinout, the investment professionals focused on venture capital
Venture capital
Venture capital is financial capital provided to early-stage, high-potential, high risk, growth startup companies. The venture capital fund makes money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as...
transactions separated from the CCMP Capital team to form a new firm, Panorama Capital.
Based in Menlo Park, California
Menlo Park, California
Menlo Park, California is a city at the eastern edge of San Mateo County, in the San Francisco Bay Area of California, in the United States. It is bordered by San Francisco Bay on the north and east; East Palo Alto, Palo Alto, and Stanford to the south; Atherton, North Fair Oaks, and Redwood City...
, Panorama continues to focus on early and expansion-stage opportunities in both the information technology
Information technology
Information technology is the acquisition, processing, storage and dissemination of vocal, pictorial, textual and numerical information by a microelectronics-based combination of computing and telecommunications...
and life sciences
Life sciences
The life sciences comprise the fields of science that involve the scientific study of living organisms, like plants, animals, and human beings. While biology remains the centerpiece of the life sciences, technological advances in molecular biology and biotechnology have led to a burgeoning of...
sectors. Panorama began raising its first independent fund in October 2005, with a target size of $500 million. After more than a year of fundraising, Panorama closed on approximately $240 million of investor commitments.
Unitas Capital
In December 2008, CCMP Capital Asia, which had operated increasingly autonomously of the US and European teams, completed a formal separation from CCMP Capital, changing its name to Unitas Capital. CCMP Capital Asia, which operated separate private equity investment fundsPrivate equity fund
A private equity fund is a collective investment scheme used for making investments in various equity securities according to one of the investment strategies associated with private equity....
had co-invested in several transactions alongside the global funds.
Investments
CCMP manages both the JP Morgan Partners Global Fund and CCMP Capital Investors II. Among CCMP's investments are the following portfolio companies:- 1-800-Flowers1-800-Flowers1-800-Flowers is a floral and gift retailer and distribution company in the United States. It was one of the first retailers to use a 24 x 7 toll-free telephone number and the Internet for direct sales to consumers....
- AMC Entertainment
- AramarkAramarkAramark Corporation, known commonly as Aramark, is an American foodservice, facilities, and clothing provider supplying businesses, educational institutions, sports facilities, federal and state prisons, and health care institutions. It is headquartered at the Aramark Tower in Center City,...
- Berry PlasticsBerry PlasticsIn September 2006, Apollo Management, L.P. and Graham Partners completed acquisition of BPC Holding Corporation from Goldman Sachs and J.P. Morgan.-Mergers & Acquisitions:...
- Bill Barrett CorporationBill Barrett CorporationBill Barrett Corporation is an energy company based in Denver, Colorado. Its core business is natural gas and oil exploration and development in the Rocky Mountains region of the United States....
- Brake Bros LtdBrake Bros LtdBrake Bros Limited is a distribution company supplying food, drink and other products mainly to the catering industry in many countries, including the UK and France...
- Cabela'sCabela'sCabela's is a direct marketer and specialty retailer of hunting, fishing, camping and related outdoor recreation merchandise, based in Sidney, Nebraska. It also has "Trophy Properties LLC , "Outdoor Adventures" , and the "Gun Library"...
. - Crosstown Traders
- Generac Power Systems, Inc.
- Guitar CenterGuitar CenterGuitar Center is the largest chain of musical instrument retailers in the world with 223 locations throughout the United States. Its headquarters is in Westlake Village, California....
- Hanley Wood
- Klöckner PentaplastKlöckner PentaplastThe Klöckner Pentaplast Group is among the world's largest suppliers of films for pharmaceutical, medical devices, food, electronics, and general packaging.The company was founded in 1965 as a subsidiary of Klöckner-Werke AG in Montabaur, Germany....
- Kraton (polymer)Kraton (polymer)Kraton is the trade name given to a number of high performance elastomers manufactured by Kraton Polymers , and used as synthetic replacements for rubber. Kraton polymers offers many of the properties of natural rubber, such as flexibility, high traction, and sealing abilities, but with increased...
- ONO (Spain)ONO (Spain)ONO is a Spanish broadband communication and entertainment company, delivering integrated telephone, television and Internet services to its residential customers. In this segment, it has 3.7 million services contracted and over six million users....
- Pinnacle FoodsPinnacle FoodsPinnacle Foods Group LLC is a leading packaged foods company headquartered in Mountain Lakes, New Jersey, owned by The Blackstone Group. Pinnacle Foods is a key player in the shelf stable and frozen food categories and their products can be found in more than 85% of American households.The company...
- Quiznos SubQuiznos SubQuiznos is a fast casual restaurant franchise based in Denver, Colorado. The company specializes in offering toasted subs, although they may be served untoasted at the customer's request...
- Renovo
- Smurfit Kappa GroupSmurfit Kappa GroupThe Smurfit Kappa Group is Europe's leading corrugated packaging company, following the merger of Jefferson Smurfit Group and Kappa Packaging. This merger was finalized by the end of 2005...
- The Tennis ChannelThe Tennis ChannelTennis Channel is an American speciality channel with programming devoted to the game of tennis. Founded in 2003, the network is owned by a group of investors including sports marketing firm IMG. Well known tennis professionals Pete Sampras and Andre Agassi are two of the many investors in this...
- Triad HospitalsTriad HospitalsTriad Hospitals was a hospital operator based in Plano, Texas. Originally a spinoff of Hospital Corporation of America, it was merged into Community Health Systems in 2007....
- VetcoVetcoVetco was established in July 2004 and operated through its subsidiaries and . Vetco was the result of a consortium consisting of the private equity firms Candover, 3i and taking over ABB's oil and gas division; ABB Offshore Systems. Vetco was made out of companies that have serviced the upstream...
- Warner ChilcottWarner ChilcottWarner Chilcott is a pharmaceutical company based in Rockaway, New Jersey, USA. It has production and research facilities in Fajardo, Puerto Rico, Larne, Northern Ireland, Dundalk, Ireland and Weiterstadt, Germany. It is primarily focused on two core therapeutic areas: women’s healthcare and...
- InfoGroup
See also
- Private equityPrivate equityPrivate equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
- Leveraged buyoutLeveraged buyoutA leveraged buyout occurs when an investor, typically financial sponsor, acquires a controlling interest in a company's equity and where a significant percentage of the purchase price is financed through leverage...
- Growth capitalGrowth capitalGrowth capital is a type of private equity investment, most often a minority investment, in relatively mature companies that are looking for capital to expand or restructure operations, enter new markets or finance a significant acquisition without a change of control of the business.Companies...
- JPMorgan Chase
- Chemical Bank
- Chase Manhattan BankChase (bank)JPMorgan Chase Bank, N.A., doing business as Chase, is a national bank that constitutes the consumer and commercial banking subsidiary of financial services firm JPMorgan Chase. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000...
- Bank One
External links
- CCMP Capital (official website)
- Private Sector; When the Limelight Turns Harsh (July 29, 2001)