One Equity Partners
Encyclopedia
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.
The firm, which is based in New York City
and Chicago
, was founded in 2001. The firm also has offices in Menlo Park
, Hong Kong
and Frankfurt
. The firm has collected approximately $8 billion of investments and capital commitments, primarily from JPMorgan Chase and previously Bank One and has completed over $4 billion of investments in more than 40 companies since inception.
and Technology Crossover Ventures acquired Travelport
from Cendant
in a $4.3 billion buyout. The company owns Worldspan
and Galileo
as well as approximately 48% of Orbitz Worldwide
. The sale of Travelport followed the spin-offs of Cendant's real estate and hospitality businesses, Realogy Corporation and Wyndham Worldwide Corporation
, respectively, in July 2006. Later in the year, TPG and Silver Lake would acquire
Travelport's chief competitor Sabre Holdings
.
Among One Equity's other notable investments include Polaroid Corporation
which was sold in 2005 at a significant gain, as well as: Apollo Hospitals
, Carlson Wagonlit Travel
, Clipper Windpower
, NCO Group
, Pfleiderer
, Systagenix Wound Management, ThyssenKrupp Marine Systems
, Vertrue
and X-Rite
.
and CVC Capital Partners
, where he worked for Bank One's then CEO, Jamie Dimon
.
In 2002, former Ford Motor Company
CEO Jacques Nasser
joined One Equity. He would serve as chairman of Polaroid Corporation
. Nasser was involved in 2006, when One Equity was speculated as one of several potential private equity bidders for Jaguar Cars.
In 2004, JPMorgan Chase completed its acquisition of Bank One. Prior to the merger, JPMorgan had its own in-house private equity investment group, JPMorgan Partners. JPMorgan Partners was significantly larger than One Equity and focused on larger transactions. One Equity, was ultimately designated as the exclusive private equity platform for JPMorgan Chase, at which point JPMorgan Partners formalized plans to spin out of JPMorgan Chase and was renamed CCMP Capital
. In 2008, when JPMorgan Chase acquired Bear Stearns
' private equity platform, Bear Stearns Merchant Banking, One Equity was once again designated the exclusive private equity arm for the combined firm.
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....
firm focused 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...
investments in middle-market companies across a range of industries.
The firm, which is based in New York City
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...
and Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
, was founded in 2001. The firm also has offices in Menlo Park
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...
, 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 Frankfurt
Frankfurt
Frankfurt am Main , commonly known simply as Frankfurt, is the largest city in the German state of Hesse and the fifth-largest city in Germany, with a 2010 population of 688,249. The urban area had an estimated population of 2,300,000 in 2010...
. The firm has collected approximately $8 billion of investments and capital commitments, primarily from JPMorgan Chase and previously Bank One and has completed over $4 billion of investments in more than 40 companies since inception.
Investments
In 2006, One Equity, together with The Blackstone GroupBlackstone Group
The Blackstone Group L.P. is an American-based alternative asset management and financial services company that specializes in private equity, real estate, and credit and marketable alternative investment strategies, as well as financial advisory services, such as mergers and acquisitions ,...
and Technology Crossover Ventures acquired Travelport
Travelport
Travelport is a broad-based business services company and a leading provider of critical transaction processing solutions to companies operating in the global travel industry...
from Cendant
Cendant
Cendant Corporation was a New York-based provider of business and consumer services, primarily within the real estate and travel industries. In 2005 and 2006, Cendant broke up and spun off or sold its constituent businesses...
in a $4.3 billion buyout. The company owns Worldspan
Worldspan
Worldspan is a provider of travel technology and content and a part of the Travelport GDS business. It offers worldwide electronic distribution of travel information, Internet products and connectivity, and e-commerce capabilities for travel agencies, travel service providers and corporations...
and Galileo
Galileo CRS
Galileo is a computer reservations system owned by Travelport. As of 2002, it had a 26.4% of worldwide CRS airline bookings.In addition to airline reservations, the Galileo CRS is also used to book train travel, cruises, car rental, and hotel rooms...
as well as approximately 48% of Orbitz Worldwide
Orbitz
Orbitz Worldwide, Inc. is an Internet travel company headquartered in the Citigroup Center in Near West Side, Chicago, Illinois. Through its primary web site Orbitz.com, Orbitz Worldwide enables travelers to research, plan and book a broad range of travel products, facilitating 1.5 million flight...
. The sale of Travelport followed the spin-offs of Cendant's real estate and hospitality businesses, Realogy Corporation and Wyndham Worldwide Corporation
Wyndham Worldwide
Wyndham Worldwide is the holding company for Wyndham Hotels & Resorts, Group RCI and other lodging brands. It was spun off from Cendant Corporation in July 2006....
, respectively, in July 2006. Later in the year, TPG and Silver Lake would acquire
Travelport's chief competitor Sabre Holdings
Sabre Holdings
Sabre Holdings or Sabre, Inc. is an American privately held travel technology company, encompassing several brands in three global distribution system channels: travel agency, airline, and direct to consumer. These areas are serviced by TSG's three main business groups...
.
Among One Equity's other notable investments include Polaroid Corporation
Polaroid Corporation
Polaroid Corporation is an American-based international consumer electronics and eyewear company, originally founded in 1937 by Edwin H. Land. It is most famous for its instant film cameras, which reached the market in 1948, and continued to be the company's flagship product line until the February...
which was sold in 2005 at a significant gain, as well as: Apollo Hospitals
Apollo Hospitals
Apollo Hospitals is a major hospital chain based in Chennai, India. It was founded by Dr. Prathap C. Reddy in 1983. Apollo is private healthcare provider in Asia with hospitals in India, Sri Lanka, Bangladesh, Ghana, Nigeria, Republic of Mauritius, Qatar,Oman and Kuwait.Several of the group's...
, Carlson Wagonlit Travel
Carlson Wagonlit Travel
Carlson Wagonlit Travel is a large travel agency, handling both business and leisure clients.It operates in 157 countries and territories, with 22,000 employees. According to Business Travel News Online.com, in 2007, CWT surpassed American Express Business Travel and became the world's largest...
, Clipper Windpower
Clipper Windpower
Clipper Windpower is a wind turbine manufacturing company formed in 2001 by James G.P. Dehlsen, who also formed Zond in 1980. In December 2010 Clipper Windpower was acquired by United Technologies Corporation.-History:...
, NCO Group
NCO Group
NCO Group, Inc. based in Horsham, Pennsylvania, is a business process outsourcing company that provides accounts receivable management , customer relationship management and back office solutions for its clients...
, Pfleiderer
Pfleiderer
Pfleiderer is a German building material company headquartered in Neumarkt in der Oberpfalz, Germany. It specializes in the production of medium-density fibreboard, laminate and particle board. Subsidiaries include laminate company Pergo....
, Systagenix Wound Management, ThyssenKrupp Marine Systems
ThyssenKrupp Marine Systems
ThyssenKrupp Marine Systems of Germany is a group and holding company of providers of naval vessels, surface ships and submarines...
, Vertrue
Vertrue
Vertrue Incorporated, headquartered in Norwalk, CT, is a consumer services marketing company. The company again received an "F" from the Better Business Bureau for making unauthorized charges to its customers' credit cards...
and X-Rite
X-Rite
X-Rite, Inc. is a manufacturer of color matching products, located in Grand Rapids, Michigan, United States. Their products include those used for matching paint colors. They also create products that regulate quality in the processing of film and x-rays....
.
History
One Equity Partners was founded in 2001 by Dick Cashin to serve as the private equity investment arm of Bank One. Cashin had previously served as president of Citicorp Venture Capital, the predecessor of Court Square Capital PartnersCourt 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...
and CVC Capital Partners
CVC Capital Partners
CVC Capital Partners is one of the top five largest private equity firms globally with approximately US$46 billion in funds focused on management buyouts...
, where he worked for Bank One's then CEO, Jamie Dimon
Jamie Dimon
James "Jamie" Dimon is a business executive. He is the current chairman, president and chief executive of JPMorgan Chase, and previously served as a Class A director of the Board of Directors of the New York Federal Reserve, a three year term which started January 2007...
.
In 2002, former Ford Motor Company
Ford Motor Company
Ford Motor Company is an American multinational automaker based in Dearborn, Michigan, a suburb of Detroit. The automaker was founded by Henry Ford and incorporated on June 16, 1903. In addition to the Ford and Lincoln brands, Ford also owns a small stake in Mazda in Japan and Aston Martin in the UK...
CEO Jacques Nasser
Jacques Nasser
Jacques Nasser is a leading global business executive who currently serves as Chairman of the Board of BHP Billiton. After serving as a Director of BHP Billiton Limited and BHP Billiton Plc since 2006, Mr. Nasser was appointed Chairman of both companies effective 31 March 2010...
joined One Equity. He would serve as chairman of Polaroid Corporation
Polaroid Corporation
Polaroid Corporation is an American-based international consumer electronics and eyewear company, originally founded in 1937 by Edwin H. Land. It is most famous for its instant film cameras, which reached the market in 1948, and continued to be the company's flagship product line until the February...
. Nasser was involved in 2006, when One Equity was speculated as one of several potential private equity bidders for Jaguar Cars.
In 2004, JPMorgan Chase completed its acquisition of Bank One. Prior to the merger, JPMorgan had its own in-house private equity investment group, JPMorgan Partners. JPMorgan Partners was significantly larger than One Equity and focused on larger transactions. One Equity, was ultimately designated as the exclusive private equity platform for JPMorgan Chase, at which point JPMorgan Partners formalized plans to spin out of JPMorgan Chase and was renamed CCMP Capital
CCMP Capital
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 2008, when JPMorgan Chase acquired Bear Stearns
Bear Stearns
The Bear Stearns Companies, Inc. based in New York City, was a global investment bank and securities trading and brokerage, until its sale to JPMorgan Chase in 2008 during the global financial crisis and recession...
' private equity platform, Bear Stearns Merchant Banking, One Equity was once again designated the exclusive private equity arm for the combined firm.
External links
- One Equity Partners (company website)