consortium, consisting of Sterling Partners, Longview Asset Management, and the Innotrac Corporation, a Sterling Partners portfolio company, together in partnership with companies owned by the Permira funds, have signed a definitive agreement to acquire eBay Enterprise from eBay Inc. for $925 million.
eBay Enterprise consists of four divisions — Magento Commerce Technologies, eBay Marketing Solutions, Enterprise Services and Operations.
The transaction, which is expected to close in the second half of 2015, is subject to certain regulatory approvals and customary closing conditions. Additional details about the transaction will be disclosed upon closing.
Dan Loeb’s Third Point Re To Merge After Years Of Losses
Last week, Third Point Re insurance, which is backed by US hedge-fund manager Daniel Loeb, said it would merge with Sirius International Insurance Group in a cash-and-stock deal worth around $788 million. The deal comes at a pivotal time for both companies. Third Point Re To Merge After Years Of Losses Early last year, reports Read More
Sterling Partners Advisors:
Simpson Thacher & Bartlett LLP and Katten Muchin Rosenman LLP served as legal advisors to the Sterling-led consortium. Morgan Stanley Senior Funding, Inc. and Credit Suisse AG provided financing commitments and the following firms also provided advice to the consortium: PwC Transaction Services, Liberty Advisor Group, AlixPartners, Aon Corporation, Mercer, and Finn Partners.
Union Square Advisors LLC and Raymond James Associates served as financial advisors to the Permira funds. Banneker Partners served as strategic operational advisors and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisors. The following firms also provided advice to the Permira funds: Sales Benchmark Index, Simon-Kucher & Partners, Shiptronix, Liberty Advisor Group, PwC, and Bain & Co.
Permira is a global investment firm that finds and backs successful businesses with ambition. Founded in 1985, the firm advises funds with a total committed capital of approximately €25 billion. The Permira funds make long-term investments in companies with the objective of transforming their performance and driving sustainable growth. In the past 30 years, the Permira funds have made over 200 private equity investments in five key sectors: Consumer, Financial Services, Healthcare, Industrials and Technology. Permira employs over 200 people including 120 investment professionals in 14 offices across North America, Europe, the Middle East and Asia. For more information visit: www.permira.com.
Permira established itself in North America in 2002 and today has offices in New York and Menlo Park. The Permira funds have a long track record of successfully investing in technology companies around the world including NDS, Genesys, Ancestry.com, TeamViewer, Renaissance Learning, Metalogix, LegalZoom.com, and Teraco. Since 1997, over 33% of the Permira funds’ investments have been in the core sector of Technology.
About Sterling Partners
Sterling Partners is a private equity firm with a distinct point of view on how to build great companies. Founded in 1983, Sterling has invested billions of dollars, guided by the company’s stated purpose: INSPIRED GROWTH®, which describes Sterling’s approach to buying differentiated businesses and growing them in inspired ways. Sterling focuses on investing growth capital in small- and mid-market companies in industries with positive, long-term trends – healthcare, education and business services. Sterling provides valuable support to the management teams of the companies in which the firm invests through a deep and dedicated team of operations and functional experts based in the firm’s offices in Chicago, Baltimore and Miami.
The people at Sterling believe in ideas and ideals, in people and partnerships that drive long-term success. For more information, please visit www.sterlingpartners.com.
About Longview Asset Management
Longview Asset Management oversees direct public and private investments on behalf of individuals, trusts, and charitable foundations associated with a private family. Longview’s public market investments span a broad range of industries, including health care, manufacturing, aerospace, software, and business and financial services. As a steward of permanent capital with minimal liquidity needs, Longview also works flexibly with management teams and financial sponsors to acquire and hold private businesses, and has completed such investments in a range of industries including banking, manufacturing, direct marketing, food service, education, retail, and hydrocarbon infrastructure.
Amy Christie, + 1 (312) 329-3903
Noémie de Andia, +44 (0) 207 632 1159
Head of Communications
Sard Verbinnen & Co
Brooke Gordon/Nathaniel Garnick, +1 (212) 687-8080