Providence Equity

From Wikipedia, the free encyclopedia

Template:Short description Template:DMCA

Page Module:Infobox/styles.css has no content.Page Template:Infobox company/styles.css has no content.

Providence Equity Partners L.L.C.
Company type
Private
ISINScript error: No such module "WikidataIB".
IndustryScript error: No such module "WikidataIB".
PredecessorScript error: No such module "WikidataIB".
IncorporatedScript error: No such module "WikidataIB".
FoundedScript error: No such module "WikidataIB".
FounderScript error: No such module "WikidataIB".
DefunctScript error: No such module "WikidataIB".
SuccessorScript error: No such module "WikidataIB".
Headquarters
50 Kennedy Plaza
Providence, Rhode Island
,
U.S.
Key people
Michael Dominguez (CIO)
ProductsLeveraged buyouts, Growth capital
RevenueScript error: No such module "WikidataIB".
Script error: No such module "WikidataIB".
Script error: No such module "WikidataIB".
AUM$35 billion (2023)
Total assetsScript error: No such module "WikidataIB".
Number of employees
Script error: No such module "WikidataIB".
ParentScript error: No such module "WikidataIB".
WebsiteLua error in package.lua at line 80: module 'Module:If preview' not found.

Script error: No such module "Check for conflicting parameters".Script error: No such module "Check for deprecated parameters".

Providence Equity Partners (Providence) is a specialist private equity investment firm focused on media, communications, education, and technology investments across North America and Europe. The firm specializes in growth-oriented private equity investments and has invested in more than 170 companies globally since its inception in 1989.[1][2]

The firm manages funds with over $31 billion in aggregate private equity capital commitments, making it a large global player in the private equity industry. Providence was one of the principal pioneers of a sector-based approach to private equity investing. The firm's eighth fund, Providence Equity Partners VIII, closed on $6 billion in 2019, above its $5 billion target. The prior fund, Providence VII, closed with $5 billion in 2013.[3][4][5]

Providence is headquartered in Providence, Rhode Island with additional offices in New York, Boston, London and Atlanta.[6]

Operations

The firm raises investment funds from a broad array of institutional investors, including pension funds, endowments, sovereign wealth funds, financial institutions, insurance companies, fund of funds, and high-net-worth individuals.

Providence partners with companies at various stages of development, from growth capital and complex recapitalizations of family-owned businesses to large buyouts and take-privates. The firm targets equity investments of $150 million to $500 million and can employ a variety of financing structures.[1] Providence prefers to lead its investments, serve on company boards, and work collaboratively with company management.[7]

History

In 2008, Providence hired Thomas Gahan as president of the firm's new capital markets group and its affiliate, Benefit Street Partners.[8][9] Prior to joining Providence, Gahan was head of Deutsche Bank's corporate and investment banking in the Americas and chief executive officer of Deutsche Bank Securities. Benefit Street Partners closed on a $1.75 billion middle market direct lending fund in April 2014.[10][11][12] The credit platform was sold to Franklin Templeton Investments in October 2018.[13]

In 2014, Providence established Providence Strategic Growth (PSG), its growth equity affiliate focused on investments in lower middle market software and technology-enabled service companies. PSG is headquartered in Boston, Massachusetts, with offices in London and Kansas City.[14]

Providence's investments have included AutoTrader.com Group, Blackboard Inc., Conversica, eircom, Hulu, Kabel Deutschland, MLS Media, NEW Asurion, Bluestone Television, Newport Television, Univision, VoiceStream (now T-Mobile US), Warner Music Group, Western Wireless, and World Triathlon Corporation (Ironman), YES Network and TopGolf.[15][16]

Since 2013, significant investments by the firm include 365 Retail Markets, Ambassador Theatre Group, DoubleVerify, Learfield Communications, GlobalTranz, Groupe La Centrale, MásMóvil Group, n2y, Node4, Smartly.io, TAIT, Tenstreet, and TCP.[17][18][19][20][21][22][23][24][25][26][27][28]

Providence's recent exits include TES, Galileo Global Education, EdgeConneX, OEConnection, PADI, Ascend Learning, Vector Solutions and ZeniMax Media.[29][30][31][32][33][34][35][36]

In March 2013, Providence and the National Football League formed a global partnership to invest primarily in sports and entertainment related media assets.[37]

In September 2012, Providence sold a less than 10% stake in the firm to Florida's state pension system and a sovereign wealth fund.[38]

In February 2015, Providence's $800 million stake in security screener Altegrity was wiped out when the security company was accused of fraud and filed for bankruptcy. This followed a series of other expensive losses that Providence blamed on investments outside of its expertise made during the peak of the 2007 and 2008 private equity boom.[39]

In February 2017, Providence expanded its education business by buying NACE Schools, a Spain-based operator of for-profit schools.[40] As of 2021, the schools portfolio branded as Globeducate[41] has 55 schools in nine countries.[42]

In October 2017, Modern Times Group sold its telecommunication businesses in the Baltic states to Providence Equity Partners.[43][44] The newly acquired companies were united and operate under the All Media Baltics company name (currently TV3 Group).[45][46][47]

In April 2019, MasMovil agreed to repurchase its convertible bond from Providence Equity. Providence remains a shareholder in the company.[48]

In September 2019, Providence Strategic Growth collected $2 billion for its fourth fund.[49]

In August 2021, it was announced that Providence Equity had purchased a majority share of Sweetwater Sound, a major musical equipment retailer based in Fort Wayne, Indiana.[50]

In April 2022, it was announced Providence had acquired the cloud-based managed Wi-Fi solutions provider, Airties.[51]

Key people

In September 2020, Providence announced a leadership transition plan, under which founder and CEO Jonathan M. Nelson would become Executive Chairman in January 2021. As part of this planned transition, Providence appointed Davis Noell and David Phillips senior managing directors and co-heads of North America, and Karim Tabet and Andrew Tisdale senior managing directors and co-heads of Europe. Managing Director Michael Dominguez was appointed Chief Investment Officer.[52]

References

Page Template:Reflist/styles.css has no content.

  1. ^ a b Page Module:Citation/CS1/styles.css has no content."Company Overview of Providence Equity Partners LLC". Bloomberg Businessweek. Archived from the original on October 18, 2007. Retrieved September 21, 2012.
  2. ^ Page Module:Citation/CS1/styles.css has no content."Providence Equity buys Star India's stake in Star CJ". afaqs.com. June 6, 2014. Archived from the original on March 4, 2016. Retrieved June 30, 2014.
  3. ^ Page Module:Citation/CS1/styles.css has no content."Providence Equity Closes Eighth Flagship Fund Above $6 Billion". The Wall Street Journal. September 17, 2019.
  4. ^ Page Module:Citation/CS1/styles.css has no content."Providence Equity Raises $12 Billion Buyout Fund". The New York Times. February 21, 2007.
  5. ^ Page Module:Citation/CS1/styles.css has no content."Private Equity International magazine's ranking of the world's largest private equity firms". PEI – Alternative Insight. May 1, 2008.
  6. ^ Page Module:Citation/CS1/styles.css has no content."Private Equity". Providence Equity Partners. October 6, 2020.
  7. ^ Page Module:Citation/CS1/styles.css has no content."About Us". Provequity.com. Retrieved September 14, 2012.
  8. ^ Page Module:Citation/CS1/styles.css has no content.Ken MacFadyen (January 21, 2010). "Providence Expands Capital Markets Arm". Leveraged Finance News. Archived from the original on March 10, 2016. Retrieved November 25, 2013.
  9. ^ Page Module:Citation/CS1/styles.css has no content."Movers & shakers: Sept. 26, 2008". The Deal. September 26, 2008. Archived from the original on November 30, 2011. Retrieved September 24, 2012.
  10. ^ Page Module:Citation/CS1/styles.css has no content.Matthew Sheahan (April 10, 2014). "Benefit Street Closes $1.75B Credit Fund". Leveraged Finance News. Archived from the original on March 25, 2016. Retrieved June 30, 2014.
  11. ^ Page Module:Citation/CS1/styles.css has no content.Chris Witkowsky (April 10, 2014). "Providence Equity debt arm hits $1.75 bln hard cap on Fund III". pehub.com.
  12. ^ Page Module:Citation/CS1/styles.css has no content.Julie Segal (November 12, 2014). "Tommy Gahan Wants to Capitalize on Volatility". Institutional Investor.
  13. ^ Page Module:Citation/CS1/styles.css has no content.Segal, Julie (October 25, 2018). "Franklin Templeton Buys Providence Equity's Benefit Street Partners". Institutional Investor. Retrieved February 10, 2019.
  14. ^ Page Module:Citation/CS1/styles.css has no content."PSG-backed Imaweb buys Evolutive". PE Hub. October 2, 2020.
  15. ^ Page Module:Citation/CS1/styles.css has no content.Phil Wahba (June 25, 2014). "Private equity fuels Ironman triathlon organizer's gauntlet". Fortune.
  16. ^ Page Module:Citation/CS1/styles.css has no content."Providence Equity Backs Golf Entertainment Company Topgolf". Dow Jones & Company. February 22, 2016. Archived from the original on March 5, 2016. Retrieved February 27, 2016.
  17. ^ Page Module:Citation/CS1/styles.css has no content."Providence takes over 365 Retaily". PitchBook Data. January 4, 2021.
  18. ^ Page Module:Citation/CS1/styles.css has no content.Anne-Sylvaine Chassany (October 21, 2013). "Providence buys Ambassador Theatre Group for £350m". Financial Times.
  19. ^ Page Module:Citation/CS1/styles.css has no content."Providence Acquires Majority Stake in DoubleVerify". The Wall Street Journal. August 23, 2017.
  20. ^ Page Module:Citation/CS1/styles.css has no content.LEARFIELD MEDIA SERVICES (September 10, 2013). "Shamrock Capital to sell Learfield to Providence Equity". The Southern Illinoisan.
  21. ^ Page Module:Citation/CS1/styles.css has no content."Providence Equity buys GlobalTranz back from The Jordan Company after just 8 months". Freight Waves. April 3, 2019.
  22. ^ Page Module:Citation/CS1/styles.css has no content."Groupe La Centrale sale finalized". AIM Group. June 1, 2021.
  23. ^ Page Module:Citation/CS1/styles.css has no content."Providence Equity Closes Eighth Flagship Fund Above $6 Billion". The Wall Street Journal. September 17, 2019.
  24. ^ Page Module:Citation/CS1/styles.css has no content."Providence Equity buys Riverside's majority stake in n2y". S&P Global. November 19, 2019.
  25. ^ Page Module:Citation/CS1/styles.css has no content."Providence Equity Partners takes majority stake in Node4". DatacenterDynamics. March 3, 2021.
  26. ^ Page Module:Citation/CS1/styles.css has no content."Providence Equity Invests $223 Million in Finnish Social Ad-Tech Firm". The Wall Street Journal. December 18, 2019.
  27. ^ Page Module:Citation/CS1/styles.css has no content."Providence Equity Partners Invests In TAIT". Mergr. February 25, 2019.
  28. ^ Page Module:Citation/CS1/styles.css has no content."Driver clearinghouse Tenstreet acquired by Providence Equity Partners". Freight Waves. October 4, 2021.
  29. ^ Page Module:Citation/CS1/styles.css has no content."Onex Corp to buy Tes Global from Providence Equity Partners". PE Hub. December 7, 2021.
  30. ^ Page Module:Citation/CS1/styles.css has no content."Providence sells Galileo to CPP-led consortium". Unquote. March 9, 2020.
  31. ^ Page Module:Citation/CS1/styles.css has no content."Investment Firm EQT Agrees to Purchase EdgeConneX for $2.5 to $3 Billion". Barron's. August 19, 2020.
  32. ^ Page Module:Citation/CS1/styles.css has no content."Majority stake in OEConnection is sold". Auto Service World. August 15, 2019.
  33. ^ Page Module:Citation/CS1/styles.css has no content."Providence Equity Sells Scuba Certifier PADI for $700 Million". The Wall Street Journal. March 21, 2017.
  34. ^ Page Module:Citation/CS1/styles.css has no content."Providence to Sell Ascend Learning Stake to Blackstone, CPPIB After Nearly 10-Year Hold". The Wall Street Journal. April 14, 2017.
  35. ^ Page Module:Citation/CS1/styles.css has no content."Golden Gate Capital Buying Vector Solutions". The Wall Street Journal. November 5, 2018.
  36. ^ Page Module:Citation/CS1/styles.css has no content."Providence Equity's Sale of ZeniMax Will Bring Lucrative End to 13-Year Deal". The Wall Street Journal. September 21, 2020.
  37. ^ Page Module:Citation/CS1/styles.css has no content.Nadia Damouni (March 18, 2013). "NFL, Providence Equity form strategic investment partnership". Reuters.
  38. ^ Page Module:Citation/CS1/styles.css has no content."Providence Equity Said to Sell Stake in Firm to Investors". Bloomberg Businessweek. September 25, 2012.
  39. ^ Page Module:Citation/CS1/styles.css has no content."Providence Equity May Lose Hundreds of Millions as Altegrity Faces Seizure in Snowden Fallout". GoLocalProv. January 2, 2015.
  40. ^ Page Module:Citation/CS1/styles.css has no content.Smith, Beckie (February 28, 2017). "Providence Equity acquires NACE international schools group". The PIE News. Retrieved July 7, 2021.
  41. ^ Page Module:Citation/CS1/styles.css has no content."Globeducate". Providence Equity Partners. Retrieved July 7, 2021.
  42. ^ Page Module:Citation/CS1/styles.css has no content."Globeducate". Retrieved July 7, 2021.
  43. ^ Page Module:Citation/CS1/styles.css has no content."MTG sells Baltic broadcasting businesses – MTG".
  44. ^ Page Module:Citation/CS1/styles.css has no content."MTG completes the sale of its Baltic broadcasting businesses – MTG".
  45. ^ Page Module:Citation/CS1/styles.css has no content."All Media Baltics to Deliver Top-quality TV Reception via SES Video". Business Wire. Retrieved July 25, 2018.
  46. ^ Page Module:Citation/CS1/styles.css has no content."SES inks All Media Baltics deal". Broadband TV News. December 19, 2017. Retrieved July 25, 2018.
  47. ^ Page Module:Citation/CS1/styles.css has no content."Acquisition of MTG's business in Baltics completed; new company to be named All Media Baltics". The Baltic Times. Retrieved July 25, 2018.
  48. ^ Page Module:Citation/CS1/styles.css has no content.Cooper, Laura (April 2, 2019). "Providence to More Than Quintuple Its Money on MásMóvil". WSJ Private Equity. Retrieved April 10, 2019.
  49. ^ Page Module:Citation/CS1/styles.css has no content.Cooper, Laura (September 16, 2019). "Providence Strategic Growth collects $2bn for fourth fund". Private Equity News.
  50. ^ Page Module:Citation/CS1/styles.css has no content."Sweetwater Has New Majority Owner; Chuck Surack Leaves CEO Post Sweetwater Sound Sold; Surack Steps Up". August 10, 2021.
  51. ^ Page Module:Citation/CS1/styles.css has no content."Providence to acquire Airties | Infrastructure | News | Rapid TV News". www.rapidtvnews.com. Retrieved April 27, 2022.
  52. ^ Page Module:Citation/CS1/styles.css has no content."Providence Equity's Nelson Plans to Shift Role as Firm Maps Out Transition". The Wall Street Journal. September 30, 2020.

Page Template:Sister-inline/styles.css has no content.Script error: No such module "Sister project logo". Media related to Script error: No such module "Commons link". at Wikimedia Commons

  • No URL found. Please specify a URL here or add one to Wikidata.

Lua error in package.lua at line 80: module 'Module:Navbox/configuration' not found.

Retrieved from "https://cosmopedia.co/index.php?title=Providence_Equity&oldid=744926"