Joanna Nolasco, Joshua Mayers March 01, 2016
Being as leap years don't come around all too often, we thought we'd have a little fun and find a handful of PE and M&A deals in the PitchBook Platform that were closed or announced on February 29. Technically, even some of these older transactions are only a few "years" old, right?
Check out our select list of leap year deals:
Time Warner Cable (NYSE: TWC) completed its $3 billion acquisition of PE-backed Insight Communications, adding more than 760,000 customers in Indiana, Kentucky and Ohio. Insight was owned by The Carlyle Group, Crestview Partners and MidOcean Partners, among others. Carlyle and Insight management took the company private in December 2005, and Crestview and MidOcean purchased a significant stake in April 2010.
Hicks Equity Partners and The Watermill Group sold Latrobe Specialty Metals to Carpenter Technology (NYSE: CRS) at an equity value of approximately $558 million. The transaction represented a 10x gross return on investment for HEP and Watermill, which purchased the company in December 2006 for $215 million from Timken (NYSE: TKR).
Value4Capital announced its purchase of a controlling stake in home.pl, a provider of cloud-based services in Central and Eastern Europe. A subsidiary of United Internet purchased the Poland-based company from V4C in a €135 million deal finalized late last year.
MSouth Equity Partners announced its completed acquisition of Eagle Quest International, a global supply-chain management company specializing in the procurement and distribution of metal components and sub-assemblies.
With the financial backing of GTCR, Capella Healthcare announced its acquisition of Parkway Medical Center and Hartselle Medical Center. The firm exited Capella last year, selling the community hospital operator to Medical Properties Trust (NYSE: MPW) for $900 million.
Advent International sold American Radiology Services, a provider of diagnostic medical imaging services, to CML HealthCare for a total consideration of about $150.4 million. The company was later acquired by RadNet (NASDAQ: RDNT) in 2011.
VeriSign (NASDAQ: VRSN) completed its acquisition of Signio, a provider of payment services that connect online merchants, business-to-business exchanges, payment processors and financial institutions on the internet. The all-stock deal was valued at about $876 million. Growth investor Trident Capital sold its stake in the deal.
Marquette Capital Partners backed Stringer Business Systems, a manufacturer of copier, fax and network printers, then realized its investment two years later. Stringer was acquired by Toshiba America Business Solutions in 2004.