One Equity Partners
|Founders||Dick Cashin, Managing Partner|
|Headquarters||New York City, New York, United States
Chicago, Illinois, United States
|Products||Leveraged buyout, Growth capital|
|Total assets||$10 billion|
|Parent||JPMorgan Chase (formerly Bank One)|
One Equity Partners is the merchant banking arm of JPMorgan Chase, focused on leveraged buyout and growth capital investments in middle-market companies. Formed at Bank One in 2001, the group has offices in New York City, Chicago, Sao Paulo, Vienna, Hong Kong and Frankfurt. It manages approximately $10 billion of investments and capital commitments by JPMorgan Chase.
In 2006, One Equity, together with The Blackstone Group 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, X-Rite, and recently M*Modal formerly MedQuist and Italian system integrator Engineering Ingegneria Informatica.
|History of private equity
and venture capital
|(Origins of modern private equity)|
|(Leveraged buyout boom)|
|(Leveraged buyout and the venture capital bubble)|
|(Dot-com bubble to the credit crunch)|
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 Partners 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.
- Sachdev, Ameet. " Orbitz travels to 4th owner: Blackstone Group to buy from Cendant.", Chicago Tribune, July 1, 2006. Accessed September 15, 2007.
- Fineman, Josh. "Cendant to sell Orbitz to Blackstone for $4.3 Bln", Bloomberg.com, June 30, 2006. Accessed September 15, 2007.
- BANK ONE EQUITY UNIT IS TOP BIDDER FOR POLAROID ASSETS. New York Times, June 28, 2002
- VALUE OF POLAROID ASSETS WILL BE RE-EXAMINED. New York Times, January 18, 2003
- Polaroid Being Acquired for $426 Million. New York Times, January 8, 2005
- Outsourcing Company to Be Acquired. New York Times, July 25, 2006
- On your marques: former Ford chief Nasser eyes up Jaguar. The Independent, August 26, 2006.
- Bear Stearns private equity units face uncertain future (Private Equity Online, 2008)
- http://blogs.wsj.com/deals/2008/03/18/what-happens-to-bear-stearns-merchant-banking-arm/. Wall Street Journal: Deal Journal, March 18, 2008
- JP Morgan may spin off One Equity Partners. September 13, 2004
- JPMorgan's buy-out unit to become an independent firm. March 2, 2005
- JPMorgan Chase Announces Changes to Private Equity Business. March 1, 2005
- One Equity Partners (company website)