Providence Equity Partners
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| Type | Limited liability company |
|---|---|
| Industry | Private equity |
| Founded | 1989 |
| Founder(s) | Jonathan M. Nelson, CEO |
| Headquarters | 50 Kennedy Plaza Providence, Rhode Island, USA |
| Key people | Glenn M. Creamer Paul J. Salem |
| Products | Leveraged buyouts, Growth capital |
| Total assets | $28 billion |
| Employees | 240 |
| Website | www.provequity.com |
Providence Equity Partners is a global private equity investment firm focused on media, communications, education and information investments. The firm specializes in leveraged buyout transactions as well as growth capital investments and has invested in more than 130 companies globally since its inception in 1989.[1]
The firm manages funds with over $28 billion in commitments, making it a large global player in the private equity industry. The firm invests another US$4.5 billion in debt securities through its Capital Markets group.[2] Providence was one of the principal pioneers of a sector-based approach to private equity investing. The firm’s sixth fund, Providence Equity Partners VI, closed on $12 billion in 2007,[3] making it the largest sector-focused private equity fund ever raised.[4]
Providence is headquartered in Providence, Rhode Island with five additional offices in New York, London, Hong Kong, Beijing and New Delhi.
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History [edit]
Providence is led by Founder and CEO Jonathan M. Nelson. 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 across different stages in their 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 $800 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.[5]
In 2008, Providence hired Thomas Gahan as president of the firm’s new capital markets group.[6] Prior to joining Providence, Mr. Gahan was head of Deutsche Bank’s corporate and investment banking in the Americas and chief executive officer of Deutsche Bank Securities. Providence’s capital markets group invests in the debt of media, communications, education and information companies worldwide.
Providence’s investments have included AutoTrader.com Group, Blackboard Inc., eircom, Hulu, Kabel Deutschland, VoiceStream (now T-Mobile USA), Warner Music Group, Western Wireless, and World Triathlon Corporation(Ironman), YES Network and ZeniMax Media.
Recent investments by the firm include The Chernin Group, GLM, UFO Moviez India (UMI), Study Group, and Virtual Radiologic. Providence’s recent exits by sale or IPO include Decision Recourses, MobileServ (Phones 4U), Bresnan Communications and Kabel Deutschland.[1][7]
In September 2012, Providence sold a less than 10% stake in the firm to Florida’s state pension system and a sovereign wealth fund.[8]
Senior Advisors [edit]
Senior Advisors that work with the firm on new investment opportunities and certain of the firm’s existing investments, include:
- Steven W. Alesio
- Barry K. Allen
- Tony Ball
- Eran Broshy
- Peter Chernin
- Brian A. Napack
- Richard D. Parsons
References [edit]
- ^ a b c "Company Overview of Providence Equity Partners LLC". Bloomberg Businessweek. Retrieved 2012-09-21.
- ^ http://www.provequity.com/news/releases/Richard%20Byrne%20Press%20Release_Final_3%2019%2013.pdf
- ^ "Providence Equity Raises $12 Billion Buyout Fund". The New York Times. February 21, 2007.
- ^ "Private Equity International magazine's ranking of the world's largest private equity firms.". PEI - Alternative Insight. May 1, 2008.
- ^ "About Us". Provequity.com. Retrieved 2012-09-14.
- ^ "Movers & shakers: Sept. 26, 2008". The Deal (magazine). September 26, 2008.
- ^ "Recent News". Provequity.com. Retrieved 2012-09-14.
- ^ "Providence Equity Said to Sell Stake in Firm to Investors". Bloomberg Businessweek. September 25, 2012.
External links [edit]
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