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'''MSD Capital''' is the investment vehicle owned and controlled by [[Michael Dell]] and his family. The company is one of the main investors in the announced [[Leveraged buyout]] of [[Dell]] Inc. besides [[Michael Dell]] in private, [[Silver Lake Partners]], [[Microsoft]] and several banks<ref name="FTDell">Financial Times website: [http://www.ft.com/cms/s/0/d91a528a-6ee1-11e2-8189-00144feab49a.html#axzz2K3zkHF2P Michael Dell orchestrates $24bn buyout deal], 5 February 2013</ref>
'''MSD Capital''' is a private investment firm that exclusively manages the capital of [[Michael Dell]] and his family. The firm, which is based in New York and has offices in Santa Monica and West Palm Beach, was formed in 1998<ref>{{Cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=91753|title=MSD Capital, L.P.: Private Company Information - Bloomberg|website=www.bloomberg.com|access-date=2017-12-31}}</ref>.


The principals of MSD Capital in 2009 formed MSD Partners, an investment adviser registered with the U.S. Securities and Exchange Commission, to enable outside investors to invest in strategies that were developed by MSD Capital. Among other things, MSD Partners makes control equity and structured preferred investments through its MSD Private Capital Group<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2017-09-14/michael-dell-s-msd-partners-to-buy-ring-container-technologies|title=Michael Dell's MSD Partners to Buy Ring Container Technologies|date=2017-09-14|work=Bloomberg.com|access-date=2017-12-31}}</ref>.
==Origins==

MSD Capital was formed in 1998 to manage the wealth of Michael Dell and his family.
=== Founding ===
⚫
In 1998, Michael Dell recruited John C. Phelan and Glenn R. Fuhrman to form MSD Capital to manage his family's wealth. For nearly 20 years, Mr. Phelan and Mr. Fuhrman, the firm's co-founders, have served as co-managing partners of MSD Capital<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2013-01-31/dell-keeps-lbo-financing-in-the-family-with-msd-capital|title=Dell Keeps LBO Financing in the Family With MSD Capital|date=2013-01-31|work=Bloomberg.com|access-date=2017-12-31}}</ref>.


===Management===
===Management===
MSD Capital has a dedicated investment team. According to the firm's statement on its website, Mr. Dell is not involved in its day-to-day operations.
MSD Capital has a dedicated investment team and according to their own statement Mr Dell is not involved in the day-to-day operations of the firm. The company makes no statement of his involvement on major decisions. The main investment partners are Glenn R. Fuhrman, co-managing partner and co-founder<ref>MSD Website on [http://msdcapital.com/fuhrman.htm Glen R. Fuhrman], 5 February 2013</ref> as well as John C. Phelan, also co-managing partner and co-founder<ref>MSDCapital website on [http://msdcapital.com/phelan.htm John C. Phelan], visited: 5 February, 2013</ref>


⚫
===Activities===
Besides those 2 co-founders and co-managing partners another 10 partners are listed<ref>MSD Capital website: [http://msdcapital.com/partners.htm Listing of partners], visited: 5 February 2013</ref>
According to information on MSD Capital's website, the firm has a broad investment mandate, focused principally on making investments across the globe in the debt and equity of public and private companies, real estate and other asset classes.


Based on the most recent Form 13F filings by MSD Capital, its holding of the equity of public companies include PVH Corp., the apparel company that owns brands including Calvin Klein and Tommy Hilfiger, and DineEquity, known for its IHOP and Applebee's restaurants<ref>{{Cite news|url=https://dealbook.nytimes.com/2013/01/17/michael-dells-empire-in-a-buyout-spotlight/|title=Michael Dell's Empire in a Buyout Spotlight|last=Lattman|first=Peter|work=DealBook|access-date=2017-12-31|language=en}}</ref><ref>{{Cite web|url=https://whalewisdom.com/filer/msd-capital-l-p#/tabholdings_tab_link|title=MSD CAPITAL L P Top Holdings|website=whalewisdom.com|language=en|access-date=2017-12-31}}</ref>.
===Relation with Dell Computers===
* Asburt Automotive Group, Inc.
⚫
MSD Capital has no direct involvement with [[Dell]] as a company although this will likely change if the leveraged buy-out is successful.<ref>{{Cite news| url =https://www.bloomberg.com/news/2013-01-31/dell-keeps-lbo-financing-in-the-family-with-msd-capital.html |title= Dell Keeps LBO Financing in the Family With MSD Capital|author= Miles Weiss|publisher=[[Bloomberg Businessweek]] |date = January 31, 2013}}</ref>
* Wesco Aircraft Holdings, Inc.
* PVH Corp.
* DineEquity, Inc.
* Townsquare Media
Among MSD Capital's real estate holdings are the luxury resorts Four Seasons Maui<ref>{{Cite news|url=https://dealbook.nytimes.com/2013/01/17/michael-dells-empire-in-a-buyout-spotlight/|title=Michael Dell's Empire in a Buyout Spotlight|last=Lattman|first=Peter|work=DealBook|access-date=2017-12-31|language=en}}</ref> and Four Seasons Hualalai<ref>{{Cite web|url=http://www.travelweekly.com/Travel-News/Hotel-News/Tech-magnates-turning-attention-toward-ultraluxury-hotels|title=Tech magnates turning attention toward ultraluxury hotels: Travel Weekly|website=www.travelweekly.com|language=en|access-date=2017-12-31}}</ref>, both located in Hawaii.


In July 2016, it was announced that MSD Capital and MSD Partners would provide preferred equity financing to support WME | IMG in its acquisition of UFC, the professional mixed martial arts (MMA) organization, alongside strategic investors KKR and Silver Lake Partners<ref>{{Cite news|url=https://www.nytimes.com/2016/07/11/business/dealbook/ufc-sells-itself-for-4-billion.html|title=U.F.C. Sells Itself for $4 Billion|last=Merced|first=Michael J. de la|date=2016-07-11|work=The New York Times|access-date=2017-12-31|language=en-US|issn=0362-4331}}</ref>.
⚫
==Activities==
As a private (investment) firm the company doesn't publish detailed records on their activities or strategies. According to information on MSD Capital's website they have a very broad mandate how to invest the money. They are currently (as mentioned on their website on 5 February 2013) specialized in:
:* Value based public investing (buying and selling shares of publicly listed companies)
:* "Special opportunity projects"
:* Partnering with selected [[hedge funds]]
:* investments in [[real estate]]
:* [[private equity]]


In 2008, MSD Capital joined a consortium to acquire the assets of IndyMac Bank for around $13.9 billion, renaming it OneWest Bank<ref>{{Cite news|url=https://dealbook.nytimes.com/2013/01/17/michael-dells-empire-in-a-buyout-spotlight/|title=Michael Dell's Empire in a Buyout Spotlight|last=Lattman|first=Peter|work=DealBook|access-date=2017-12-31|language=en}}</ref>.
Dell Inc would likely be their largest investment to date if the leveraged buy out succeeds.<ref name="FTDell"/>


In August 2017, MSD Capital partnered with TruAmerica to acquire the Florida-based multifamily community Sienna at Lake Vista for $66 million<ref>{{Cite web|url=http://rebusinessonline.com/truamerica-msd-capital-acquire-multifamily-property-in-fort-myers-for-66m/|title=TruAmerica, MSD Capital Acquire Multifamily Property in Fort Myers for $66M {{!}} REBusinessOnline|website=rebusinessonline.com|language=en-US|access-date=2017-12-31}}</ref>.
In 2016, MSD's involvement in the small-sized television over-the-air broadcast properties market was detailed. The report came as the U.S. [[Federal Communications Commission]] moved toward a [[Dutch auction]] for the re-acquisition and re-sale of the broadcasting frequencies to more lucrative wireless phone uses. OTA Broadcasting LLC, a unit of MSD, was formed in 2011. Amongst "more than a dozen" acquisitions since then, the "most valuable ... is from a former Korean station in New York. [Dell]’s representatives bought the station in March 2012 for $6.6 million. The FCC’s opening bid for that license is $377 million." Also in the report the ''Wall Street Journal'' set the maximum proceeds from all OTA properties at $4 billion.<ref>Gryta, Thomas, and Kate Linebaugh, [https://www.wsj.com/articles/computer-mogul-michael-dell-stands-to-reap-billions-from-fcc-auction-1452661261 "Computer Mogul Michael Dell Stands to Reap Billions From FCC Auction"], ''Wall Street Journal'', January 23, 2016. Retrieved 2016-01-13.</ref>


== MSD Partners ==
== MSD Partners ==

Revision as of 08:23, 31 December 2017

MSD Capital LP
Company typePrivate, Limited liability company
IndustryPrivate equity,
Founded1998
FounderMichael Dell [1]
Headquarters645 Fifth Avenue, 21st Floor, New York City and
100 Wilshire Boulevard, Suite 1700, Santa Monica, California, United States[2]
ProductsLeveraged buyout, Growth capital , investments, real-estate[1]
Total assetsnot public, in excess of $ 12 billion[1]
Number of employees
+/-120[1]
Websitemsdcapital.com

MSD Capital is a private investment firm that exclusively manages the capital of Michael Dell and his family. The firm, which is based in New York and has offices in Santa Monica and West Palm Beach, was formed in 1998[3].

The principals of MSD Capital in 2009 formed MSD Partners, an investment adviser registered with the U.S. Securities and Exchange Commission, to enable outside investors to invest in strategies that were developed by MSD Capital. Among other things, MSD Partners makes control equity and structured preferred investments through its MSD Private Capital Group[4].

Founding

In 1998, Michael Dell recruited John C. Phelan and Glenn R. Fuhrman to form MSD Capital to manage his family's wealth. For nearly 20 years, Mr. Phelan and Mr. Fuhrman, the firm's co-founders, have served as co-managing partners of MSD Capital[5].

Management

MSD Capital has a dedicated investment team. According to the firm's statement on its website, Mr. Dell is not involved in its day-to-day operations.

Activities

According to information on MSD Capital's website, the firm has a broad investment mandate, focused principally on making investments across the globe in the debt and equity of public and private companies, real estate and other asset classes.

Based on the most recent Form 13F filings by MSD Capital, its holding of the equity of public companies include PVH Corp., the apparel company that owns brands including Calvin Klein and Tommy Hilfiger, and DineEquity, known for its IHOP and Applebee's restaurants[6][7].

  • Asburt Automotive Group, Inc.
  • Wesco Aircraft Holdings, Inc.
  • PVH Corp.
  • DineEquity, Inc.
  • Townsquare Media

Among MSD Capital's real estate holdings are the luxury resorts Four Seasons Maui[8] and Four Seasons Hualalai[9], both located in Hawaii.

In July 2016, it was announced that MSD Capital and MSD Partners would provide preferred equity financing to support WME | IMG in its acquisition of UFC, the professional mixed martial arts (MMA) organization, alongside strategic investors KKR and Silver Lake Partners[10].

In 2008, MSD Capital joined a consortium to acquire the assets of IndyMac Bank for around $13.9 billion, renaming it OneWest Bank[11].

In August 2017, MSD Capital partnered with TruAmerica to acquire the Florida-based multifamily community Sienna at Lake Vista for $66 million[12].

MSD Partners

The principals of MSD Capital in 2009 formed MSD Partners, an investment adviser registered with the U.S. Securities and Exchange Commission, to enable outside investors to invest in strategies that were developed by MSD Capital[13]. These strategies include the equities of public and private companies, credit, real estate and other asset classes and securities.

MSD Partners operates from New York and London[14]. MSD Partners' Private Capital Group is led by Douglas Londal, who joined in 2015 from New Mountain Capital, where he was President[15].

The Private Capital Group is primarily focused on control private equity investments[13]. In 2017, it invested a combined $650 million in the acquisitions of Hayward Industries Inc.[16] and Ring Container Technologies Inc[13]. MSD Partners committed $1.4 billion to seven investments between January 2016 and October 2017[13].

In 2013, MSD Partners participated with Michael Dell and Silver Lake Partners in the acquisition of Dell Inc., worth approximately $24 billion[17].

Current holdings

Based on the most recent Form 13F filings by MSD Partners, its holdings of the equity of public companies[18] include the following:

  • Altaba, Inc.
  • Macquarie Infrastructure Company LLC
  • Nexstar Broadcasting Group
  • SPDR S&P 500 ETF Index Depositary Receipts
  • Cedar Fair LP
  • Coty Inc.
  • SS&C Technologies Holdings, Inc.
  • Restaurant Brands International Inc.
  • US Foods Holding Corporation
  • Apollo Global Management LLC
  • Harbinger Group Inc.
  • Liberty Media Corporation
  • Vistra Energy Corp.
  • Ring Energy Inc.
  • Halozyme Therapeutics Inc.
  • National General Holdings Corp.
  • Ziopharm Oncology Inc.
  • Blueknight Energy Partners, L.P.
  • Novagold Resources Inc.
  • Tribune Media
  • Interpublic Group of Companies, Inc.
  • StealthGas Inc.
  • BMC Stock Holdings, Inc.
  • Marten Transport Ltd
  • JPMorgan Chase & Co

References

  1. ^ a b c d MSDCapital Website FAQs Archived 2013-06-02 at the Wayback Machine
  2. ^ MSDCapital Website Contact Us
  3. ^ "MSD Capital, L.P.: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2017-12-31.
  4. ^ "Michael Dell's MSD Partners to Buy Ring Container Technologies". Bloomberg.com. 2017-09-14. Retrieved 2017-12-31.
  5. ^ "Dell Keeps LBO Financing in the Family With MSD Capital". Bloomberg.com. 2013-01-31. Retrieved 2017-12-31.
  6. ^ Lattman, Peter. "Michael Dell's Empire in a Buyout Spotlight". DealBook. Retrieved 2017-12-31.
  7. ^ "MSD CAPITAL L P Top Holdings". whalewisdom.com. Retrieved 2017-12-31.
  8. ^ Lattman, Peter. "Michael Dell's Empire in a Buyout Spotlight". DealBook. Retrieved 2017-12-31.
  9. ^ "Tech magnates turning attention toward ultraluxury hotels: Travel Weekly". www.travelweekly.com. Retrieved 2017-12-31.
  10. ^ Merced, Michael J. de la (2016-07-11). "U.F.C. Sells Itself for $4 Billion". The New York Times. ISSN 0362-4331. Retrieved 2017-12-31.
  11. ^ Lattman, Peter. "Michael Dell's Empire in a Buyout Spotlight". DealBook. Retrieved 2017-12-31.
  12. ^ "TruAmerica, MSD Capital Acquire Multifamily Property in Fort Myers for $66M | REBusinessOnline". rebusinessonline.com. Retrieved 2017-12-31.
  13. ^ a b c d "Michael Dell's MSD Partners to Buy Ring Container Technologies". Bloomberg.com. 2017-09-14. Retrieved 2017-12-25.
  14. ^ "MSD Partners, L.P.: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2017-12-25.
  15. ^ "Private Equity's Biggest Backers Are Tired of the Fees". Bloomberg.com. 2017-10-26. Retrieved 2017-12-25.
  16. ^ "CCMP Capital, MSD Partners to Acquire Hayward Industries". Wall Street Journal. 2017-06-19. ISSN 0099-9660. Retrieved 2017-12-25.
  17. ^ us, Dell. "Financial News". Dell. Retrieved 2017-12-25.
  18. ^ "MSD PARTNERS, L.P. Top Holdings". whalewisdom.com. Retrieved 2017-12-25.

External links

MSD Partners

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