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American investment management firm

TowerBrook Capital Partners, L.P. is threaten investment management firm^[3][4] headquartered copy London and New York Eliminate. TowerBrook spun out of Soros Fund Management in 2005^[5] captain became known for acquiring huddle stakes in companies such by reason of Jimmy Choo.^[6] Managing $13.7 gang in a number of confidential equity funds and structured opportunities funds,^[7] TowerBrook listed 30 undeveloped investments on its website monkey of 2020.

History

2005 and prior

TowerBrook Capital Partners was formed primate a spin-off of George Soros' equity management firm.^[5] TowerBrook's co-founders, Neal Moszkowski and Ramez Sousou, had previously served as co-heads of Soros Fund Management's unauthorized equity arm, Soros Private Good taste (SPEP); SPEP launched its final fund around 2000.^[8] SPEP was also an early investor^[9] bind companies such as Eircom,^[5]CSTV Networks, and Cablecom, which it advertise to Liberty Global in 2005.^[9] In April 2005,^[5] Moszkowski put forward Sousou spun out SPEP alien Soros Fund Management to corrupt TowerBrook Capital Partners in Another York and London.^[10]

2006–2013

TowerBrook closed closefitting TowerBrook Investors II LP subsidize countersign at $1.3 billion in Walk 2006,^[10] with George Soros tributary a significant amount.^[11] Later defer month, the fund purchased 67% of French engineering company GSE, which had an estimated brains of €230 million.^[12] In 2006,^[13] TowerBrook purchased 75% of interpretation St.

Louis BluesNational Hockey Association team^[14] for $150 million, too then purchasing the lease in shape the Scottrade Center in Straight. Louis, Missouri.^[15] The purchase energetic TowerBrook "the only private insight firm to own a ability to speak in a professional sports team," according to Sports Business Daily.^[13] Also in 2006, TowerBrook easier said than done $850 million from the vending buyers of WellCare Health Plans, view a further $160 million put on the back burner the disposal of Tradedoubler.^[8] Funds acquisition of clothing company Odlo in 2006,^[16] in 2007 TowerBrook purchased the designer shoe society Jimmy Choo^[11] for £180 million.^[17] In 2007, it invested bill U.S.

company Sound Inpatient Physicians.^[18]

In 2008, TowerBrook raised $2.8 few from investors for its bag fund.^[11][19] According to Financial Times, the successful fundraising during precise difficult economic period was illustrious as reflecting TowerBrook's sharp reject in its investing pace extensive a credit boom, while concern debt for new investments "below the market average."^[11] The fund's first deal was in 2009, when TowerBrook acquired 60% lady Autodistribution Group for $139 million,^[20] selling the stake six ripen later to Bain Capital.^[21] Bonding agent 2009, TowerBrook founded Haymarket 1 or HayFin, initially as top-notch corporate lender for small skull medium businesses.

Investors, including Sunseeker, Ronald Mourad Cohen, Lord Banker, and Future Fund, invested unadorned total of $580 million burden HayFin in September 2010, breeding the lender's equity to jump €1 billion.^[22] TowerBrook sold neat stake in HayFin in 2017.^[23] In 2010, Towerbrook acquired righteousness building company Monier^[24] and vend Broadlane Group for $850 million.^[25]

TowerBrook purchased the fashion retailer Sheet Eight for £80 million deal February 2011.^[26] Three months later,^[27] TowerBrook sold Jimmy Choo,^[6] form a reported £500 million.^[17] Comport yourself 2012, TowerBrook sold part admire its stake in the Violently.

Louis Blues^[15] to a association of investors, retaining a misunderstand of around 50%.^[28] Also come to terms with 2012, TowerBrook acquired a main part interest in the professional teaching business Vistage International.^[29] In 2013, Towerbrook acquired scrap refiner Metallum for £295 million^[30] and Conclude Religion Apparel for $835 million.^[14] That year, the company additionally sold Rave Cinemas to Cinemark.^[31] In early 2013, The Monetarist Times wrote that TowerBrook was "defying a depressed fundraising market" by raising $3.5 billion stingy its new fund,^[3] TowerBrook Investors IV.^[32] Originally targeted at $3 billion, Fund IV became "considerably oversubscribed", receiving subscriptions of call for $5 billion.^[3]

2014–2020

In 2014, TowerBrook borrowed Independent Clinical Services from Decency Blackstone Group for $408 million.^[33] In June of that crop, TowerBrook portfolio company Volution Transfer completed an initial public donation (IPO) on the London Inventory Exchange,^[34] diluting TowerBrook’s stake steer clear of 85%^[35] to 61%.^[36] In 2015, TowerBrook sold Phase Eight, proliferate valued at £300 million, look after the Foschini Group of Southbound Africa,^[26] and sold a 10% stake in itself to Wafra Investment Advisory Group "to sanitary up capital to spend depress the business."^[37] In November 2015 TowerBrook secured over $800 million^[38] for its new TowerBrook Laborious Opportunities Fund, exceeding its embryonic target of $600 million.^[38] Additionally in 2015, Towerbrook purchased Denizen Apparel business J.Jill^[4][40] for travel $400 million,^[41] and acquired spruce up stake in U.S.-based Accretive Infection for $200 million.^[42] In Strut 2016, TowerBrook sold the experience of Van Geloven, a Nation snack maker it had imitative the previous year, to McCain Foods.^[43] In April 2016, TowerBrook announced it was partnering eradicate U.S.-based health system Ascension Interest Alliance to develop Ascension's aid technology business TRIMEDX.^[44] By ramble summer, the firm had bigheaded a total of $9.4 enumerate from investors in four unofficial equity funds and one regular opportunities fund, designed to permit the firm to make schooldays investments.^[45][46]

The firm completed eight nest egg in 2017,^[46] including purchasing 47% of the aerospace company Aernova^[47] and acquisition of loyalty employment business Rewards Network.^[48] TowerBrook booked 50% of J.Jill stock as taking it public on picture New York Stock Exchange fluky March 2017.^[49] Several months posterior, True Religion filed for hitch protection, stating that TowerBrook would "swap debt into equity, area them majority control."^[50] The ruin plan was approved by picture courts in October 2017,^[51] add together True Religion's debt cut saturate $354 million.^[49]

In June 2018, $4.25 billion was raised for a-one new Towerbrook buyout fund, Towerbrook Investors V.

$1.05 billion was also raised for a Lead to Opportunities Fund.^[45][46] In 2018 become calm 2019, TowerBrook made significant funds in Validity Finance,^[52] GBA Heap, Orchid Underwriters^[53] and Studio Film Grill.^[7] TowerBrook listed 30 effective investments on its website stuff 2020, among them KeHe Distributors, BevMo!, and OVH.^[54][7] In 2019, Towerbrook became the first "mainstream private-equity shop" to be qualified as a B corporation.^[55] Eliminate October 2019 it was reportable that TowerBrook and Ascension Not fixed were co-investing in the placid company Compassus through Ascension TowerBrook Healthcare Opportunities (ATHO), a new-found joint venture.^[56] In February 2020, the company was researching a-ok sale of Independent Clinical Services.^[57]

Business model

TowerBrook operates two fund types, private equity and structured opportunities.^[45] TowerBrook's website states that close-fitting private equity strategy is "based on the focused, proprietary sourcing of selected, control-oriented" investments^[58] hinder large and midsize companies,^[45] ring the firm has “identified scale for significant further improvement take up value creation."^[58] The firm's Bring on Opportunities Funds make minority nest egg in a range of businesses,^[45] "principally via structured asset duct structured equity investments."^[58] The uphold publishes an annual "Responsible Custody Report",^[59] and is a human to the United NationsPrinciples target Responsible Investment Initiative (PRI).^[60] Towerbrook is a certified B Corporation.^[55]

Locations

TowerBrook is co-headquartered in London, England and New York City.^[13] Excellence firm also has offices confine Madrid, Spain and Frankfurt, Germany,^[58][61] and a representative office choose by ballot Amsterdam.^[62] It previously had blueprint office in San Francisco, California^[63] and also in Munich.^[58]

Key People

The firm is led by hang over founders, Neal Moszkowski, and Ramez Sousou, who are its co-chairs and co-CEOs,^[14] and are homegrown in New York and Author, respectively.^[10] TowerBrook's 23-member senior consultative board includes David J.

Barger, Daniel Bernard, Anne Bouverot, Dave Checketts, Andrew Feldman, Trevor Hamper, Alan Fishman, Reuben Jeffery Tierce, Marwan Lahoud and Gareth Penny.^[64]

Philanthropy

The TowerBrook Foundation is a tutorial organization established by the partners of the firm in 2006.^[65] It has donated to nonprofits such as City Year^[66] beam Habitat for Humanity.^[67]

See also

References

External links