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MidOcean Partners
Company typePrivate
IndustryPrivate Equity
FoundedFebruary 2003; 22 years ago (2003-02)
FounderTed Virtue
HeadquartersMidtown Manhattan, New York City
Area served
Global
ProductsPrivate equity funds, Leveraged buyouts
Total assets$10 billion[1]
Websitewww.midoceanpartners.com

MidOcean Partners is a New York based alternative asset management firm that specializes in mid-sized private equity and alternative leveraged investments.[2][3]

The firm, founded in February 2003,[4][5] is based in Midtown Manhattan. MidOcean was originally formed by the managers of DB Capital Partners to acquire Deutsche Bank's late stage private equity investments in the United States and Europe in one of the largest private equity secondary transactions completed to date.[6][7]

History

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MidOcean Partners was formed through a management spinout transaction. A group of investors provided capital to the managers of DB Capital Partners, led by MidOcean CEO Ted Virtue, to acquire the portfolio of private equity investments they had managed at Deutsche Bank.[8] In addition to the €1.5 billion DB portfolio, MidOcean took over a €1 billion portfolio from a subsidiary of DB.[9] Among the investors in the transaction were NIB Capital Private Equity (today AlpInvest Partners), HarbourVest Partners, Paul Capital Partners, Coller Capital, Ontario Teachers' Pension Plan and CPP Investment Board, with investments from Northwestern Mutual, The Yucaipa Companies and Presidential Life.[8] The management spinout of MidOcean, at the time valued at €1.5 billion (over $1.8 billion) was then and is still one of the largest transactions completed in the private equity secondary market.[6]

In 2003, MidOcean sold the class ring and school yearbook supplier Jostens for nearly $500 million to CSFB.[10]

In 2009, MidOcean Partners formed MidOcean Credit Opportunity LP.[5][11]

In December 2018, MidOcean acquired HW Holdco and Meyers Research.[12][13]

In May 2021, MidOcean sold their majority stake in The Planet Group to ProPharma Group.[14] In November that same year, Hunter Point Capital bought a minority stake in MidOcean.[15][16]

In June 2022, MidOcean Partners acquired Pragmatic Institute, a product management training company.[17][18][19]

References

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  1. ^ 'About', company web site. Earlier, an undated figure of $11.5 billion was listed, citing "Private Equity", a company web page which no longer publishes an asset-amount figure. Retrieved 2019-05-24.
  2. ^ "MidOcean Partners raises over $1.5bn for sixth PE fund". Retrieved 2024-02-19.
  3. ^ "MidOcean Partners Raises Over $1.5 Billion for Sixth Private Equity Fund". www.businesswire.com. 2023-04-04. Retrieved 2024-02-19.
  4. ^ "Credit Suisse Gets Federal Nod to Sell DLJ Merchant Banking to Coller". Dow Jones. Retrieved 1 September 2015.
  5. ^ a b "Hunter Point Capital Takes a Stake in MidOcean Partners - SWFI". www.swfinstitute.org. Retrieved 2024-02-19.
  6. ^ a b "MidOcean to manage Morgan Grenfell assets". Infrastructure Investor. 2013-01-15. Retrieved 2024-03-25.
  7. ^ Marco (2003-02-21). "Deutsche Bank: asset sale". Coller Capital. Retrieved 2024-03-25.
  8. ^ a b "Deutsche Bank: asset sale". Coller Capital. 2003-02-21. Retrieved 2024-02-19.
  9. ^ "MidOcean to manage Morgan Grenfell assets". Infrastructure Investor. 2013-01-15. Retrieved 2024-07-02.
  10. ^ Meikle, Brad (2003-07-07). "Investcorp Sells Jostens To CSFB For $1.1B -". Buyouts. Retrieved 2024-07-02.
  11. ^ "MidOcean Partners Sells Majority Stake in The Planet Group | MidOcean Partners". www.midoceanpartners.com. Retrieved 2024-07-03.
  12. ^ "MidOcean Partners Announces Acquisitions and Merger of Hanley Wood and Meyers Research". businesswire. December 12, 2018. Retrieved 2024-07-03.
  13. ^ "MidOcean buys Kennedy-Wilson's Meyers Research, merges it with Hanley Wood". S&P Global. 12 December 2018. Retrieved 2024-07-03.
  14. ^ "MidOcean Partners Sells Majority Stake in The Planet Group". businesswire. May 27, 2021. Retrieved 2024-03-07.
  15. ^ "Hunter Point Capital makes minority investment in MidOcean". S&P Global. 2021-11-01. Retrieved 2024-07-04.
  16. ^ "Bennett Goodman Strikes Deal for Stake in $10 Billion MidOcean". news.bloomberglaw.com. Retrieved 2024-07-04.
  17. ^ "MidOcean". www.bizjournals.com. Retrieved 2022-07-18.
  18. ^ "July 12, 2022: MidOcean Acquires Professional Training Provider". Middle Market Growth.
  19. ^ "Pragmatic Institute Has Been Acquired by MidOcean Partners". William Blair.
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