TPG Capital, L.P.

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TPG Capital, L.P. (formerly Texas Pacific Group, commonly referred as "TPG") is a private equity investment firm founded by David Bonderman, James Coulter and William S. Price III in 1992. TPG has offices in Fort Worth, San Francisco, London, Hong Kong, Tokyo and New York City.

TPG focuses on turnarounds, management buyouts and leveraged recapitalizations. The firm's industry focuses include media and telecommunications, industrials, technology and health care. The firm is currently investing its fifth fund, TPG Partners V, L.P.^{[citation needed]}

Contents 1 Notable investments 2 Recognitions 3 References 4 External links

[edit] Notable investments

Notable TPG investments (proposed and actual) have included,^[1][2] in chronological order:

• 1993 – TPG founded later in the year after Bonderman acquires bankrupt Continental Airlines
• 1996 – TPG invests in AT&T Paradyne, Beringer Wine, Ducati Motorcycles, and Del Monte Foods.
• 1997 – J. Crew Group.
• 1998 – ZiLOG and Oxford Health Plans.
• 1999 – Piaggio S.p.A, Bally International (includng Bally Shoe), and ON Semiconductor.
• 2000 – Seagate Technology, Petco Animal Supplies, and the controversial acquisition of Gemplus SA.
• 2001 – Telenor Media for $600m, and MEMC Electronic Materials^[3]
• 2002 – the leveraged buyout of Burger King in July with Bain Capital and Goldman Sachs Capital Partners, the acquisition of MGM in 2005 with Sony Corp. and other private equity firms.
• 2003 – a proposal to buy Portland General Electric from Enron on November 17, 2003. However, concerns about debt, local mistrust, and published documents that indicated TPG would likely maximize short-term profits to the detriment of the utility's customers led to Oregon's Public Utilities Commission regulators to deny permission for the purchase March 10, 2005.^{[citation needed]}
• 2005 – acquistion of MGM and the acquisition of high-end retailer Neiman Marcus.
• In the year 2006:
  • June – with the help of children's television mogul Haim Saban, the firm won the bid for Univision, the largest Spanish-language media company in the United States. However, company stockholders are suing over the deal.^[4]
  • November – TPG was reported to have formed Airline Partners Australia, a consortium with Australia's Macquarie Bank, with the aim of purchasing Qantas.^[5]
  • On December 1, 2006, it was announced Texas Pacific Group and Kohlberg Kravis Roberts have been exploring the possibility of a record $100 billion leveraged buyout of the nation's second-largest retailer Home Depot.^{[citation needed]}
  • On December 19, 2006, Harrah's Entertainment announced that its board of directors voted to accept a buyout offer from Apollo Management Group and Texas Pacific Group for $17 billion, or $90-per-share.^[6]
• February 2007, Texas Pacific Group and Kohlberg Kravis Roberts announce intention to acquire TXU for about $45 billion, including debt, in the largest-ever leveraged buyout.^[7] The deal is also notable for a drastic change in environmental policy for the energy giant, in terms of its carbon emissions from coal power plants and funding alternative energy.^[8]
• March 26 2007 Agreed to Purchase HealthSouth Corporation's Ambulatory Surgery Division.^{[citation needed]}

[edit] Recognitions

During 2005 and 2006, Texas Pacific Group was recognized by several members of the media for its performance. The firm was called "Firm of the Year" by Buyouts Magazine^{[citation needed]}; "Best Global Firm of the Year" by Euromoney Magazine^{[citation needed]}; "North American Large Cap Private Equity Firm of the Year" by Global Finance Magazine^{[citation needed]}; and TPG-Newbridge was named "Best Firm of the Year" by the Asia Venture Forum.^{[citation needed]}

[edit] References

1. ^ TPG Profile at Yahoo.com
2. ^ http://www.fundinguniverse.com/company-histories/Texas-Pacific-Group-Inc-Company-History.html
3. ^ http://www.businessweek.com/magazine/content/01_43/b3754116.htm
4. ^ "Univision shareholders sue over board's handling of company sale", The Mercury News, June 29, 2006.
5. ^ "Unions concerned about bid for Qantas", The Age, November 22, 2006.
6. ^ "Harrah's Entertainment board agrees to $90 a share buyout bid", Las Vegas Sun, December 19, 2006.
7. ^ "KKR, Texas Pacific-led group to buy TXU Corp", Reuters, Feb 26, 2007.
8. ^ DAVID KOENIG. "TXU's $32B takeover by KKR-led group draws only muted criticism", Houston Chronicle, Feb 26, 2007.

[edit] External links

• TPG - Texas Pacific Group Official Site
• TPG Ventures (venture capital affiliate)