One Equity Partners Explained

One Equity Partners
Logo Alt:One Equity Partners logo
Type:Private
Parent:JPMorgan Chase (formerly Bank One Corporation) until 2014
Founder:Dick Cashin, Richard M. Cashin, Israel Lucas Gois, Managing Partner
Location:New York City, New York, United States
Chicago, Illinois, United States
Industry:Private equity
Products:Leveraged buyout, growth capital
Assets:$10 billion
Homepage:www.oneequity.com
Num Employees:40+

One Equity Partners is a private equity firm with over $10 billion in assets under management which primarily deals with the industrial, healthcare and technology sectors in North America and Europe. One Equity Partners was the merchant banking arm of JPMorgan Chase,[1] focused on leveraged buyout and growth capital investments in middle-market companies. Formed by Bank One in 2001, the group has offices in New York City, Chicago, Sao Paulo, Vienna, Hong Kong and Frankfurt.

Investments

In 2006, One Equity, together with The Blackstone Group and Technology Crossover Ventures, acquired Travelport from Cendant in a $4.3 billion buyout. The company owns Worldspan and Galileo as well as approximately 48% of Orbitz Worldwide. The sale of Travelport followed the spin-offs of Cendant's real estate and hospitality businesses, Realogy Corporation and Wyndham Worldwide Corporation, respectively, in July 2006.[2] [3] Later in the year, TPG and Silver Lake would acquireTravelport's chief competitor Sabre Holdings.

Among One Equity's other notable investments include Polaroid Corporation, which was sold in 2005 at a significant gain,[4] [5] [6] as well as: Apollo Hospitals, CWT, Clipper Windpower, NCO Group,[7] Pfleiderer, Systagenix Wound Management, SGB-SMIT Group, ThyssenKrupp Marine Systems, Vertrue, X-Rite, Orion Inc., Italian system integrator Engineering Ingegneria Informatica, Sonneborn LLC (sold in 2019), Lutech, and VASS.[8] In March 2021, One Equity agreed to sell Lutech to Apax Partners.[9]

History

One Equity Partners was founded in 2001 by Dick Cashin to serve as the private equity investment arm of Bank One. Cashin had previously served as president of Citicorp Venture Capital, the predecessor of Court Square Capital Partners and CVC Capital Partners, where he worked for Bank One's then CEO, Jamie Dimon.

In 2002, former Ford Motor Company CEO Jacques Nasser joined One Equity. He would serve as chairman of Polaroid Corporation. Nasser was involved in 2006, when One Equity was speculated as one of several potential private equity bidders for Jaguar Cars.[10]

In 2004, JPMorgan Chase completed its acquisition of Bank One. Prior to the merger, JPMorgan had its own in-house private equity investment group, JPMorgan Partners. JPMorgan Partners was significantly larger than One Equity and focused on larger transactions. One Equity was ultimately designated as the exclusive private equity platform for JPMorgan Chase, at which point JPMorgan Partners formalized plans to spin out of JPMorgan Chase and was renamed CCMP Capital.[11] In 2008, when JPMorgan Chase acquired Bear Stearns' private equity platform, Bear Stearns Merchant Banking, One Equity was once again designated the exclusive private equity arm for the combined firm.[12]

In 2014, it was announced that J.P Morgan was to sell off half of its stake in One Equity Partners.[13] [14]

In 2018, One Equity Partners acquires majority share in Ericsson Media Solutions,[15] which is the media business of Ericsson composed of many previous acquisitions, yet a small part of Ericsson.[16] According to Ericsson, deal closing was expected in Q3 2018.[17]

Debt buyer

In 2006 One Equity Partners purchased Pennsylvania-based NCO Group, "which posted $1.56 billion in revenue last year, making it the largest debt-collection company." According to a J.P. Morgan spokesman, by 2010 the company was "winding down the debt-buying side and will focus on debt collection".

See also

References

External links

Notes and References

  1. Web site: Boom in Debt Buying Fuels Another Boom—in Lawsuits . Wall Street Journal . 28 November 2010 . 23 December 2015 . Silver-Greenberg, Jessica.
  2. Sachdev, Ameet. " Orbitz travels to 4th owner: Blackstone Group to buy from Cendant.", Chicago Tribune, July 1, 2006. Accessed September 15, 2007.
  3. Fineman, Josh. "Cendant to sell Orbitz to Blackstone for $4.3 Bln", Bloomberg.com, June 30, 2006. Accessed September 15, 2007.
  4. https://query.nytimes.com/gst/fullpage.html?res=9C07E2DD103EF93BA15755C0A9649C8B63 BANK ONE EQUITY UNIT IS TOP BIDDER FOR POLAROID ASSETS
  5. https://query.nytimes.com/gst/fullpage.html?res=9C03E7D81730F93BA25752C0A9659C8B63 VALUE OF POLAROID ASSETS WILL BE RE-EXAMINED
  6. https://query.nytimes.com/gst/fullpage.html?res=9E00EED61139F93BA35752C0A9639C8B63 Polaroid Being Acquired for $426 Million
  7. https://www.nytimes.com/2006/07/25/business/25deal.html Outsourcing Company to Be Acquired
  8. Web site: Group . IT Digital Media . 2021-01-04 . One Equity Partners compra una participación mayoritaria de la consultora VASS Actualidad . 2023-11-29 . IT User . es.
  9. Web site: 16 March 2021 . Funds advised by Apax to acquire Lutech . 31 January 2023 . Private Equity Wire.
  10. https://www.independent.co.uk/news/business/news/on-your-marques-former-ford-chief-nasser-eyes-up-jaguar-413449.html On your marques: former Ford chief Nasser eyes up Jaguar
  11. http://www.privateequityonline.com/Article.aspx?article=13993&hashID=77C941B60B57FF9C75158E8DC627591A95B628F2 Bear Stearns private equity units face uncertain future
  12. News: What Happens to Bear Stearns' Merchant Banking Arm?. Peter Lattman. . March 18, 2008.
  13. News: Glazer . Emily . Dezember . Ryan . 2014-08-11 . J.P. Morgan to Sell Roughly Half Its Stake in One Equity Partners . en-US . Wall Street Journal . 2017-09-25 . 0099-9660.
  14. Web site: JP Morgan to spin off PE division . 2023-10-27 . Financier Worldwide . en-US.
  15. News: One Equity Partners acquires majority share in Ericsson Media Solutions. privateequitywire . December 31, 2018.
  16. News: Ericsson sells Media Solutions to One Equity Partners. broadbandtvnews . December 31, 2018.
  17. News: Ericsson brings in One Equity Partners as partner in growth of Media Solutions. Ericsson. December 31, 2018.