One Equity Partners

One Equity Partners
Company typePrivate
IndustryPrivate equity
Founded2001; 23 years ago (2001)
FounderDick Cashin & Israel Lucas Gois
HeadquartersNew York City, New York, United States
Chicago, Illinois, United States
ProductsLeveraged buyout, growth capital
Total assets$10 billion
Number of employees
40+
ParentJPMorgan Chase (formerly Bank One Corporation) until 2014
Websitewww.oneequity.com

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, São 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 acquire Travelport'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

History of private equity
and venture capital
Early history
(origins of modern private equity)
The 1980s
(leveraged buyout boom)
The 1990s
(leveraged buyout and the venture capital bubble)
The 2000s
(dot-com bubble to the credit crunch)
The 2010s
(expansion)
The 2020s
(COVID-19 recession)

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".[1]

See also

Notes

  1. ^ a b Silver-Greenberg, Jessica (28 November 2010). "Boom in Debt Buying Fuels Another Boom—in Lawsuits". Wall Street Journal. Retrieved 23 December 2015.
  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. ^ BANK ONE EQUITY UNIT IS TOP BIDDER FOR POLAROID ASSETS. New York Times, June 28, 2002
  5. ^ VALUE OF POLAROID ASSETS WILL BE RE-EXAMINED. New York Times, January 18, 2003
  6. ^ Polaroid Being Acquired for $426 Million. New York Times, January 8, 2005
  7. ^ Outsourcing Company to Be Acquired. New York Times, July 25, 2006
  8. ^ Group, IT Digital Media (2021-01-04). "One Equity Partners compra una participación mayoritaria de la consultora VASS | Actualidad". IT User (in Spanish). Retrieved 2023-11-29. {{cite web}}: |last= has generic name (help)
  9. ^ "Funds advised by Apax to acquire Lutech". Private Equity Wire. 16 March 2021. Retrieved 31 January 2023.
  10. ^ On your marques: former Ford chief Nasser eyes up Jaguar. The Independent, August 26, 2006.
  11. ^ Bear Stearns private equity units face uncertain future Archived 2009-09-09 at the Wayback Machine (Private Equity Online, 2008)
  12. ^ Peter Lattman (March 18, 2008). "What Happens to Bear Stearns' Merchant Banking Arm?". The Wall Street Journal.
  13. ^ Glazer, Emily; Dezember, Ryan (2014-08-11). "J.P. Morgan to Sell Roughly Half Its Stake in One Equity Partners". Wall Street Journal. ISSN 0099-9660. Retrieved 2017-09-25.
  14. ^ "JP Morgan to spin off PE division". Financier Worldwide. Retrieved 2023-10-27.
  15. ^ "One Equity Partners acquires majority share in Ericsson Media Solutions". privateequitywire. December 31, 2018.
  16. ^ "Ericsson sells Media Solutions to One Equity Partners". broadbandtvnews. December 31, 2018.
  17. ^ Ericsson (December 31, 2018). "Ericsson brings in One Equity Partners as partner in growth of Media Solutions".

References