March 23, 2023

DealBook: Carlyle in $3.3 Billion Deal for Getty Images

The Carlyle Group announced on Wednesday that it had reached a deal to acquire Getty Images, the well-known distributor of photography, video and multimedia products, from Hellman Friedman for $3.3 billion.

Carlyle will take a controlling stake in Getty Images, while the co-founder and the chairman of Getty Images, Mark H. Getty, and the Getty family will roll substantially all their ownership interests into the acquisition. Other top Getty Images executives, including the co-founder and chief executive Jonathan Klein, will also invest significant equity in the company.

As DealBook reported on Tuesday, Carlyle had been bidding against other private equity firms, including CVC Capital Partners, for Getty Images. Hellman Friedman had acquired the company in 2008 for about $2.4 billion.

“This partnership with the Carlyle Group reflects and bolsters our ongoing strategy, strong management team and the talent of our dedicated employees,” Mr. Klein said in a statement.

The company, which is based in Seattle, was founded in 1995 by Mr. Klein and Mr. Getty, an heir to the J. Paul Getty oil fortune. It possesses an archive that includes 80 million still images and illustrations.

JPMorgan Chase, Barclays, Credit Suisse, Goldman Sachs and RBC Capital Markets are providing debt financing for the deal, which is expected to close later this year.

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DealBook: Apollo Global Management to Buy Chemicals Business for $1.4 Billion

LONDON — Apollo Global Management agreed on Friday to buy Taminco, a Belgian chemicals company, from a rival private equity firm, CVC Capital Partners, for $1.4 billion.

The announcement comes after CVC withdrew an initial public offering for Taminco last year because of a lack of investor interest in the company. The private equity firm had bought Taminco, based in Ghent, Belgium, in 2007 for roughly $1 billion.

“Taminco is a superior chemical company with an impressive portfolio of products, strong relationships with its customers, a talented management team and highly skilled employees,” Scott Kleinman, lead partner of Apollo’s private equity business, said in a statement.

Taminco is one of the world’s largest specialist alkylamine producers. The chemical products are used in a number of industries, including solvents, pharmaceuticals and food production. The company has approximately 800 employees in 17 countries.

“Apollo has a proven track record of making successful investments in chemical businesses and we are excited about partnering with them to further develop and grow our business,” Taminco’s chief executive, Laurent Lenoir, said in a statement. “We expect this relationship will provide considerable strategic benefit to our customers and employees around the world.”

The deal is expected to close in the first half of 2012.

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DealBook: BJ’s Wholesale Agrees to $2.8 Billion Buyout

A BJ's Wholesale store in Dedham, Mass.Steven Senne/Associated PressA BJ’s Wholesale store in Dedham, Mass.

BJ’s Wholesale Club said on Wednesday that it would sell itself to the private equity firms Leonard Green Partners and CVC Capital Partners for $2.8 billion in cash, wrapping up a months-long sale process.

Under the terms of the deal, the buyout firms will pay $51.25 a share for the warehouse retailer, a 6.6 percent premium to BJ’s closing price of $48.08 on Tuesday.

It is also 38 percent higher than BJ’s stock price on June 30 last year, the day before Leonard Green announced that it owned a 9.5 percent stake in the company.

“BJ’s will benefit from the continued execution of our business plan and the significant retail expertise of our new partners at LGP and CVC, as well as from continued investments in our clubs, our people and technology, and the future of our business,” Laura Sen, BJ’s chief executive, said in a statement.

The deal announced Wednesday is the latest private equity transaction in retail. Leonard Green has been among the most active buyers in the sector over the last year, and its takeovers have included Jo-Ann Stores and, with TPG Capital, J. Crew. CVC also owns a number of retailers, including C1000 of the Netherlands and Cortefiel of Spain.

Leonard Green put BJ’s in play last year when it made a quiet takeover proposal for the company, prompting the retailer to hire Morgan Stanley to run an auction process. BJ’s acknowledged in February that it was up for sale. Last month, Leonard Green and CVC disclosed in a regulatory filing that they had made a bid for BJ’s.

The deal is expected to close in the fourth quarter, pending a vote by BJ’s shareholders.

In addition to Morgan Stanley, BJ’s was also advised by the law firm Wilmer Cutler Pickering Hale Dorr. Leonard Green and CVC were advised by Deutsche Bank, Citigroup, Barclays Capital and Jefferies Company. Those banks, along with GE Capital and Wells Fargo, also provided financing.

The buyout firms received legal counsel from Latham Watkins and Simpson Thacher Bartlett.

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DealBook: Leonard Green and CVC Bid for BJ’s Wholesale

Leonard Green Partners and CVC Capital Partners have teamed up with to buy BJ’s Wholesale Club, which announced earlier this year that it was exploring a sale.

The two private equity firms said in a regulatory filing on Friday that they had submitted a joint proposal to buy the retailer. They did not disclose a specific bid price.

Leonard Green, which had previously expressed interest in acquiring BJ’s, is already the company’s largest shareholder, with roughly 9.3 percent of the stock.

Both Leonard Green and CVC are active players in the retail industry.

Leonard Green, based in Los Angeles, has investments in the Container Store, David’s Bridal, Neiman Marcus and Whole Foods. In December, the buyout shop agreed to buy Jo-Ann Stores for $1.6 billion. The deal followed a bid from TPG Capital for the clothier J. Crew.

CVC, located in London, has a more global perspective. Its holdings included C1000, the Netherlands supermarket chain; Matahari Department Stores in Indonesia; and Cortefiel, the clothing retailer in Spain.

Massachusetts-based BJ’s operates more than 190 warehouse in 15 states, mainly located on the East Coast. Amid speculation it was on the block, the company confirmed in February that it had decided “to explore and evaluate strategic alternatives.” Morgan Stanley was hired to help facilitate the sales process.

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