The Carlyle Group, Providence Equity Partners and GMT
Communications Partners (the "Sponsors") today announced that they
have signed a definitive agreement with Cinven and Warburg Pincus
under which Cinven and Warburg Pincus will acquire Casema for EUR 2.1
billion.
Casema is a leading provider of cable, Internet and telephony
services to residential and business customers in the Netherlands. The
Company is the third largest cable operator in the country, passing
1.5 million homes. The Company's current customer base represents
approximately 21% of all Dutch households.
The Sponsors acquired Casema in January 2003 from France Telecom,
with Providence and Carlyle each owning 46% of the Company and GMT 8%.
Under the ownership of the Sponsors and management of Chief Executive
Officer Jos Molenkamp who joined shortly after the acquisition, Casema
invested in excess of EUR 250 million in its network and
infrastructure. The Company has been transformed from a utility-like
analog television provider into the leading "triple play" operator in
the Netherlands, offering digital television, broadband internet and
telephony to the Dutch consumers. As of June 30, 2006, the Company had
1.3 million television subscribers (of which 112,000 subscribed to
digital packages), 400,000 broadband internet and 136,000 telephony
subscribers. Additionally, Casema has achieved revenue growth of 10%
annually since 2002 and approximately doubled EBITDA, while increasing
its headcount to approximately 1,050 from 750 employees at the end of
2002.
Benoit Colas, Managing Director at Carlyle said: "We are very
pleased with our investment in Casema. This success is due to the
strengths of the Casema business and the great work done by management
since the acquisition. We are also very proud of having accompanied
the Company through this major transformation into one of the leading
triple-play operators in Europe."
Jorg Mohaupt, Managing Director at Providence said: "Thanks to the
leadership of Jos and his team, the hard work of our partners, and the
dedication of all Casema employees, we have added significant value to
the company over the past three years and helped Casema grow, enhance
its product offerings and customer service, and improve its financial
position. We are confident that Casema has a bright future with its
new partners."
Jos Molenkamp, CEO of Casema said: "Casema has established itself
as a strong competitor with an exceptional product offering, a large
and sophisticated customer base, and one of the most reliable
broadband networks. We are pleased with the Company's success in
delivering excellent service to all of our customers."
The transaction, which is expected to close in the second half of
2006, is subject to regulatory approvals.
Goldman Sachs International acted as sole financial advisor to the
Sponsors.
About Casema
With over 30 years of experience and around 1.3 million
subscribers, Casema is one of the Netherlands' leading cable
operators. The Casema network is located mainly in the central and
southwestern parts of the Netherlands and serves such cities as The
Hague, Utrecht and Breda. Casema has rapidly developed from cable
television operator to full service provider, offering an extensive
package of electronic services via the cable. Visit www.casema.nl for
additional information.
About Providence Equity Partners
Providence Equity Partners Inc. is a global private investment
firm specializing in equity investments in media and entertainment,
communications and information companies around the world. The
principals of Providence Equity manage funds with over $9 billion in
equity commitments and have invested in more than 80 companies
operating in over 20 countries since the firm's inception in 1990.
Significant investments include Bresnan Broadband Holdings, Comhem,
Education Management Corporation, eircom, Kabel Deutschland,
Metro-Goldwyn-Mayer, Ono, PanAmSat, ProSiebenSat.1, Recoletos,
VoiceStream Wireless, Warner Music Group, and Western Wireless.
Providence Equity is headquartered in Providence, RI and also has
offices in New York and London. Visit www.provequity.com for
additional information.
About The Carlyle Group
The Carlyle Group is a global private equity firm with $41.9
billion under management. Carlyle invests in buyouts, venture & growth
capital, real estate and leveraged finance in Asia, Europe and North
America, focusing on telecommunications & media, industrial,
automotive & transportation, aerospace, consumer & retail, energy &
power, technology & business services and healthcare. Since 1987, the
firm has invested $19.7 billion of equity in 500 transactions for a
total purchase price of $79.7 billion. The Carlyle Group employs more
than 670 people in 15 countries. In the aggregate, Carlyle portfolio
companies have more than $46 billion in revenue and employ more than
184,000 people around the world. Significant telecom and media
investments include Comhem, Insight, Taiwan Broadband, Willcom,
PanAmSat, Hawai Telecom and VNU. Visit www.carlyle.com for additional
information.
About GMT Communications Partners
GMT Communications Partners is Europe's largest independent
private equity group focused exclusively on the communications sector,
having actively invested in the European marketplace for the past
decade. GMT's founders created the first pan-European fund focused on
the media and telecommunications sectors, Baring Communications
Equity, in 1992 with the backing of investment bank ING Barings. Since
that time, the Group has completed 25 investments across 17 countries
and has managed a series of successful funds comprising EUR 700
million of capital. The Partners of GMT have together completed over
100 transactions in the European media and telecoms industry.
Significant investments include Orion Publishing Group (UK), Mobifon
(Romania), Invitel (Hungary), YBR Group (Netherlands), Internet
Network Services (UK), Multicom (Sweden), EUSA (Spain), Redext (Spain)
and PEPcom (Germany). Visit www.gmtpartners.com for additional
information.
