Texas Pacific Group
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The Texas Pacific Group (commonly referred as "TPG") is a private equity investment firm founded by David Bonderman, James Coulter and William Price in 1992. TPG has offices in Fort Worth, San Francisco and London.
TPG focuses on turnarounds, management-led buyouts and recapitalizations. The firm's industry focuses include media and telecommunications, industrials, technology and health care. The firm is currently investing its fourth fund, TPG Partners IV, L.P., which closed in March 2003 with $5.3 billion in capital commitments, and the firm is raising its fifth fund, seeking as much as $14 billion, according to reports.
Recent notable transactions include the leveraged buyout of Burger King in July 2002 with Bain Capital and Goldman Sachs Capital Partners, the acquisition of MGM in 2005 with Sony Corp. and other private equity firms, and the acquisition of high-end retailer Neiman Marcus. TPG also owns Bally Shoe and has stakes in Petco and J. Crew. [1]
TPG proposed 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.
In June of 2006, 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. [2]
In November 2006, TPG was reported have formed a consortium with Australia's Macquarie Bank, with the aim of purchasing Qantas.[3]
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.
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]
