Trimaran Capital Partners Announces Formation of Trimaran Fund II at $1.043 Billion.Business Editors
NEW YORK--(BUSINESS WIRE)--April 11, 2001
Trimaran Capital Partners, L.L.C. announced today the final closing of its second private equity fund, Trimaran Fund II, which has committed capital of $1.043 Billion. Trimaran Fund II will make private equity investments principally in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Western Europe Western Europe
The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). . Trimaran Capital Partners, managed by Jay R. Bloom, Andrew R. Heyer and Dean C. Kehler, also manages two collateralized bond obligation Collateralized Bond Obligation (CBO)
Investment-grade bonds backed by a collection of junk bonds with different levels of risk, called tiers, that are determined by the quality of junk bond involved. funds, Caravelle Caravelle may be a reference to:
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of .
Trimaran Fund II is the successor to CIBC CIBC Canadian Imperial Bank of Commerce
CIBC Centres Interinstitutionnels de Bilan de Compétences
CIBC Commonwealth Institute of Biological Control (Trinidad)
CIBC Commercial International Brokerage Company Argosy Merchant Funds 1 & 2, which are best known as original investors in Global Crossing, Ltd., one of the most successful investments of the 1990s. Other investments by Trimaran's prior funds included: Petersen Publishing, a major magazine publisher that was later acquired by EMAP EMAP Emergency Management Accreditation Program
EMAP Electronic Materials and Packaging
EMAP Electronic Mapping
EMAP Environmental Mapping and Assessment Program
EMAP Environmental Monitoring and Assessment Programme plc; Seat Pagine Gialle Seat Pagine Gialle is an Italian company with a strong European presence in the directories market place. The UK subsidiary is Thomson Directories Ltd.. External links
TNP Tratado de No Proliferación Nuclear (French)
TNP Trattato di Non Proliferazione Nucleare (Italian) Enterprises, which owns Texas New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). Power Company and was the first leveraged buyout leveraged buyout, the takeover of a company, financed by borrowed funds. Often, the target company's assets are used as security for the loans acquired to finance the purchase. of an integrated electric utility; and SpectraSite Holdings, Inc., a major cellular tower company.
Trimaran Capital Partners' three founders have been together since the mid 1980s. After working together as senior investment bankers at Drexel Burnham Lambert's New York office, they founded The Argosy Group, a boutique investment bank that advised, financed and invested in leveraged companies. Argosy developed from its beginnings as a 9-person advisory firm in l990 to a 50-person company that was acquired by CIBC in l995. Since then, this business has become the foundation of CIBC's leveraged finance operation, which has grown dramatically into one of the leading arrangers of bank and high yield debt both in the U.S. and Europe, with the group numbering over 350 at the end of 2000.
The principals of Trimaran are well known on Wall Street and continue to operate their funds on an entrepreneurial basis. "We use a value-driven, flexible investment approach that allows us to take advantage of market opportunities," said Andrew Heyer. "In fact, the name of the fund epitomizes the agility and partnership with which Trimaran operates. The dictionary defines a trimaran as a fast sailboat with three parallel hulls. Trimaran works together with management teams and other investors to respond quickly to investment opportunities in all sorts of market environments."
"There are always opportunities to invest. It's a question of recognizing opportunities early and structuring investments at valuations that make sense," said Jay Bloom. The rich deal history established by the three reinforces their investment philosophy. "For example," Bloom continued, "we invested in Global Crossing at a time when undersea fiber optic cables were not yet familiar to most investors. Later, as many others began to invest in telecom companies, we began to focus on new areas such as utilities: We sponsored the first leveraged buyout of a public electric utility, TNP Enterprises, parent of Texas New Mexico Power Company, in l999."
"The ever changing investment environment constantly creates new opportunities," said Dean Kehler. "Sometimes the hardest thing for an investor to do is to go against the grain. Because many investors are on the sidelines On the sidelines
An investor who decides not to invest due to market uncertainty.
on the sidelines
Of or relating to investors who, having assessed the market, have decided to avoid committing their funds. , we see valuations coming down in industries such as telecommunications and media." Recent Trimaran investments include CityNet Telecommunications, a leader in last-mile broadband infrastructure, and eLink Communications, a leading tenant-centric broadband communications services provider. Trimaran's current portfolio investments also include Iasis Healthcare, a Tennessee-based hospital company, and Village Voice Media, a leading publisher of alternative newspapers. Trimaran Fund II intends to invest in 20 or more portfolio companies in total.
Through Trimaran Advisors, Trimaran Capital Partners also manages the Caravelle Investment Funds. Caravelle Funds I and II are market-value collateralized bond obligation funds that invest primarily in four asset categories: leveraged loans; high yield bonds; mezzanine securities and private equity. Since initially being funded in July of 1998, these funds have grown to four in total, with assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. of approximately $3 billion. In addition to Caravelle I and II, Trimaran Advisors manages two loan investment vehicles, Caravelle Loan Trust and SERVES L.L.C.
Since CIBC acquired Argosy in 1995, the Leveraged Finance Group has grown into a 350+ person department and is responsible for the bank's leveraged lending department as well as high yield origination, private placements, financial sponsor coverage, and a wide variety of advisory services advisory services
advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal . With professionals in New York, Los Angeles and London, The Group earned CIBC two prestigious Buyouts Newsletter awards this year: "2000 Large Market Deal of the Year" for TNP and "2000 Lender of the Year."
Said Andrew Heyer, "Trimaran is the next logical step in our relationship. From our beginnings at Drexel in the late l980's, through the founding of Argosy, and the building of a substantial leveraged finance business at CIBC, we have always worked very closely with each other and with a roster of outstanding management teams and investors. As we launch our second private equity fund, we look forward to continuing the partnerships we've developed over the years and to the next cycle in the investment market."
Trimaran Capital Partners, L.L.C. 425 Lexington Ave., Third Floor New York, NY 10017