Type Private Total assets $10 billion Website www.oneequity.com Founded 2001 President Dick Cashin | Industry Private equity Number of employees 40+ Founder Richard M. Cashin VP Inna Etinberg | |
Products Leveraged buyout, Growth capital Headquarters New York City, New York, United States Parent organizations JPMorgan Chase, Bank One Corporation, OEP HOLDING CORP Managing directors Brad Coppens, Andrew Dunn, Lee Gardner | ||
One Equity Partners is the private merchant banking arm of JPMorgan Chase, focused on leveraged buyout and growth capital investments in middle-market companies. Formed at Bank One in 2001, the group has offices in New York City, Chicago, Sao Paulo, Vienna, Hong Kong and Frankfurt. It manages approximately $10 billion of investments and capital commitments by JPMorgan Chase.
Contents
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. 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, as well as: Apollo Hospitals, Carlson Wagonlit Travel, Clipper Windpower, NCO Group, Pfleiderer, Systagenix Wound Management, ThyssenKrupp Marine Systems, Vertrue, X-Rite, and Italian system integrator Engineering Ingegneria Informatica.
History
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.
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. 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.
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."