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On August 27, 2012, Willis Stein & Partners (“Willis Stein”), a Chicago-based middle market private equity firm, completed an innovative transaction to provide cash liquidity to limited partners (“LPs”) of its third and most recent fund, Willis Stein & Partners III, L.P. (the “Fund”). LPs were also permitted to elect to retain an investment in certain portfolio companies in order to benefit from their continued growth. The Fund was raised in 2000 with $1.8 billion in commitments and, at the time of Moelis & Company’s engagement in January 2012, was operating in its second of three one-year extensions. As an alternative to a third fund extension or liquidation of the remaining assets, Moelis & Company structured this transaction to address the varying objectives of a diverse group of existing investors, including a liquidity option at an attractive price. This was the third transaction that Moelis & Company completed in 2012 for Willis Stein or its portfolio companies, demonstrating our commitment to building long-term client relationships. Moelis & Company acted as exclusive financial advisor to the Fund.
Moelis & Company served as advisor to NEXTDC Limited (ASX: NXT), an Australian data center developer and operator, in its initial public offering and follow-on capital raises.On December 13, 2010, NEXTDC Limited raised A$40 million of new equity via an initial public offering at a price of A$1 per share. Including founder shares, NEXTDC Limited had a market capitalization of A$80 million on listing at the offer price. Proceeds were used to develop the company’s data center facilities. Moelis & Company acted as sole financial advisor, joint lead manager (left-side), bookrunner and underwriter to NEXTDC Limited on the offering.On April 28, 2011, NEXTDC Limited successfully completed a fully underwritten equity raise of approximately A$33.6 million to institutional investors at a price of A$1.40 per share. In addition, NEXTDC Limited undertook a Share Purchase Plan, raising an additional A$15.3 million from retail investors, contributing to a total capital raise of approximately A$48.9 million. Proceeds of the offer provided funding towards the acquisition of a data center site in Sydney, expansion at existing facilities and the pursuit of incremental growth opportunities. Moelis & Company acted as joint lead manager, underwriter and bookrunner to NEXTDC Limited on the institutional components of the equity raise, and joint lead manager on the retail component of the equity raise.On September 19, 2011, NEXTDC Limited successfully completed a fully underwritten equity raise of approximately A$50 million to institutional investors at a price of A$1.75 per share. Proceeds of the offer provided funding towards the expansion of existing data center facilities and the pursuit of incremental growth opportunities. Moelis & Company acted as joint lead manager and underwriter on the placement.On May 21, 2012, NEXTDC Limited completed a capital raise of A$51.3 million of new equity via a fully underwritten placement of A$41.4 million and a share purchase plan of $9.9 million. Proceeds will be used to accelerate technical fit out of existing data center facilities, fund additional working capital and provide additional funds to pursue strategic growth opportunities. Moelis & Company acted as joint lead manager and underwriter on the capital raise.
On June 16, 2011, Samsonite International S.A. (“Samsonite”), the world’s largest travel luggage company by retail sales value in 2010, successfully listed on the Hong Kong Stock Exchange. The offering consisted of 18% primary shares and 82% secondary shares, with a 15% greenshoe option. The offering was launched with a price range of HKD13.50-17.50, and the final price was set at HKD14.50, implying a pre-greenshoe deal size of $1.3 billion at a valuation of 18.3x 2011PE, and a market capitalization of $2.6 billion at the time of listing. Moelis & Company was selected as exclusive financial advisor by Samsonite and CVC through a competitive process held in January 2011 and played a key role in the listing, including: