GTCR Golder Rauner is a privately held investment firm that focuses on such industries as financial services, health care, technology, and information services. Specializing in management-led industry consolidation deals, the firm has invested more than $8.5 billion in capital in more than 200 companies, and has taken about 40 of them public since its founding in 1980 by private equity guru Stanley Golder. The company also establishes partnerships with veterans of its target industries to launch or acquire companies in those fields. Its current portfolio includes stakes in some two dozen firms, including APS Healthcare, PrivateBancorp, and Sorenson Communications.
GTCR was active in 2011. The company closed its latest buyout fund, its tenth, with some $3.25 billion in committed capital. It later purchased traffic information and news provider Global Traffic Network and Sterigenics International, which provides contract sterilization services to the health care and food industries. GTCR also bought financial services technology firm BankServ and bank services provider Fundtech (trumping an offer from S1), and combined the two firms.
GTCR continued to enter partnerships with industry leaders to form new companies. It joined with former AOL and Time Warner executive Joseph Ripp to create Cannondale Investments to invest in information and marketing services firms. It allied with two former executives of Brown & Brown to form insurance brokerage AssuredPartners, which later acquired agency Neace Lukens. GTCR also took a stake in Merlin Media, an investment group headed by former Tribune CEO Randy Michaels, from Emmis Communications.
The firm made add-on acquisitions to portfolio companies Actient Pharmaceutical and Devicor Medical Products in 2011, as well. On the divestitures side, GTCR sold Fairmont Cheese Holdings to Saputo and sold its interest in ConvergEx to CVC Capital Partners.
In 2010 the company purchased Protection One, a provider of electronic security alarm monitoring services. The acquisition, worth more than $820 million, marked the private equity firm's third foray into the sector. Industry veteran Tom Whall, who has held executive positions with other GTCR Golder Rauner holdings in the security sector, was tapped to lead Protection One.
In 2009 GTCR Golder Rauner sold Ovation Pharmaceuticals (since renamed Lundbeck), acquired with management in 2002, to H. Lundbeck for $900 million. The company sold portfolio firm National Processing Company to Fifth Third Processing Solutions, a joint venture of Fifth Third Bancorp and Advent International, in 2010. It initially invested in National Processing in 2003.
Established in 1980 as Golder Thoma Cressey, the firm is now headed by Stanley Golder's protégé Bruce Rauner; Carl Thoma and Bryan Cressey founded another private equity firm, Thoma Cressey Equity Partners. – less