Quadrangle Capital Partners and GS Capital Partners team up for cable business(3)

The US firms have helped Candover to a 2.2 times return and an internal rate of return of about 50 percent on the sale of Get, the European firm's first exit from its 2005 fund.

Quadrangle Capital Partners and GS Capital Partners are acquiring Get, a cable business, from European buyout firm Candover for an enterprise value of NOK 5.8 billion (€724 million; $1.1 billion).

Get is a provider of cable TV, high-speed broadband internet and telephony services to residential customers in Norway.
Candover acquired UPC Norway in January 2006 and re-branded it Get in October 2006.  The sale has generated a 2.2 times return and an IRR of 50 percent. 

Previous Quadrangle cable investments include Grupo Corporativo Ono, and Bresnan Communications. While GSCP’s investments in media and communications include Endemol, Kabel Deutschland and Cablecom. Together they have backed Cequel Communications.

Candover said it has retained a minority stake in GET following the sale. It was the first investment and is the first exit from its 2005 €3.5 billion fund. Merrill Lynch was sole adviser to Candover on the deal. 

GS Capital Partners is currently investing its $20.3 billion GS Capital Partners VI fund. Goldman Sachs was sole financial adviser to its buyout fund and its partner Quadrangle.  Linklaters acted as legal advisers to Quadrangle and GSCP.