TH Lee ventures to Philippines

The venture partnership between Boston’s Thomas H. Lee Partners and Putnam Investments agrees to take private a Filipino business outsourcing company.

TH Lee Putnam Ventures, a venture capital firm affiliated with Boston buyout firm Thomas H. Lee Partners and mutual fund giant Putnam Investments, has agreed to acquire Manila-based business processes outsourced service provider SPI Technologies for $87 million (€72 million).

 

SPI Technologies is publicly listed on the Philippines Stock Exchange. The company, founded in 1980, provides ‘content capturing;’ call center services; litigation support; editorial and content production; documentation and ‘lifecycle management,’ among other services. The company has eight production facilities in the Philippines, India and China, and roughly 6,000 employees. SPI Technologies also has offices in The Netherlands and, in the US, California, Arizona, Texas, Tennessee, Maryland, New Jersey, Illinois and Virginia.

 

TH Lee Putnam will acquire 100 percent of the company. Private equity firms Crimson Ventures, AIG and Electra are currently shareholders.

 

The acquisition will not include the call center operation.

 

Last October, TH Lee Putnam achieved its first exit through the sale of software company Marketmax to SAS, a business intelligence software provider.

 

The firm raised its first fund in 1999 on $1.1 billion, originally called TH Lee Putnam Internet Fund. The firm changed its name and strategy in 2001 following the tech market meltdown.

 

In 2002, former American Express chief executive officer Harvey Golub was named chairman of TH Lee Putnam.

 

The firm has offices in New York, Boston and London.