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| Type | Private |
|---|---|
| Founded | 2002 |
| Founder(s) | David J. Matlin, Mark R. Patterson |
| Headquarters |  New York, New York |
| Industry | Private equity |
| Products | Leveraged buyout, Growth capital |
| Total assets | $8.9 billion |
| Employees | under 40 |
| Website | www.matlinpatterson.com |
MatlinPatterson Global Advisors is a private equity firm focused on distressed control investments across a range of industries.
The firm, which is headquartered in Midtown Manhattan in New York City,[1] was founded in 2002 by David Matlin and Mark Patterson, as a spinout from Credit Suisse First Boston.
The firm has raised approximately $8.9 billion since inception across three funds. In 2007, the firm completed fundraising for its third and largest fund with $5.0 billion of investor commitments. [2] The firm's previous funds raised $2.2 billion (Fund I, 2002) and $1.7 billion (Fund II, 2003), respectively.
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History
The firm was founded by David Matlin and Mark Patterson, as a spinout from Credit Suisse First Boston. The two had worked together at Credit Suisse and previously at Scully Brothers & Foss. Prior to founding the firm, Matlin was a Managing Director at Credit Suisse, and head of the Distressed Group since its inception in 1994. Patterson, the older of the two founders, had worked in various positions, particularly in Leveraged Finance, at Credit Suisse, Scully Brothers & Foss, Salomon Brothers and Bankers Trust.
When the firm raised its first fund in 2002 with $2.2 billion of investor commitments, it did so with more than $450 million of capital from Credit Suisse. Credit Suisse did not invest in the firm's second fund which raised $1.7 billion in 2003, but did invest in the third fund which raised $5.0 billion of investor commitments.[2][3]
In 2007, MatlinPatterson also raised its first hedge fund, the MatlinPatterson Distressed Opportunities Fund to make non-control investments in distressed securities.[4]
Investments
MatlinPatterson has made notable investments in the airline industry including ATA Holdings of which "mainline carrier," ATA Airlines and "regional carrier," Chicago Express (C8) was a part (but d/b/a ATA Connection). Other notable airline investments of the MatlinPatterson firm besides the renamed Global Aero Logistics companies of, Global Aviation Holdings - North American Airlines, Global Aviation Holdings - World Airways, include Arrow Air and Varig Logística. In 2006 MatlinPatterson had shown interest in Aloha Airlines[1] and later had sought to bid on Alitalia[2] in 2008 prior to Alitalia's acquisition by CAI AirOne.
Publish reports are as of October 2009, the MatlinPatterson firm will be be relinquishing majority ownership control of Variglog to the Synergy Group who has acquired a controlling majority of share holdings in the former cargo arm of Varig.
"In Aug-2009, Mr. Efromovich signed an option to acquire control of VarigLog, the cargo arm of former Brazilian flag carrier, Varig, which was previously acquired by US fund, Matlin Patterson in 2007."[3]
In July 2009, MatlinPatterson – which acquired Nortel bonds after the company filed for bankruptcy and became one of Nortel's largest bondholders – participated in the auction for Nortel's CDMA and LTE wireless assets. Ericsson ultimately outbid NokiaSiemens and MatlinPatterson, paying almost double the initial "stalking horse" bid of $650 million. [4] MatlinPatterson similarly drove up the value of Foamex International by $50 million or almost 50 per cent, when it teamed up with Black Diamond Capital Management to acquire Foamex through a Section 363 credit bid under the U.S. Bankruptcy Code.[5]
References
- ^ "Contact Info." MatlinPatterson Global Advisors. Retrieved on September 17, 2009.
- ^ a b MatlinPatterson raises new $5 billion fund. Reuters, Jun 26, 2007
- ^ Credit Suisse Renews Ties With MatlinPatterson. Wall Street Journal, April 6, 2007
- ^ MatlinPatterson Launches First Hedge Fund. February 21, 2007
- The Life of a Vulture. Forbes, September 30, 2002
- A Homer For The Babe Ruth Of Vulture Investing. Forbes, July 20, 2007
- Matlin, Tepper and Falcone lead 'vultures'. Managers likely to be at forefront of coming bankruptcy wave. Marketwatch, April 3, 2008
External links
- MatlinPatterson Global Advisors (company website)
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