Abbott Capital A Leading Private Equity Firm Tiburon
Abbott Capital: A Leading Private Equity Firm Tiburon Research April 16, 2019
Abbott Capital Comments • Founded in 1986 • Based in New York, NY • Web site: www. abbottcapital. com Source: 4/16/19 Abbott Capital Web Site; 3/30/00 Sovereign Conversation (Ratliff); 3/28/00 Sovereign Email (Ratliff); Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 1
Abbott Capital was Founded in 1986 and Has Subsequently Evolved Through their Early, Middle, & Recent Phases Abbott Capital History Abbott Capital Founded Approximate Dates: Key Steps: 1986 • 1986: Abbott Capital as founded Middle Phase Early Phase 1986 - 1994 • XXXX: -- Recent Phase 1995 - 1997 • • 1995: Closed Fund I 1997: Closed Fund II 1998 - 2019 • Abbott Capital Today 2019 XXXX: -- Source: 4/16/19 Abbott Capital Web Site; 3/30/00 Sovereign Conversation (Ratliff); 3/28/00 Sovereign Email (Ratliff); Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 2
Abbott Capital’s Fund I Had an Internal Rate of Return of 23. 8% on $17. 8 Million in Assets in 1995 Comments • -- Source: 3/30/00 Sovereign Conversation (Ratliff); 3/28/00 Sovereign Email (Ratliff); Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 3
Abbott Capital’s Fund II Had and Internal Rate of Return of 28. 2% on $248 Million in Assets in 1997 Comments • -- Source: 3/30/00 Sovereign Conversation (Ratliff); 3/28/00 Sovereign Email (Ratliff); Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 4
Abbott Capital Closed a $730 Million Fund in 2002 Comments • -- Source: 5/18/07 Abbott Capital Management Web Site; 1/29/03 The Daily Deal; Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 5
Abbott Capital was Founded in 1986 Comments • Founded in 1986 • Based in New York, NY Source: 4/16/19 Abbott Capital Web Site; 3/30/00 Sovereign Conversation (Ratliff); 3/28/00 Sovereign Email (Ratliff); Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 6
Abbott Capital is Not a Frequent Advertiser Advertising Comments • -- Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 7
Abbott Capital Has a Web Site with Six Core Sections, Including About Us, Team, Solutions, Relationships, News & Views, and Contact Us Abbott Capital Web Site About Us Team Solutions Relationships News & Views Contact Us Source: 4/16/19 Abbott Capital Web Site; Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 8
Abbott Capital is Not a Frequent Acquirer Acquisitions Comments • -- Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 9
Abbott Capital Has a Charitable Giving Program Charitable Giving Comments • -- Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 10
Abbott Capital Has Two Offices Needs data Abbott Capital Offices Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 11
Abbott Capital’s Offices Include… Abbott Capital Offices • -- Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 12
Abbott Capital Has Employees Needs data Abbott Capital Employees Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 13
Abbott Capital Has Raised Funds Needs data Abbott Capital Funds Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 14
Abbott Capital Has Institutional Investors Needs data Abbott Capital Institutional Investors Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 15
Abbott Capital’s Institutional Investors Include… Abbott Capital Institutional Investors • -- Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 16
Abbott Capital Has Investors Needs data Abbott Capital Investors Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 17
Abbott Capital Has Gathered $XX Million Assets Under Management Needs data Abbott Capital Assets Under Management ($ Millions) Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 18
Abbott Capital Has Portfolio Companies Needs data Abbott Capital Portfolio Companies Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 19
Abbott Capital’s Portfolio Companies Include… Abbott Capital Portfolio Companies • -- Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 20
Abbott Capital Generates Revenues Needs data Abbott Capital Revenues ($ Millions) Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 21
Abbott Capital Earns $___ Million Needs data Abbott Capital Net Profits ($ Millions) Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 22
Abbott Capital Has Two Businesses, Including Funds-of-Funds Abbott Capital Businesses Funds-of-Funds -- Source: 3/30/00 Sovereign Conversation (Ratliff); 3/28/00 Sovereign Email (Ratliff); Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 23
Abbott Capital’s First Business is Funds-of-Funds Comments • -- Source: 3/30/00 Sovereign Conversation (Ratliff); 3/28/00 Sovereign Email (Ratliff); Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 24
Abbot Capital’s Funds-of-Funds Business Has Many Funds-of. Funds, Including Abbot Capital Private Equity Funds I, II, and III Funds-of-Funds Business Funds Abbott Capital Private Equity Fund I • Closed in 1995 • 23. 8% internal rate of return Abbott Capital Private Equity Fund II • Closed in 1997 • 28. 2% internal rate of return Abbott Capital Private Equity Fund III • • • $150 million target Diversified over 20 buyout, venture capital, special situation funds and some direct investments More focused on buyout than venture capital funds $5 million minimum investment Fees – 1% for commitments up to $5 million – 0. 9% for $5 million to $10 million – 0. 7% for over $10 million to $20 million – 0. 5% thereafter with a 10% decline after 8 years Source: 3/30/00 Sovereign Conversation (Ratliff); 3/28/00 Sovereign Email (Ratliff); Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 25
Abbott Capital’s Second Business is… Comments • -- Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 26
Abbott Capital is Led by its President Jonathan Roth Abbott Capital Organizational Chart Jonathan Roth President -- -- Source: 4/16/19 Abbott Capital Web Site; Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 27
Abbott Capital Has a Board of Directors Led by its Chairman… Abbott Capital Board of Directors -- • -- -- • -- Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 28
Abbott Capital is Privately Owned Comments • -- Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 29
Abbott Capital Has Assets Needs data Abbott Capital Assets ($ Millions) Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 30
Abbott Capital Has Liabilities Needs data Abbott Capital Liabilities ($ Millions) Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 31
Abbott Capital Has Shareholders’ Equity Needs data Abbott Capital Shareholders Equity ($ Millions) Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 32
Abbott Capital Earns … Per Share Needs data Abbott Capital Earnings Per Share Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 33
Abbott Capital Declares … Dividends Per Share Needs data Abbott Capital Dividends Per Share Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 34
Abbott Capital Has a … Dividend Yield Needs data Abbott Capital Dividend Yield Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 35
Abbott Capital’s Stock Price is … Needs data Abbott Capital Stock Price Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 36
Abbott Capital Has … Shares Outstanding Needs data Abbott Capital Shares Outstanding Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 37
Abbott Capital’s Market Capitalization is … Needs data Abbott Capital Market Capitalization ($ Millions) Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 38
Abbott Capital is Owned by …. Needs data Abbott Capital Ownership By Owner Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 39
Abbott Capital’s Stock Volume is…. Needs data Abbott Capital Stock Volume Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 40
Tiburon Strategic Advisors Comments • Focus on corporate-level strategy - Serve senior executives only at financial services companies - Key services: market seminars, market research, & strategy consulting - Served over 450 corporate clients and completed over 2, 200 projects since 1998 - Host semi-annual CEO Summits, offer free weekly research releases, and offer free business benchmarking tools for all types of advisors • Chip Roame background - Mc. Kinsey & Company - Charles Schwab & Company - Tiburon since 1998 Source: Tiburon Research & Analysis 19. 04. 16 – Abbott Capital © Tiburon Strategic Advisors, LLC™ 41
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