Chris Cartwright named CEO
TPG Capital (TPG) today announced that it has completed the acquisition of the Property Information business of MacDonald, Dettwiler and Associates Ltd. This business, principally located in the U.S. and Europe, provides property information, solutions and services to insurance, financial, legal and real estate professionals. The transaction was first announced on November 5, 2010.
TPG also announced that Chris Cartwright has been named CEO of the U.S. business. He will also provide executive leadership across all global business units of the new company. Mr. Cartwright, 45, most recently served as CEO of the Corporate & Financial Services division of Wolters Kluwer, a global information services and software company.
"We are very pleased to complete our acquisition of the Property Information business, which represents another strategic addition to TPG's portfolio of data services companies," said Bryan Taylor, a partner at TPG. "Chris's decision to join as CEO is a further testament to the strength of this new company group. Chris brings invaluable experience, a strong vision for this business and a great reputation for customer focus. We think that is a formula for continued growth and success."
"I am excited to work with all of the experienced and committed employees in the U.S., U.K. and Canada," said Mr. Cartwright. "The global business units offer valuable, data-driven workflow solutions that enable real property related professionals to increase productivity and manage risk. With the resources and commitment of TPG, I believe we can expand both our capabilities and our customer base."
Since 1997, Mr. Cartwright held a series of leadership roles within Wolters Kluwer including serving as CEO of CCH Legal Information Services, CEO of Wolters Kluwer Legal, Tax & Business Division in NA, and most recently, CEO of the Corporate & Financial Services Division. He also founded and led Wolters Kluwer's Shared Services and Technology organization in North America from 2003 to 2008.
Before joining Wolters Kluwer, Mr. Cartwright served as a senior vice president for Christie's International Inc. Prior to that, he was a management consultant in the Strategic Management Services Group of Coopers & Lybrand. Mr. Cartwright graduated cum laude with M.P.A. and B.B.A degrees from The University of Texas at Austin.
"TPG is enthusiastic about the prospects for the Property Information business, which is a leader in nearly all of the markets it serves," added Nehal Raj, a principal at TPG. "We are committed to building on this market leadership over the next several years by opportunistically investing in growth organically and via acquisition."
About TPG Capital
TPG Capital is the global buyout group of TPG, a leading private investment firm founded in 1992, with more than $48 billion of assets under management and offices in San Francisco, Beijing, Fort Worth, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, Shanghai, Singapore and Tokyo. TPG Capital has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings. TPG seeks to invest in world-class franchises across a range of industries. TPG's data services and software investments have included Fidelity National Information Services (FIS) and Lender Processing Services (LPS), Hotwire, IMS Health, Intergraph, Sabre Holdings, SunGard and Vertafore. Real estate-intensive investments include Catellus (pending acquisition of ProLogis real estate portfolio), ST Residential (a $4.5 billion portfolio of mortgage loans and REO assets previously owned by Corus bank), Harrah's Entertainment, Fairmont Raffles Hotels International, Neiman Marcus, ParkwayLife REIT, PETCO and Surgical Care Affiliates. The firm has also made significant investments in insurance such as Ariel Reinsurance, Direct General, Endurance and ProSight Specialty Insurance, among others.
Contacts:
Owen Blicksilver Public Relations, Inc.
Kristin Celauro,
732-291-5456