EX-99.(C)(5) 4 g07912a1exv99wxcyx5y.htm EX-99.(C)(5) GOLDMAN SACHS PRESENTATION 12/22/06 EX-99.(C)(5) GOLDMAN SACHS PRESENTATION 12/22/06
 

Exhibit (c)(5)
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Presentation to Colorprint Indication of Interest Update
Goldman, Sachs & Co. 22-Dec-2006

 


 

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Table of Contents
I. Bid and Schedule Update Appendix A: Financial Sponsors Profiles Appendix B: Sponsor Proposals
Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose to any and all persons the US federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind.

 


 

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I. Bid and Schedule Update

 


 

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Comparison of Preliminary Indications of Interest New Indications of Interest Key Transaction Terms
Bain Capital Providence Equity Consideration Per Share * $28.00-$30.00 * $33.00-$35.00 Enterprise Value ($mm) * $1,431-$1,528 * $1,673-$1,782 Expected Sources of Financing * Equity provided by Bain’s internally managed group of private equity funds (Over $12.0 bn) * Debt financing to be specified after continued work * Equity provided by Providence Equity Partners V LP ($4.25 bn) * Debt financing consistent with Goldman indicative leverage levels (7.0x) Timing Issues * NA * Assuming management presentations begin in early January and Providence has access to management transaction could be signed in March 2007 Position Regarding Existing Management * Welcome and encourage direct equity participation in this transaction by members of management * Expect to develop a management incentive equity program * Plan to structure a comprehensive equity ownership plan * Providence will not engage in daily operations or management of Catalina. Providence invests in companies where management has their confidence to execute the agreed strategy. Other Considerations / Assumptions * Due diligence focused on: 1. Industry competitive dynamics 2. The evolution of Catalina’s customer relationships 3. Sources of historical organic growth 4. Current and future opportunities to grow the business 5. Customary legal and accounting due diligence * Assumes that the business is delivered with normal levels of working capital * Due diligence focused on: 1. Detailed review of recent performance 2. Business unit profitability trends 3. Review of color printing initiative 4. Standard legal, tax, insurance, and pension issues 5. Review of material contracts 6. Review of current balance sheet 7. Review of IT infrastructure 8. Review of capital investment requirements Advisors * NA * NA
Other Firms Participating in Management Calls

 


 

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Bain Capital* Madison Dearborn * Warburg Pincus

 


 

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Colorprint Illustrative Timetable December 2006 S            M            T            W            T            F            S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 January 2006 S            M            T            W            T            F            S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 February 2006 S            M            T            W            T            F            S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 March 2006 S            M            T            W            T            F            S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Important Dates Holidays Date: Event:
December 21st * Preliminary indications of interest due from additional Sponsors December 22nd * Review additional bids with Board / Special Committee * Notify additional Sponsors selected to continue in process Dec 14th — 26th * Prepare due diligence items, refine management five year projections, develop management presentations and populate on-line data room Dec 27th * Deliver 5 year financial projection model to Sponsors; open on-line data room Dec 28th — 29th * Calls with Sponsors to review financial model Dec 28th — Jan 12th * Sponsor due diligence with Colorprint (2 days each with broader Company management participation) Jan 8th, Jan 15th * Process follow-up request items from Sponsors * Deliver draft Purchase Agreement to Sponsors Jan 24th * Final bids due from Sponsors with mark-up of Purchase Agreement Jan 26th * Review final bids with Board / Special Committee Week of Jan 29th * Select final bidder, negotiate Purchase Agreement Week of Feb 5th * Colorprint announces quarterly financial results * Announce transaction Mid March * Shareholder vote

 


 

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Late March / Early April * Launch Financing * Transaction Closing

 


 

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Appendix A: Financial Sponsors Profiles

 


 

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Bain Capital
Overview
Senior Investment Team * Headquartered in Boston, MA, Bain Capital is a global private investment firm that manages several pools of capital including private equity, venture capital, public equity and leveraged debt assets and has more than $38 billion in assets under management * Since its inception in 1984, Bain Capital has made private equity investments and add-on acquisitions in over 230 companies around the world, partnering with strong management teams to grow businesses and create operating value * Bain Capital has deep experience in a variety of industries and a team of almost 200 professionals dedicated to investing in and supporting its portfolio companies * Bain Capital is currently investing out of its ninth fund, Bain Capital Fund IX LP, which has approximately $12 billion of committed capital * In addition to Boston, the Firm has offices in Tokyo, Hong Kong, Shanghai, New York, London and Munich
Steve Pagliuca MD, Generalist Josh Bekenstein MD, Consumer Retail Paul Edgerley MD, Industrials John Connaughton            MD, Healthcare / Media Mark Nunnelly MD, Tech / Growth-Oriented Steve Zide            MD, Industrials Andrew Balson MD, Tech / Business Services / Restaurants Steve Barnes            MD, Healthcare / Portfolio Ed Conard            MD, Industrials Jordan Hitch            MD, Consumer Retail Matt Levin            MD, Consumer Retail Ian Loring            MD, TMT Phil Loughlin MD, Industrials
Notable Recent Investments Investment            Date            Size ($mm) Clear Channel Communications Inc. Pending $26,775 OSI Restaurant Partners Pending 3,200 Applied Systems            Pending NA HCA Inc. 24-Jul-2006 32,919 Michaels Stores Inc. 30-Jun-2006 6,046 Burlington Coat Factory 18-Jan-2006 2,060 Sensate Technologies (Texas Instruments) 08-Jan-2006 3,000 Dunkin Brands 12-Dec-2005 2,500
Investment            Date            Size ($mm) Susquehanna Radio Corp. 31-Oct-2005 $1,200 Accellent Inc. 10-Oct-2005 1,270 Framatome Connectors 19-Sep-2005 1,296 Fleetcor Technologies 05-Jul-2005 75 SunGard Data Systems Inc. 28-Mar-2005 11,300 Toys “R” Us Inc. 17-Mar-2005 7,000 Dollarama 19-Nov-2004 1,015 Loews Cineplex Entertainment 21-Jun-2004 1,460

 


 

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Madison Dearborn Partners
Overview
Senior Investment Team * Founded in 1992, Madison Dearborn Partners (MDP) is one of the largest private equity investment firms in the U.S. * MDP specializes in management buyouts and investments in five industry sectors: — Basic Industries: forestry / paper, packaging, building products — Communications: media, wireless, and telephone system operators — Consumer: retail, restaurants, and consumer products — Financial Services: financial outsourcing, specialty finance, and banking — Healthcare: acute and ancillary care providers, medical equipment, and outsourced clinical staffing * MDP targets investments in the Americas and Europe that involve $300 million to $1 billion of equity capital * In 2006, the Company raised $6.5 billion in committed capital for Madison Dearborn Partners V * MDP is headquartered in Chicago, Illinois
John A. Canning, Jr. Chairman Paul J. Finnegan            Co-President Samuel M. Mencoff            Co-President Nicholas Alexos Managing Director Benjamin Chereskin            Managing Director Timothy Hurd            Managing Director James Perry            Managing Director Robin Selati            Managing Director Thomas Souleles Managing Director Timothy Sullivan            Managing Director
Notable Recent Investments Investment            Date            Size ($mm) Univision Communications Inc. Pending $13,510 The Yankee Candle Company            Pending 1,700 Bolthouse Farms Inc. 14-Oct-2005 1,120 Reliant Energy Inc, Three Power Plans 3-Oct-2005 $975 Sirona Dental Systems GmbH 2-May-2005 NA
Investment            Date            Size ($mm) Intelsat Ltd. 16-Aug-2004 5,000 Boise Cascade Corp, Paper Asset 26-Jul-2004 3,700 Cinemark USA Inc. 12-Mar-2004 1,550 Great Lakes Dredge & Dock Corp. 12-Nov-2003 340 Williams Energy Partners LP 21-Apr-2003 1,100

 


 

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Providence Equity Partners
Overview
Senior Investment Team * Providence Equity Partners Inc. is a private investment firm specializing in equity investments in communications and media companies around the world * The principals of Providence Equity manage funds with over $9.0 billion in equity commitments, including Providence Equity Partners V, which has $4.25 billion in committed capital * Providence is in the market now with Providence Equity Partners VI, which is expected to raise $10 billion and to close in early 2007 * Since 1990, the principals of Providence Equity have invested in more than 80 companies with operations in over 20 countries * Current and previous areas of investment include wireless and wireline telephony, cable television content and distribution, publishing, radio and television broadcasting, and other media and communications sectors * Providence’s target investment size per transaction is $100 million to $1 billion — The fund’s institutional limited partners have co-invested directly in transactions that require substantially greater funding * Providence Equity currently has offices in Providence, London, and New York
Jonathan M. Nelson (Providence) CEO Glenn M. Cream(Providence) Senior Managing Director Paul J. Salem (Providence) Senior Managing Director Albert Dobron (Providence) Managing Director Michael Dominguez (Providence) Managing Director Alexander Evans (New York) Managing Director John Hahn (London) Managing Director, London Head Mark Masiello (Providence) Managing Director Jörg Mohaupt (London) Managing Director Mark Pelson (Providence) Managing Director Julie Richardson (New York) Managing Director, New York Head Gustavo Schwed (London) Managing Director Biswajit Subramanian (London) Managing Director Peter Wilde (Providence) Managing Director
Notable Recent Investments Investment            Date            Size ($mm) Idea Cellular 26-Oct-2006 NA Open Solutions Pending $1,300 Caudwell Group 6-Aug-06 2,785 Univision Communications Inc. Pending 13,510 Kerzner International Ltd. 20-Mar-06 3,800 Education Management Corp. 6-Mar-06 3,354 Kabel Deutschland GmbH & Co KG 7-Dec-05 3,750 Com Hem AB 05-Dec-2005 1,170
Investment            Date            Size ($mm) TDC A/S 30-Nov-2005 15,600 Grupo Corporativo Ono SA 29-Jul-05 $1,213 SunGard Data Systems Inc. 28-Mar-2005 11,300 Recoletos Grupo Comunicacion 14-Dec-04 1,300 Telcordia Technologies Inc 18-Nov-04 1,350 Metro-Goldwyn-Mayer Inc 13-Sep-04 4,840 PanAmSat Corp 20-Apr-2004 4,300 Warner Music Group 24-Nov-2003 $2,600

 


 

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Warburg Pincus
Overview
Senior Investment Team * Founded in 1971, Warburg Pincus has invested at all stages of a company’s life cycle, from founding start-ups and providing growth capital to leading restructurings, recapitalizations and buy-outs * The firm currently has more than $10 billion under management and invests in a range of sectors including real estate, healthcare, information and communication technology, LBOs and special situations, media and business services, energy and financial services * Warburg Pincus’ real estate practice has invested $1 billion of equity across a wide range of companies across the globe, including Guangzhou R&F Properties in China, Wall Homes in the U.S. and Resolution II in the U.K. * The firm has raised 11 private equity investment funds which have invested more than $20 billion in over 525 companies in 30 countries * Currently Warburg Pincus is investing from an $8 billion fund which closed in August 2005 * Headquartered in New York, Warburg Pincus has 8 offices in North America, Europe and Asia and an active portfolio of more than 100 companies. Warburg Pincus is also one of the largest foreign private equity investors in India
Lionel Pincus Founder and Chairman John Vogelstein Vice Chairman William Janeway Vice Chairman Joe Landy            Co-President Chip Kaye            Co-President Joel Ackerman Managing Director, Healthcare Services David Coulter Managing Director, Financial Services Mark Colodny            Managing Director, Technology, Media & Telecom Jeff Harris            Managing Director, Energy Kewsong Lee            Managing Director, Consumer and Industrial Jonathan Leff Managing Director, Healthcare — Biotechnology Jim Neary            Managing Director, Technology, Media & Telecom Michael Profenius            Managing Director, Real Estate Bess Weatherman Managing Director, Healthcare Medical Devices
Notable Recent Investments Investment            Date            Size ($mm) NYFIX 13-Oct-2006 $75 Essent Kabelcom BV            Pending 3,300 Aeolus Re 27-Jul-2006 500 Casema NV 18-Jul-2006 2,655 Brandywine Senior Care 10-Jul-2006 NA Aramark Corp 01-May-2006 $7,600 Builders FirstSource Inc 06-Feb-2006 199
Investment            Date            Size ($mm) CCS Medical and MPTC Holdings Inc 03-Oct-2005 645 Neiman Marcus Group Inc 02-May-2005 5,095 Telcordia Technologies Inc 18-Nov-2004 1,350 Jarden 19-Sep-2006 350 UGS PLM Solutions 14-Mar-2004 2,050 Transdigm Inc 06-Jun-2003 1,100 World Network Services 5-Apr-2002 NA

 


 

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Appendix B: Sponsor Proposals