US Airways (America West merger)

exited

Transportation / Airlines — TPG Capital / Par Investment Partners

Deal Terms

Entry Year2005

Entry EV$1.5B

Entry Multiple3x

Leverage4x

Debt Amount$0.6B

Outcome

Exit Year2013

Risk Metrics

LTV (est.)40%

Debt / EV0.40x

Notes

TPG/Par backed America West's Doug Parker in acquiring bankrupt US Airways for $1.5B (2005). Parker then engineered $11B American Airlines merger (2013) to create world's largest airline. TPG invested $312M and returned $1.2B+. Rare PE airline success — but only because they bought at bankruptcy discount and rode industry consolidation.

Sponsor

TPG Inc.$230B AUM