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Mr. J. Patrick “Rick” Michaels, Jr. is the founder and Chief Executive Officer of Communications Equity Associates (“CEA”), a firm he established in 1973 to provide financial services and advice to a select group of clients in the cable industry. Over the past 34 years CEA has become a leading provider of investment banking services and private equity for the global media and entertainment, communications and information technology industries. CEA has completed over 900 transactions in 60 countries, totaling in excess of $40 billion, all of which have been handled directly or overseen by Mr. Michaels.
In 1993, Mr. Michaels launched his first private equity fund with his partner Baring Venture Partners. This $74 million fund was dedicated to investing in European-based media and communications businesses. Since that time, Mr. Michaels has helped raise and invest eight additional private equity funds totaling in excess of $1.1 billion. These funds have been directed towards the media and communications industries and are managed by offices in the U.S. and seven foreign countries.
In 2000, Mr. Michaels, along with Mr. Moreyra, founded Atlantic American Partners and in 2002 were joined by Mr. Collins. AAP provides investment banking services to middle market companies in non-media industries. Over the past 2 years, AAP has completed almost $1 billion of transactions in mergers and acquisition, debt and equity placements. More recently, Mr. Michaels has helped AAP establish a focus on management of private investment funds. These funds include the Atlantic American Mortgage Fund I, which raised $80 million of debt and equity capital in 2002. This fund invests in sub-performing mortgages backed by real estate, and has thus far achieved an annualized IRR of 19% to its limited partners.
In addition, Mr. Michaels has invested almost $34 million in 60 transactions over the past 30 years. These investments were either made directly or through CEA. These investments have yielded proceeds in excess of $128 million, resulting in an IRR of 90%.
Mr. Michaels is a member of the Cable TV Pioneers and serves on the Board of Directors of The Cable Center, where he is Chairman of the Development Committee and the Education Campaign Steering Committee. Additionally, he holds memberships in American Broadcast Pioneers, The Institute of Directors (UK), The Ireland-United States Council for Commerce & Industry, Inc., Royal Overseas League (UK), the International Radio and Television Society and the National Cable Television Association. He is currently a member of the Board of Directors of the CEA Acquisition Corporation, Baring Communications Equity Limited, London; Baring Communications Emerging Europe; the Baring Communications Equity (Asia Pacific) Fund; the Australasian Media and Communication Fund; and several charitable organizations including the Knight of St. Patrick. He is former Director of the Home Shopping Network, Inc.; The Box Worldwide; the Florida Cable Television Association and the Minnesota Cable Television Association. He has also served on the Federal Communication Commission’s Local, State and Federal Advisory Committee. He currently serves as Co-Chairman of the Republican National Committee Regents and is a member of the Florida Victory Committee and the Republican Party of Florida Committee of 100.
In 1988, Mr. Michaels was selected as Florida Entrepreneur of the Year by Venture Magazine and Arthur Young & Company. He is listed in Who’s Who in the World, Who’s Who in Finance and Industry and Who’s Who in Cable Communications. In January 2004, Mr. Michaels was named to the Board of Directors of Enterprise Florida, the economic development committee created by the Florida Legislature. He is also Board Member and Fund Advisor for the Heernett Environmental Foundation. Mr. Michaels was a recipient of the prestigious University of South Florida Presidential Medal and was also presented with the Free Enterprise “Man of the Year” award by the University of South Florida College of Business Administration in March 2004.
Mr. Michaels graduated Magna Cum Laude from Tulane University, and holds a master’s degree from the Annenberg School of Communications at the University of Pennsylvania. Mr. Michaels also attended the London School of Economics and has an honorary master’s degree from St. Leo University.
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