TPG Inc.
TypePublic
IndustryPrivate equity
PredecessorTexas Pacific Group
Founded1992 (1992)
Founders
HeadquartersBank of America Tower,
Fort Worth, Texas
,
United States
Key people
Jon Winkelried (CEO)
ProductsLeveraged buyouts, growth capital, venture capital
RevenueDecrease US$2.00 billion (2022)
Decrease US$92.4 million (2022)
AUMIncrease US$135 billion (2022)
Total assetsDecrease US$7.94 billion (2022)
Total equityDecrease US$3.09 billion (2022)
Number of employees
1,110 (2022)
SubsidiariesTPG Angelo Gordon
Websitetpg.com
Footnotes / references
[1][2]

TPG Inc., previously known as Texas Pacific Group and TPG Capital,[3] is an American private equity firm based in Fort Worth, Texas.[2] The firm is focused on leveraged buyouts and growth capital. TPG manages investment funds in growth capital, venture capital, public equity, and debt investments. The firm invests in a range of industries including consumer/retail, media and telecommunications, industrials, technology, travel, leisure, and health care.

The firm was founded in 1992 by David Bonderman, James Coulter, and William S. Price III and has raised $50 billion of investor commitments across more than 18 private equity funds.[4]

In June 2023, TPG were ranked 6th in Private Equity International's PEI 300 ranking of the largest private equity firms in the world.[5][6]

Private equity funds

TPG has historically relied primarily on private equity funds, pools of committed capital from pension funds, insurance companies, endowments, fund of funds, high-net-worth individuals, sovereign wealth funds, and from other institutional investors.

History and notable investments

Founding

Texas Pacific Group, later TPG Capital, was founded in 1992 by David Bonderman, James Coulter and William S. Price III. Prior to founding TPG, Bonderman and Coulter had worked for Robert Bass, making leveraged buyout investments during the 1980s.

In 1993, Coulter and Bonderman partnered with GE Capital vice president of strategic planning and business development William S. Price III to complete the buyout of Continental Airlines.[7]

Texas Pacific Group in the late 1990s

In June 1996, TPG acquired the AT&T Paradyne unit, a multimedia communications business, from Lucent Technologies for $175 million.[8] Also in 1996, TPG invested in Beringer Wine, Ducati Motorcycles and Del Monte Foods.[9]

In 1997, TPG raised over $2.5 billion for its second private equity fund. TPG's most notable investment that year was its takeover of the retailer J. Crew, acquiring an 88% stake for approximately $500 million;[10] the investment struggled due to the high purchase price paid relative to the company's earnings.[11] The company was able to complete a turnaround, beginning in 2002, and to complete an IPO in 2006.[12]

In 1998, TPG led a minority investment in Oxford Health Plans. TPG and its co-investors invested $350 million in a convertible preferred stock that can be converted into 22.1% of Oxford shareholding.[13] The company completed a buyback of TPG's PIPE convertible in 2000, which would ultimately be acquired by UnitedHealth Group, in 2004.[14]

In 1999, TPG invested in Piaggio S.p.A., Bally International (including Bally Shoe), and ON Semiconductor. T3 Partners was started in 2001 to invest alongside the main fund in technology-oriented investments.

Texas Pacific Group in the early 2000s

In 2000 TPG and Leonard Green & Partners invested $200 million to acquire Petco, the pet supplies retailer as part of a $600 million buyout.[15] Within two years they sold most of it in a public offering that valued the company at $1 billion. Petco's market value greatly increased by the end of 2004 and the firms would ultimately realize a gain of $1.2 billion. Then, in 2006, the private equity firms took Petco private again for $1.68 billion.[16]

In 2000, TPG completed the controversial acquisition of Gemplus SA, a smart card manufacturer. TPG won a struggle with the company's founder, Marc Lassus, for control of the company.[17] Also in 2000, TPG completed an investment in Seagate Technology.

In 2001, TPG acquired Telenor Media, a Norwegian phone-directory company, for $660 million, and shortly thereafter acquired a controlling interest in silicon-wafer maker MEMC Electronic Materials.[18]

In July 2002, TPG, together with Bain Capital and Goldman Sachs Capital Partners, announced the $2.3 billion leveraged buyout of Burger King from Diageo.[19] However, in November the original transaction collapsed, when Burger King failed to meet certain performance targets. In December 2002, TPG and its co-investors agreed on a reduced $1.5 billion purchase price for the investment.[20] The TPG consortium had support from Burger King's franchisees, which controlled approximately 92% of Burger King restaurants at the time of the transaction. Under its new owners, Burger King underwent a brand overhaul including the use of The Burger King character in advertising. In February 2006, Burger King announced plans for an initial public offering.[21]

In November 2003, TPG provided a proposal to buy Portland General Electric from Enron. However, concerns about debt and local politics led to Oregon's Public Utilities Commission regulators to deny permission for the purchase on March 10, 2005.[22]

TPG entered the film production business in late 2004, in the major leveraged buyout of Metro-Goldwyn-Mayer. A consortium led by TPG and Sony completed the $4.81 billion buyout of the film studio. The consortium also included media-focused firms Providence Equity Partners and Quadrangle Group, as well as DLJ Merchant Banking Partners.[23] The transaction was announced in September 2004, and completed in early 2005.[24][25]

Also in 2005, TPG was involved in the buyout of SunGard in a transaction valued at $11.3 billion. TPG's partners in the acquisition were Silver Lake Partners, Bain Capital, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts, Providence Equity Partners, and Blackstone Group. This represented the largest leveraged buyout completed since the takeover of RJR Nabisco at the end of the 1980s leveraged buyout boom. At the time of its announcement, SunGard would be the largest buyout of a technology company in history, a distinction later ceded to the buyout of Freescale Semiconductor. The involvement of seven firms in the consortium was criticized by investors in private equity who considered cross-holdings among firms to be generally unattractive.[26][27]

On May 15, 2006, Smurfit-Stone reported the definitive sale for $1.04 billion in cash of its consumer packaging division to the Texas Pacific Group.[28]

TPG and 2006–2007 buyout boom

In early 2006, as TPG was completing fundraising for its fifth private equity fund, co-founder Bill Price announced that he would reduce his work at the firm.[29]

On December 1, 2006, it was announced TPG and Kohlberg Kravis Roberts had been exploring the possibility of a $100 billion leveraged buyout of Home Depot.[30]

In early 2007, the firm, officially changed its name to TPG, rebranding all of its funds across different geographies. The firm's Asian funds, which had historically been managed by TPG Newbridge, a joint venture with Blum Capital.[31]

In August 2007, Midwest Air Group, parent company of Midwest Airlines, signed a definitive merger agreement to be acquired by an affiliate of TPG Capital in a transaction valued at approximately $450 million.[32]

TPG and the credit crisis

On April 7, 2008, TPG led a $7 billion investment in Washington Mutual. On September 25, 2008, Washington Mutual was taken over by the U.S. government, costing TPG a $1.35 billion investment. It has been called by some analysts "the worst deal in private equity history."[33]

In June 2009, Republic Airways Holdings Inc., a provider of regional flights for larger carriers, agreed to buy Midwest Airlines from TPG Capital.[34]

On March 12, 2010, Gretchen Morgenson, in The New York Times, discussed TPG's role as a private equity investor in Greek mobile phone operator WIND Hellas, formerly TIM Hellas, which filed for bankruptcy protection late 2009.[35] Morgenson raised questions about the circumstances in which TPG and fellow private equity investors Apax Partners of London redeemed a significant quantity of "convertible preferred equity certificates" held by them to repay their own "deeply subordinated shareholder loans" during a period in which a significant and apparently unexplained spike occurred in the market value of the certificates.[35]

Post-recession activity (2010–present)

On June 10, 2010, TPG announced an acquisition of Vertafore, a provider of software for the insurance industry, for $1.4 billion.[36]

On July 13, 2011, affiliates of TPG Capital acquired PRIMEDIA for approximately $525 million, or $7.10 per share in cash.[37] TPG and fellow private equity firm Apollo Global Management are set to IPO their stake in Norwegian Cruise Lines in 2013.[38]

In July 2013, TPG announced it would buy global education publisher TSL Education, later TES Global, publishers of TES magazine) from Charterhouse Group, for a fee of around $600 million.[39][40]

The Financial Times reported, in February 2014, TPG considered issuing an IPO, deciding, in March 2017, to remain private.[41]

TPG and movie producer Robert Simonds, Jr., announced in March 2014 that they had entered a partnership with China's Hony Capital to produce up to 10 "star-driven" films a year, with mid-range budgets of about $40 million per film.[42]

In April 2014, it was announced that TPG had invested £200 million in Victoria Plumb after buying a majority stake.[43][44] In November 2014, Prezzo Holdings agreed to a £303.7 million takeover by TPG.[45]

In the first half of 2014, the company started to raise funds for a real-estate specific fund. It had a goal of $1.5 billion to $2 billion. By October 2015, the company had exceeded its goal, raising more than $2 billion.[46]

In 2016, TPG Growth, the growth equity and smaller buyout investment arm of TPG Capital, acquired technology staffing firm Frank Recruitment Group[47] in a deal that valued the company at £200 million.[48]

In January 2017, TPG acquired a majority of A&O Hotels and Hostels, Europe's biggest privately owned hostel platform, based in Germany.[49]

On January 25, 2017, TPG announced that after a nearly two-year search,[50] it had hired Bradford Berenson as its general counsel. Berenson had been vice president and senior counsel for litigation and legal policy for General Electric (GE), where he was "responsible for litigation, government and internal investigations, compliance, and legal policy worldwide."[51] From 2001 to 2003, Bereson served as Associate White House Counsel to President George W. Bush.[52]

In 2017, Bonderman left the board of Uber "after he made a sexist comment in response to Arianna Huffington at an Uber meeting".[53] In July 2017, Ajay Kanwal and Naveen Chopra joined TPG as senior advisors.[54]

In September 2017, TPG Capital acquired majority stake in Australia's largest contract research organization, Novotech Clinical Research.[55][56][57] In November 2017, TPG Capital acquired Mendocino Farms; former Yard House CEO Harald Herrmann was appointed as its CEO.[58]

In 2017-2018 TPG invested in Solinftec.

In February 2018, TPG backed former AOL CEO Jon Miller in acquiring Fandom (formerly Wikia, Inc.).[59] Miller was named co-chairman of Wikia, alongside Jimmy Wales, and TPG Capital director Andrew Doyle assumed the role of interim CEO.[60][61]

In March 2018, Manipal Hospitals and TPG Capital acquired Fortis Healthcare as part of a deal for ₹39 billion.[62][63][64]

In 2020, TPG joined Diligent Corporation's Modern Leadership Initiative and pledged to create five new board roles among its portfolio companies for racially diverse candidates.[65][66]

On February 25, 2021, AT&T announced that it would spin-off DirecTV, U-verse and AT&T TV into a separate entity, selling a 30% stake to TPG Capital while retaining a 70% stake in the new standalone company. The deal was closed on August 2, 2021.[67][68]

On January 13, 2022, TPG went public on the Nasdaq stock exchange through an IPO at a $9 billion valuation.[69][70]

In April 2022, the company purchased a majority stake in Morrow Sodali, a proxy firm based in New York.[71]

In May 2023, TPG agreed to acquire alternative investment firm Angelo Gordon in a cash and stock deal valued at $2.7 billion.[72]

In July 2023, together with Francisco Partners, TPG agreed to acquire web tracking and analytics firm New Relic in an all-cash deal valued at $6.5 billion.[73]

Newbridge Capital

In 1994, TPG, Blum Capital and ACON Investments created Newbridge Capital, a joint-venture to invest in emerging markets, particularly in Asia and, later, in Latin America. At its peak, Newbridge managed over US$3.2 billion. Newbridge was headquartered alongside TPG in Fort Worth and San Francisco, with investment offices across the Asia-Pacific region in Hong Kong, Melbourne, Mumbai, Seoul, Shanghai, Singapore, and Tokyo. In 1995, Newbridge also ventured into Latin America, raising a $300 million fund and then a follow-up $150 million fund in 1996. After its debut funds in the mid-1990s, Newbridge did not continue to focus on Latin America.

Since its founding, Newbridge developed a specialization in five broad industry groups: financial services, technology and telecom, healthcare, consumer, and industrials. Newbridge was involved in a number of the largest private equity transactions in Asia, including:

  • Shenzhen Development Bank - the first control purchase of a Chinese national bank by a foreign entity since 1949
  • Korea First Bank - the first foreign acquisition of a South Korean bank
  • Hanaro Telecom - a major Asian proxy contest, the largest at that time
  • Matrix Laboratories - the largest private equity transaction in the Indian pharmaceutical industry, to that point

In the early 2000s, TPG assumed full ownership of the Newbridge joint venture, renaming the firm TPG Newbridge. At the beginning of 2007, when the firm officially changed its name from Texas Pacific Group to TPG Capital, TPG Newbridge's Asian funds were also rebranded as the TPG Asia Funds.

TPG remained active in Asia in 2008. On August 4, TPG, along with Global Infrastructure Partners, offered to buy Asciano Limited for AUD 2.9 billion in an unsuccessful attempt to complete an unsolicited takeover. On October 31, 2008, TPG completed the purchase of a 35% interest in P.T. Bumi Resources, from its previous owner Bakrie & Brothers, Indonesia, for $1.3 billion.[74]

Notable employees

See also

References

  1. ↑ "TPG Inc. 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 24, 2023.
  2. 1 2 "TPG | TPG Inc. Company Profile & Executives – WSJ". wsj.com. January 4, 2022. Retrieved March 3, 2022. 301 Commerce Street Suite 3300 Fort Worth Texas 76102
  3. ↑ "Buyout giant TPG's leaders weigh in on contrarian deal making's past, present and future". The Dallas Morning News. May 20, 2019. Retrieved May 27, 2020.
  4. ↑ Source: Preqin
  5. ↑ "PEI 300 | The Largest Private Equity Firms in the World". Private Equity International. June 1, 2023. Retrieved June 2, 2023.
  6. ↑ Farman, Madeleine (June 1, 2023). "Blackstone once again crowned largest private equity fundraiser in PEI 300". Private Equity International. Retrieved June 2, 2023.
  7. ↑ Little-known S.F. firm specializes in complex buyouts. San Francisco Chronicle, June 2, 2002
  8. ↑ "Lucent Technologies agrees to sell AT&T Paradyne unit"; The New York Times, June 20, 1996.
  9. ↑ "Seagate, VERITAS Software and Investor Group Led by Silver Lake Partners Announce Landmark $20 Billion Transaction". Seagate.com. March 29, 2000. Retrieved May 28, 2020.
  10. ↑ Steinhauer, Jennifer. "J. Crew Caught in Messy World of Finance as It Sells Majority Stake"; The New York Times, October 18, 1997
  11. ↑ Kaufman, Leslie, and Riva D. Atlas. "In a Race to the Mall, J. Crew Has Lost Its Way"; The New York Times, April 28, 2002.
  12. ↑ Rozhon, Tracie. "New Life for a Stalwart Preppy: J. Crew's Sales Are Back"; The New York Times, December 9, 2004.
  13. ↑ Norris, Floyd. "Shake-up at a health giant: The Rescuers; Oxford Investors Build In Some Insurance, in Case Things Don't Work Out." The New York Times, February 25, 1998.
  14. ↑ "Profits triple at Oxford; Texas Pacific buyback set"; The New York Times, October 26, 2000.
  15. ↑ ""Management-led group to buy Petco for $505 million"; The New York Times, May 18, 2000.
  16. ↑ "2 Equity Firms to Acquire Petco ." Bloomberg L.P., July 15, 2006.
  17. ↑ Gemplus falls to the enemy within, December 1, 2002
  18. ↑ "Bloomberg". Bloomberg.com. Archived from the original on November 10, 2001.
  19. ↑ U.S. Investors Agree to Buy Burger King From Diageo for $2.26 Billion; The New York Times, July 26, 2002
  20. ↑ A Lower Price Is Said to Revive Burger King Sale, The New York Times, December 12, 2002
  21. ↑ Wong, Grace (May 12, 2006). "Burger King IPO set to fire up". CNN Money. Retrieved September 30, 2007.
  22. ↑ Oregon Public Utility Commission (March 10, 2005). "ORDER NO. 05-114" (PDF). Retrieved February 1, 2008.
  23. ↑ Sorkin, Andrew Ross. "Sony-Led Group Makes a Late Bid to Wrest MGM From Time Warner"; The New York Times, September 14, 2004.
  24. ↑ "Sony in Talks to Buyout MGM". The New York Times. April 21, 2004. ISSN 0362-4331. Retrieved September 30, 2022.
  25. ↑ "Sony Group Portal - Acquisition of Metro-Goldwyn-Mayer Completed". www.sony.com. Retrieved September 30, 2022.
  26. ↑ "Capital Firms Agree to Buy SunGard Data in Cash Deal." Bloomberg L.P., March 29, 2005
  27. ↑ Sorkin, Andrew Ross (April 3, 2005). "Do Too Many Cooks Spoil the Takeover Deal?". The New York Times.
  28. ↑ whattheythink.com: "Smurfit-Stone Container Corporation Announces Sale Of Its Consumer Packaging Segment To Texas Pacific Group", May 15, 2006
  29. ↑ Texas Pacific founder to scale back involvement with firm, San Francisco Business Times, February 28, 2006
  30. ↑ "Report: Texas Pacific eyeing Home Depot". Dallas Business Journal.
  31. ↑ ‘Sorry, Sir. Texas Pacific Group Isn't Here Anymore’. Wall Street Journal, March 1, 2007
  32. ↑ "TPG Capital acquires Midwest Air Group for $450 million". Reuters. August 16, 2007.
  33. ↑ "WaMu: The Worst Deal in Private Equity History? - PE Hub". September 26, 2008.
  34. ↑ Mary Jane Credeur (June 23, 2009). "Republic Airways to Buy Midwest From TPG Capital". Bloomberg News.
  35. 1 2 Morgenson, Gretchen (March 13, 2010). "Private Equity and Wind Hellas: A Tale of Debt". The New York Times.
  36. ↑ Grocer, Stephen (June 11, 2010). "Deal Profile: TPG Agrees to Acquire Vertafore". The Wall Street Journal. Retrieved January 3, 2016.
  37. ↑ "RentPath - Digital Marketing Solutions for the Rental Industry". primedia.com.
  38. ↑ Dealbook (January 8, 2013). "Norwegian Cruise Line Sets Price Range for I.P.O." DealBook.
  39. ↑ Sebastian Sadr-Salek, Anjuli Davies and Claire Ruckin (July 8, 2013). "U.S. buyout firm TPG to buy TSL Education for $600 million". Reuters.
  40. ↑ "TSL Education Announces Acquisition by TPG". TES Global. July 18, 2013. Retrieved March 26, 2016.
  41. ↑ "TPG Capital co-founder David Bonderman 'contemplates' IPO". Financial Times. February 25, 2014. Retrieved September 30, 2022. (subscription required)
  42. ↑ "Producer Robert Simonds Partners With TPG, China's Hony Capital for New Studio Venture". The Hollywood Reporter. March 10, 2014.
  43. ↑ "Victoria Plumb set for £200 million boost as housing market picks up". Daily Mirror. Retrieved April 1, 2014.
  44. ↑ Armstrong, Ashley (April 1, 2014). "Victoria Plumb sells stake to TPG". The Telegraph. London. Archived from the original on January 12, 2022. Retrieved May 12, 2014.
  45. ↑ Martin, Ben (November 7, 2014). "Hedge fund takes Prezzo position". The Telegraph. London. Archived from the original on January 12, 2022. Retrieved November 14, 2014.
  46. ↑ Grant, Peter, and Ryan Dezember, "TPG Raises $2 Billion in Real-Estate Fund", Wall Street Journal, October 6, 2015. (subscription required)
  47. ↑ Bartley, Jennifer (April 28, 2016). "TPG Growth Acquires Frank Recruitment Group". Frank Recruitment Group. Retrieved January 17, 2017.
  48. ↑ Gibson, Robert (August 17, 2016). "Hotly-tipped Frank Recruitment Group to create jobs after profits treble". nechronicle. Retrieved January 17, 2017.
  49. ↑ "A&O HOTELS and HOSTELS erhält mit der TPG Real Estate einen neuen Mehrheitsgesellschafter".
  50. ↑ Dezember, Ryan (April 20, 2015). "TPG's General Counsel Ronald Cami Is Leaving the Firm". Wall Street Journal – via www.wsj.com.
  51. ↑ "Bradford Berenson to Join TPG as General Counsel" (Press release). January 25, 2017.
  52. ↑ "TPG brings in former Bush White House lawyer".
  53. ↑ Benner, Katie, and Mike Isaac, "As Uber Leaders Step Aside, Arianna Huffington's Influence Grows", The New York Times, July 17, 2017. Retrieved June 18, 2017.
  54. ↑ Ajay Kanwal, Naveen Chopra join TPG as Senior Advisors "Ajay Kanwal, Naveen Chopra join TPG as Senior Advisors". The Hindu Business Line. July 6, 2017. Retrieved July 8, 2017.
  55. ↑ "TPG Capital closes in on Novotech". afr.com. August 22, 2017.
  56. ↑ "TPG funds Novotech leveraged buy-out with unitranche debt". October 10, 2017.
  57. ↑ "TPG - Press Room - Press Release". press.tpg.com.
  58. ↑ "TPG Capital Acquires Fast Casual Chain Mendocino Farms | Los Angeles Business Journal". labusinessjournal.com. November 13, 2017. Retrieved November 18, 2017.
  59. ↑ Kafka, Peter (March 12, 2018). "Digital media veteran Jon Miller, backed with money from TPG, is going shopping for websites". Vox. Vox Media, Inc. Retrieved March 5, 2021.
  60. ↑ FANDOM. "Wikia, Inc.'s FANDOM Announces Investment Led by Media Veteran Jon Miller". www.prnewswire.com (Press release). Retrieved September 30, 2022.
  61. ↑ Spangler, Todd (February 6, 2019). "Fandom Names StubHub Exec Perkins Miller CEO (EXCLUSIVE)". Variety. Retrieved September 30, 2022.
  62. ↑ "Fortis Healthcare Ltd". Business Standard India.
  63. ↑ Sen, Amiti (March 28, 2018). "Manipal Hospitals buys Fortis hospitals biz". @businessline.
  64. ↑ "TPG-backed Manipal acquires Fortis Health, SRL Diagnostics - Times of India ►". The Times of India. March 28, 2018.
  65. ↑ Gara, Antoine. "Inside The Massive New Effort To Get Minorities On Corporate Boards". Forbes. Retrieved November 23, 2020.
  66. ↑ "Modern Governance Requires Modern Leadership". Diligent.com. Retrieved November 23, 2020.
  67. ↑ Goldsmith, Jill (February 25, 2021). "WarnerMedia Parent AT&T Sells DirecTV Stake To Private Equity Firm TPG". Deadline Hollywood. Retrieved February 25, 2021.
  68. ↑ Hayes, Dade (August 2, 2021). "AT&T Completes DirecTV Spinoff; Satellite Operator Unites Its Internet-Delivered Bundles Under New Brand DirecTV Stream". Deadline Hollywood.
  69. ↑ "TPG Becomes 2022's First Big I.P.O." The New York Times. January 13, 2022.
  70. ↑ "TPG Launches IPO Roadshow Seeking Valuation Around $9.5 Billion". The Wall Street Journal. January 4, 2021.
  71. ↑ Hu, Krystal (April 26, 2022). "TPG Growth acquires majority stake in proxy firm Morrow Sodali". Reuters. Retrieved April 26, 2022.
  72. ↑ Gara, Antoine; Indap, Sujeet (May 15, 2023). "TPG pushes into credit investing with $2.7bn deal for Angelo Gordon". Financial Times. Archived from the original on May 15, 2023.
  73. ↑ Rogoway, Mike (July 31, 2023). "New Relic, a major Portland tech employer, sells to private equity for $6.5 billion". The Oregonian.
  74. ↑ Wright, Tom (November 3, 2008). "Bakrie to sell coal stake for $1.3 billion Indonesian affiliate of TPG takes lead for group of buyers". The Wall Street Journal. Retrieved September 30, 2022.
  75. ↑ "Global Power 50". money.cnn.com. Retrieved March 14, 2019.
  76. ↑ "TPG hires Mary Ma for China push". telegraph.co.uk. September 7, 2007. Archived from the original on November 11, 2010. Retrieved March 14, 2019.
  77. ↑ "CEO charged in college scandal says he resigned, but firm says he was fired". www.cbsnews.com. March 15, 2019. Retrieved October 30, 2021.
  78. ↑ "TPG says Jon Winkelried to be PE firm's sole CEO". Reuters. May 10, 2021.
  79. ↑ Levy, Rachael; Gottfried, Miriam (October 29, 2019). "TPG Hires Chelsea Clinton's Husband". Wall Street Journal.
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