Private Equity
Private equity giant Warburg Pincus will invest up to $250 million in Gulf Coast Energy Resources, a Houston-based company focused on onshore oil and gas exploration and production. Gulf Coast Energy Resources, which was formed this year, aims to identify and acquire and oil and gas fields across the coasts of Texas and Louisiana.
3 min read · 03 November 2010
Fushi Copperweld has received a buyout offer from its chief executive, along with private equity shop Abax Global Capital, Reuters reported. The offer values the Chinese wiremaker at $433.8 million. Abax Global, along with chief executive Li Fu, offered $11.50 per share for the company – a 26% premium over the company’s closing price Tuesday. CEO Li Fu already owns 29.9% of the company, Reuters said.
1 min read · 03 November 2010
Canadian ski resort operator Whistler Blackcomb Holdings priced its IPO at $12 Canadian ($12), Reuters reported. Whistler Blackcomb is owned by Intrawest, a company owned by private equity firm Fortress Investment Group. The closing of the IPO is set for Nov. 9. Fortress will retain a roughly 34% ownership of Whistler Blackcomb after the IPO, Reuters reported.
2 min read · 03 November 2010
Private equity firm Wellspring Capital Management has raised $1.2 billion for its fifth fund, Wellspring Capital Partners V LP. The new fund, which is the firm’s largest to date, will focus on middle market investments and buyout deals ranging from $50 million to $2 billion. Wellspring Capital is based in New York and has more than $3 billion under management.
2 min read · 03 November 2010
Private equity shop Kohlberg Kravis Roberts & Co. saw its profits fall 61% to $317.3 million in the third quarter of 2010, compared with the same period last year, the company said Wednesday. The company’s assets under management, however, grew to $55.5 billion.
9 min read · 03 November 2010
Abu Dhabi Investment Authority, the sovereign wealth fund of Abu Dhabi, United Arab Emirates, has named James Kester to the post of chief investment officer for private equities, Reuters reported. Kester was previously the head of private equity for Zurich Alternative Asset Management.
1 min read · 03 November 2010
Dell will acquire cloud computing services company Boomi for an undisclosed amount, Reuters reported. Boomi, which helps businesses integrate cloud-based applications with other programs, raised $4 million in a 2008 funding round led by FirstMark Capital. The 10-year-old Boomi is based in Berwyn, Penn.
2 min read · 03 November 2010
Venture firm Andreessen Horowitz, formed by Netscape co-founder Marc Andreessen and entrepreneur Ben Horowitz, has raised $650 million for its second fund, Reuters reported. At a time when many VCs struggle to raise money, Andreessen Horowitz said it took only three weeks to close the fund, which is more than twice the size of its original fund. Formed in 2009, Andreessen Horowitz has invested in companies including social-gaming company Zynga, location services company Foursquare and VoIP service Skype.
3 min read · 03 November 2010
Kayne Anderson Capital Advisors has closed its latest fund, Kayne Anderson Mezzanine Partners, with $600 million in commitments. The New York City-based firm said it will focus the fund on middle market investments across a broad range of industries. Kayne Anderson has already made six investments with the fund, totaling $90 million.
2 min read · 03 November 2010
Boston-based investment firm ABRY Partners will pay $84.8 million to acquire Comforce Corp., the company announced Tuesday. ABRY Partners will pay $2.50 per share for all outstanding shares of Comforce common stock, representing a 54.3% premium over Monday’s closing price. Comforce, which is based in Bethpage, N.Y., provides outsourced staffing management services.
5 min read · 02 November 2010
