Private Equity
Here's a look at the past two weeks of scoops, opinions and analysis from the peHUB blogging team. Read ‘em before they go behind our subscriber paywall... The Biggest PE-Backed Busts of 2009 Private Equity: The Sun'll Come Out Tomorrow? PE-Backed Busts: What's in Store for Q4 and Beyond? Perseus Hits The Road For Fresh Capital Let's Sleep On It: Notes on Mega-Mattress M&A Fund Performance Data from CalSTRS KKR Looks Inward for Investor Relations Chief Insight Venture Partners Talks Twitter What's Next for Churchill and Peers? Private Equity Deal Volume Doubles in Q3 PE Fundraising Falls To Six-Year Low Wellington Management To Close PPIP Fund Today 19 Buyout Pros on Forbes "Richest Americans" List Lynn Tilton Forgoes LP Dollars for Her Own Auto Suppliers and Busted Banks are Old News. Wilbur Ross' Next Target is Casinos Laundry Room Chronicles: Talking PE-Backed IPOs NewStar Financial Lays Off 17 Drivers of PIPE Activity in the Next Year GI Partners Nearing Close on Fund Three
3 min read · 03 October 2009
Wishful Thinking or Reality? Restructuring industry firms said they're "bolstering their ranks" for a "sustained demand for their services" over "three to five years." Green shoots, my a**! (Reuters) BX World: Blackstone Investor meetings may very well include appearances from Shamu. The firm is nearing a deal to purchase Seaworld and other theme parks from Anheuser Busch. (WSJ) Moody's in a Bad Mood: And the ratings agency is taking it out on private equity. "Private-equity firms could add more debt to their target companies' balance sheets in order to reap dividends, which could weaken the position of existing bondholders, a report by Moody's Investors Services said on Thursday." (Reuters) Weirdest, Most Random Niche Deal Ever: Riverside Partners acquires a Portugal-based umbilical cord blood collection company. What the heck is that? (peHUB)
1 min read · 02 October 2009
3 min read · 02 October 2009
3 min read · 02 October 2009
As usual, we have a week’s worth of ratings action on the debt of LBO-backed companies from ratings agencies Standard & Poor’s Investor Services and Moody’s Investors Service. The big action this week was all the toggling going on at Realogy, Apollo Management’s ill-timed real estate mega-deal. The company underwent a distressed debt exchange of its senior toggle notes, in which Carl Icahn received $150 million of a $475 million second lien term loan for a previously held $280 million senior toggle notes due 2014. The money will be used to repay first lien credit facilities. Icahn Partners is selling the rest of its toggle notes to Apollo, which will invest the cash in the new second-lien term loan. My question: Which mega-buyouts haven’t successfully undergone a distressed debt exchange? Seems most of ‘em have succeeded in pushing their debt band-aids through and “kicked the can down the road,” as the PE pros have been saying. But have any tried and failed? Have any not even tried yet?
3 min read · 02 October 2009
Bob Dylan Sells (Out): He's teaming up with Citigroup to release his Christmas album. (Cityfile) Just Friedman? Hellman & Friedman co-founder Warren Hellman is stepping down. (Reuters) M&A is BACK! Or, at least, Confidence in M&A. Or at least, M&A has hit its cyclical trough and is starting a slow slog back up. (Deal Journal) Lessons From U.S. For Private Equity: The United States buyout firms did better damage control than European firms in the credit crisis and have had more success than European firms. (Breakingviews)
1 min read · 01 October 2009
Forbes released its annual list of the 400 Richest Americans and while slightly less filthy rich than years past, buyout pros were still well-represented. Carl Icahn was the top LBO professional on the list at number 22. Rob Perelman came in second at number 23. Blackstone Chief Steven Schwarzman clocked in as the third-richest buyout pro at number 50 with a new worth of $4.7 billion Rival Henry Kravis of KKR appeared 27 slots later with a net worth of $3.8 billion. George Roberts, the "R" in KKR, weighs in at number 85. (I guess that's what you get when your name is last on the marquee.) Every single one of the 17 buyout pros on the list have seen their net worth drop in the past year. While their investments may have suffered in the recession, their fees and carried interest from boom eras past ensured that the leveraged buyout community was well-represented on the list. Judging by my unscientific observation, the number of buyout pros on the list tops VCs and possibly ties hedge fund pros. (Entrepreneurs is a different story.) Follow the jump for the richest LBO barons in America.
2 min read · 01 October 2009
1 min read · 01 October 2009
1 min read · 01 October 2009
1 min read · 01 October 2009
