Private Equity
Here are some potential target ideas, rumored or official, to jumpstart your deal pipeline. Our sources are various news reports and the Buyouts “Seeking Buyers” list. For prior lists, see below, and send any additions my way. Extra-long since we missed a week while I was at Private Equity Analyst last week. The Merckle family in Germany may need to sell Ratiopharm, its generic drug maker, in pieces, according to Bloomberg. The family is now seeking buyers for drug wholesaler Phoenix Group, Swiss generic-drug maker Mepha Group and HeidelbergCement AG assets. Springer Science+Business Media, did not receive satisfactory bids in the auction for a stake sale. The German academic publisher may consider selling of the entire company, according to Bloomberg.
4 min read · 23 September 2009
1 min read · 23 September 2009
Allied Capital, the struggling business development corporation, continues, as announced, to explore the sale of assets to pay for the expensive private debt restructuring it announced weeks ago. That may be related to the news we learned yesterday: Rob Long, the head of Asset Management for the firm, has left the company. Long joined Allied in 2002 after serving as managing director and head of investment banking at C.D. Unterberg and holding management roles at Bank of America, Nomura Securities and CS First Boston. The company’s asset management business includes AllBridge Financial, Calder Capital Partners, and Callidus Capital Corp. You can view his cached Allied Bio here. As always, we welcome further information on Allied via anonymous tipdrop...
1 min read · 23 September 2009
At Work, Are You Trustworthy? A Financier Peels Back the Curtain: More from Guy Hands, on attrition in the buyout industry, the problem with EMI, and a number of other PE-related thoughts. (NY Times) Dealscape isn't as jazzed about the article as others seem to be, and I kinda agree (as, for those frequenting the conference circuit, the interview is no wild revolution in thought leadership. Not to say I don't think Guy Hands is an interesting guy.) (Dealscape) Pessimism in private equity: Almost half of private equity chiefs believe their investors will refuse to meet legally binding commitments to supply the cash for new deals at several high-profile buy-out houses, according to a survey published on Wednesday. (FT) Fooled By Fees: Is it possible that some investors are "fooled" into investing in buyout funds? (All About Alpha via Abnormal Returns)
1 min read · 22 September 2009
Stifel Nicolaus recently hosted its second "State of the Middle Market Dinner" which featured three middle market participants; David Golub (Golub Capital - private debt), Chuck Brizius (Thomas H. Lee Partners - private equity) and Michael Arougheti (Ares Capital – public provider of private debt). Their recap is after the jump...
1 min read · 22 September 2009
1 min read · 22 September 2009
Tom Ford International is on the hunt for financial backers, two sources familiar with the situation told peHUB. The New York-based fashion house entered the market within the past two weeks seeking a $50 million or greater investment, the sources said. Credit Suisse is managing the process. The capital would be used to expand the company's line into women's apparel, as Tom Ford currently offers meanswear, eyewear, beauty, fragrances, and men's and women's accessories. Tom Ford is famous for implementing the turnaround of the House of Gucci, which is owned by the French luxury goods company, PPR. In 2004, he left to launch Tom Ford International. The company's products are carried at luxury retail chains worldwide, as well as in four freestanding Tom Ford stores.
2 min read · 22 September 2009
The Triumph of Web 2.5: The well-deserved success of Mint.com, and what other Web businesses can learn from it. (Slate) Living It Up: Barrett Wissman has not let his involvement in the pay-to-play scandal crimp his lifestyle. "This summer, the 47-year-old held court at a wine-and-music festival he helped found in Cortona, Italy, with a group of high-society friends. There, he interviewed film star Anthony Hopkins, and oversaw a program of cheese tasting, tai chi classes and violin performances." (WSJ) The Yes Men Are Back: Last year they distributed fake NY Times editions which declared the war is over. This year they focused on the climate and the NY Post, declaring "We're Screwed" on the front page. (Huffington Post) Can't Find a Job? Move to China, that's what a host of young people are doing, including one private equity pro. From the San Francisco Examiner: A 28-year-old former London banker took a job a year ago with a Chinese private equity firm after the crisis devastated his industry at home. He said that even though he spoke no Chinese, his experience and contacts made him a sought-after asset in China, a market that he said offers "a much faster route to a top-level position. Speaking of London: The city expects a flux of PE-backed IPOs. (Independent)
2 min read · 21 September 2009
Amalgamated Capital officially launched today, the latest in a string of new lenders cropping up to serve the middle market. It’s been in business for about three weeks, talking to sponsors and reviewing deals. Today I got a bit more color on the lender’s strategy from executive VP and director Tim Clifford. Clifford, who left Churchill Financial in May, has looked at 25 deals in the past three weeks, with Amalgamated submitting a handful of term sheets. Target transactions would be between $5 million and $60 million of senior debt financing for companies worth less than $150 million, with between $3 million and $20 million of EBITDA. Read the full Q&A after the jump...
3 min read · 21 September 2009
Here's a look at the past week of scoops, opinions and analysis from the peHUB blogging team. Read ‘em before they go behind our subscriber paywall... Venture Capital: 3i Group Sells Its Venture Portfolio Mint.com Got An Offer It Couldn't Refuse Yammer: We Don't Need Money Microsoft - Google Search War Creates Opening For Startups New Firm Alert: Candescent Partners Q&A with Tech Coast Angels on New Seed Program Retweet This: Twitter Raising $50M at $1B Valuation Sources: PureSense Is Raising More Funding Want To Work In India? Call DFJ Too Much Hype At PEA? Jim Breyer Sounds Gloomy New Government Sheriff In Town Should Help Startups Rennovia Raises VC To Make Chemicals from Renewable Feedstock Khosla's LPs Have Invested For The Long Haul Buyouts: Steve Pagliuca Makes It Official Private Equity's Competitive Landscape Donald Marron: "The FDIC Rules Are Acceptable" Yawn... Carlyle Still Considering IPO Pay-To-Play Scandal Snares Four More Firms Why Isn't This Extortion?
2 min read · 19 September 2009
