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Bain Nears $3B Close for Fund XI -- Reuters Exclusive(Reuters) - Bain Capital LLC is close to securing commitments from investors for about half the $6 billion target for its latest private equity fund, two people familiar with the matter said on Monday.
- Reuters - HD Supply Holdings Files for $1B IPO
Industrial and construction supplies distributor HD Supply Holdings Inc, a former division of Home Depot Inc, filed for a $1 billion initial public offering of its shares to take advantage of the rebounding U.S. housing market. Bain Capital, Carlyle Group and Clayton, Dubilier & Rice, who took the company private for $8.5 billion in 2007, each own about 28 percent of the company. Home Depot continues to hold a 12.4 percent stake in the company, according to HD Supply's prospectus filed with the Securities and Exchange Commission on Friday.
- Reuters – KKR Buying Controlling Stake in Alliance Tire
U.S. buyouts firm KKR & Co L.P. has agreed to buy a controlling stake in Alliance Tire Group from Warburg Pincus, the three companies said on Friday, without disclosing details of the transaction. The deal would be the biggest private equity transaction in India after Bain Capital paid about $1 billion to buy a 30 percent stake in business process and technology services provider Genpact in August 2012. The U.S. private equity firm will put in slightly over $300 million of its own money to buy an over 75 percent stake in Alliance, a source familiar with the matter told Reuters on Friday.
- Reuters – Advent Opens Office in China
Private equity firm Advent International has opened its first office in China to take advantage of investment opportunities in the country, Reuters wrote. Advent, founded in 1984, previously operated in China through an affiliate. It does not currently have direct investments in China, but some of the companies it backs, such as Spanish explosives maker MAXAM, have operations there. The decision to open a Shanghai office follows a review of the Boston-based firm's operations, which led to the closure of offices in Milan and Istanbul last month, an Advent spokeswoman said. Advent already has an office in India.
Deal Count Drops 21% in Q1; Pipeline BuildsCatching their breaths after a rush of mergers to beat higher taxes in the fiscal cliff pact, U.S. leveraged buyout firms closed 21 percent fewer deals in the first quarter of 2013 compared to the year-ago period. Meantime, disclosed dollar volume rose by nearly $3 billion as target companies held out for higher prices, according to results compiled by Buyouts.
Exits Ease Up In First QuarterExiting by U.S.-based financial sponsors has been laid-back during the first three months of the New Year. By the numbers, exits both by mergers and acquisitions and those by initial public offerings have been slow.
LBO Firms Eye Yankee Candle in $2B DealBain Capital LLC, Advent International Corp, CVC Capital Partners Ltd, Clayton, Dubilier & Rice LLC and Ares Management LLC are all in the hunt for Yankee Candle, the portfolio company of Madison Dearborn Partners LLC.