Bain Capital related stories
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- EcoMotors Adds Andrew Chung to its Board
Andrew Chung, a partners at Khosla Ventures, has joined the board of engine developer EcoMotors. Established in 2008, EcoMotors is based in Allen Park, Mich., and backed by Khosla Ventures and Bill Gates.
- Alibaba Seeking Up to $4B in Financing
Alibaba Group is seeking up to $4 billion in debt financing, in a deal expected to help the Chinese e-commerce giant buy back a 40% stake in the company owned by Yahoo Inc., Reuters wrote Thursday. As Alibaba Group is private, there is no public figure on what Yahoo's stake is worth, though some analysts say its worth at least $9 billion, Reuters reported.
- Moody's: Most Bubble-era LBOs Struggle, while Dollar General, HCA Shine
Many bubble-era LBOs have turned in poor performances, according to a report from Moody's Investors Service. Moody's looked at 40 LBOs from 2006 to early 2008, the go-go days for buyouts. While a majority of the companies have seen their financial leverage drop, earnings and revenue growth for most have been "significantly below" projections, Moody's said. Exits for the bubble group have also been rare. In fact, most are still owned by their PE owners, the report said. Seven have completed IPOs and only one target has been sold (that's Alltel. Verizon Wireless acquired Alltel in 2009 http://dealbook.nytimes.com/2009/01/09/verizon-wireless-completes-alltel-purchase/ it had been owned by TPG and Goldman Sachs PE unit). Only five of the companies have paid “material dividends," while three companies--Chrysler, Aleris International and Station Casinos-- have filed for bankruptcy, Moody's said.
- Yahoo Buyout Would Test Limits of Loan Market, Kinetic Deal Could Be Model
An outright buyout of Yahoo by private equity firms, the latest fodder from the M&A rumor mill, would test the debt financing market's appetite for a "mega-deal." The institutional loan market, once the piggybank for buyout barons, may only be able to provide $3 billion to $5 billion toward nabbing the $20 billion internet company, according to sources polled by Thomson Reuters LPC. Yahoo's board has yet to put out the for sale sign, but behind closed doors, board members are reportedly interested in a deal. And private equity firms have been circling. Two, Blackstone Group and Bain Capital, are even mulling a $25 billion bid to take all of Yahoo private, Reuters reported last week. A $25 billion buyout would be by multiples the largest LBO since the financial crisis. Though private equity transactions have perked up since 2010, the LBO world has yet to see a "mega-deal," one whose purchase price exceeds $10 billion. The biggest so far have been this year's $7.2 billion buyout of Samson by KKR & Co. followed by the $6.3 billion LBO of Kinetic Concepts by Apax Partners, the Canada Pension Plan Investment Board and the ...
- Carlyle's Attwood Doesn't See $10 Bln LBOs Returning Soon
Jim Attwood, the Carlyle Group's global head of telecommunications and media, doesn't expect a $10 billion deal to surface any time soon. Attwood, who was speaking Monday at the UBS media and communications conference in New York, says the markets have been up and down. While there are challenges [in the credit markets], if the "right asset" is found, "you can still get it financed," he says. "You've got to work harder and turn over more stones," he added.
- peHUB First Read
Lightening Speed: Q&A With TSG http://blogs.wsj.com/privateequity/2011/11/30/qa-with-tsg-consumer-partners-jamie-ohara/ Consumer Partners’ Jamie O’Hara about the firm's "humbling" fundraising process Yahoo's Latest: Blackstone and Bain Capital http://www.reuters.com/article/2011/12/01/us-yahoo-idUSTRE7AT32E20111201 in the running with a potential $25 billion bid Middle Eastern Politics: Grim outlook for PE http://www.reuters.com/article/2011/11/30/mideast-privateequity-idUSL5E7MR03520111130 following regional unrest VC Shun: Party over for China's group-buying websites http://www.reuters.com/article/2011/12/01/china-groupbuying-idUSL4E7MT1AA20111201 Disposable Reinsurers: PE firms http://www.bloomberg.com/news/2011-11-30/berkshire-faults-wall-street-private-equity-for-disposable-reinsurers-.html and Wall Street blamed for rival sellers of reinsurance that may not have the backing of their founders in several years On a Downer: VC slump slows Michigan http://www.freep.com/article/20111201/BUSINESS06/112010433/Venture-capital-drop-slows-Michigan-s-recovery 's recovery Super Capital: Can VC http://www.forbes.com/sites/helencoster/2011/11/30/novogratz/ save the world? Safety is the issue: VCs http://www.reuters.com/article/2011/12/01/us-diabetes-idUSTRE7B00ER20111201 cut back on medical device investment Anyone for tech? General Catalyst Partners http://www.bloomberg.com/news/2011-11-30/general-catalyst-seeks-to-raise-650-million-for-technology-fund.html seeks to raise $650 million following the slowest quarter for venture-capital fundraising in eight years Price Slash: Lone Star http://www.reuters.com/article/2011/12/01/lonestar-keb-idUSL4E7N11U920111201 to cut Korea Exchange Bank deal by 11 percent Keeping Track: Social media activity site Awe.sm http://techcrunch.com/2011/12/01/awe-sm-helps-developers-track-all-the-key-details-in-social-sharing-raises-cool-4-million/ lands $4 million Series A No-one Puts Kekanto in the Corner: Social local reviews site attracts funding from Accel Partners and Kaszek Ventures http://techcrunch.com/2011/11/30/accel-backs-brazilian-social-local-reviews-site-kekanto/ A Stealthy Deal: RaNa Therapeutics http://www.masshightech.com/stories/2011/11/28/daily34-Stealthy-RaNA-Therapeutics-raises-26M.html Raises $2.6 million of a planned $20.66 million initial funding More Cleantech: The last in a 4-part series from Venrock's Matthew Nordan http://gigaom.com/cleantech/the-state-of-cleantech-venture-capital-part-4-parting-thoughts/