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Slideshow: Playing The Field: PE And Pro SportsAfter Comcast-Spectator agreed in July to sell the Philadelphia 76ers to a group led by Joshua Harris, an Apollo Global Management co-founder, and including David Blitzer, a Blackstone Group senior managing director, and after Tom Gores, the founder and chief executive of Platinum Equity, signed a deal in April to buy the Detroit Pistons, we got to wondering, over at sister publication Buyouts, about other participation by buyouts pros—and even firms themselves—in big-league sports. Here's what we found:
- Dunkin' IPO Surges 47%; Sponsors' Stake Worth About $2.7B--UPDATED
It's time to make some profit. On Wednesday, shares of Dunkin' Brands opened at $25. The stock closed at $27.99 on the Nasdaq http://www.marketwatch.com/investing/stock/dnkn an increase of $8.99, or 47.32% above its offer price. Volume was roughly 45.4 million. Late yesterday, Dunkin' Brands raised nearly $424 million after selling 22.3 million shares at $19 each (this was up by $1 from the original guidance of $16 to $18 a share). JP Morgan, Barclays Capital and Morgan Stanley are joint book-runners on the deal. Dunkin' Brands, which is owned by Bain Capital, the Carlyle Group and Thomas H. Lee, is highly leveraged, with about $1.9 billion in long-term debt. In 2005, the three PE firms acquired the company in a $2.4 billion deal. It's unclear how much equity the PE firms invested but the buyout shops put in equal amounts. Since 2005, the PE firms have received two dividends, according to SEC filings http://www.sec.gov/Archives/edgar/data/1357204/000119312511195243/ds1a.htm#rom211233_15 In November 2007, the sponsors received $90 million in a payout; another $500 million came in December 2010, according to the filings.
- Slideshow: Who's Getting Rich Off of the Dunkin' IPO? Here's the Top Shareholders
Dunkin' Brands, which owns Dunkin' Donuts and Baskin Robbins, is going public today. Late yesterday, Dunkin' Brands raised nearly $424 million http://www.marketwatch.com/story/dunkin-ipo-priced-at-19-on-solid-demand-2011-07-26?reflink=MW_news_stmp after selling 22.3 million shares at $19 each. This was up from the $16 to $18 price range originally planned. JP Morgan, Barclays Capital and Morgan Stanley are joint bookrunners on the deal. Eleven more underwriters are on the deal, including BofA Merrill Lynch and Goldman Sachs. The underwriters have the option to buy another 3.3 million shares. Dunkin' is expected to trade Wednesday under the Nasdaq ticker "DNKN."
- Dunkin' Brands Prices IPO at $19 a Share
Dunkin' Brands has priced its IPO at $19 per share, raising $422.75 million. The price is above a previously set range of $16 to $18 per share, and gives the Canton, Massachusetts-based company a market value of more than $2.4 billion, Reuters reported. Dunkin’ Brands begins trading today on the Nasdaq. The company is currently owned by private equity investors Bain Capital Partners, the Carlyle Group and Thomas H. Lee Partners.
- Huntsman Gay Exits Grand Isle Shipyard
Middle-market buyout shop Huntsman Gay Global Capital has exited its investment in oilfield maintenance services company Grand Isle Shipyard. NANA Development Corp., based in Anchorage, Alaska, acquired the company. The sale is Huntsman Gay’s first exit since it closed its debut $1.1 billion fund in July of 2009. Terms of the sale were not disclosed.
- Ropes & Gray Opens Shanghai Office
Ropes & Gray has opened an office in Shanghai to serve clients in private equity, investment funds and life sciences, the firm announced. The new Shanghai office is the firm’s third in Asia. The office will be led by partner Arthur Mok, who joined the firm in 2010, and focuses on M&A and private equity transactions.
- Bain-backed Styron Adds Underwriters to IPO
Plastics maker Styron Corp., which is backed by Bain Capital, has added Scotia Capital and Wells Fargo to the list of underwriters for its $400 million initial public offering, Reuters reported. The company now has 13 banks underwriting the IPO. Bain Capital bought Styron for $1.63 billion from Dow Chemical Co in 2010. The company is based in Berwyn, Pennsylvania.
- Dunkin’ Donuts IPO Prices at $16-$18 Per Share
Dunkin’ Brands Group Inc., the private equity owned parent of brands Dunkin' Donuts and Baskin Robbins, is planning to sell about 22.3 million shares in its initial public offering, at an expected range of $16-$18 per share. The IPO values the company at as much as $2.3 billion, Reuters reported. Dunkin’ was taken private in 2005 by private equity firms Bain Capital, Carlyle Group and Thomas H. Lee Partners in a $2.4 billion deal.
- Sun Art Raises $1.1B with Hong Kong IPO
Chinese hypermarket operator Sun Art Retail Group raised $1.1 billion after pricing its Hong Kong initial public offering at the top of an indicative range, Reuters reported Friday. The company is only the second $1 billion-plus Hong Kong IPO this year, after MGM China. As part of the IPO, Sun Art sold $420 million shares to private equity investors, including General Atlantic and Hillhouse Capital Management, which invested $70 million a piece. Buyout shop Arisaig Partners and an affiliate of Bain Capital and French fund manager Carmignac Gestion also invested $40 million each, Reuters wrote.