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Slide Show: Developments Among Industry's Largest LBOsSponsor-backed industrial giants have been busy in 2011. sister publication Buyouts finds. Three of the largest LBO deals went public again since the first of the year, while others have taken advantage of easy credit conditions to extend debt maturities. Even the troubled Energy Future Holdings Co., facing a claim by a creditor of a techincal default, was able to extend the maturities on $17.8 billion in debt. A word about our methodology: Our list of biggest deals is derived from a Thomson Reuters database of private equity deals. We chose the largest buyout deals of U.S. companies that file quarterly statements with the SEC. We excluded foreign companies, deals that were predominantly about the real estate, companies that no longer have private equity sponsors (as a result of IPOs or strategic sales) and those that do not file 10-Ks. Here is a roundup of recent developments, based on regulatory filings, company announcements and news reports.
- BuyWithMe Buys A Daily Deal Site based In Chicago To Expand Regional Offering
BuyWithMe Inc. acquired DealADayOnline, a group buying and social commerce company focused on the Chicago marketplace. BuyWithMe.com is a New York-based developer of marketing solutions. It is backed by Bain Capital Ventures and Matrix Partners.
- Bain Capital, Oaktree Capital Management Back International Market Centers
Bain Capital Partners and a subsidiary of Oaktree Capital Management teamed together to invest $1 billion in International Market Centers, with the intent of developing the showrooms assets. International Market Centers has locations in North Carolina and Las Vegas. Phil Loughlin, managing director, worked on the deal from Bain Capital. Kirkland & Ellis is counsel for Bain Capital, Paul Weiss is acting as legal advisor to the Oaktree entities, and Paul Hastings represents related companies.
- European People Briefs, May 2011
Octopus adds Davis; Ropes & Gray builds up its European office
- AppNeta Secures $6.2M in VC
AppNeta, a cloud-based provider of network performance management technology, has closed on $6.2 million in new venture funding. Investors include Bain Capital Ventures, Egan-Managed Capital, JMI Equity, and Business Development Bank of Canada. The money will help AppNeta expand its cloud-based network performance management service. AppNeta is based in Wellesley Hills, Mass.
- PE-Owners Drop Sale of Jack Wolfskin
The private equity owners of German outdoor apparel and equipment maker Jack Wolfskin decided not to sell the company after failing to attract high enough offers, Reuters reported. Barclays Capital and Quadriga Capital had hoped to attract more than 800 million euro for the company, Reuters reported. Some bidders had offered to pay north of 600 million euro, Reuters said.
- Fund Terms Grow Sweeter; Bain Expected To Offer 20% Carry: CORRECTED
Want to know what's going on with partnership terms and conditions? Let's just say it's a good time to be a limited partner. State plans such as California Public Employees' Retirement System, New York State Common Retirement Fund, New York City Retirement Systems and the Washington State Investment Board, together with their advisers, are successfully applying pressure on terms—and not just on softer items like key-person provisions but on core economic terms like management fees that directly impact general partner economics, said Michael Harrell, a partner at Debevoise & Plimpton who represents such blue-chip names as Clayton, Dubilier & Rice and Oaktree Capital. "Even the best, most established firms are pushing against the wind," he added. Indeed, it looks like Bain Capital http://www.baincapital.com the Boston shop that moved to a 30-percent carried interest more than a decade ago, may have trouble staying at that lofty perch.
- Berkshire Partners in Talks to Buy Husky Injection Molding
Buyout shop Berkshire Partners is in talks to buy Husky Injection Molding Systems in a deal that could be worth up to $2 million, Reuters reported. The company is currently owned by Canadian buyout shop Onex, and saw interest from Bain Capital and several other private equity firms in earlier stages of the auction. Onex bought Husky for nearly $1 billion in 2007.