Bain Capital related stories
All articles and analysis
Bain Capital to enter negotiations over Priory GroupBain Capital is close to a 1 billion pound ($1.6 billion) deal for the Priory Group, a group of more than 50 hospitals dedicate to mental health, which is most famous for treating celebrities. Bain is expected to enter into a period of negotiations with the owners of the Priory, while also arranging debt financing of up to 500 million pounds. Private equity firms such as Blackstone, Advent International and Cinven Group are reportedly also interested in the Priory.
- Bain Capital Affiliates To Buy Gymboree For $1.8 Billion
Bain Capital Partners LLC of Boston signed a definitive agreement for affiliates to acquire Gymboree Corp.’s outstanding stock for $65.40 per share, or $1.8 billion. The deal has the unanimous approval of Gymboree’s board of directors. The offer represents a 57.4 percent premium to the Gymboree’s share price on Sept. 30, before market rumors of deal and a 23.5 percent compared to Gymboree’s closing stock price on Oct. 8.
- First American Payment Auction Busted Due To Unrealistic Sale Expectations
Despite the bubbling M&A market, unrealistic expectations can still destroy an auction. Consider First American Payment Systems. The Fort Worth, Texas-based company, which is owned by Lindsay Goldberg, provides credit, debit and other electronic payment processing services to more than 120,000 merchants. First American had about $211 million of revenue in the 12 months ended Sept. 30, according to Moody's Investors Service. Earlier this year, First American hired Citadel to advise on its auction. The company has about $50 million EBITDA and was seeking bids of 12x, five banking and PE sources say. Several buyout shops—believed to include General Atlantic, TA Associates, Bain Capital, TPG, KKR and Warburg—put in proposals, sources say.
- Gymboree set to begin expected $1Bn auction, report
Gymboree, the children’s apparel retailer, is expected to fetch more than $1 billion in a planned auction, according to the New York Post. The company has hired Goldman Sachs to begin the auction, the report said, after it was approached by two firms, one of which was Apollo Management, owned by billionaire Leon Black. Other interested firms include Bain Capital, KKR, Apax Partners, and Irving Place Capital.
- PE Firms Likely Out Of Pioneer Auction
Books for Pioneer Investments aren’t out yet but the possible sale looks like it has shifted. UniCredit Group, which is looking to sell all of Pioneer, wants to combine the business with another asset manager and retain a take, two sources say. "Unicredit wants to do a contribution transaction," a banking source said. I initially thought UniCredit’s strategy was similar to Morgan Stanley’s sale of its retail funds unit earlier this year to Invesco. Morgan kept a 9% stake in the funds business. However, I’m being told that UniCredit’s plans are more similar to Credit Agricole, which bought part of Societe General’s asset management arm. The banks, in 2009, created Amundi, their combined asset management arm which is 75% owned by Credit Agricole and 25% owned by Societe General.
- The World's Biggest PE Acquirers Are.....
I attended the Bloomberg Dealmakers Summit this week and found some interesting data. The top five biggest private equity acquirers, by value of deals, over the past five years were KKR, the Blackstone Group, TPG, Carlyle and Bain Capital. KKR posted 67 deals valued at $233.3 billion to come in first on the list, Bloomberg said. The data ranked firms by the total value of deals announced from Sept. 15, 2005 to Sept. 15, 2010. Blackstone placed second with 117 deals totaling $197.4 billion, while TPG ranked third with 78 transactions valued at $193.1 billion.
- Harper and Sobol join Welsh, Carson, Anderson & Stowe
Ryan Harper and Edward Sobol have been appointed vice presidents at Welsh, Carson, Anderson & Stowe, the New York private equity firm. Harper was previously vice president at Summit Partners, while Sobol is a former vice president at Bain Capital. Welsh, Carson, Anderson & Stowe focuses mainly on information/business and healthcare, manages $20 billion in capital, and has a current portfolio of over thirty companies.
- Huntsman Gay takes stake in iQor
Huntsman Gay Global Capital, a middle market private equity firm, has taken a majority holding in iQor Holdings, a New York-based outsourcing company, the private equity firm announced. The details of the deal have not been disclosed. iQor claims more than $350 million in revenue for 2009, with 11,000 employees in 21 locations in North America, Europe, India and Asia.
- Week in deals, Sept. 27, 2010
Summary of tech companies and other startups in North America that raised venture financing in the past week