Bain Capital related stories
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PE Firms Want Oriental Brewing, But Do They Have A Chance?Our Reuters colleague Mike Flaherty today reported /32003/pe-firms-circle-south-korean-brewery/ that several buyout firms are circling South Korean beermaker Oriental Brewery, which is hoping to garner more than $2 billion. There are lots of interested suitors -- including Blackstone, Bain, KKR, MBK and Affinity Partners -- but this deal seems like it should be a real longshot. There’s only one way this type of deal would make sense, and that’s if it looks like last year's Weather Channel /2704/farewell-pre-credit-crunch-deals-hello-new-gaurd/ transaction. In that case, two buyout firms (Blackstone Group and Bain Capital) teamed up with a strategic buyer (NBC) to purchase the Landmark Communication divestiture. Part of the reason PE buyers of the second largest South Korean brewery would/should need to team up with strategic buyers
- Candover Joins "Shrink To Fit" Crowd
Candover has followed Permira and TPG Capital’s lead in shrinking the size of its fund and letting investors off previous commitments regarding uncalled capital. It is unlikely to be the last. Unlike its peers, Candover has officially signalled a shift away from larger LBOs – investments with an enterprise value of more than €500m traditionally – saying that a restructuring of the fund will also involve a “revised investment strategy, in light of both a smaller fund and the significant changes in the global economy in the last six months”. The likely translation is: Mid-market. Permira has rarely played in the mega LBO space, and while it is known to be looking at smaller deals, especially those involving already indebted businesses, a shift downwards is not expected to be on the cards.
- peHUB Wire: Thursday, February 19, 2009
Random Ramblings
- peHUB Wire: Thursday, February 19, 2009
Random Ramblings
- New PE Firm To Focus on IT-Enabled Biz Services
peHUB has learned that Jeff Rich, former CEO of Affiliated Computer Services (NYSE: ACS), and Todd Furniss, former president of the Everest Group, have partnered to form a new private equity firm focused on the IT-enabled business services sector. The Dallas-based effort is named PlumTree Partners, and will formally announce itself next week. PlumTree has not yet decided on whether it will raise a formal fund, operate as a fundless sponsor backed by local family offices or become an investment holding company for a large corporation that has expressed interest. In general, however, is wants to invest between $25 million and $50 million of equity per year, in around four deals. If PlumTree were to pursue the formal fund structure, that would work out to around a $250 million target. I’m pretty skeptical of most new PE firms in today’s environment, but this one certainly has big-name experience on its side. Rich began his career as an LBO banker for Citi in the 1980s, before getting recruited by ACS to be its CFO.
- War on Greed Gets a New Enemy: Goldman Sachs
Brave New Films yesterday released the latest video in its War on Greed series, which previously had focused most of its attention on Henry Kravis and KKR. The new target is federal bailout funds recipient Goldman Sachs, for shoddy treatment of Burger King employees. Goldman, you may remember, teamed up with Bain Capital and TPG Captial to buy the Whopper maker back in 2002. “Wait a minute,” says rhetorical reader. “Didn’t Burger King IPO in 2006, with Goldman Sachs now holding less than 11% of the company’s outstanding shares?” Of course it did, although you won’t hear anything about that in the Brave New Films video. Instead, you’d assume that the private equity consortium still owns Burger King lock, stock and frialator. In fact, the video’s narrator refers to Goldman as being “at the helm of the Burger King Corporation.”
- peHUB Wire: Wednesday, February 18, 2009
Random Ramblings