Cerberus Capital Management related stories
All articles and analysis
- Altus Capital Partners Adds Kim VanCleef
Middle market private equity firm Altus Capital Partners has named Kim VanCleef a vice president in its Chicago-area offices. VanCleef has worked previously at Alvarez & Marsal and at Dymas Capital Management, an affiliate of Cerberus Capital Management. Altus is based in Westport, Conn.
- Ally Financial Delays $6B IPO
Auto and mortgage lender Ally Financial, which is majority-owned by the U.S. government, has delayed its $6 billion initial public offering due to bad market conditions, Reuters reported. In addition to the Treasury, buyout shop Cerberus Capital Management owns a 9% stake. Citi, Goldman Sachs, JPMorgan, Morgan Stanley, Barclays Capital and Deutsche Bank Securities are the underwriters for the offering.
- Slideshow: Who Makes The Most Money Of All?
Stephen Feinberg, co-founder of turnaround specialist Cerberus Capital Management, and more Howard Hughes than David Rubenstein when it comes to public appearances, stunned a Boston crowd of private-equity professionals this week by suggesting that the industry may be hauling in too much in management fees. "In general, I think that all of us are way overpaid in this business. It is almost embarrassing," said Feinberg, speaking on Tuesday at the SuperReturn conference in Boston, according to sister news service Reuters. Cerberus Capital closed its most recent core fund in 2007 at $7.5 billion--a sum that would translate into a $75 million per year revenue stream for the firm during the investment period were it to charge a modest 1 percent management fee. (By press time Cerberus Capital's media department had not responded to my question about what the firm actually charges.) Below I thought I'd share results from our 2010 annual compensation survey of North American venture capital firms, showing the top 10 positions for salary and bonus compensation. Click here http://www.buyoutsnews.com/story.asp?sectioncode=20&storycode=5824465 if you're a buyout or venture firm interested in participating in our 2011 survey. You can weigh in here ../../108233/question-of-the-week-are-pe-execs-overpaid/ on the question of whether you agree PE executives are overpaid.
- Molson, Modelo May Bid on Foster’s
Molson Coors Brewing Co. and Mexico's Grupo Modelo may make a joint bid for Australian brewer Foster’s Group, according to a report from Reuters. Bank of America and Deutsche Bank are reportedly helping Molson and Modelo devise financing for a possible offer. Foster’s has been the subject of buyout speculation since it revealed plans to spin-off its struggling wine business last year.
- Cerberus to buy 3i Infotech's Billing and Payments Unit--UPDATED
Cerberus Capital Management has agreed to buy the global billing and payments unit of 3i Infotech. The deal includes the Regulus Group and J&B Software owned by 3i Infotech. Cerberus said it is paying $137 million. The transaction is expected to close in 60 days. Raymond James & Associates provided financial advice to 3i Infotech while Alvarez & Marsal provided accounting advice.
- Goldman-backed J Trust Drops Out of Takefuji Sale
J Trust Co., which reportedly had backing from Goldman Sachs to help fund its bid for failed Japanese lender Takefuji Corp., has dropped out of the running, Reuters reported. J Trust, a real estate and financial holding firm, said that it was not certain bidding would be handled in a fair and transparent manner, Reuters wrote. Private equity firms Cerberus Capital Management and TPG Capital both reportedly bid in a final round of the auction last month.