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peHUB Wire: Tuesday, June 2, 2009Random Ramblings
- peHUB Wire: Tuesday, June 2, 2009
Random Ramblings
- Dividend Recrap?
Two weeks ago we ran a blind item asking which PE-owned retail business was about to file for Chapter 11. Certainly the answer could have been “half of them,” but we gave the hint that this company’s sponsor is getting used to this sort of thing. That company finally filed yesterday: It was Anchor Blue Retail Group /40696/sun-capital-backed-anchor-blue-files-for-chapter-11/ backed by Sun Capital Partners. For those of you counting, that’s Sun Capital’s seventh company to go under this year. It had six bankruptcies last year. Of course, the firm’s response to this number is that Sun Capital pays so little for its acquisitions of struggling companies that the performance of its funds is not adversely affected by the bankruptcies. Well, this situation is no exception. Sun Capital actually made money on its investment in the now-bankrupt Anchor Blue Retail Group.
- peHUB Wire: Thursday, May 28, 2009
Dividend Recrap?
- peHUB Wire: Thursday, May 28, 2009
Dividend Recrap?
- Executive moves, week of May 25, 2009
Hires and promotions at Advantage, Polaris and other private equity and VC firms around the world
- Forget Clawbacks. Meet "Reverse Dividend Recaps."
It always looks bad when a buyout-backed company collapses under its debt load. It looks even worse when that buyout firm has already made a profit on the company. That's what happened today with structured settlement company J.G. Wentworth, which filed for Chapter 11 ../../../../../../40225/pe-backed-bust-jg-wentworth/ this morning. Private equity firm JLL Partners bought the company in 2005. Since then, it's profited handsomely on the investment. From Buyouts http://www.buyoutsnews.com/story.asp?storycode=43460 : The shop has taken out 2x its initial investment through two recapitalizations, and over the summer it sold $145 million worth of equity on a private exchange run by Bear Stearns. The private placement paid off J.G. Wentworth's second-lien debt and valued JLL Partners's remaining equity position at $450 million, generating a 6.1x return on its original $125 million investment, Rodriguez said.