TPG related stories
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Report: CVC Asia, Standard Chartered eye huge Amtek exitThe two private equity firms are reportedly looking to sell the Singaporean metal stamping company for about S$1bn just over a year after acquiring it for S$552m. KKR, CVCI and Affinity Equity Partners are potential buyers, initial reports suggest.
- CCMP to build Houston office around famed turnaround pro
The JPMorgan Partners spinout has appointed Quiznos' chief executive Greg Brenneman, best known for his private equity sponsored restructurings of Continental Airlines and Burger King, as chairman and investment committee member. The firm says more operation-focused hires will follow.
- Bayside-backed Gemini Air files bankruptcy
The air freight service company has shut down after filing for bankruptcy twice in two and a half years. As aviation companies grapple with sky high oil prices, Gemini will follow in the ill-fated footsteps of The Yucaipa Companies-owned Aloha Airgroup and MatlinPatterson-controlled ATA Airlines.
- Goldman completes $193m PIPE in student finance company
GS Capital Partners has provided $133m in cash equity to First Marblehead after buying $60m in preferred stock last year.
- Permira in $2.3bn Swiss charter jet exit
US defense contractor General Dynamics has acquired Zurich-based Jet Aviation, just three years after Permira purchased a majority stake in the family-owned business for an estimated €515m to €644m. The private aviation market has attracted numerous private equity players including TPG and Lehman Brothers.
- Cinven’s Munton takes a step back
After nearly 30 years in the buyout industry, one of Cinven’s founding partners is scaling back his time commitment to the firm as it prepares to raise between €8bn and €10bn for its fifth fund. Cinven is also reportedly among the bidders for Anglo-Dutch media group Reed Elsevier, expected to fetch roughly £1bn.
- TXU parent company posts $3.3bn loss
Energy Future Holdings has attributed most of the loss to the effect of fair value accounting rules on its fuel-hedging activities. Concessions made by TPG, Kohlberg Kravis Roberts and Goldman Sachs in the $45bn buyout last year also played a part.
- Apollo gamble on Harrah’s marked down
A listed-investment vehicle of private equity firm Apollo Global Management has marked down by 25% its co-investment in casino company Harrah’s Entertainment. Harrah’s was acquired by Apollo Global Management and TPG for a total $17.1bn earlier this year.
- TXU sells $1.25bn stake in electricity distributor
TPG, Kohlberg Kravis Roberts and Goldman Sachs have sold a minority stake in the electricity distribution arm of portfolio company Energy Future Holdings, formerly TXU. The sale is the first since the record $45bn buyout closed in October 2007.
- Cinven takes a slice of European debt boutique
The London-based private equity firm has diversified its buyout business with the purchase of 50 percent stake in Indicus Advisers.