Private Equity Deals & Transactions

Welsh Carson raises $1.3bn sub-debt fund

The New York firm has closed it fourth vehicle for purchasing subordinated debt and has also announced a $100 million commitment to Accuro Healthcare Solutions.

EAC exits nursing home operator

The European private equity group has completed the €100m sale of French nursing home operator Renaissance Group.

Service sale keeps AA plan on track

Automobile Association, the UK roadside assistance and car insurance business that underwent a £1.75bn buyout in July, has delivered ahead of schedule on a key part of its business plan.

Equity – shareholder issues in private companies

Understanding the legal framework surrounding shareholder issues in private companies is crucial to buy-out practitioners. Here, in an extract from The UK LBO Manual, a recently-published guide to structuring buy-outs in the United Kingdom, Charlie Geffen, Head of Private Equity at international law firm Ashurst, outlines issues surrounding income, capital and voting rights.

Game of chicken

In March, Blackstone's €3.1bn landmark public-to-private of German chemicals group Celanese almost hit a wall when hedge funds refused to tender their shares. PEI's Deal Mechanic explains why

DEAL MECHANIC

The securitisation of UK motorway services group Welcome Break in its buyout from Granada by Investcorp in 1997 was hailed as another example of how this technique was empowering sponsors. Today's acrimonious war of nerves between the company's equity sponsor, bondholders and in particular a hedge fund suggests that not all securitisation works though. The Deal Mechanic investigates why
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