Private equity firms Warburg Pincus and GS Capital Partners will acquire the majority position in Endurance International Group, a hosting service for online businesses, from investor Accel-KKR, which will retain a stake in the company. Specifics on the deal were not publicized. Credit Suisse acted as the financial advisor to Warburg Pincus and provided the debt financing for the transaction. Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor to Warburg Pincus and Goodwin Proctor LLP acted as legal advisor to GS Capital Partners. Morgan Stanley served as financial advisor and Kirkland & Ellis LLP served as legal advisor to Endurance and Accel-KKR.
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David Booth will take over leadership of BackOffice Associates LLC, the data governance and migration solutions firm, as President and CEO. The company, founded by Tom and Trish Kennedy, accepted a growth equity investment from GS Capital Partners in May 2011.
Goldman Sachs’ private equity funds will pay up to $291.6 million for a 19.9% stake in Enstar Group, company that invests in insurance and reinsurance companies and portfolios, Reuters reported. GS Capital Partners has invested $110.2 million to date in Enstar. The funds plan to invest additional money, following approval by regulators and Enstar shareholders, Reuters reported. Bermuda-based Enstar focuses on companies and portfolios that are no longer writing new policies, known as being in “run off.”
(This story first appeared in Buyouts magazine, a peHUB sister publication.-Ed.)
The largest buyout of all time is fast becoming an embarrassment for its investors and for the private equity industry as a whole.
In the latest development, Energy Future Holdings Co. said on April 1 that it was negotiating a deal with creditors that could give it more time to pay back $20 billion of its debt.
The development is the latest fissure in what increasingly looks like a gargantuan failure for the Texas utility’s sponsors, led by Kohlberg Kravis Roberts & Co., TPG Capital and Goldman Sachs’s buyout arm. The PE firms bought the Dallas-based energy company, formerly known as TXU, for around $45 billion in 2007. (The utility still does business under the TXU brand, among others.)
Perhaps more importantly, the company’s struggles come at
It’s been awhile since I’ve posted anything on the payout parade.
Well, today’s is a good one. ARAMARK, which provides food services to stadiums and arenas, is issuing $600 million in notes via a private placement. ARAMARK plans to use proceeds from the offering, along with proceeds it receives from borrowings under a revolving credit facility, to pay a dividend to ARAMARK stockholders.
Private equity firms Clayton, Dubilier & Rice, and GS Capital Partners just closed their acquisition of HGI Holding, a Cleveland-based medical supplies distributor for an undisclosed amount of funding. Back in July, a source told the Wall Street Journal that the purchase price was $850 million. PRESS RELEASE: HGI is a leading mail-order, direct-to-home provider [...]
THL Partners has completed the sale of its majority stake in food supplier Michael Foods to GS Capital Partners for $1.7 billion. THL, which acquired the company in 2003, has retained a 20% ownership position.
FRANKFURT (Reuters) – The owners of Cognis have launched a fresh campaign to sell the German maker of additives for cosmetics and detergents outright even as the firm prepares to go public, sources said. Permira and co-owner Goldman Sachs Capital Partners (GS.N), who turned down takeover offers as too low in 2006, are hoping to woo [...]
The market, when it comes back, to the largest customer, there will be $5 billion purchases… They won’t be larger than that. Leverage will be, at most, one to one or one and a half to one, so the equity needed still will be larger than many firms want to do.
-Richard Friedman, Head of Merchant Banking at Goldman Sachs, on the maximum deal size going forward, and the continuing need for club deals and co-investments