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Dunes Point Capital buys Alco-owned assets

Dunes Point Capital has acquired a group of assets owned by Alco Industries. No financial terms were disclosed. DPC Investment Partners provided the equity for the deal; Blackstone‘s credit arm GSO Capital Partners and PNC Bank provided the debt. Alvarez & Marsal Transaction Advisory Group provided financial advice to DPC on the transaction while Houlihan Lokey was financial advisor to Alco.

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Five Point and GSO invest in Twin Eagle

Five Point Capital Partners and GSO Capital Partners have acquired a 50 percent stake in Twin Eagle Resource Management from Chesapeake Energy Corp. and LS Power Group. No financial terms were disclosed. Also, Five Point, GSO and Twin Eagle’s management have committed to invest up to an additional $200 million to support Twin Eagle’s next growth phase. Headquartered in Houston, Texas, Twin Eagle is a natural gas and power marketing company.

U.S. PE Deal Value Jumped 78% in January

A surge of deal announcements in early January helped push up monthly transaction totals. The value U.S. private equity transactions rocketed by 78% to $8.2 billion in January, Thomson Reuters data says.

Texas Teachers’ Pledged $1.1B In Fourth Quarter

The giant Texas Teachers’ Retirement System committed more than $1.1 billion to private equity across seven investments in the fourth quarter, with some pledges going to long-time partners and some to new relationships…

Florida Reaches Torrid $6 Billion Commitment Pace

The pace of new private equity and alternative investments at the Florida State Board of Administration is likely to reach about $6 billion in fiscal 2012-2013, as Florida’s primary $126 billion pension fund gradually ramps up its allocations to so-called strategic investments from zero to 11 percent of the portfolio…

Legacy Reserves Announces New CFO

Midlands, Texas-based Legacy Reserves has appointed Dan Westcott as Executive VP and CFO, effective later this month. Westcott was previously a principal at GSO Capital Partners, a division of the Blackstone Group. Legacy Reserves is an independent oil and natural gas limited partnership that is focused on the acquisition and development of oil and natural gas […]

Reuters – Blackstone Unit to Buy Land from Hovnanian

Blackstone‘s credit unit has agreed to buy a portfolio of land from Hovnanian Enterprises in a $125 million deal, writes Reuters. Hovnanian, which builds single-family homes, townhouses and condominiums, will have an option to buy back finished lots on a quarterly basis from Blackstone’s GSO Capital Partners unit, writes Reuters. (Reuters) – Blackstone Group’s (BX.N) […]

PE Consortium Acquires Tekelec

Mobile broadband solutions company Tekelec is to be acquired by a consortium led by Siris Capital Group and including affiliates of The ComVest Group, funds and accounts managed by GSO Capital Partners LP, Sankaty Advisors, ZelnickMedia and other Siris limited partners and affiliates. The transaction is valued at approximately $780 million. PRESS RELEASE Tekelec, the […]

GSO Sells Stolle to Japanese Buyer

Tokyo-headquartered packaging manufacturer Toyo Seikan is to acquire Stolle Machinery, LLC (Stolle), a portfolio company of GSO Capital Partners LP (GSO), for $775 million. Stolle, headquartered in Centennial, CO, manufactures equipment used by global can-makers to manufacture and decorate aluminum or steel can bodies and easy-open ends used primarily to package carbonated soft drinks, beer and various foods.

Blackstone, Avenue Capital Raising $5B

Blackstone and Avenue Capital are planning to raise $5 billion to invest in the debt markets, Reuters reported, citing a story in the UK’s Sunday Telegraph newspaper. Blackstone, through its GSO Capital Partners unit, plans to raise $3 billion to invest in private equity and other private transactions, replacing bank debt or as mezzanine funding, which is part-equity, party-debt, Reuters wrote. Avenue Capital is looking to raise up to $2 billion to invest in US company debt.

Could Carlyle Ownership Hurt AlpInvest Co-Invest Opps?

If The Carlyle Group buys AlpInvest Partners, as has been widely reported, it would put the Washington, D.C.-based firm in the odd position of being an indirect investor in more than 100 private equity funds. Many of these include mid-market funds managed by the likes of Catterton Partners, GTCR Golder Rauner and Sentinel Capital Partners. But it […]

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Where Are They Now? The Performance of Failed Take-Privates

Remember when PE firms backed out of signed deals in droves? They looked like jerks at the time, but in retrospect, they were probably smart to avoid the overpriced, highly leveraged deals they had aggressively pursued for the past three years.

Taking into account the Dow’s record breaking drops last year, and assuming that a company’s stock price reflects its health, let’s look at the stock performance of 2008’s busted take-private targets and recoil at the premiums PE firms might have paid.

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