peHUB First Read

Today’s peHUB First Read is a good one: explaining why NYC is tops for VC on the East Coast (hint: it takes a feminine touch), Leonard Green packing on the bucks, and why nobody wants to be a journalist.

New York City Pensions Commit $880 Million to Four Funds

The New York City Bureau of Asset Management, which manages $115 billion in assets from the city’s five municipal pension funds, committed an impressive $880 million to four private equity funds, according to recent investment reports and a spokesman at the city comptroller’s office.

The largest of the four commitments was $300 million to Leonard Green & Partners‘ Green Equity Investors VI LP, a private equity fund with a $5 billion target. The Los Angeles-based consumer retail specialist is known for making investments in such high profile companies as Neiman Marcus, J. Crew, Whole Foods, Rite-Aid, Sports Authority, Petco and BJ’s Wholesale.

The fund has been on a fundraising tear…

Do Go-Shops Produce Higher Offers? Well…

Many M&A deals include a go-shop but do such provisions actually work?

I put this question to John Pollack and David Rosewater, M&A partners with Schulte Roth & Zabel. Pollack and Rosewater recently conducted a review of 25 mergers this year involving private equity and public companies. The deals had a minimum of $500 million in enterprise value.

Pollack and Rosewater found that about half of the deals surveyed, or 14, included a “go-shop.” J. Crew’s $3 billion sale to TPG Capital and Leonard Green had a go-shop, as well as Jo-Ann Stores’ $1.6 billion sale to Leonard Green.

Leonard Green, CVC to Submit Bid for BJ’s Wholesale

(Reuters) – Private equity firm Leonard Green & Partners said it has teamed up with CVC Capital Partners to submit a proposal to buy BJ’s Wholesale Club Inc, the third-largest U.S. wholesale club retailer. Leonard Green and its affiliates, which also reported a 9.3 percent stake in the retailer in a regulatory filing, however, did […]

Leonard Green, CVC May Move on BJ’s Club

Buyout shops Leonard Green and CVC Capital Partners may make a move for wholesale retailer BJ’s Wholesale Club Inc., Reuters reported, citing the New York Post. The deal could be valued at roughly $2.8 billion, the Post reported, adding that rival suitors Apollo Global Management and Bain Capital had pulled out of the race.

Reuters: BJ’s, Leonard Green Enter Confidentiality Pact

CHICAGO, March 22 (Reuters) – Leonard Green & Partners is evaluating whether to buy BJ’s Wholesale Club Inc and has entered into a confidentiality agreement with the retailer, pushing its shares up 2.6 percent in early Tuesday trading. In February, BJ’s Wholesale said that its board had decided to explore a sale and other alternatives, […]

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