New Mountain, after a seven year hold, will exit Deltek.
New Mountain, after a seven year hold, will exit Deltek.
On conference panels, in interviews, through surveys, limited partners routinely telegraph the notion that they prefer the small and mid-sized to the mega. But the U.S. buyout fundraising numbers this year tell a different story.
Trending on peHUB this week: Splunk, Infoblox, Proofpoint, Sequoia Capital, Sevin Rosen, Mohr Davidow, Thrivent, Spectrum Equity, SurveyMonkey, New Mountain Capital, UTIMCO, Union Square Ventures, True Ventures, King.com
New Mountain makes its biggest bet ever on AmWINS
New Mountain Capital is backing Charlotte, N.C -headquartered AmWINS Group, a global distributor of insurance products and services in a growth-oriented recapitalization valued at approximately $1.3 billion. Mid-market private equity firm Parthenon Capital Partners is selling its stake in the business. Other terms of the transaction were not disclosed. PRESS RELEASE AmWINS Group, Inc. (“AmWINS”), […]
SNL Financial is to acquire Highline Data from Summit Business Media. The acquisition will boost SNL’s position as a leading US insurance financial information provider across the property & casualty, health and life insurance sectors.
The management of Iron Bow Technologies LLC has acquired a controlling interest in the company from previous owner New Mountain Capital, the company announced Wednesday. New Mountain and other selling shareholders will collectively retain a minority interest in the company. Terms of the deal were not released. Iron Bow has revenues of approximately $800 million.
Time to catch up on the blog posts and news items that your peers found most interesting on peHUB this week. Following are the top 10 posts that garnered the most pageviews from regular readers from July 25 to July 29. (We did a separate list for the week’s most popular slideshows.) This week’s hot topics include David Lowe leaving the San Francisco buyout shop he co-founded; Elevation’s Roger McNamee announcing plans to get into seed investing; the sale of fried chicken restaurant Bojangles’; and strong interest among buyout shops to buy brokerage Morgan Keegan.
1. Co-Founder Has Left San Fran Firm, by Bernard Vaughan
2. McNamee Promises to Make Seed Investments from Buyout Shop Elevation Partners (subscribers only), by Mark Boslet
3. The Mystery of Bojangles’s New York Store Is Solved, by Luisa Beltran
4. Blackstone, Carlyle Among Bidders for Morgan Keegan, by Paritosh Bansal and Megan Davies, Reuters
5. Dealtalk: Buyout Firms Target Unloved Corporate Divisions, by Simon Meads, Reuters
New York-based private equity firm New Mountain Capital has acquired a majority stake in SNL Financial, a Charlottesville, Va.-based provider of sector-focused information services on the banking, financial services, insurance, real estate, energy, and media industries. Terms of the deal were not released.
New Mountain Capital has completed its majority investment in SymphonyIRI Group Inc., the company announced Thursday. Terms of the investment were not released. SymphonyIRI Group, formerly named Information Resources, provides software for market measurement and software and services designed to provide growth opportunities in marketing, sales, shopper marketing and category management. Jefferies & Company and BofA Merrill Lynch acted as financial advisors to SymphonyIRI.
New Mountain Finance Corp. said Wednesday that it has closed its $100 million IPO. The closed-end investment company sold about 7.3 million shares at $13.75 each. Goldman, Sachs & Co., Wells Fargo Securities and Morgan Stanley are joint-lead bookrunners on the deal. Underwriters on the deal have the option to buy another 1.1 million of shares. New Mountain Finance, a BDC, is an affiliate of New Mountain Capital, the New York PE firm.
New Mountain Capital is in talks to buy NuSil Technology LLC, a chemistry company that makes products used in the construction of everything from the Mars Rover to the Hubble Telescope to stealth bombers, according to Buyouts. The seller is Quad-C Management. New Mountain, which typically spends $100 million to $500 million of equity on […]
SymphonyIRI Group Inc. has raised an undisclosed amount from New Mountain Capital. Terms of the investment were not released. SymphonyIRI Group, formerly named Information Resources, provides software for market measurement and software and services designed to provide growth opportunities in marketing, sales, shopper marketing and category management. Jefferies & Company and BofA Merrill Lynch acted as financial advisors to SymphonyIRI. BofA Merrill Lynch, Jefferies Finance and BMO Capital Markets have agreed to provide debt financing.
President Obama’s efforts to change rules on carried interest are misguided, said Steve Klinsky, founder and chief executive of New Mountain Capital, in a wide-ranging video interview with Reuters Insider and sister magazine Buyouts. The entire 4-minute video can be viewed here.
Carried interest, said Klinsky, is “something very different from salary, something very different from bonus. You take a business, you spend years building value, and if you do in fact sell it at capital gain, you get charged at capital gains rates. That’s what carried interest means.” He said “hopefully people will look at it more fairly and level-headedly.”
Reflecting on the financial crisis, he said private equity got caught up in the rage directed at Wall Street, even though private equity itself had little to do with the crisis itself. “We got caught up in that spirit of revenge,” he said.
Buyout shops are expected to be all over the Fortune Brands break-up, according to two senior bankers.
Firms that have had Fortune Brands on its radar for some time include The Blackstone Group, Carlyle Group, Kohlberg Kravis Roberts & Co and TPG Capital, said the head of financial sponsors at one bank. “Private equity firms are like hawks,” he said. “They’re motivated by movement, and there’s something happening here that makes this attractive.”
The Deerfield, Ill.-based company announced Dec. 8 that it plans to continue as a pure-play, publicly traded spirits business, while spinning off its home and security business to become an independent, publicly traded company; and selling or spinning off its golf business. The company made the move after pressure from hedge fund investor William Ackman.
Avantor Performance Materials said Monday that it is renaming its Mallinckrodt chemicals brand line to Macron Chemicals. The name change will be implemented on March 7. New Mountain Capital, a New York PE firm, acquired Phillipsburg, N.J.-baswed Avantor in August from Covidien. Avantor Performance Materials, formerly known as Mallinckrodt Baker, makes high-performance chemistries and materials under the brand names, J.T.Baker and Macron.