PE HUB Wire Highlights, 6.11.19


Photo of Luisa Beltran, PE HUB Senior Editor, courtesy of Buyouts Insider.

EQT sells Press Ganey to Green, Ares; Apollo Global to buy Shutterfly for $2.7 bln; New Mountain exec recalls moment helicopter crashed into building

Private equity firms with offices in Times Square get used to many things: over aggressive Elmos walking the street, the non-stop press of tourists as well as the din of traffic.

But nothing could prepare New Mountain Capital for what happened yesterday, June 10th at about 1:50 pm ET. An Agusta A109E helicopter, piloted by Tim McCormackcrashed landed onto the roof of 787 Seventh Avenue at 51 street. More than 100 emergency responders rushed to the scene, which resulted in the evacuation of the building that is 54 stories tall.

New Mountain has had its headquarters at 787 Seventh Avenue for over 10 years. More than 100 employees are spread through the 49th and 50th floors of the building. One executive said he was on the phone talking to an investor when he heard the buzzing of an engine. Then, the whole building shook. “We probably moved a couple of feet,” the source said. “We knew some type of aircraft hit the building.”

It was raining outside and very foggy. The exec said he couldn’t see any smoke inside or outside the building. But he could hear the sound of “metal crunching” as the helicopter collapsed on the roof.

New Mountain employees and building staff have undergone emergency preparation training. “We knew not to go into the elevator,” the person said. “We made sure everyone got into the stairwell.” No one from New Mountain was hurt.

In the end, McCormack was the only fatality.

The moral of the story? The next time the fire chief, or building staff, come to train  employees on how to react to emergencies, take some time to listen. Or ask a question. This training could come in handy.

Hubsters, how have you dealt with emergencies? Email me at [email protected]

We have some big deals today. EQT is exiting Press Ganey, which develops and distributes patient satisfaction surveys. An investor group that includes Leonard Greenand Ares Management is buying Press Ganey. Press reports peg the deal at more than $4 billion. See our brief here.

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