AIG Raises New Latam PE Fund

As the attention to emerging markets and the need for geographic diversification increases, moves like the one noted below by AIG, and several other new funds being established by General Atlantic, Advent and others, Latin America looks increasingly important for PE funds and investors.  The GDP per capita is increasing in many of these countries […]

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Increased Activity in Travel Retail Industry

Advent recently announced the acquisition of a majority stake in the Hudson Group, a clear sign of its commitment and interest for an often overlooked sector, the travel retail industry. After suffering from external negative events such as Iraq, SARS and 9/11, the shoppers appear to be back on the airport stores, and funds are […]

More Auto Parts Acquisitions

I just read this news: The Carlyle Group and Onex Partners have completed their acquisition of Allison Transmission from General Motors Corp., for $5.575 billion. The $1.5 billion equity tranchewas split evenly between Carlyle and Onex, while current Allison president Lawrence Dewey has become CEO of the newly-independent company. It led me to wonder whether […]

Will Blackstone’s Hilton Deal Put Others in Play?

Now this is a transaction that was bound to happen months ago. Although the valuation is certinly on the upper part of the scale, given consolidation and specialization of leading and medium sized hotel conglomerates, this question (topic of this message) posted by WSJ is certainly one worth taking a look at. Given the equity […]

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PE Targets in the Retail and Luxury Goods Industries

By looking at a list of ttm acquisitions in the Retail and Luxury Goods Industries, I am still surprised that no big names have still been targeted by buyout firms, especially big fashion houses in Europe. Although transactions like the ones involving Cerutti 1881 Milano SpA, Dufry AG, Histoire d’Or, Garrard & Co. MQ Sweden AB, Jil […]

2007 PE Outlook

Following an increasing trend in LBO volume in 2006 (Thanks to PE Week Wire/Buyout Magazine Data), 2007 should remain very active in terms of volume, geography (More Europe, Asia and Latin America?) and financial engineering scope. I am particularly interested in the effect of global trends such as the euro/dollar performance in ’06 that could see […]

PE-Backed Management

Harvard Business School’s Josh Lerner provided some interesting academic insights this week in a WSJ piece titled “Private-Equity Deals Alter the Market.” He wrote that private equity-backed IPOs may do well because, when private, company managers are free from quarterly earnings pressure and can focus on long-term goals. Executives have also been pressured, typically, to aggressively cut […]

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PE and Clothing Stores

I am very interested in knowing your opinion on clothing store LBOs, like the Eddie Bauer one announced yesterday or the Burlington Coat deal by Bain. What is the extraordinary value to be extracted out of these companies which are no clear leader of their segments and concepts. Is it purely a financial play? Or competition for […]

PE Activity in Central America (CableTV)

I wanted to share with other fellow readers a recent transaction closed by our investor group ($250M+ EV) in the cable & broadband industry in Central America. There has been some intense activity in this sector with other funds managed by Carlyle, Warburg Pincus, Cinven, Fintech that is worth a look. REsults by public cable […]