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J.P. Morgan Launching A Family of P.E. Funds –

19 years ago

J.P. Morgan Securities Inc., which has been shifting its business from commercial to investment banking, launched the first of what will be a family of private equity funds last month. The tentatively named J.P. Morgan Latin American Capital Partners has a target of $1 billion and will receive a significant infusion from the firm, said […]

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G.P. News in Brief: –

19 years ago

* Rahm Emanuel, a former senior advisor to President Clinton, joined Chicago buyout firm Wasserstein Perella Group last month as a partner. Mr. Emanuel will focus on merchant banking, strategic advisory and mergers and acquisitons assignments, according to a statement from the firm. While in the White House, Mr. Emanuel advised on the passage of […]

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Blackstone Plugs Into Cable Co. for $1.25B –

19 years ago

In one of the year’s first mega-deals, The Blackstone Group in conjunction with TCI Communications and the management of Bresnan Communications early this month finalized a $1.25 billion buyout of cable television provider Bresnan, giving Blackstone a 40% interest in the company. The firm this month also added two managing directors to bolster its private […]

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Buyout Firms Find Further Problems with Platforms –

19 years ago

In late 1997, former chief executive of U.S. Office Products Jonathan Ledecky formed Building One Services Corp. with the strategy of rolling up maintenance companies. His plan was to offer sellers stock and cash for their businesses in order to entice management to stay on board and to provide an incentive to perform. The problem […]

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Silver Lake Launches $1 Billion LBO Fund Targeting Tech Deals –

19 years ago

A new group formed by Glenn Hutchins, a former managing director at The Blackstone Group; Integral Capital Partners, a Kleiner Perkins Caulfield & Byers affiliate; and two executives from Silicon Valley this month launched a buyout fund with a $1 billion target that will invest solely in technology companies. New York and Menlo Park, Calif.-based […]

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Florida Sends Cash To Fuel Liberty Activity –

19 years ago

Last year’s credit crunch created such a boom in business for Liberty Partners that it asked for and received an additional $200 million last month from its sole limited partner, the Florida State Board of Administration. Florida now has committed $800 million to the New York buyout firm, said Peter Bennett, president of Liberty. Mr. […]

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Three LBO Shops to Buy Health Management Co. –

19 years ago

A trio of private equity firms have teamed up for a second time to do a buyout in the health care industry. Cornerstone Equity Investors, Madison Dearborn Partners and Beecken Petty & Co. LLC have agreed to buy Team Health, a provider of management to hospital emergency departments, from MedPartners, a publicly traded company, for […]

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Welsh Carson Buys Centennial Without a Net –

19 years ago

To clinch a buyout that was close to falling apart in November, Welsh, Carson, Anderson & Stowe and The Blackstone Group agreed to waive a material adverse conditions (MAC) clause on its $1.8 billion agreement to purchase Centennial Cellular Corp., according to people familiar with the transaction. The firms originally had agreed to buy Centennial […]

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Thomas Lee Closes $620M United Recap –

19 years ago

Thomas H. Lee Co. last month closed a $620 million leveraged recapitalization of St. Louis-based United Industries Corp. Structured with a 60-40 debt-to-equity ratio, the deal leaves Thomas H. Lee Co. controlling more than 90% of the company, said Scott Schoen, a managing director at the Boston-based firm. The transaction was leveraged with two debt […]

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Behrman Wires Into Cabling Market –

19 years ago

Behrman Capital this month acquired ACS Communications Inc. of Austin, Texas, in a deal valued at around $50 million. The transaction consisted of senior debt from Chase Securities, subordinated debt from BankAmerica, and equity commitments from Behrman Capital and ACS management. The firm will look to use ACS as a platform. “This market is very […]

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New GTCR Fund Targets Junior Debt –

19 years ago

GTCR Golder Rauner LLC this month began talking to its limited partners about raising a $400 million mezzanine fund to invest alongside its buyout vehicle, Partner Bruce Rauner said. This follows the lead of several other firms targeting growth investments that also have launched mezzanine vehicles. Thomas H. Lee Co., for one, currently is preparing […]

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Madison Dearborn Holds $1.7 Billion Close –

19 years ago

After less than four months of fund raising, Madison Dearborn Partners on Jan. 26 held a $1.7 billion first close for its third buyout fund, receiving commitments, largely, from prior limiteds. The group last fall set a $2 billion target for Madison Dearborn Capital Partners III, L.P. (BUYOUTS Nov. 9, 1998, p. 1), and Madison […]

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Quick Turnaround for Turnaround Fund Raising –

19 years ago

Questor Management Co. late last month held a first and final closing on $800 million for the firm’s second turnaround fund, said Robert Shields, a managing director at the Southfield, Mich.-based firm. Fund II also will mark the firm’s first foray into investing internationally, he said. Questor kicked off fund raising in the third quarter […]

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Parthenon Holds Close For Firm’s Debut Fund –

19 years ago

Parthenon Capital held a first close on its debut buyout fund in late December, rounding up $257 million, said Ernest Jacquet, a managing partner at the Boston-based firm. The fund kicked off last May with a target of $250 million and a cap of $350 million. Since the first close, the firm has hard-circled an […]

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Chartwell Records $135 Million First Close –

19 years ago

After holding a first close on $135 million for the first buyout fund it has marketed to institutional investors, Chartwell Investments last month increased the target for its fund to $300 million from $200 million. The firm is one of several groups-such as Compass Partners International L.L.C.-raising first or second-time efforts that have found that […]

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Next Stop for Landmark? Primary and Co-Investing –

19 years ago

After having expanded its private equity strategy to include primary investing and direct co-investing (BUYOUTS April 20, 1998, p. 6), secondary investor Landmark Partners Inc. has held a close on its current private equity vehicle, said Stanley Alfeld, the chairman and managing general partner of the firm. Landmark’s eighth fund saw a final close last […]

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Longhorn Growth Fund Skewers $450M Close –

19 years ago

TGF Management Group, based in Austin, Texas, has managed to wrap its third private equity fund, said TGF Partner James Kozlowski. TGF in late December held a first and final close on $450 million Texas Growth Fund II 1998 Trust, which will make buyout, platform and growth capital investments throughout its home state. The fund […]

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Bain and Friends Agree To Buyout of Circuit Co. –

19 years ago

An investor group led by Boston-based Bain Capital last month agreed to acquire Integrated Circuit Systems (ICS), a manufacturer of integrated circuit products for multimedia and data communications applications, for approximately $269 million. According to the agreement, the investor group-which also includes Bear, Stearns & Co. and ICS’s senior management-will pay $21.25 per share to […]

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