Featured Content

EXOR Decides to Exit U.S. & Asian Offices –

19 years ago

EXOR Group, the powerful, family-owned Italian private equity firm that has been quietly investing in American industry since 1974, is shuttering its Stateside operations to focus on opportunities in Europe. The group also will be closing EXOR Asia Ltd., its Hong Kong-based investment arm. According to a source close to EXOR America, based in New […]

Continue

Auda Advisor Launches $300M Fund-of-Funds –

19 years ago

Auda Advisor Associates LLC this month is launching its third fund-of-funds, which will invest exclusively in buyout partnerships, and it is changing its focus to invest with some new groups. The firm will launch Auda Capital III, L.P. with a $200 million target, but it hopes to raise about $300 million, said Steven Wesson, a […]

Continue

Cabot Square Eyeing Daiwa Principal Assets –

19 years ago

Unconfirmed reports suggest Cabot Square Capital, an independent London-based principal finance house, is in exclusive negotiations to acquire Daiwa’s principal finance arm. The deal is expected to be completed in the first half of this year. Daiwa put the unit, which has a portfolio of assets valued at approximately GBP400 million ($649.2 million), up for […]

Continue

Legal & General Closes Sixth Annual LBO Fund –

19 years ago

Legal & General Ventures (LGV), which in 1994 launched an innovative 12-month fund structure, this month announced the closing of its 1999 annual limited partnership, which will target U.K. and continental buyouts and buy-ins during this calendar year. External investors committed GBP94.5 million ($156.2 million) to the LGV 1999 Private Equity Fund LP, the greatest […]

Continue

Buyout Firms Undervalue Intellectual Property –

19 years ago

When buyout firms first emerged in the late 1970s, several targeted companies that seemed valueless but owned land that could be sold separately. The sellers often would put little if any value on the real estate, and the buyout firm would come in, separate the assets and make a nice profit. Later, in the early […]

Continue

CIVC Joins Big Leagues, Exits Two Investments –

19 years ago

Continental Illinois Venture Corp. has been reincarnated as CIVC Partners and has a fresh $500 million commitment from affiliate Bank of America to make private equity investments. The new fund came into effect in January, according to Gregory Wilson, a managing director at Chicago-based CIVC. The firm’s prior arrangement with Bank of America was to […]

Continue

Firm Goes for the Gold With Aurafin Buyout –

19 years ago

Norwest Equity Partners in late January put down $20 million in equity to complete a recapitalization of gold jewelry distributor Aurafin Corp. The total transaction value was $108.5 million, with Bank Boston leading a syndicate of lenders who provided senior debt financing. Aurafin, based in Sunrise, Fla., distributes gold jewelry to retail chains and department […]

Continue

Dutch Pensions Create Private Equity Colossus –

19 years ago

ABP, the Dutch civil servants’ pension fund, and PGGM, the Netherlands’ health and welfare workers’ pension fund, in late December announced plans to acquire De Nationale Investeringsbank (NIB), the Dutch state-controlled investment bank, in a DFl 4.1 billion ($2.027 billion) bid. The two pension funds, which already own 4% of NIB, are expected to reach […]

Continue

Neopost IPO Marks French Market Milestone –

19 years ago

Last month’s initial public offering of Neopost on the Paris exchange marked an important step forward for France’s LBO market. It was the first time a large buyout was floated on the country’s main market, thereby enabling its private equity backers to exit a significant portion of their investment. Market observers suggest that BC Partners […]

Continue

Cypress Group Notches $2B for Second LBO Fund –

19 years ago

The Cypress Group L.L.C. last month held a $500 million second close on the its second buyout fund that will bring the effort to a total of roughly $2.1 billion, said sources close to the firm. Partners at Cypress declined comment. The close puts Cypress into the mega-fund category and will leave it with one […]

Continue

Appian Regroups After Fund-Raising Halt –

19 years ago

The Appian Group, a firm formed by Stephen Norris-the co-founder of The Carlyle Group-has aborted fund raising for its $500 million buyout fund and will wait until it either has found an anchor sponsor or has added new partners to the firm before tyring again, Mr. Norris said. The Washington, D.C.-based firm in late 1997 […]

Continue

Unison Ups Fund Target, Eyes Placement Agent –

19 years ago

Unison Capital Inc., the firm that is looking to do buyouts in Japan, may increase the size of its debut fund to $400 million from $250 million after receiving greater-than-expected enthusiasm from Japanese institutional investors, according to Unison partner John Ehara. In an informal interview, Mr. Ehara said his firm likely will select a placement […]

Continue

Some Trends Discussed At the Symposium: –

19 years ago

* Panelists at a session on the globalization of investing disagreed over the wisdom of sending private equity dollars abroad now. One general partner cautioned against the “Concord Effect,” by which a buyout professional flies the Concord to London or Paris, “kicks a few tires,” and then flies back across the Atlantic on the Concord […]

Continue

Cinven, CVC Pre-Empt William Hill Flotation –

19 years ago

Cinven and CVC Capital Partners late last month acquired U.K. bookmaker William Hill from Nomura Principal Finance for GBP825 million ($1.328 billion). The deal was enveloped in its share of controversy, as the Cinven and CVC team-up aborted a proposed initial public offering by Warburg Dillon Read just days before trading was set to start. […]

Continue

Euro News in Brief: –

19 years ago

In the midst of fighting off a GBP1 billion ($1.642 billion) hostile bid made by 3i in January (BUYOUTS Feb. 8, p. 21), Electra Investment Trust reportedly has been courting other potential suitors, many of which hail from the United States. Firms such as Kohlberg Kravis Roberts & Co., GE Capital Equity Capital Group, DLJ […]

Continue

Greenwich Street Wraps Fund II at $1.46 Billion –

19 years ago

After spending 15 months fund raising, Greenwich Street Capital Partners on Feb. 9 held a $200 million final close to wrap its second buyout fund at $1.463 billion. Some of the fund’s success and its current deal flow is due to a more formalized partnership the firm formed last Spring with Salomon Smith Barney. Greenwich […]

Continue

Mitsubishi Gives Nod To PCG for Fund-of-Funds –

19 years ago

Pacific Corporate Group (PCG) is advising Japanese giant Mitsubishi Corp. on a new $50 million private equity fund-of-funds that will invest globally. The fund will be marketed through Mitsubishi’s new securities subsidiary of its merchant banking division, which will begin operating on April 1, according to Kelly DePonte, chief operating officer at PCG. Mitsubishi is […]

Continue

In Tech Sector, LBO Does VC and VC Does LBO –

19 years ago

Every year, hundreds of buyout firms scour increasingly broader ground in search of deals. And every year, venture capital firms bring hundreds of companies to the exit threshold, looking to pocket a profit on their investment. But when the two parties meet, the revulsion is mutual. Because of entrenched cultural and strategic differences, such as […]

Continue

Digital Edition

BO_021918-cover

To read a digital copy of our latest magazine

click here

PE News Briefs