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IGP Carves a Piece Of Philips Electronics –

20 years ago

Industrial Growth Partners (IGP) last month sponsored a management buyout of a division of Philips Electronics North America Corp. for approximately $100 million, according to Pat Forster, a partner at IGP. The management of the spin-off, to be named Airpax Corp., will own more than 5% of the company, Mr. Forster said. IGP committed approximately […]

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Advent Slips $75 Million Into Dollar Express Recap –

20 years ago

In an effort to cement its stronghold in the Mid-Atlantic and expand throughout the Eastern seaboard while preparing for an initial public offering, Dollar Express Inc. late last month closed a $75 million recapitalization that valued the discount retailer at $125 million. Advent International Corp. of Boston led the equity portion of the deal, purchasing […]

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Providence Wins Big With Telecom Company –

20 years ago

Providence Equity Partners Inc., the private equity firm that invests in media and telecommunications, is seeing a 15-times return on its investment in MetroNet Communications Corp. now that the company is merging with AT&T Canada Corp. On March 4, AT&T Canada and MetroNet, a Canadian competitive local exchange carrier (CLEC), announced their merger, which should […]

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Electra Counters 3i In GBP544 Million Buy-Back –

20 years ago

At press time, 3i had not responded with an increased bid to Electra Investment Trust’s (EIT) recently unveiled buy-back plans. 3i in January made an indicative informal offer that valued EIT at GBP1.2 billion ($1.97 billion). EIT’s board spurned the offer, proposing instead to buy back as much as 40% of its investors’ shares for […]

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Blackstone Forges Add-On for Axle Co. –

20 years ago

The Blackstone Group last month agreed to acquire steel forging company Colfor Manufacturing to add to its automobile axle platform American Axle & Manufacturing, which Blackstone took public in January. The transaction value will be between $160 million and $170 million, said Bret Pearlman, a managing director at Blackstone, though he declined to discuss financing […]

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Caxton-Iseman Adds Federal IT Contractor –

20 years ago

Caxton-Iseman Capital is mining the arcane world of government contracting for deals. The firm this month will acquire all of the outstanding stock of information technology service company Analysis & Technology for $26 a share, or $115 million-$22.5 million of that in equity. Credit Suisse First Boston will provide senior and high-yield debt. The deal […]

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Cornerstone Counts Blessings with Equitrac –

20 years ago

Saying the company’s growth has been ignored by Wall Street, Cornerstone Equity Investors last month announced its intent to sponsor a recapitalization of Equitrac Corp., a manufacturer of office equipment monitors, for approximately $100 million. According to Michael Najjar, a managing director at the New York-based private equity firm, Cornerstone will help acquire all the […]

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Brazos Looks to Ride A River of Equity Capital –

20 years ago

Former Hicks, Muse, Tate & Furst Inc. principal Jeff Fronterhouse this month joined forces with Evan Wyly and Lee Ainsle, co-managing partners of investment firm Maverick Capital, to launch Brazos Equity Fund, L.P.-a buyout fund that features a target of $100 million. According to Mr. Fronterhouse, his decision to leave Hicks Muse to help form […]

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PaineWebber Teams Up With Sterling for LBO Fund –

20 years ago

In its foray into merchant banking on a dedicated basis, PaineWebber is quietly teaming up with an outside private equity group, Westport, Conn.-based Sterling Ventures Ltd., to raise a private equity fund that will have a target of at least $400 million. The proposed joint venture has not yet been finalized, according to sources familiar […]

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G.P.s Take a Shine To 144-A Offerings –

20 years ago

In the past several weeks, buyout firms ranging from large shops like Joseph Littlejohn & Levy to mid-size firms such as Genstar Capital, LLC have arranged financing for investments largely through the 144-A market. The strategy will be put to the test soon as Apollo Advisors, L.P. and Thomas H. Lee Co. plan to float […]

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Comcast Corp. Loans Capital to Carlyle for Exit –

20 years ago

Eight months after acquiring a cable business that serves markets in the Washington, D.C., area and Chicago, The Carlyle Group has entered into a loan agreement that may allow it to cash in its stake and receive a 270% gross IRR on the investment. However, there’s a catch: Carlyle still needs to remain in the […]

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Buyout Firms Look To Buy Minority Stakes In Mega-Deals –

20 years ago

In the last several weeks, Apollo Advisors, L.P. has agreed to lead two of the largest deals ever made by a buyout firm-both of which will be for minority stakes in publicly traded companies. To add to the unusual nature of the transactions, both deals will include what some consider the risky element of acquiring […]

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

20 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 […]

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

20 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 […]

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Cabot Square Eyeing Daiwa Principal Assets –

20 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 […]

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Legal & General Closes Sixth Annual LBO Fund –

20 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 […]

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Buyout Firms Undervalue Intellectual Property –

20 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 […]

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CIVC Joins Big Leagues, Exits Two Investments –

20 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 […]

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