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G.P.s Look to Break Fund-Raising Records in 1999 –

20 years ago

Hope springs eternal, and this season buyout G.P.s are feeling optimistic. After a record $55.4 billion was raised last year by buyout firms, one would imagine the jets would cool slightly in 1999. However, in the first quarter, 25 buyout firms launched funds seeking more than $14 billion. While this mark falls short of the […]

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After a Cold Start, 1Q Deal Market Begins to Thaw Out –

20 years ago

Don’t call it a comeback. Yet. Compared with the jittery performance of last year’s second half, 1999’s deal market looks promising. But compared to the sizzling first quarter of 1998, this year’s first quarter seems to be merely simmering. While last year’s private equity deal makers leapt from the starting blocks with reams of money […]

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No Shake-Up Seen For P.E. in Bank Merger –

20 years ago

The impending merger between Fleet Financial Group Inc. and BankBoston Corp. will not lead to any major restructuring at the two banks’ respective private equity units, according to Rick Fritz, president of BancBoston Capital and BancBoston Ventures. Structural differences between BancBoston Capital and Fleet Equity Partners would discourage a full-scale merger of operations, Mr. Fritz […]

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After a Lengthy Sabbatical, Debt Markets Return –

20 years ago

Last fall, few buyout professionals had occasion for optimism. While a plummeting stock market no doubt would bring lower purchase multiples, G.P.s were forced to accept that the once-abundant pools of financing they had enjoyed throughout the first half of the year finally had dried up. Today, however, it appears the leveraged lending drought was […]

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Rutledge to Launch Its Third Buyout Fund –

20 years ago

Rutledge Capital LLC is in the final stages of preparing to launch its third fund. After a February buyout, Rutledge has invested more than 60% of John Rutledge Partners II, L.P., for which the firm raised $113 million less than two years ago (BUYOUTS June 10, 1996, p. 6), said Steven Moseley, a principal. The […]

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Thayer Capital Wraps Fund IV at $880 Million –

20 years ago

In a quick time frame, Thayer Capital Partners has become the second Washington D.C.-based buyout firm with political connections-along with The Carlyle Group-to significantly ramp up its capital under management. However, Thayer deliberately kept its fund under $1 billion. “There is a psychological threshold among L.P.s with regards to the $1 billion mark,” said Rick […]

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Euro Salt Co. Acquired By Seasoned LBO Team –

20 years ago

An investor group comprised of New York-based Castle Harlan, First Union Capital Partners and London-based CVC Capital Partners this month acquired Tiel, Netherlands-based Verdugt B.V., a chemical producer and distributor, from BP Amoco for approximately $100 million, including fees and expenses. The transaction was financed with senior debt provided by a syndicate that included Bankers […]

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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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