TPH Partners has formed Storm Peak Energy, a Midland, Texas-based acquisition platform focused on oil and gas properties in the Permian Basin. No financial terms were disclosed.
Lazy Days’ R.V. Center Inc., a Seffner, Fla.-based portfolio company of Bruckmann Rosser Sherrill & Co., has filed for Chapter 11 bankruptcy protection, as part of a previously-announced financial restructuring. Wayzata Investment Partners will become majority shareholder, via a debt-for-equity swap.
NEW YORK (Reuters) – Scripps Networks Interactive Inc plans to buy a controlling stake in the Travel Channel under a deal with Cox Communications Inc that values the cable network at nearly $1 billion. Under the deal announced on Thursday, Scripps, which already owns the Food Network and HGTV, gets 65 percent of the Travel […]
TOKYO (Reuters) – The Carlyle Group said on Friday it would buy a Japanese restaurant chain operator in a 21 billion yen ($230 million) management buyout, its second deal in Japan in two weeks. The U.S. private equity firm said it aims to buy all the shares in Chimney Co (3362.T) for 2,260 yen per […]
LONDON (Reuters) – European buyout house Permira has entered exclusive talks to buy survival equipment maker Survitec from rival Montagu Private Equity, a source familiar with the process said. Permira beat off bids from Warburg Pincus and Carlyle Group to get exclusive access to Survitec’s books in the last few days, the source said. Montagu […]
Big and Private: Forbes released its list of the largest private companies, and has included a separate slideshow highlighting the biggest firms and their holdings. (Forbes) 09 Bonus Watch: Get ready for your big bonus! They're "BACK!" Unless of course they never went away for you (talking to you, PE pros...). (WSJ) The Man Who Sunk Citi Starting a Hubris Fund: Proof that no matter how much you lost on subprime bets, you can still raise $100 million for a hedge fund. (Dealbreaker) Bank Buyin' Siguler Guff has purchased a stake in a Russian bank. (FT)
Lime Rock, an energy-focused private equity firm, has closed its second Lime Rock Resources fund with $410 million in capital commitments. It will seek to acquire, directly operate and improve lower-risk oil and gas properties in the United States.
NEW YORK (Reuters) – Ancestry.com Inc (ACOM.O), a website backed by Spectrum Equity Investors, rose in its initial public offering debut on Thursday. The company priced the 7.4 million shares at $13.50 per share on Wednesday, within an expected range. Ancestry.com, which operates a website that allows people to trace their family roots by scouring […]
Moody's today released a study on the performance of debt on 86 bubble-era mega-deals. Guess what? Just like the crap-performing mega-deals of bubbles past, their debt doesn't look so hot. As Henry Kravis would say, that's just the nature of the beast. peHUB has obtained permission to post the entire study, called $640 Billion & 640 Days Later. Download it below. Of course, any study on private equity performance from ratings agencies takes a necessarily narrow view of the situation. It focuses on on company debt, which looks bad, but doesn't reflect the performance of the overall investment. As my colleague Megan Davies pointed out this morning, the investment can be a success regardless of the company's debt level. In fact, many of the companies which Moody's classifies as "defaulted" only earn that title because they've done a debt-for-equity swap. Lenders usually take a hit on those deals, but the company typically remains unscathed, not to mention, it preserves a buyout fund's investment.
TPG Capital and the Canada Pension Plan have agreed to buy IMS Health (NYSE: RX), a provider of data on prescription drug sales, for $22 per share (50% premium to last Friday's closing price). The total deal would be valued at around $5.2 billion, including the assumption of debt. Goldman Sachs is providing the leveraged finance.