DETROIT (Reuters) – The Treasury is preparing a Chapter 11 bankruptcy filing for Chrysler LLC that could come as soon as next week, The New York Times reported on Thursday, citing people with direct knowledge of the matter. The Treasury has an agreement in principle with the United Auto Workers union to protect pensions and […]
Back in those glorious boom times, buyout firms purchased multi-billion dollar companies on the premise that, after they somehow improve the business, they'd do a big, exciting IPO. That dream is clearly dead for the moment, and gone with it are LP hopes of distributions. If deal flow begins to pick up and buyout shops begin to spend all that "cash" they're sitting on, LPs could be in trouble. I put quotes around "cash" because it isn't exactly in their pockets. It's a commitment, and with very few exits, the money is flowing one way, making it a commitment LPs aren't too excited to fulfill. The last real mega-buyout exit was the $16 billion sale of Intelsat by Apax Partners, Apollo, Madison Dearborn and Permira. That was 14 months ago. Since then, most of the mega-firms have piddled around, selling little things with no disclosed deal value here and there. Meanwhile, four of the firms have experienced an all-out drought for the past year and a quarter. Below, I've taken a closer look at the date of the most recent exits by members of the Private Equity Council, a private equity advocacy organization with the 13 largest buyout firms as its members. They're listed in order of date.
NEW YORK (Reuters) – EuroFresh Inc., an Arizona grower of tomatoes and cucumbers, filed for bankruptcy protection on Tuesday, partly blaming changes in immigration law for the action that could cost its unsecured creditors millions of dollars. Its largest unsecured creditors include Apollo Investment Management, which holds $76.5 million in notes; Barclays Capital (BARC.L) with […]
The Blackstone Group has joined an investor consortium that plans to bid for troubled BankUnited Financial Corp., according to Dow Jones. As previously reported, the group also includes WL Ross and The Carlyle Group.
HONG KONG (Reuters) – Kohlberg Kravis Roberts & Co and Bain Capital are emerging as contenders to make rival bids for a large stake in China’s top electronics retailer GOME (0493.HK), dealmaking sources told Reuters. GOME, whose founder and ex-chairman are being investigated for alleged financial misconduct, aims to sell a stake of up to […]
HONG KONG (Reuters) – A Hong Kong appeals court on Wednesday blocked the $2.2 billion privatisation of phone company PCCW Ltd (0008.HK) by its largest shareholder, Richard Li, ruling in favour of the city’s securities watchdog. The decision overturns an April 6 High Court decision allowing the deal to go ahead, and casts the buyout […]
Energy Investors Funds has acquired Watertown Renewable Power LLC, a 30-megawatt biomass power project currently under development in Watertown, Connecticut. The seller was Tamarack Energy Inc. No financial terms were disclosed.
Ellora Energy Inc., a Boulder, Colo.-based oil and gas company, has re-filed for a $100 million IPO. Last week, the company withdrew registration for an IPO, without giving a reason. It plans to trade on the Nasdaq, with Merrill Lynch and Raymond James serving as co-lead underwriters. Yorktown Energy Partners holds a majority ownership stake. […]
Edgewater Capital Partners has acquired Gabriel Performance Products Inc., an Ashtabula, Ohio-based chemicals supplier, according to LBO Wire. Centerfield Capital Partners provided mezzanine and subordinated note financing. www.gabepro.com
Clearview Capital has acquired Troy Industries Inc., a Trenton, N.J.-based maker of decorative films used in plastic lamination applications. No financial terms were disclosed.