These days, the word “big” is a relative term for PE professionals. In a new semi-regular column, I’ll explore how the some of the biggest (or at least most interesting) deals are getting done. Today’s Big Deal (Kind Of) goes to Vestar Capital Partners. The firm inked a $1.45 billion deal for Unilever’s North American […]
CORRECTION: The previously posted file contained three companies which were in default but had not yet filed for bankruptcy. Those non-bankrupt (but in default) companies are Monitor Clipper Partners’s Recycled Paper Greetings, Cerberus’s Residential Capital Partners, and GWLS Holdings, owned by Investcorp. The updated file, sans defaulters, is available for download after the jump. *** […]
Following Dan’s post on Mervyns, I heard through the grapevine that Cerberus managed to score 2.5X its money on the deal. Since the firm hasn’t disclosed its initial investment, it’s not clear how much money that evens out to be. The point is that it’s a profit on a failing, near-bankrupt business. That profit was […]
Remember The Weather Channel deal? For $3.5 billion, Bain Capital, Blackstone Group and NBC Universal purchased the media business, with debt from insiders like Bain Capital’s Sankaty Advisors, Blackstone’s GSO Capital, and NBC parent GE Commercial Finance. The partnership with NBC Universal is exemplary of the new age of buyouts—a number of PE firms have […]
Last week, a slew of survey and study data came out, and like a diligent reporter I’m wading through them to bring you the highlights of each. Here goes. Global Scenarios for Private Equity and Venture Capital Commissioned by: The European Private Equity and Venture Capital Association Goal: Examine four potential scenarios for the future […]
For our next foray into survey-land, peHub has the goods on a survey taken by our own readers, the ACG-Thomson Reuters Mid-Year 2008 DealMakers Survey. Based on the opinions of more than 500 bankers, PE pros and those providing services to them, TR and ACG came to a few surprising and a few obvious conclusions. […]
WSJ today reports that department store chain Mervyn’s may be the next PE-backed retail bust, just four years after the company was carved out of Target Corp. for $1.2 billion. Certain vendors have stopped shipping, longtime lender CIT has cut ties and there is no rising economic tide to lift all boats (unless your vessel […]
Today’s column covers last night’s Tax Loophole Protest (in front of KKR’s New York Headquarters), which I peeled myself from my air-conditioned cubicle to attend. The Service Employees International Union has expressed a number of complaints about private equity firms: they aren’t socially responsible, they deplete a company’s cash reserves, and they take on too […]
This weekend we said goodbye to the two remaining BCC (before credit crunch) deals, closing the book on both Penn National and BCE. Each found long-anticipated resolutions that seemed relatively painless for those involved. End of story. But as we bid farewell to that era, a different deal opened up a whole new can of […]
Some were surprised, but the deal that wouldn’t die has finally left the building. But look at Penn National Gaming’s stock. A failed merger usually doesn’t garner a leap in share price to the tune of 10% plus. (Though considering the spread on this one, maybe.) But a fat $225 million breakup fee, plus Centerbridge […]