Less than five months after the U.S. team of Standard Life Investments quit en masse, it has reemerged as a new private equity shop called Constitution Capital Partners. The firm will make both fund commitments and co-investments in the small-cap to large-cap buyouts space, with a particular focus on the middle-markets. “This is the same strategy […]
This morning’s big news is that The Blackstone Group (BX) reported a $170 million net loss for Q4, which has helped shove its stock price down below $14 per share in early trading. The question to ask, therefore, is whether Blackstone’s public securities are finally approaching their bottom. “But Dan, you’re not an equity analyst,” […]
Bain Capital this afternoon sent capital calls out to its institutional investors, for the pending $19.5 billion buyout of Clear Channel Communications. peHUB had reported yesterday that certain individual investors had received calls via “feeder funds,” but that no requests had been made of institutions (endowments, foundations, pensions, etc.). The call date is one week from today. Dow Jones […]
Reviving an old feature that had fallen by the wayside… The What Industrial Equity Investments Ltd., an Ireland-based global investment firm owned by Permira, last week completed its $2.4 billion buyout of Arysta LifeScience, a Tokyo-based agrochemicals company. Permira provided all of the equity, while debt came from JPMorgan, Lehman Brothers, Bayerische Hypo- Und Vereinsbank […]
The buyouts market is actively courting a massive contradiction: One the one hand, you have a massive drop in deal volume, which is expected to be prolonged. On the other, you have a massive spike in fundraising, with firms raising their largest-ever funds (regardless of target market). I discussed this with lots of people at […]
Bain Capital has begun making capital calls for its $19.5 billion buyout of Clear Channel Communications, peHUB has learned. Most Bain limited partners I’ve spoken with today still have not received such notifications, but an individual investor says that he received a request this past Monday (via a feeder fund for individuals). The due date is next Friday, March 14. This may […]
This afternoon I’ll be moderating The Great Debates, here at Buyouts East in New York. Participants will include: Stephen Lerner of SEIU, Bob Stewart of the PE Council, Terrance Mullin of Arsenal Capital Partners and Prof. Vic Fleischer of the University of Illinois. We did the first installment of this last spring, with me moderating […]
Next Wednesday night is the 2nd Annual Buyouts Awards Dinner, as part of Buyouts East. Join us for an evening of fine food and self-congratulation. Here are your nominees: Buyout Firm Of The Year Our most prestigious award. We’ll be looking at every aspect of a firm’s activity in 2007, including LBO transactions, fundraising, exits, […]
We all know that 2008 deal volume has been circling the drain, and now we have some dispiriting numbers to back it up. Daddy Thomson says that there have only been 102 leveraged buyouts so far this year, valued at $7.8 billion. That’s a global figure, and is off 73.2% from a $29.1 billion mark at […]
Updated Bain Capital’s proposed $2.54 billion buyout of 3Com is effectively dead (at least in its current incarnation), after the two sides announced today that they have withdrawn their application to the Committee on Foreign Investment in the United States (CFIUS). At issue is Bain’s decision to partner on the deal with China-based Huawei Technologies, […]