peHub Second Opinion

***Pringles are not chips. This is confusing (then what are they?), but what I want to know is, what does that mean for the potential sale of Pringles? Remember when it was being shopped by Merrill Lynch and Blackstone, alongside Duracell and Folgers?  Well, Folgers sold. Maybe this tax break is just what P&G needs to unload Pringles…

***Lazard is getting some negative attention from the SEUI. A Web site for the group says that Wasserstein “buys companies, cuts costs, and drives up their value – often for a quick profit at the expense of customers, consumers and workers.” I’m curious as to how cost cutting that drives value can be a bad thing. I mean, yes, cutting to the bone is bad. Job loss is never great. But the simplified arguments typically presented by the SEUI often leave me a bit unmoved to date.

***For a completely opposing view, look for my roundup of Ernst & Young’s annual exit study later today. Hint: It’s in favor of “value creation.”

***A colleague of mine directed my attention to a PE fundraising report he was perusing. In a subsection on hospitality events, the report details the results of a small survey.

News flash: People in the PE business have expensive tastes.

Examples of specific GP hospitality events mentioned by LPs include:

  Box at the U.S. Open
Cocktail parties and dinners
Golf (varying from outings to entire weekends)
Museum/art gallery visits
Night at a sports bar to watch a football game
Race meetings
Shooting days
Tours of historic venues
Trips to the Ryder Cup
Wine tasting.

Does anyone have a story of the most highbrow or lowbrow GP hospitality event they’ve been to? What is a “race meeting”? And for some reason the juxtaposition here of “museum/art gallery visits” and “night at a sports bar to watch a football game” is entertaining to me.