General Electric has sent out nondisclosure agreements (NDAs) to potential bidders of its sponsored finance business, which [...]Continue
Spain’s nationalised lender NCG Banco said on Monday it has agreed to sell its EVO Banco unit to Apollo Management, writes Reuters. EVO Banco is a network of some 80 branches around Spain, outside the northern region where NCG Banco has its core operation.Continue
Earlier this month Buyouts contributor Katie Roof caught up with Kevin Sheehan, CEO of Norwegian Cruise Line, just after it priced its IPO on January 17. The company is backed by Apollo Management Group and TPG Capital.Continue
Final bids for Smart & Final, which is backed by Apollo Global Management, are due [...]Continue
In a blow to its private equity backers Oaktree Capital Management and Apollo Global Management, aluminum processor Aleris postponed its planned $500 million IPO on Wednesday.Continue
Private equity firm KSL Corp. raised its bid for Great Wolf Resorts by 12% to $234 million as it works to top rival buyout group Apollo Global Management, Reuters reported. Great Wolf, North America’s largest operator of indoor water parks, said in a statement that it had received an unsolicited letter from KSL proposing to […]Continue
Bain, Advent and the Blackstone Group emerge as the most active U.S. buyout shops in Europe.Continue
This year’s secondary market for private equity is expected to outpace last year’s, sources tell peHUB. LPs—particularly, pension funds—are doing more to get out of LBO firms and reallocate into cash, according to interviews with PE professionals and secondary transaction execs. One such pension LP is the secretive $22 billion Indiana Public Retirement System, which […]Continue
(Reuters) – Apollo Global Management and Goldman Sachs have entered the auction for Bank of America Corp.’s British and Irish credit card portfolios, the Financial Times reported on Tuesday. The U.S. groups have joined forces to bid for the MBNA Europe Bank business — part of Bank of America’s MBNA credit card brand — the […]Continue
Don’t expect a rush of private equity execs to start their own firms, said Eric Zinterhofer, co-founder of Searchlight Capital.
Zinterhofer, who was speaking at the Buyouts Conference in Dallas Thursday, was asked about a Triago report that predicts up to half of GPs could disappear in the next five years as junior PE execs form their own firms. “I don’t think you’ll see a ton of new guys starting their own firms,” Zinterhofer said during the Newsmakers panel.
Why is this? Some PE execs may complain, but most don’t end up leaving their firms, Zinterhofer told me on the sidelines of the conference. “While there is always a degree of angst among senior professionals at PE firms, at the end of the day the job is very attractive and the ‘golden handcuffs’ are significant,” Zinterhofer said.
It’s also a tough fundraising environment for …Continue
(Reuters) – Top executives at private equity funds said on Tuesday that the time was ripe to take greater risk in Asia, encouraging an annual conference here to invest in distressed debt opportunities and small to mid-sized companies. “When people are not investing is the best time to invest, when people are not taking risks […]Continue
Kunal Kamlani will rejoin Presige Cruise Holdings as president and COO after serving as head of BofA/Merrill’s global investment solutions division. The addition of Kamlani follows the recent promotion of Oceania Cruises’ co-founder and long-time president, Bob Binder. Prestige Cruise Holdings (PCH), the parent corporation of Oceania Cruises and Regent Seven Seas Cruises, was formed in 2007 by Apollo Management.Continue
Berry Plastics Corp., a company backed by Apollo Management and Graham Partners, has completed its acquisition of Rexam‘s specialty and beverage closures business. Terms of the deal were not released. Rexam SBC is a maker of injection and compression molded plastic specialty and beverage closures, jars, and other plastic packaging products. Berry Plastics is based in Evansville, Indiana.Continue
Many M&A deals include a go-shop but do such provisions actually work?
I put this question to John Pollack and David Rosewater, M&A partners with Schulte Roth & Zabel. Pollack and Rosewater recently conducted a review of 25 mergers this year involving private equity and public companies. The deals had a minimum of $500 million in enterprise value.
Pollack and Rosewater found that about half of the deals surveyed, or 14, included a “go-shop.” J. Crew’s $3 billion sale to TPG Capital and Leonard Green had a go-shop, as well as Jo-Ann Stores’ $1.6 billion sale to Leonard Green.Continue
Rexnord Corp., which is owned by Apollo Management, has revived its plans for an initial public offering, filing Thursday to raise up to $700 million, Reuters reported. In July 2008, the company had filed for an initial public offering of $750 million but withdrew the offering in October 2009. Apollo owns about 93.8% of the company, and bought it from the Carlyle Group in 2006.Continue
Apollo Management submitted a more than $3 billion buyout bid for BJ’s Wholesale Club Inc., Reuters reported, citing a report by the New York Post. Last month, Leonard Green & Partners was reportedly mulling a sale of the retailer. BJ’s decided to explore a sale earlier this year, and hired Morgan Stanley & Co. to advise in the process.Continue
Momentive Performance Materials Holdings, a chemical manufacturer owned by Apollo Management, has filed to raise up to $862.5 million in an initial public offering, Reuters reported. Apollo owns about 89.5 percent of Momentive. GE Capital Equity Investments Inc. owns about 8.9 percent of the company. Momentive makes thermosets, silicones and silicone derivatives and has over 104 manufacturing facilities.Continue
In the biggest run-up to a non-event, the long-awaited IPO from Apollo Management will price later today, a source says. Apollo is offering roughly 26.3 million Class A shares at $17 to $19 each. Apollo itself is selling 18 million shares while certain shareholders are offering about 8.3 million shares. Joint bookrunners on the deal […]Continue