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VCJ September 2018 Cover Cybersecurity Supplement
First-time fundraising stagnates Fundraising slowed from last year but remains strong Specialization remains popular among LPs Here is the private equity fundraising market as 2018 comes to a close: Managers are coming back earlier than expected and doubling or tripling fund sizes beyond what they’ve raised in the past. Limited partners are more than happy […]
Andrew Olinick, 3i Group, private equity, merger, M&A
Q3: PE-backed M&A totaled ~496, representing ~$82 bln of value Quality assets command mid-teen multiples of Ebitda; 20x to 25x Ebitda multiple are no longer outliers Sellers possess new level of aggression; buyers concentrate on specialization, add-on M&A, creativity It’s a good time to be a seller in private equity. A decade into the recovery, […]
Gamut Capital, Stan Parker, Jordan Zaken, private equity
Gamut closed debut fund on $1 bln Has flexible investment style Deployed 30 pct of fund so far in tough environment Ex-Apollo Global Management executive Stan Parker, co-founder of Gamut Capital Management, says the current environment is the worst he’s seen for buyers since he started in the business in 1998. People were complaining about […]
private equity, Justin Ishbia, Shore Capital
First-time fundraising dropped slightly last year Spinouts include many sector specialists Few first-timers found support from former organization The depths of the great financial crisis do not seem like the optimal time to launch a new firm. Yet, that’s exactly when Justin Ishbia and his partners chose to launch Shore Capital Partners. The firm started […]
private equity, fundraising
Fundraising slows compared to last year, but still strong First-timers continue to bring funds to market Flood of PPMs in late 2017 A lot of limited partners are taking deep breaths as June wanes and the first phase of private equity annual-meeting season comes to a close. The travel, airports, hotel rooms, nights on the […]
Mike Hogan, Harris Williams, TwinBrook, Garrett Ryan, Jeremy Holland, Riverside Company, Justin Ishbia, Shore Capital,
Active sectors: tech, industrials, consumer products Tax-policy changes, tariff concern yet to weigh on PE Human capital top of mind in late stages of cycle The economy is proving resilient and sponsor-driven M&A shows no indication of a slowdown, as buyers prove willing to pay up for assets they believe in. “While we may be […]
KKR closed its tech growth fund in 2016 on $714 mln Team based out of Menlo Park and Europe Fund I about 70 pct committed Dave Welsh is head of TMT Growth Investing at KKR. The firm raised its debut tech-growth fund, KKR Next Generation Technology Growth Fund, in 2016 with $714 million for TMT growth equity investments […]
Consumer most active sector with 184 deals; industrials, tech follow Sponsors gravitate away from competitive auctions On the horizon: carve-outs, creative deal structures, and the possible return of large consortium LBOs Deals are still getting done in a market where elevated prices are the new norm, but GPs flush with cash are working harder than […]
Altus Capital Partners, private equity
Company: Rocla Concrete Tie Financial adviser: Robert W. Baird Legal adviser: Benesch Friedlander Coplan & Aronoff Buyside Counsel: Freshfields Bruckhaus Deringer US WHY THEY WON 4.5x gross MOIC 57.9 percent gross IRR Grew EV by over 2.5x Ebitda and revenue growth about doubled Altus Capital Partners’ bet on how the rail-infrastructure market is evolving boded well for […]
Go national. This was Arbor Investments’s simple, but difficult, plan for Columbus Manufacturing, when it acquired the 100-year old deli-meats company in 2012. Columbus was celebrated on the West Coast for its upscale products, which include Crespone salami, slow-aged prosciutto and hickory smoked turkey. The Hayward, California, company was unknown in the East. Arbor, which focuses […]
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