handing out money (1)

Lee Equity offers LPs chance to sell Fund I stakes at premium

Lee Equity Partners is restructuring its first and only fund, giving limited partners the option to sell their interests at a premium to net asset value or to roll into a new vehicle that will house the remaining portfolio companies, according to three people with knowledge of the process.

A trader works at the trading post that trades Coty Inc. on the floor of the New York Stock Exchange, June 13, 2013. REUTERS/Brendan McDermid

PE HUB Second Opinion

In Second Opinion, Procter & Gamble agrees to sell its beauty brands to Coty for $13 billion, Thomas H. Lee is in the lead to acquire eBay’s enterprise unit and Tour de France leader Tony Martin is out after collarbone-breaking crash.

Acosta Sales & Marketing to acquire Anderson Daymon Worldwide

Acosta Sales & Marketing is to acquire Anderson Daymon Worldwide, a sales and marketing agency that exclusively serves Costco Wholesale, a multi-billion dollar global retailer with warehouse club operations in eight countries. The transaction is expected to close this month.


peHUB First Read

Good morning Hub readers – click on today’s First Read to find out more about Dunkin’ Donut’s sweet profit, Mayer’s first month at Yahoo and what an exit is worth.

Hugh Jackman, Thomas H. Lee Invest in Balance Water

Balance Water has closed on a Series A round of financing from Emil Capital Partners, Thomas H. Lee and Hugh Jackman. Jackman, the actor who has appeared in the “X-Men” movies, was an early Angel investor and has re-upped. Balance claims to have no calories and no artificial additives. PRESS RELEASE Balance Water Inc. closed […]

Nielsen’s PE Backers Look to Sell Down Holdings

TV ratings firm Nielsen Holdings has launched a follow-on offering that will allow its private-equity backers to sell as much as $760 million worth of shares, according to Reuters‘ publication IFR. The offering will allow private equity backers Blackstone, Carlyle, KKR, Thomas H. Lee, Hellman & Friedman, AlpInvest Partners and Centerview Capital to sell down […]

peHUB First Read

Leonard Green has done OK on Whole Foods

Zagat’s Got a Friend: Google buys Clever Sense

Deadspin’s Drew Magary is pretty freakin’ popular

Will the White House smackdown the GOP’s payroll tax pitch?

Steve Cohen Finds insider trading rules “vague.” Not vague: the thickness of a prison wall.

A Peculiar Love Affair: The private equity and pubic pension relationship

Would you work here? Bain tops best places to work list

Lasting FM: The grandaddy of online music services serenades users with new discovery tool

The Glaxo Consumer Assets Race: Thomas H Lee currently in the lead

Another Euro Bank gets ready to sell off PE assets

Pipe Dreams for Olympus? Ousted CEO says he would favour PE backing for a recapitalisation

Thomas H. Lee, Goldman to Reduce MoneyGram Stake Via Secondary

It looks like Thomas H. Lee and Goldman Sachs are selling some of their MoneyGram International stock.

Today, MoneyGram announced a secondary offering where stockholders–Thomas H. Lee and Goldman– are offering 11.25 million shares. Underwriters on the deal also have an option to buy an additional 1.7 million shares. Morgan Stanley, Goldman and BofA Merrill Lynch are joint bookrunners on the deal.

Thomas H. Lee is only selling about 3.7 million shares in the secondary. The Boston PE firm will see its stake fall to 48.3% (before the greenshoe) from 53.3%, according to a Nov. 14 SEC filing.

Slideshow: More LBO Targets In The CRO Market

The Carlyle Group and Hellman & Friedman’s $3.9 billion agreement to buy Pharmaceutical Product Development Inc. marks the latest example of buyout shops buying companies that run clinical trials for pharma and biotech companies.

These so-called contract research organizations, or CROs, are expected to expand and consolidate, making it highly likely we could see more LBOs. Click through below to see a selection of other noteworthy CROs, presented alphabetically, that could look attractive to sponsors. These include public companies that, like PPD, might find it easier to navigate the market’s consolidation under private ownership; public companies with recent changes at the CEO level; and private equity-owned companies, including one that’s been in its owner’s portfolio for almost four years now.

Too Big To Fail Has Gotten Worse

A Daily Ticker story troubled me today.

According to the story, there is still “considerable risk” in the banking sector. Regulators, according to the story, have done little to tackle the problems that both caused and were revealed by the 2008 crisis: excessive leverage, lack of transparency and distortion that created “too big to fail” institutions.

Basically, “too big to fail” has gotten worse. The biggest banks control an even greater portion of U.S. deposits and nothing has been done to make bank holdings more transparent, according to the story.

Dunkin’ IPO Surges 47%; Sponsors’ Stake Worth About $2.7B–UPDATED

It’s time to make some profit.

On Wednesday, shares of Dunkin’ Brands opened at $25. The stock closed at $27.99 on the Nasdaq, an increase of $8.99, or 47.32% above its offer price. Volume was roughly 45.4 million.

Late yesterday, Dunkin’ Brands raised nearly $424 million after selling 22.3 million shares at $19 each (this was up by $1 from the original guidance of $16 to $18 a share). JP Morgan, Barclays Capital and Morgan Stanley are joint book-runners on the deal.

Dunkin’ Brands, which is owned by Bain Capital, the Carlyle Group and Thomas H. Lee, is highly leveraged, with about $1.9 billion in long-term debt. In 2005, the three PE firms acquired the company in a $2.4 billion deal. It’s unclear how much equity the PE firms invested but the buyout shops put in equal amounts. Since 2005, the PE firms have received two dividends, according to SEC filings. In November 2007, the sponsors received $90 million in a payout; another $500 million came in December 2010, according to the filings.


Slideshow: Who’s Getting Rich Off of the Dunkin’ IPO? Here’s the Top Shareholders

Dunkin’ Brands, which owns Dunkin’ Donuts and Baskin Robbins, is going public today.

Late yesterday, Dunkin’ Brands raised nearly $424 million after selling 22.3 million shares at $19 each. This was up from the $16 to $18 price range originally planned.

JP Morgan, Barclays Capital and Morgan Stanley are joint bookrunners on the deal. Eleven more underwriters are on the deal, including BofA Merrill Lynch and Goldman Sachs. The underwriters have the option to buy another 3.3 million shares.

Dunkin’ is expected to trade Wednesday under the Nasdaq ticker “DNKN.”

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