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Wednesday, 28 January 2015

Lead Story

Buyouts Deal of the Year Awards

Calling all entries! Buyouts 'Deal of the Year' Awards 2015

09 December 2014

Buyouts is now accepting applications for its fifteenth annual Deal of the Year awards, honoring exceptional buyouts that were fully or mostly realized in 2014. Winners will be selected in seven categories:

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Top News & Analysis

Many lenders see cracks appearing in mid-market loan market: Survey

28 January 2015

A significant percentage of mid-market lenders predict leverage multiples will continue their recent descent while yields will continue to rise in 2015—tossing more cold water on a credit party that sponsors have enjoyed for most of the post-financial-crisis years.

Lexington tops $7 bln for eighth flagship fund

27 January 2015

Secondary specialist Lexington Partners has topped $7 billion in commitments for its eighth flagship fund, with expectations of wrapping up the effort in April.

Launch, rocket, blast off, SpaceX

Siris Capital blows past hard cap

27 January 2015

Siris Capital is wrapping up its third flagship fund with $1.75 billion in commitments, above its $1.5 billion hard cap, according to a source.

McMullen leaves H.I.G. Capital’s middle-market group

27 January 2015

Brian McMullen, a former principal at H.I.G. Capital on the middle market investment team, left the firm recently, according to a person with knowledge of the situation.

John LeClaire

The Up-C IPO: a structure that keeps on giving

27 January 2015

In 2006, Hellman & Friedman acquired a minority interest in Artisan Partners, a Wisconsin-based investment management firm. Artisan was organized as a partnership at the time of the investment. Hellman & Friedman and Artisan opted to leave Artisan’s partnership structure in place following the investment rather than converting the company to a C corporation.

Wilbur Ross reimburses LPs after fee offset 'miscalculated': sources

26 January 2015

WL Ross & Co said it has reimbursed investors in its fifth flagship fund after it “changed the methodology” of how it calculates certain fee offsets, a change some sources characterized as correcting a miscalculation.

hundred dollar bills, Benjamin Franklin

Hunt is on for super-rich family offices

26 January 2015

The growing ranks of the super rich and their increased appetite for risk have caught the eye of investment bankers, Reuters reports.

Charles McCusker

Five Questions with Charles McCusker, Managing Partner, Patriot Capital

Jan. 26 2015 Buyouts

1. What’s your take on rising interest rates? Will they go up much in 2015? Will higher rates help mezz lending?

A Canadian flag is pictured on Frobisher Bay in Iqaluit

Top 10 Canadian PE deals for 2014

Jan. 26 2015 Buyouts

By all accounts 2014 will be a banner year for Canada’s private equity market. The whole story will be told when Thomson Reuters publishes its year-end market report in the coming weeks.

Why does ex-Barclays chief want to bet $1 bln on financial services?

Jan. 26 2015 Buyouts

Atlas Merchant Capital, founded by ex-Barclays chief executive Bob Diamond, has set out to raise an estimated $1 billion for a fund earmarked for investments in financial services around the world. Will investors see past some red flags to the vast opportunity beyond?

Port of Los Angeles

Saybrook in talks to resolve dispute between labor and portfolio company TTSI

Jan. 26 2015 Buyouts

Distressed debt firm Saybrook Capital and its portfolio company Total Transportation Services Inc. took steps to quell a labor dispute that has disrupted the transportation and logistics business’ Port of Los Angeles operations, sources told Buyouts.

Jeb Bush and Mitt Romney

The politics of private equity, round 2

Jan. 26 2015 Buyouts

A presidential bid by Jeb Bush – and maybe another by Mitt Romney – puts PE back in the hot seat.

U.S. President Barack Obama and Cuban President Raul Castro

Exploring the private equity Cuba play

Jan. 26 2015 Buyouts

Cuba may be the next frontier for private equity, but dealmaking will likely have to wait.

The Detroit skyline is shown during Earth Hour across the river from Windsor, Ontario March 29, 2008.

Local businesses drive returns for Michigan state pension

Jan. 26 2015 Buyouts

In-state private equity programs can stimulate local economies, fund small businesses and spur job growth. But can they generate meaningful returns?

Talking Deal Prices: Golden Gate stays conservative with 6x Angus Chemical buyout debt

Jan. 26 2015 Buyouts

While debt-to-EBITDA multiples have drawn attention for reaching lofty levels during this time of relatively easy credit and ample dry powder, Golden Gate Capital’s buyout of Angus Chemical Co from Dow Chemical Co lands more or less in the middle of the fairway.

Graduation ceremony

Back to School: Study says U.S. PE multiples fell in 2014

Jan. 26 2015 Buyouts

It had to happen eventually. Median EBITDA multiples fell for U.S. buyouts in 2014.

Stabilis reaches more than halfway to $600 mln Fund IV target

23 January 2015

Stabilis Capital Management has raised $351 million for its fourth fund, which is targeting $600 million.

Money

NYC Comptroller reveals new private equity chief’s salary

23 January 2015

After more than a month delay, the New York City Comptroller has finally revealed the salary of the office’s newly hired head of private equity, Alex Doñé.

SEC

SEC official sees no immediate crackdown on buyout firms: Reuters

22 January 2015

A senior U.S. Securities and Exchange Commission official said any enforcement cases against private equity firms over how they handled fees and expenses could take years to build, but that may not be necessary in many instances, Reuters reported Jan. 22.

Gasoline prices are displayed at a Phillips 66 station in Moscow Mills, Missouri January 17, 2015. Plummeting oil prices have driven down the price of gas.

Riverstone to launch energy credit fund amid oil price turbulence: sources

22 January 2015

Riverstone Holdings is setting up an energy debt fund to take advantage of the dislocations roiling the markets as the price of oil continues to sink, according to three people with knowledge of the effort.

Cover Stories

Year in Review: M&A exits decline in Q4, but dollar figures rise; PE-backed IPOs stay strong

15 December 2014

U.S.-based financial sponsors saw a lull in exit activity in Q4 by number of M&A exits, but the dollar amount outpaced Q3 despite nearly 50 fewer deals. 

Pay for performance

Buyouts December 8 2014

Public pensions like CalSTRS are scrambling to find the right bonus structure to retain talent.

Fund News

Lexington tops $7 bln for eighth flagship fund

27 January 2015

Secondary specialist Lexington Partners has topped $7 billion in commitments for its eighth flagship fund, with expectations of wrapping up the effort in April.

Deal News

A Canadian flag is pictured on Frobisher Bay in Iqaluit

Top 10 Canadian PE deals for 2014

Jan. 26 2015 Buyouts

By all accounts 2014 will be a banner year for Canada’s private equity market. The whole story will be told when Thomson Reuters publishes its year-end market report in the coming weeks.

Fresh Capital

Pennsylvania commits $50 mln to Francisco Partners

22 January 2015

The Pennsylvania State Employees’ Retirement System committed up to $50 million to Francisco Partners IV at its Jan. 21 meeting, according to a statement.

Digital Edition

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Market Intelligence

Market At A Glance

Market at a Glance

12 December 2014

U.S.-based buyout and mezzanine firms raised an estimated year-to-date amount of $200.2 billion through December 11. That figure is up from $168.7 billion at this time a year ago and has surpassed 2013’s total by nearly a full $10 billion.

Inside the Deal

John LeClaire

The Up-C IPO: a structure that keeps on giving

27 January 2015

In 2006, Hellman & Friedman acquired a minority interest in Artisan Partners, a Wisconsin-based investment management firm. Artisan was organized as a partnership at the time of the investment. Hellman & Friedman and Artisan opted to leave Artisan’s partnership structure in place following the investment rather than converting the company to a C corporation.

From the Editor

The pension and the placement agent

Jan. 26 2015 Buyouts

Two things happened shortly before we went to press with this issue in mid-January that seemed almost symbolic of some larger truth.