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Sunday, 02 August 2015

Hot Story

Racks of samples are seen in a pharmaceutical lab

Exclusive: Audax selling Koda Distribution Group for up to $360 mln

29 July 2015

Boston-based Audax Group has put its acquisitive portfolio company Koda Distribution Group up for sale in a deal that could fetch up to $360 million for the chemical products specialist, according to sources. With about $45 million in EBITDA, Koda Distribution Group could draw a purchase price multiple of 7x to 8x EBITDA, a source familiar with the deal said. A separate source familiar with the chemical sector said prices have been choppy in the face of lower commodity prices.

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Top News & Analysis

Jennifer Baxter Moser, MD, TSG

TSG Consumer looks to grow Backcountry.com by following Revolve playbook

31 July 2015

TSG Consumer Partners’s latest portfolio company, Backcountry.com, sells products for outdoorsy types, while its online retailer Revolve sells to upscale, fashion-savvy shoppers seeking the latest apparel and footwear. TSG Consumer plans to grow its investment in Backcountry with some lessons learned from Revolve.

Chart of the week: What are buyers' biggest obstacles to deal-making?

Chart of the week: What are buyers' biggest obstacles to deal-making?

31 July 2015

In order to gauge the outlook of the M&A market for the second half of 2015, Axial surveyed 100 bankers, investors and lenders. What they found was 81 percent believe the deal flow is being hampered by either high valuations or unrealistic ask prices.

A worker packages plastic tubs at the Berry Plastic Corp. factory in Indiana

Berry Plastics to buy Blackstone-owned Avintiv for $2.45 billion

31 July 2015

Plastic packaging products maker Berry Plastics Group Inc said it would buy Avintiv Inc, which makes materials used in products ranging from diapers to disinfectant wipes, for about $2.45 billion in cash from Blackstone Group LP.

deal

UPS to buy Coyote Logistics for $1.8 billion from Warburg Pincus

31 July 2015

United Parcel Service Inc, the world’s largest courier company, said it would buy Coyote Logistics from private equity firm Warburg Pincus for $1.8 billion to expand its full-truckload services, according to Reuters news service.

Money, Finance

Brazos to make 3x its money with Vision Source sale

31 July 2015

Winding down hasn’t stopped Brazos Private Equity Partners LLP from posting big gains.

look, see, glance, peek, telescope, eye

Market at a glance

30 July 2015

U.S.-based buyout and mezzanine fundraising had a strong two-week period, seeing its year-to-date total hit $139 billion. As it currently stands, this year’s aggregate is $19.3 billion ahead of where it was at this time in 2014.

New Mexico, map detail, Gallup, Albuquerque, Santa Fe, Land of Enchantment

New Mexico, despite concerns, approves up to $650 mln for annual PE plan

30 July 2015

New Mexico State Investment Council this Tuesday approved an investment plan calling for up to $650 million in PE commitments during its 2016 fiscal year despite concerns raised about the asset class by council member Tom Clifford, spokesman Charles Wollmann said.

Summit Partners MD and COO Joseph Trustey and daughter die in plane crash

30 July 2015

Summit Partners said Thursday that Joseph Trustey, a managing director and chief operating officer of the Boston growth equity firm, and his daughter were killed in a plane crash.

Leon Black, Apollo Management LP, headshot

Apollo's $18 bln Fund VIII is one-third deployed; fundraising strong

30 July 2015

Apollo Global Management said its flagship buyout fund is about one-third invested or committed less than two years after it closed on $18.4 billion to make it one of the largest private equity pools created following the 2008 financial crisis.

bold, risky, mountain, climb, climber, climbing, crazy, high risk, nuts, daredevil, risk taker

Lazard hires new telecom banker from Citigroup

30 July 2015

Boutique investment bank Lazard Ltd has hired investment banker Eric Medow from Citigroup Inc to help lead its tech, media and telecom group, it said in a statement Thursday, according to news service.

Racks of samples are seen in a pharmaceutical lab

Exclusive: Audax selling Koda Distribution Group for up to $360 mln

29 July 2015

Boston-based Audax Group has put its acquisitive portfolio company Koda Distribution Group up for sale in a deal that could fetch up to $360 million for the chemical products specialist, according to sources. With about $45 million in EBITDA, Koda Distribution Group could draw a purchase price multiple of 7x to 8x EBITDA, a source familiar with the deal said. A separate source familiar with the chemical sector said prices have been choppy in the face of lower commodity prices.

David Rubenstein, Carlyle Group,

Carlyle hits hard cap on Europe IV; raises $4.7 bln in Q2

29 July 2015

Carlyle Group drew in $4.7 billion in fresh capital in the second quarter as it closed its fourth Europe fund at its hard cap, and said it is nearly done with its seventh North American real estate fund.

Wall Street bull, IPO, NYSE, New York Stock Exchange, bullish, stock market

With SkinnyPop IPO, TA stands to nearly triple its money

29 July 2015

TA Associates, which just finished raising $5.3 billion for its latest flagship fund, is taking Amplify Snack Brands Inc public next week in a transaction that on paper would nearly triple the value of its original investment in the company.

chalkboard, chalk board, teacher, French, France, school,

Exclusive: Education company Blackboard seeks $3 billion sale

29 July 2015

Blackboard Inc, a U.S. software company that provides learning tools for high school and university classrooms, is exploring a sale that it hopes could value it at as much as $3 billion, including debt, people familiar with the matter told Reuters news service.

deals, chasing deals, money, paper, fundraising, deal making, sales

Blackstone pursues sale or IPO for Polymer Group Inc; deal could approach $3 bln

28 July 2015

Blackstone Group is shopping specialty materials company Polymer Group Inc. to prospective buyers in a deal that could approach $3 billion in value, according to a source familiar with the process. The firm is said to be preparing the company for either a sale or IPO.

cut, trim, percent, percentage, save, reduce, shorten, saving money

New York State Teachers' sees allocations to 3 hot funds cut back

28 July 2015

The New York State Teachers’ Retirement System saw three commitments to oversubscribed funds slashed by $5 million or more during the second quarter, according to an investment report included in its July 29 meeting materials.

Chicago, Illinois, windy city, skyline, Midwest U.S., gold, golden, all the glitters is gold, city of gold

Bad headlines shred PE's reputation with public pensions

28 July 2015

The SEC’s exposure of questionable practices by private equity firms has damaged the industry’s reputation among public pensions, said panelists speaking this month at Pension Bridge’s Chicago conference. And that promises to have repercussions.

SSA canada

Canadian venture capital, private equity deals surge in 2015

28 July 2015

Deal-making activity in Canada’s venture capital and private equity arena surged in the first half of 2015, driven by a spate of financings in the tech start-up space and large investments in energy assets, data from Thomson Reuters showed this week.

Money suitcase

New Mountain Capital reaps more than 65% IRR on SNL Financial sale

27 July 2015

New Mountain Capital is exiting SNL Financial after four years during which the firm multiplied its investment by more than 6x.

New Jersey, map, Trenton, state, United States, U.S.

NJ approves $300 mln separate account tagged for distressed assets; to pay just 17% carry

27 July 2015

The New Jersey Division of Investment is continuing effort to reduce costs and boost returns through separate accounts with the formation of a new vehicle designed to invest in distressed assets.

rocket, SpaceX, lift off, blast off,

Lift off! How to launch a debut fund

Buyouts - July 27, 2015

Their flight to New York was canceled. In fact, with a blizzard making its way up the East Coast, every flight to New York was canceled. 

confounded, shocked, surprised, not sure what to do, confused, freaked out, high prices, overvalued, overpriced, too expensive

Deal-making remains 'choppy' in face of lofty prices

Buyouts - July 13, 2015

Deal-making by U.S. sponsors in the second quarter lagged behind the year-ago period, as frothy prices kept many players on the sidelines. 

kid, boy, question, question mark, curious, wondering, unsure, uncertain, uncertainty

Co-investing conundrum: Good idea or too risky?

Buyouts - June 29, 2015

Limited partner interest in co-investments and direct investments fell off a cliff in the second half of 2014, according to Preqin survey data. The percentage of investors who categorized themselves as active co-investors fell to 18 percent, roughly half of what it was six months earlier.

Chicago, Illinois, windy city, skyline, Midwest U.S., gold, golden, all the glitters is gold, city of gold

Midwest buyout shops seize golden opportunity

Buyouts - June 15, 2015

Our regional report on Midwest buyout deals and fundraising shows Illinois and Minnesota are prime destinations.

Income inequality, pay, wages, protest, debate, hourly wage, fast food, McDonald's

LPs wade into income inequality debate

Buyouts - June 1, 2015

“It’s not a minimum wage, it’s a starving wage.” New York City Comptroller Scott Stringer paused for a round applause from the 15,000 protestors crowded on the north side of Columbus Circle in Manhattan. “If you raise the wage to $15 [an hour] you will pump $10 billion into the hands of 1.5 million struggling New Yorkers. This makes economic sense for our city. Do you agree?”

Deval Patrick, Massachusetts, governor

Impact investing: Deval Patrick wants to leave a mark at Bain

Buyouts - May 18, 2015

A growing number of limited partners want their private equity investments to do more than make money. They also want them to do good.

David Brackett, GE Antares CEO

GE Antares sale will shake up middle-market lending

Buyouts - May 4, 2015

COVER STORY: The pending sale of General Electric Co’s massive GE Antares unit will likely determine the top player in the growing middle-market sponsored finance business. The deal for the marquee lender has been attracting strong interest at an expected price tag of at least $16 billion.

Deal News

Jennifer Baxter Moser, MD, TSG

TSG Consumer looks to grow Backcountry.com by following Revolve playbook

31 July 2015

TSG Consumer Partners’s latest portfolio company, Backcountry.com, sells products for outdoorsy types, while its online retailer Revolve sells to upscale, fashion-savvy shoppers seeking the latest apparel and footwear. TSG Consumer plans to grow its investment in Backcountry with some lessons learned from Revolve.

Money

Guide to Secondary Buyers & Placement Agents 2015

15 July 2015

Download our Buyouts “Guide to Secondary Buyers & Placement Agents 2015” to see the latest secondary market trends, fundraising statistics and listings. It is based on a survey of 85 secondary buyers and 92 placement agents. 

Meet the LP: Neha Markle, Morgan Stanley Video

29 August 2014

In this video from the PartnerConnect Midwest 2014 conference in Chicago, Neha Markle, executive director of the Morgan Stanley Alternative Investment Partners PE Fund Group, discusses the firm’s third party fund of funds business, which has more than $35 billion of assets under management, including $12 billion in private equity investments.

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Cover Story

rocket, SpaceX, lift off, blast off,

Lift off! How to launch a debut fund

Buyouts - July 27, 2015

Their flight to New York was canceled. In fact, with a blizzard making its way up the East Coast, every flight to New York was canceled. 

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Talking Top Quartile

Antonio Gracias

Talking Top Quartile with Antonio Gracias of Valor Equity Partners

Buyouts - July 27, 2015

Valor Equity Partners II LP generated an IRR of 15.4 percent for investor GCM Grosvenor DEM LP as of Dec. 31, 2013, the benchmark date in a survey of fund performance data by Buyouts. The performance of the vintage 2007 fund matched the top-quartile threshold of 15.4 percent and beat the median of 9.4 percent for that vintage, according to the study. Antonio Gracias, CEO and CIO of Valor Equity Partners, spoke with Buyouts at the firm’s Chicago office.

Market Intelligence

market at a glance, data

Market at a glance

17 July 2015

U.S.-based buyout and mezzanine fundraising had a prolific two-week period, seeing its burgeoning 2015 aggregate expand by $13.1 billion. This year’s total sits $20.6 billion ahead of where it was at the same time last year. 

From the Editor

Chris Witkowsky, Private Equity Editor, Buyouts Insider

Who should pay restructuring fees?

Buyouts - July 27, 2015

There’s an aspect of a recent restructuring deal that is ticking off some limited partners.

deals, chasing deals, money, paper, fundraising, deal making, sales

Blackstone pursues sale or IPO for Polymer Group Inc; deal could approach $3 bln

28 July 2015

Blackstone Group is shopping specialty materials company Polymer Group Inc. to prospective buyers in a deal that could approach $3 billion in value, according to a source familiar with the process. The firm is said to be preparing the company for either a sale or IPO.

Nikolaos Perros of Citco

Need to Meet: Nikolaos Perros, global head of private equity and real estate fund services, Citco Fund Services

Buyouts - July 27, 2015

Citco Fund Services started out as a hedge fund administrator in the late 1960s with George Soros as a noted early client. As hedge funds diversified into other asset classes in the mid-1990s, Citco morphed with them and began servicing a broad variety of alternative fund managers, including private equity and real estate managers. 

Andrew Richards

Five Questions with Andrew Richards, managing director, Swander Pace Capital

Buyouts - July 27, 2015

1. Your firm just sold Applegate Farms LLC to Hormel Foods Corp for about $775 million in a deal that closed on July 13. Why did you decide to sell?