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 | PitchBook Newsletter | | Private Equity Edition |
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| Powered by the PitchBook Platform. Learn more» | | 563,953 Deals | 35,003 Funds | 22,667 Limited Partners | 28,892 Advisors | |
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WEDNESDAY, JUNE 29, 2016  | |
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Is the timing finally right for PE in these 5 emerging markets? Sometimes it’s boom. Sometimes it’s bust. So it goes for the world’s developing and emerging markets, the wide swath of countries outside North America, Europe and East Asia battling to establish their bona fides to investors—countries where any number of geopolitical factors and financial vagaries can have an outsize impact on economic health.
From South America to the Indian sub-continent, from the Caribbean to the Middle East, here's a checkup on five emerging markets of particular intrigue in 2016. |
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Carlyle enters car-for-hire feeding frenzy European car service Addison Lee, a portfolio company of The Carlyle Group, has acquired Tristar Worldwide, a competing operator of premium car services. The deal is valued around £30 million, according to a report from The Wall Street Journal, and increases Addison Lee’s ability to present itself as a more business-focused alternative to Uber, Lyft and their ridesharing rivals.
Currently, Addison Lee boasts a fleet of 4,500 vehicles and drivers in the U.K. serving 23,000 clients, including many at Fortune 500 companies. The Tristar addition allows the company to expand its private-car business beyond British borders; according to Addison Lee, the merged business will have nearly 1,000 company-owned vehicles worldwide and will become Europe’s largest executive car service. And ridesharing competitors aren’t exactly putting a dent in Addison Lee’s business. The company’s CEO, Andy Boland, said the executive car market saw a 15% uptick in 2015 volumes.
Carlyle first invested in Addison Lee during 2013, while Octopus Ventures had backed Tristar since 2008. |
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In the latest post inspired by Bain & Company’s Global Private Equity Report, a breakdown of why the best PE firms stick to what they do best. [Business Day]
Why America’s business majors are in desperate need of a liberal-arts education. [The Atlantic]
An argument for why Brexit could be good news for private equity firms, lowering valuations to a point that would encourage an increase in deal flow. [Global Capital]
Legendary basketball coach Pat Summitt died Tuesday at the age of 64. This extraordinary profile of Summitt from 1998 reveals the pushes and pulls of perfectionism, the power of leadership and the impact a mentor can have on her pupils. [Sports Illustrated] |
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2006 Vintage U.S. Funds-of-Funds | $250 million - $500 million | | | Median IRR: | 9.36% | | Top Quartile IRR Hurdle Rate: | 12.86% | | Median TVPI: | 1.5x | | Median DPI: | 0.8x |
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Riverstone to acquire 50% stake in Utopia Pipeline Project | Kinder Morgan’s (NYSE: KMI) Utopia Pipeline Project is a common-carrier project that will include about 215 miles of new pipeline constructed in Ohio to help transport ethane and ethane-propane mixtures to petrochemical companies in Ontario, Canada. The total project cost is estimated to be roughly $500 million, excluding capitalized interest. | |
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American Securities adds nutrition company to portfolio | American Securities has partnered with company management to acquire Milk Specialties Global from Kainos Capital, which had backed the business since 2011. Milk Specialties is a manufacturer of whey and milk protein ingredients used in the sports-nutrition and function-food markets. | Food Products Eden Prairie, MN | |
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TorcSill picks up AnchorPipe Brookside Mezzanine Partners, Pilgrim join to back Water-Jel Investcorp announces acquisition of Coresec | Coresec Systems offers integrated cybersecurity solutions and managed services to customers in Scandinavia and the Netherlands. SecureLink has been backed by Investcorp since December 2015. | Systems Management Malmö, Sweden | |
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Apax said to near $9B cap | Apax Partners has held a first close on $7.9 billion for its ninth flagship fund, according to a Bloomberg report. Apax VIII closed on $7.5 billion in 2013. | |
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Pavilion to acquire Altius |
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