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| 2016 Year in Review: Our most popular articles |
| | | | | | | | | Get our free PE Deal Multiples Report! |
| EBITDA multiples for buyouts. Revenue trends for portfolio companies. Debt-equity ratios, fee levels, earnout provisions and more.
You want this hard-to-find data. We've got it. |
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| | | | | | | | Some highlights from our recent content:
• Shareholders of TeamHealth (NYSE: TMH) are suing the company and Blackstone to block an agreed-upon $6.1 billion deal. Here’s the full rundown of alleged misdeeds.
• By and large, private equity funds of the past decade-plus are outperforming public indices. Can they keep it up? |
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| | | click to read our analysis |
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• It was an action-packed week on the fundraising front. Within the span of 24 hours, Apax Partners closed the fourth-largest private equity fund of 2016 and TPG Growth announced a new $2 billion social impact fund—with Bono as an investor.
• Kohlberg & Company has raised $2.2 billion for a fund of its own, continuing a three-decade run in the middle market that began with a fracture at KKR. |
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| | | | | | | | The founder of the world’s largest hedge fund is trying to encode his unorthodox management style into software that will tell his employees what to do on a minute-by-minute basis. [The Wall Street Journal]
One side effect of the rise in online shopping? A rebirth of bubble wrap. [The Atlantic]
Kevin Borden and Jonathan Westin make the case against “the private equity takeover of America’s neighborhoods.” [The Hill]
Examining the math of hedge fund fee structures, which often doesn’t add up (unless you work for the hedge fund). [The New York Times] |
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| Since yesterday, the PitchBook Platform added: | | 228 Deals | 1139 People | 494 Companies | 5 Funds |
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| 2009 Vintage US Buyout Funds with Financial Services Investments |
| | Median IRR | | | | Top Quartile IRR Hurdle Rate | | | | 1.46x Median TVPI | $917M Average Amount Distributed |
| | | | *IRR: net of fees | | 21 Funds in Benchmark » |
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| Deals in Play & Announcements |
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| Carlyle, CITIC strike $2B+ McDonald’s pact |
| | The Carlyle Group and CITIC Group will pay over $2 billion to purchase more than 2,000 McDonald’s (NYSE: MCD) locations in China and Hong Kong, according to the Nikkei Asian Review; the deal is expected to be announced early next year. The nearly yearlong sale process of the restaurants included reported interest from a handful of other private equity firms, including Bain Capital and KKR. |
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| | | | | | | Warburg Pincus to buy Gabe's in SBO |
| | Specialty Retail | Morgantown, WV | Secondary Buyout |
| Warburg Pincus has agreed to buy fashion and home retailer Gabriel Brothers from Alvarez & Marsal Capital. Founded in 1961, the company sells discount apparel, footwear, accessories and household goods at more than 100 stores in the US operating under the Gabe’s and Rugged Wearhouse brands. Alvarez & Marsal has backed Gabe’s since 2012. |
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| Berkshire Partners buys Masergy from ABRY |
| | Network Management Software | Plano, TX | Secondary Buyout |
| | | | | | | Advent wraps up Ansira acquisition |
| | Media Services | St. Louis, MO | Secondary Buyout |
| Advent International has closed its previously announced acquisition of Ansira Partners, a provider of data-driven marketing services, from KRG Capital Partners, which had backed the company since 2012. Advent partnered on the deal with the company’s management team, which will retain a substantial ownership stake. |
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| | | | | | | Highland Ventures adds on Sonoma Consulting to Halo |
| | IT Consulting and Outsourcing | Naperville, IL | Add-on |
| Highland Ventures has purchased Sonoma Consulting, a provider of IT consulting and executive search services, and will merge the company with current portfolio company Halo Group, an IT staffing business. Sonoma Consulting president and CEO Mark McGee will become president of Halo and join the company's board of directors as part of the transaction. |
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| EI aims for $237M Dino IPO |
| | General Merchandise Stores | Krotoszyn, Poland |
| Enterprise Investors could raise as much as PLN1 billion (about €226 million) in an expected 2017 IPO on the Warsaw Stock Exchange for supermarket chain Dino, according to Reuters. EI acquired a 49% stake in the company as part of a €50 million deal in 2010. The firm has reportedly indicated it may sell its entire stake during Dino's public offering. |
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| | | | | | | 3i to raise £700M for infrastructure deals |
| | 3i Group has agreed to acquire a portfolio of assets that includes Belfast City Airport from the EISER Global Infrastructure Fund. To support the deal, 3i plans to launch a new £700 million vehicle that will provide capital for both the initial purchase and follow-on investments across the asset portfolio. 3i will invest £36 million of its own cash in the fund. |
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| Centre Partners completes $1.1B Bellisio exit |
| | Food Products | Minneapolis, MN | Corporate Acquisition |
| Charoen Pokphand Foods (BKK: CPF) has completed its $1.075 billion acquisition of Bellisio Foods from Centre Partners Management. Centre Partners had acquired the business in 2011, reportedly for about $400 million. Bellisio manufactures and distributes single-serve frozen entrees under the Michelina’s, Atkins, Boston Market, Chili’s, EatingWell and Eat! brands. |
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| | | | | | | Gryphon to sell Fleet for $825M |
| | Personal Products | Lynchburg, VA | Corporate Acquisition |
| Gryphon Investors has agreed to exit an investment made in 2014 with the sale of C.B. Fleet to Prestige Brands (NYSE: PBH) in a deal valued at about $825 million. Founded nearly 150 years ago in 1869, Fleet is a provider of personal healthcare products operating in North America, Latin America and the Asia Pacific region. |
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| LVC nearing $102M for Fund III |
| | LongueVue Capital has raised $96.15 million toward a $102 million target for its third fund, per an SEC filing. The firm debuted with an $82 million fund in 2001 and closed its second vehicle on $175 million in 2012. |
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| First Reserve makes trio of promotions |
| | Greenwich, CT | PE/Buyout |
| First Reserve has promoted Matthew Raben and Tim Vincent to managing director positions and Tomas Peshkatari to director, all effective January 1. Raben will work on legal matters, while Vincent will both seek new investments and manage the firm's current portfolio. |
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