Bernard Vaughan
Castanea Partners has bought Astor & Black Custom Clothiers, the maker of high-end suits favored by some athletes and corporate executives, from founder David Schottenstein in an all-equity transaction, Castanea executives told Buyouts. Schottenstein, who launched the company in 2004, will retain a significant minority stake. The Columbus, Ohio-based company prides itself on making suits […]
More details are surfacing about efforts to exempt private equity firms from Dodd-Frank. It appears Rep. Robert Hurt, Republican from the Fifth District of Virginia and member of the Financial Services Committee, is the representative responsible for drafting legislation that would exempt private equity firms from Dodd-Frank, according to a source. It’s still not clear […]
Bob Levine has left Milestone Partners, the Radnor, Pa.-based buyout firm he co-founded in 1995, to start his own shop in part to avoid regulation by the Securities and Exchange Commission. L2 Capital, also based in the Philly suburb of Radnor, will make equity investments of $1 million to $15 million in manufacturing, distribution and […]
It looks like the campaign against SEC registration is gaining momentum. The House Financial Services Committee will hold a hearing next Wednesday, March 16, to review draft legislation to exempt advisers to private equity funds from the Dodd-Frank Act, according to a House staff source, Buyouts is reporting. The bill would seek to restore the […]
Sun Capital Partners Inc. has a deal in the works with Louis Le Duff, the French businessman who founded Brioche Dorée, the chain of French casual food restaurants, and who cut his teeth in North America in the 1970s, according to Buyouts. The firm has an agreement to sell Bruegger’s Enterprises Inc., a bakery cafe […]
The Securities and Exchange Commission proposed a rule on Wednesday that could require firms with $1 billion or more of assets to disclose how they pay professionals who help them make investment decisions. Though the SEC’s press release on the rule doesn’t mention private equity by name, it says the rule would apply to financial […]
Stripes Group is preparing to start raising its second fund earmarked for lower mid-market investments, a source close the effort told peHUB sister publication, Buyouts. The firm is currently in pre-marketing mode and is hoping to begin fundraising officially by 2012, or as early as the second quarter. It does not yet have a placement […]
Josh Lerner will discuss more details of his nascent non-profit research project, the Private Capital Research Institute, during his talk at Super Return in Berlin next Wednesday, the Jacob H. Schiff Professor at Harvard Business School told Buyouts. Lerner started the organization last spring to provide academics more data to produce unbiased research into the […]
J.W. Childs Associates LP, which looked like it was dead a few years ago, is back. It’s currently looking for a deal with a $125 million SPAC–a humbling endeavor for a firm founded by Tom Lee’s former number 2 which raised $1.7 billion for its third fund. But the firm sees the SPAC as a […]
Carried interest, once again, is back on the tax table. President Barack Obama's budget proposal includes changing the tax treatment of a buyout pro's profits to ordinary income instead of its current capital gains rate. The tax would raise $14.8 billion over 10 years. (Link to tax proposal below.) Bloomberg BusinessWeek notes that the proposal appears to be a scaled-back version the Senate considered last year, as the president's previous budget's proposal on carried interest would have raised $24 billion over 10 years.