Happy Groundhog Day! Or rather, not... Dual Track: IPOs become juicy targets for buyout groups (FT) Investigation: Is Peter Orszag's hair really a toupé? (Gawker) Citi Pig at the Bailout Trough: Some pro-Obama groups have really gone after Wall Streeters with their new ads. (HuffPo) Out of Dry Powder? This story argues that private equity firms are not going to do deals because they're out of money! That may be the case for the handful of firms who truly are out of capital and unable to raise ANY more, but actually buyout firms are more flush with cash than ever before, and the problem is that they don't have enough deals (either valuation-wise, or financing wise) to spend it on. I believe the slowdown in the pace of fundraising, is still lower than the slowdown in the pace of deals, not to mention, buyout firms came off a record fundraising year in 2007, and 2008 was only slightly slower ($260 billion in '08, compared with $64 billion in ‘09). (IDD, sub only) Porn at the SEC: More than two dozen employees of the SEC have been investigated over the past two years for viewing porn on their computers at work. (Cityfile)
Cressey & Co. has acquired a majority stake in VetCor Professional Practices, an owner and operaror of 41 full-service animal hospitals in the U.S. No financial terms were disclosed for the deal, which included leveraged financing and an equity co-investment from Golub Capital.
Another month, another allegation of massive fraud at a company that recently switched private equity sponsors. This one is Israeli investment house Psagot, which is under investigation for alleged trading impoprieties by former executives David Edry and Shai Ben-David. In a statement, the Israel Securities Authority said: "Edry and Ben David are suspected of having committed fraud in their dealings with securities in a systematic manner that stretched over a long period of time." That time period was 2007 to 2009, when Psagot was controlled by York Capital Management. Late last year, York agreed to sell its 76% stake to Apax Partners for approximately $822 million, with minority shareholder Markstone Capital Partners retaining its 24% position. The deal would
Here are some potential M&A ideas, rumored or official, to jumpstart your deal pipeline. Our sources are various news reports and the Buyouts "Seeking Buyers" list. For prior lists, see below. IntriCon Corp. (Nasdaq: IIN) plans to divest its non-core electronics business unit, RTI Electronics Inc. The Arden Hills, Minn.-based company's board approved the move to liquidate the assets and expects to complete the sale by mid-year. The maker of body-worn medical and electronic devices will book a charge of $1.4 million to $1.8 million for the divestiture. For the first nine months of 2009, IntriCon's sales fell to $41.5 million from $50.1 million a year earlier. Its RTI Electronics unit generated sales of $4 million for the latest quarter, down about 30 percent from a year earlier. Argyce LLC was seeking a buyer for the drug development program assets of Genaera Corp.
JERUSALEM (Reuters) – The Israel Securities Authority (ISA) is investigating possible fraudulent trading by two former executives at Psagot, the country’s largest investment house. The ISA said it suspected former Psagot executives David Edry and Shai Ben-David made proprietary investments designed to manipulate the value of various securities in an attempt to boost the investment […]
Castanea Partners has invested in, and plans to merge, two direct marketers of branded nutritional supplements: Hueytown, Ala-based Health Resources and Carson City, Nev.-based Vitamin Research Products. No financial terms were disclosed for either deal.
Odyssey Investment Partners has acquired Wencor Group LLC, a Springville, Utah-based provider of PMA parts to the commercial aircraft sector. No financial terms were disclosed for the deal, which includes a co-investment from Wencor founder Brent Wood.
Action Carting Environmental, a green waste collection company, has agreed to acquire both East End Sanitation Inc. and select New York City assets of Republic Services Inc. (NYSE: RSG). No pricing terms were disclosed. Comerica Bank provided leverage, while existing sponsor Ironwood Capital and new investor Summer Street Capital Partners provided equity funding.
Total Safety U.S. Inc., a Houston, Texas-based portfolio company of DLJ Merchant Banking Partners, has acquired ICU Environmental, Health & Safety, a provider of environmental, health and safety services to public and private sector clients. No financial terms were disclosed.
FRANKFURT (Reuters) – The owners of cable provider Kabel Deutschland have asked for indicative bids for the German company by next Monday in what may turn out to be the biggest leveraged buyout in more than two years, sources familiar with the matter said. “They want to get a feeling for the offers and root […]