The Private Equity Council isn't going to let federal regulators off so easily this time around. Last month, the private equity lobby supported the government's requirement that buyout firms register with the SEC, even while arguing that "private equity firms do not create systemic risk." Today, however, the PEC came out against proposed FDIC guidelines for buyout firm investments in banks, saying that they go to far and would be counterproductive. "We hope that the comment period yields changes that facilitate the flow of private capital into the banking system, consistent with the Administration's other efforts to address the financial crisis," said PEC president Doug Lowenstein. To recap, the proposed rules include a minimum three-year hold time, capitalization requirements, cross-guarantees for firms with multiple banks in its portfolios, and extensive disclosures, particularly regarding ownership structures.
Happy July 4th! Bloggers Gaining Steam: Goldman Sachs responds directly to blogger Zero Hedge. (Zero Hedge) Lists: Dumbest Moments in Business, Mid-Year 2009. I think we could add a few buyout moves to this list as well... (Fortune) Fighting Fund of Funds? "Private equity funds of funds are increasingly under fire. Not only do they reduce returns, but they do not minimise risks" (IP&E) Hours Versus Heads: The decline in aggregate hours worked has been frighteningly consistent over recent months. (Freakonomics) Student Loan Horror Story: How a law school grad that passed the bar is being denied admission because of his $400,000 student loan load. (Law Blog)
Golden Gate Capital has completed its acquisition of the J. Jill apparel brand from The Talbots Inc. (NYSE: TB) for approximately $75 million.
WASHINGTON (Reuters) – Private equity groups would have to meet strong capital requirements and pledge to maintain long-term investments before being allowed to buy failed banks, under controversial guidelines proposed by the Federal Deposit Insurance Corp on Thursday. The bank regulators who serve on the board of the FDIC openly clashed about the proposals, with […]
ArcLight Capital Partners has agreed to acquire the majority of PPL Corp.'s (NYSE: PPL) hydroelectric generation business in Maine. The deal is valued at approximately $95 million.
American Education Group, a Grand Rapids, Mich.-based for-profit private school operator, has raised $10 million from Glencoe Capital. AEG was formed in 2007 by Winona Capital Management and Chicago Growth Partners.
SandRidge Energy Inc. (NYSE: SD) has sold its gathering and compression assets in Piñon Field, located in Texas’ Pecos and Terrell counties, to TCW Asset Management for $200 million. PRESS RELEASE Oklahoma City, Oklahoma, June 30, 2009 – SandRidge Energy, Inc. (NYSE:SD) today announced the closing of the two previously announced transactions. Total proceeds of […]
Global Safety Textiles Holdings LLC, a Greensboro, N.C.-based unit of WL Ross & Co.'s International Textile Group Inc., has filed for Chapter 11 bankruptcy protection.
NEW YORK (Reuters) – The U.S. Treasury Department is expected to name as many as nine fund managers to operate the long-awaited Public-Private Investment Program (PPIP) to cleanse banks of toxic assets, a person familiar with the plan said on Wednesday. An announcement from Treasury could come as soon as Thursday, the person said, adding […]
NEW YORK (Reuters) – Private-equity firms are cautiously looking for ways to exit investments by bringing portfolio companies to market, after seeing a sliver of opportunity for new stock flotations. Bankers and lawyers report a rise in the number of portfolio companies in their IPO pipelines and a increased level of talks with private-equity firms. […]