LONDON (Reuters) – European secondary loan prices fell to fresh record lows on Thursday as credit markets remained under pressure despite aggressive interest rate cuts in Europe. Average bids on Europe’s top 40 leveraged loans fell by another 11 basis points (bps) to new record lows of 61.94 percent of face value, RLPC data shows. […]
FirstOnSite, a Canadian disaster recovery company owned by TorQuest Partners, has acquired Spring Fresh Cleaning & Restoration Canada Inc. of Grande Prairie, Alberta and Airkem Damage Restoration Services of Sault Ste. Marie, Ontario. No financial terms were disclosed.
Tailwind Capital has acquired Archway Marketing Services, a Rogers, Minn.–based provider of logistics management solutions for marketing collateral. No financial terms were disclosed, except that Madison Capital arranged leveraged financing.
Electronic Data Processing has issued a statement saying that its management had ended talks regarding a possible offer for the Sheffield-based computer-related servcies company. In July, the London-listed company, which supplies e-business, outsourcing, application hosting and free Internet services to the merchanting and wholesale distribution industry, had confirmed that it was in early stage […]
AssetNation Inc., a Houston-based provider of online industrial auctions, has acquired AssetAuctions LLC, a provider of asset recovery, appraisal and inventory online auction services for the industrial, commercial and government markets. No financial terms were disclosed. AssetNation is a portfolio company of Spire Capital Partners.
AAMP of America Inc., a portfolio company of Audax Group, has acquired Select Products, a provider of mobile installation products, fabrication products and installer training programs. No financial terms were disclosed.
NEW YORK (Reuters) – The auction for Lehman Brothers Holdings Inc’s (LEHMQ.PK: Quote, Profile, Research, Stock Buzz) prized asset management unit Neuberger Berman has been won by a team consisting of Neuberger’s management, the company announced on Wednesday. The bid by Neuberger’s management beat the offer made by private equity firms Bain Capital LLC and […]
LONDON (Reuters) – Private equity firm Apax Partners is looking at a possible investment in Bank of Ireland (BKIR.I: Quote, Profile, Research, Stock Buzz), a source close to the situation told Reuters on Thursday, adding its interest is at a “very, very early stage”. Apax was unlikely to invest alongside other private equity firms, but […]
The ability to source a deal isn't much to brag about these days, with only the rarest of deals actually getting completed. Look no further than Carlyle Group, which is laying off 100 employees, a including a number of its deal team members, for proof. The decline in deals is apparent in a report released by PitchBook Data:
For the first three quarters of 2008, there were 1,302 completed deals, a 33% decline from the 1,936 deals over the same period a year ago.
Still, 1,302 deals is nothing to sneeze at, and there are plenty of firms out there striking deals, just at a much, much slower pace than, say, two years ago. I believe the phrase I keep hearing is "Ten times more work for one tenth of the results." In the report, PitchBook lists the top 50 most active private equity firms year to date. Guess what? Layoff-burdened Carlyle Group is listed as number three! (However I think they've now been passed by Sun Capital, as the firm told me it's done 23 deals this year, not 19 as PitchBook reports.) Follow the jump to see them all.
NEW YORK (Reuters) - Lehman Brothers Holdings Inc. has received three bids for its investment management unit, including Neuberger Berman, Shai Waisman, a bankruptcy lawyer for the company, said on Wednesday. The auction for Lehman's prized asset management unit begins at noon on Wednesday, Waisman said. In comments to reporters after a court hearing, Waisman said there were two bidders in addition to Bain Capital LLC and Hellman & Friedman LLC, which agreed on Sept. 29 to buy the unit for $2.15 billion. The Bain and Hellman group was previously approved by the court to be the lead bidder at the auction. (Reporting by Emily Chasan; Editing by Lisa Von Ahn)