Everglades Equity LLC, a private equity firm from Brett Craig, has launched. The Miami PE firm will invest in lower middle market companies in sectors including distribution, facilities services, industrial services, and human capital management. Craig, who is Everglades’s managing partner, was most recently a principal with Hidden Harbor Capital Partners.
First Read begins the day with news that Google debuts its Pixel 4 smartphone, elite MBA programs report a steep drop in applications, and MGM International is selling the Bellagio resort in Las Vegas to Blackstone.
Cetera Advisors LLC allegedly breached its fiduciary duty and defrauded its retail advisory clients when it failed to reveal conflicts of interests when it received compensation in the form of 12b-1 fees, revenue sharing, administrative fees and mark-ups, the SEC said an amended complaint. The regulatory is seeking an injunction, disgorgement of ill-gotten gains and is looking to recover over $21 million from Cetera, a broker-dealer backed by Genstar Capital. See the SEC's amended complaint against Cetera here.
Why investment robots won't take your PE job; DDS Lab goes up for sale; FFL sells CPI for $590 mln
First Read kicks off the day with news that Harley-Davidson halts production and deliveries of its first electric motorcycles, Authentic Brands is preparing a nearly $270 million bid for Barneys, and Paytm is close to scoring $2 billion of new financing.
Sulak, Marlin Equity exec, steps back; Insight weighs $1.8B InhabitIQ sale; In defense of private equity
First Read begins the week with news that Uber is acquiring online grocery provider Cornershop, Google expands plans for its massive second headquarters in San Jose, and SoftBank has readied a financing package to take control of WeWork.
LPs should take notice of recent study showing smaller is better, Bookend gets boost from Wisconsin
First Read ends the week with news that Apple and Google pull their Hong Kong protest apps, Victoria's Secret head of stores is stepping down and TPG's Shriram Capital's stake sale stalls as India's shadow banking crisis heats up.
Beefed-up Madison Dearborn team seeks $4.5 bln Fund VIII; Court Square senior exec leaves amid fundraising