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| | | Blackstone’s Hilton profits continue with sale of $6.5B stake |
| | It’s the sort of price tag rarely seen in today’s private equity industry: $26.7 billion. For a deal made on the eve of the financial crisis, Blackstone's mega-buyout of Hilton Hotels could have easily ended in disaster.
Instead, Blackstone has managed to turn lemons into some very lucrative lemonade... |
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| | | | | | | | | The 8 PE investors most active in Texas |
| | Berkshire Partners has agreed to acquire a majority interest in Masergy Communications from ABRY Partners, with an earlier Reuters report indicating the purchase price could top $900 million. The company provides hybrid networking, managed security and cloud communications services for medium and large enterprise customers. ABRY will exit an investment from 2011 with the sale.
Based in Plano, TX, Masergy is representative of an interesting rift in the Lone Star State. While much private equity activity in Texas is still concentrated in the energy industry, the state is home to successful companies in other sectors, too—including plenty of tech companies like Masergy. Since the start of 2011, more than 10% of all completed PE deals in the state have been in the IT industry, according to the PitchBook Platform, trailing B2B (36%), energy (25%) and B2C (12%) in frequency. |
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| | | | | | | | | | | The rags-to-riches story of how WhatsApp founder Jan Koum fulfilled his American dream. [Inc.]
Both production and consumption of clothing is on the rise. How do apparel businesses keep pace while also trying to reduce environmental impacts? [McKinsey]
A headline that wouldn’t be out of place in the 19th century: How a swanky dinner on Martha’s Vineyard greased the skids for the AT&T-Time Warner mega-merger. [Bloomberg]
The geometric beauty of Earth from above. [The Atlantic] |
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| Since yesterday, the PitchBook Platform added: | | 267 Deals | 1244 People | 483 Companies | 15 Funds |
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| | | 2009 Vintage US Venture Funds with B2B Investments |
| | | Median IRR | | | | Top Quartile IRR Hurdle Rate | | | | 0.21x Median DPI | 1.63x Median TVPI |
| | | | *IRR: net of fees | | 65 Funds in Benchmark » |
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| Deals in Play & Announcements |
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| | | Carlyle supports $410M IT add-on |
| | | IT Services | Eden Prairie, MN | Add-on |
| LDiscovery, a portfolio company of The Carlyle Group and Revolution Growth, has agreed to acquire Kroll Ontrack from Corporate Risk for $410 million in cash. The newly combined company will serve as a provider of data recovery and other risk & information services to financial institutions, companies and law firms, boasting some 12,000 clients and offices in 19 countries. |
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| | | Providence backs Boston Logic |
| | | Business Software | Boston, MA | PE Growth |
| Providence Equity Partners has used its strategic growth arm to make an investment in Boston Logic, the provider of a SaaS platform for real estate brokerages in the US. Founded in 2004, the company combines content management, marketing automation, customer relations and data management into one piece of software. |
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| | | | | | | | | The New Private Company Playbook panel and networking event |
| | Join us this Thursday for an afternoon two-panel discussion on "Innovative Growth Strategies for Private Companies" and "Why Private Companies are Implementing Public Company Infrastructure and Governance Practices."
The volatile political and economic environment is currently putting a magnifying glass on investments within the private sector. With this year’s tepid IPO landscape—just 61 PE or VC-backed IPOs have been completed in 2016—and potential unknown regulatory changes on the horizon, we continue to hear from our clients how private company growth strategies have evolved immensely from what we have seen in the past. Not only are many privates establishing “public” corporate governance policies, but they are also now faced with risk factors associated with cybersecurity and infrastructure like never before.
Click here to register
THE NEW PRIVATE COMPANY PLAYBOOK
Panel and Networking Event
WHEN: October 27, 2016, 4 p.m. to 7 p.m.
WHERE: Canoe Studios
601 W 26th Street., Ste. 1465
New York, NY 10001
Confirmed Sponsors: |
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| | | Greenbriar aligns with Frauscher |
| | | Rail | Sankt Marienkirchen bei Schärding, Austria | Buyout |
| In conjunction with the company’s existing management, Greenbriar Equity Group has acquired Frauscher Sensor Technology, a provider of train-tracking solutions for the railway signaling industry. The company designs and manufactures wheel-detection and axle-counting systems used by rail operators to monitor occupancy on railway networks. |
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| | | | | | | | | J.W. Childs to exit Esselte for $333M |
| | | Business Equipment and Supplies | Scottsdale, AZ | Corporate Acquisition |
| J.W. Childs has agreed to sell office products company Esselte to ACCO Brands (NYSE: ACCO) for $333 million in cash, exiting an investment from 2002. Operating primarily in Europe, Esselte reports 2015 sales of $458 million and EBITDA of $60 million. ACCO, which makes and sells business, academic and consumer products, plans to combine Esselte with its existing European operations. |
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| | | | | | | | | Vaaka adds partner from EQT |
| | | Helsinki, Finland | PE/Buyout |
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| | | Platinum to sell Mactac for $375M |
| | | Commercial Products | Stow, OH | Acquisition |
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| | | Debut Francisco Partners Agility fund hits $600M target |
| | | San Francisco, CA | Buyout |
| Francisco Partners plans to use the fund to invest in smaller technology deals. The firm's most recent major buyout vehicle, Francisco Partners IV, closed on $2.9 billion in 2015. |
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| | | Wells Fargo exec resigns from Vestar |
| | | Federico Peña, the head of the corporate responsibility committee and a board member at Wells Fargo, has resigned from his position as an advisor at Vestar Capital Partners. Peña told Reuters the resignation has nothing to do with the massive scandal that's enveloped Wells Fargo and simultaneously deflected blame for the affair, saying he "only spent one year as the head of the committee." Peña instead said he's leaving Vestar due to worries about a conflict of interest with his advisory role at the Colorado Impact Fund. Peña, who remains in both his roles at Wells Fargo, served as energy secretary and transportation secretary during Bill Clinton's presidency. |
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