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| | | What's past is prologue: Gilded Age fortunes in VC and PE |
| | Rockefeller. Carnegie. Morgan. Vanderbilt. All were among the families that accumulated massive fortunes in the second half of the 19th century, led by patriarchs who organized gargantuan trusts in budding technologies like oil, steel and rail.
In the process of acquiring more capital than any humans before ever had, they established themselves as the faces of the so-called Gilded Age and earned a reputation, deserved or not, for wielding outsized power in the world of businessâfor being Oz behind the curtain, the beshadowed kingmakers pulling the strings.
But not anymore. Right? Well⦠|
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| | | | | | | | | The top 6 PE investors in US retail |
| | Onex has agreed to pay about $1.37 billion to acquire the Save-A-Lot grocery business from Supervalu (NYSE: SVU) in a deal expected to close by the end of January. Supervalu has spent 2016 deciding what to do with its successful Save-A-Lot subsidiary, at one point filing to take the discount grocer public. In the end, it turned to private equity and the Toronto-based Onex.
Supervaluâs not alone among sellers in the industry, as itâs been something of a boom year for private equity activity in the retail sector. Already, PE investors have completed 47 deals in the space during 2016, according to the PitchBook Platform, exceeding the number of investments in both 2013 and 2014 (but trailing the 63 deals of last year). |
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| | | | | | | | | | | Are PE dealmakers fudging EBITDA numbers in order to increase borrowing capacity? [The Wall Street Journal]
Improve wages and working conditions, Walmart found, and your employees tend to do a better job. Is that really such a surprise? [The New York Times]
Eli Saslow, one of America’s best newspaper writers, on a young man trying to move on from his past involvement with his former white supremacist wunderkind father. [The Washington Post]
Many publicly listed PE firms argue that the markets don’t properly understand how to value their businesses. But whose fault is that? [The Wall Street Journal] |
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| Since yesterday the PitchBook Platform added... | | 232 Deals | 1235 People | 429 Companies | 4 Funds |
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| | | 2010 Vintage European Buyout Funds |
| | | Median IRR | | | | Top Quartile IRR Hurdle Rate | | | | 1.27x Median TVPI | $666M Average Amount Contributed |
| | | | *IRR: net of fees | | 59 Funds in Benchmark » |
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| Deals in Play & Announcements |
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| | | Pritzker to pick up ProAmpac from Wellspring in SBO |
| | | Packaging | Cincinnati, OH | Secondary Buyout |
| Pritzker Group Private Capital has agreed to acquire ProAmpac, a provider of packaging services with 18 manufacturing centers in North America, Europe and Asia. Wellspring Capital Management has owned ProAmpac since forming the company via the merger of Prolamina and Ampac in 2015. ProAmpac's management team will remain a significant shareholder in the company upon the deal's completion, expected next month. |
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| | | Genstar stitches up medical device add-on |
| | | Diagnostic Equipment | Boulder, CO | Add-on |
| | | | | | | | | | | | IT Consulting | Omaha, NE | Secondary Transaction |
| The Carlyle Group has announced a substantial investment in ProKarma, an IT firm providing services for analytics, cloud computing, Big Data and other emerging technologies. Endeavour Capital will divest a stake it acquired in ProKarma during 2012 as part of the transaction, which is expected to close October 31. |
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| | | Misys cuts £1B off value in year's largest UK IPO |
| | | Financial Software | London, UK | IPO |
| Brexit has helped to claw back about £1 billion from the proposed float of Misys on the London Stock Exchange later this month. The provider of banking software now plans to establish an enterprise value of about £4.5 billion when it returns to the public markets after a four-year absence, including £1 billion in debt, a decline from the £5.5 billion EV Misys initially announced. Vista Equity Partners has owned the company since completing a £1.25 billion take-private buyout in 2012. |
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| | | Warburg-backed ZTO preps for banner IPO |
| | | Logistics | Shanghai, China | IPO |
| ZTO Express has filed plans with the SEC to sell 72 million shares for between $16.50 and $18.50 apiece in its initial public offering on the NYSE under the ZTO symbol. A midpoint pricing would raise about $1.3 billion, which would qualify as the largest IPO so far in the US this year, according to the PitchBook Platform. ZTO is a logistics company in China that delivers packages for the ecommerce industry. The company’s existing backers include Warburg Pincus and Sequoia. |
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| | | | | | | | | Acushnet tees up $435M IPO |
| | | Recreational Goods | Fairhaven, MA | IPO |
| Acushnet plans to sell 19.3 million shares for between $21 and $24 each in its upcoming IPO on the NYSE under the ticker symbol GOLF, according to an SEC filing; a midpoint pricing would raise about $435 million. The company is a designer and distributor of golf products, operating brands such as Titleist, FootJoy and Scotty Cameron. A fund co-managed by Blackstone and Woori Financial Group owns a 12% pre-IPO stake. |
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| | | | | | | | | PE-backed BlackLine Systems sets IPO range |
| | | Financial Software | Los Angeles, CA | IPO |
| BlackLine Systems plans to sell 8.6 million shares for between $13 and $15 when the company lists on the NASDAQ under the symbol BL, according to an SEC filing. A midpoint offering would raise about $120 million and result in an initial market cap of approximately $690 million for the provider of cloud-based accounting & finance software. BlackLine was acquired in a buyout in 2012 by Silver Lake (owner of a 46.5% pre-IPO stake) and ICONIQ (22.8%). |
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| | | Gatewood raises $135M for first fund |
| | | Gatewood Capital Partners has raised a total of $135 million for its Gatewood Capital Opportunity Fund, according to SEC filings. The firm invests predominantly in small to medium-sized asset managers in North America and Western Europe. |
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| | | Metalmark eyes new fund, clinches CRO deal |
| | | Metalmark Capital has set a $1.5 billion target for its third flagship buyout fund, according to a Financial News report. The firm, which invests primarily in the energy, healthcare and industrial sectors, closed its previous fund on $2.5 billion in 2012. Metalmark has also made a growth investment in Premier Research, a contract research organization for the pharmaceutical, biotech and medical device industries, acquiring a minority stake in the business from Indigo Capital. |
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| | | | | | | | | Lee Equity helps fund Prelude's $200M launch |
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