Private equity buy-out news from around the globe

Private equity buy-out news from around the globe

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• Long-term European private equity performance remains robust 11 Mar 2010. Source: AltAssets. Short-term horizons for private equity and venture capital performance have registered a slight improvement, while long-term returns enjoyed by investors remain robust, according to data for 2009 compiled by Thomson Reuters in association with EVCA.

• Ten years to invest buy-out houses’ $500bn 11 Mar 2010. Source: AltAssets. Buy-out firms may have to wait up to ten years to invest the $500bn in investor commitments they are sitting on if deals continue at the current rate, according to Bloomberg.

• Bain Capital’s Sensata in $569m IPO 11 Mar 2010. Source: AltAssets. Sensata Technologies Inc, a maker of sensor and controls technology used by high-profile companies such as Ford and Samsung, has raised $568.8m from its initial public offering, with shares to be listed on the New York Stock Exchange tomorrow.

• European PE investment in 2009 down 71 per cent on boom of 2007 11 Mar 2010. Source: AltAssets. Last year was a period of internal diligence and stewardship for the European private equity and venture capital industry, as investors concentrated on supporting existing portfolio of companies against a backdrop of recession and macro-economic uncertainty.

• US Treasury Secretary Geithner blasts EU regulation 11 Mar 2010. Source: AltAssets. US Treasury Secretary Tim Geithner has warned the European Commission that plans to regulate the private equity and hedge fund industries could put up barriers between the continent and the US, according to the Financial Times.

• PE firms line up for UK greetings card company 10 Mar 2010. Source: AltAssets. Permira, Cinven, Summit Partners and Warburg Pincus are among the private equity firms bidding for UK greeting cards retail chain Card Factory in a deal that could fetch £400m (€438.9m), according to reports.

• Citadel Capital appoints CEO for financial platform company 10 Mar 2010. Source: AltAssets. North African private equity firm Citadel Capital has appointed City of London investor Amr Seif as CEO of Finance Unlimited, its regional financial services platform investment.

• Carlyle to seek $1bn buyer for defence and aviation company Arinc 10 Mar 2010. Source: AltAssets. US private equity firm Carlyle is seeking buyers for defence and aviation company Arinc in a sale that could fetch $1bn, according to reports.

• Limited partners warn EU over regulation 10 Mar 2010. Source: AltAssets. An investor association whose members hold over $1tr in private equity assets under management has warned EU regulators that proposed regulatory measures could close Europe off from international private equity and severely limit the prospects of European firms.

• GMAC CFO heads to Providence Equity Partners 10 Mar 2010. Source: AltAssets. Providence Equity Partners, a global private equity firm specialising in media, entertainment and communications investments, has hired former GMAC executive vice president and CFO Robert Hull. He will join Providence as CFO, succeeding Raymond Mathieu, who will become a managing director focused on special projects.

• UK waste management company rejects Carlyle's bid 09 Mar 2010. Source: AltAssets. Sales talks between US buy-out giant Carlyle and UK private waste treatment company Shanks have broken down after the private equity firm’s 120 pence per share bid was rejected.

• Advent International poaches Carlyle investor relations executive 09 Mar 2010. Source: AltAssets. Private equity firm Advent International has bolstered its ability to service investors with the hire of Robert Brown, a former managing director of Carlyle’s North American fundraising and investor relations.

• Emerging markets private equity slows in line with global slump 09 Mar 2010. Source: AltAssets. Fundraising for emerging markets-dedicated private equity funds slowed in 2009, though investment activity was comparatively strong. Emerging markets captured nine per cent of global private equity fundraising and 26 per cent of global private equity investment, with deal activity by transaction volume down by only 11 per cent, according to new research from the Emerging Markets Private Equity Association.

• Law firms launch investigations into Infogroup deal 09 Mar 2010. Source: AltAssets. With yesterday’s media reports that CCMP Capital has agreed to buy Infogroup Inc corroborated by an official statement, at least three law firms have stepped up to announce they are investigating the veracity of the deal.

• PE firms line up for Marsh & McLennan’s Kroll 09 Mar 2010. Source: AltAssets. A number of major private equity houses have entered first round bids to take control of Kroll, the corporate investigations unit of global insurance broker and consultancy company Marsh & McLennan, for around $1.3bn, the Financial Times reports.

• PE-backed waste management firm Biffa to sell landfill gas business for £350m 08 Mar 2010. Source: AltAssets. Private equity-backed waste management group Biffa has put its landfill gas business up for sale at a price of £350m (€387m), according to reports.

• Harrah's catches break with $5.5bn debt maturity extension 08 Mar 2010. Source: AltAssets. Harrah's Entertainment Inc, the afflicted casino operator owned by private equity firms Apollo Global Management and TPG, has agreed with its lenders to have the maturity on $5.5bn in loans delayed until 2015.

• Citadel launches $150m East Africa co-investment fund 08 Mar 2010. Source: AltAssets. North African private equity firm Citadel Capital is launching a new $150m co-investment fund for Africa, according to reports. The fund, which will be the firm’s first co-investment vehicle, is to focus on East Africa, where the firm has pledged to invest $200m to $400m over the next two years.

• HgCapital discusses £150m UK laundry equipment company purchase 08 Mar 2010. Source: AltAssets. UK private equity firm HgCapital is in exclusive talks to purchase John Laithwaite, a commercial laundry equipment supplier, according to reports. The deal could be worth up to £150m (€165.6m).

• KKR nabs Sen from Citi for India office 08 Mar 2010. Source: AltAssets. KKR has hired the former south Asia CFO of Citigroup, Abhijit Sen, making him responsible for two roles within the private equity firm’s Indian office.

• CalPERS appoints former Barclays exec as chief operating investment officer 08 Mar 2010. Source: AltAssets. The California Public employees’ Retirement System (CalPERS) has appointed Janine Guillot as the pension fund’s chief operating investment officer.

• Cath Kidston to sell business to private equity 08 Mar 2010. Source: AltAssets. UK vintage designer Cath Kidston is in talks with US buy-out firm TA Associates to sell a stake in her retail chain, in a deal that values her business at £100m (€110.8m), according to the Guardian.

• ABRY to take broadband business RCN private in $1.2bn deal 08 Mar 2010. Source: AltAssets. Internet and cable TV company RCN Corporation will be acquired by ABRY Partners, a Boston-based media-focused private equity firm, having agreed to a $1.2bn buy-out.