Private Equity

  • September 3, 2015

    ILPA Launches Push For Uniformity In PE Reporting

    An initiative launched by the Institutional Limited Partners Association is pushing for greater transparency and more uniform reporting practices across the private equity industry, the association said Thursday.

  • September 3, 2015

    Dorsey Hooks Ex-Olswang Chair To Helm Europe PE Group

    Dorsey & Whitney LLP said Wednesday it has snagged London-based Olswang LLP’s former corporate group chair, who has guided clients through mergers, acquisitions and buyouts and will lead Dorsey's London and European private equity practice.

  • September 3, 2015

    Deals Rumor Mill: Hewlett-Packard, Petco, Charterhouse

    Hewlett-Packard Co. is mulling a potential sale for TippingPoint, Petco Holdings Inc. is lining up sale talks with private equity firms even as it charts course for an initial public offering and U.K. buyout firm Charterhouse Capital Partners LLP looks to sell its stake in call center business Webhelp.

  • September 3, 2015

    Skadden, Weil Guide Blackstone Investment In PMI Group

    Private mortgage insurer PMI Group Inc. has secured an investment from funds affiliated with Blackstone Tactical Opportunities to go toward an investment strategy that could include raising additional capital, the company said Wednesday.

  • September 3, 2015

    Fox Rothschild Snags Polsinelli Deals Pro For DC Office

    Fox Rothschild LLP on Thursday said that it recruited a former Polsinelli PC shareholder experienced in representing companies in buy-side and sell-side mergers and acquisitions, joint ventures, commercial contracts and private equity transactions to bolster its Washington, D.C., office.

  • September 3, 2015

    Carlyle's $98M Candle Co. Buy Spawns Investor Suit

    A putative shareholder class action launched in Delaware Chancery Court on Wednesday aims to undo The Carlyle Group LP’s proposed $98 million acquisition of candle and fragrance direct sales company Blyth Inc., claiming the just-announced deal was the product of a flawed process.

  • September 2, 2015

    Real Estate Rumors: Gilead Sciences, Starwood, TGM

    Gilead Sciences has reportedly dropped $120 million on two California development sites, a Starwood affiliate is said to have bought four Florida office buildings from Met Life for $82 million, and TGM Associates has reportedly bought a 400-unit Illinois multifamily property for $65 million.

  • September 2, 2015

    Deals Rumor Mill: Tesco, GVC Holdings, Novo Banco

    Tesco PLC is leaning toward MBK Partners' and Temasek Holdings' $6.61 billion offer for its South Korean unit, GVC Holdings PLC may go hostile with its $1.6 billion Bwin.Party Digital Entertainment PLC bid and Fosun International Ltd. will get another shot at buying Portugal's Novo Banco.

  • September 2, 2015

    Ontario Teachers Takes Senior Home Co. Private In $435M Deal

    Vancouver-based luxury senior home operator Amica Mature Lifestyles Inc. has been snapped up by a subsidiary of the Ontario Teachers’ Pension Plan Board in a take-private deal valued at CA$578 million ($435.6 million), the company said on Wednesday.

  • September 2, 2015

    Electra-Owned Park Resorts Group To Merge With UK Rival

    British firm Electra Private Equity PLC's holiday park operator Park Resorts Group will merge with rival U.K.-based operator Parkdean Holidays, in a transaction that values the combined companies at approximately £960 million ($1.47 billion), Electra said Friday.

  • September 2, 2015

    Puerto Rico Utility Strikes Debt Deal With Bondholder Group

    Puerto Rico's public power utility announced on Wednesday that it has reached a deal with a bondholders group to trim $670 million in debt by exchanging new notes for outstanding bonds, the first agreement the utility has reached with a significant group of financial stakeholders.

  • September 2, 2015

    Cybersecurity Co. Tanium Raises $120M In TPG-Led Round

    Cybersecurity provider Tanium Inc. has raised $120 million in a round of funding led by TPG Growth amid a rash of data breaches that has sent companies and government agencies scrambling for better anti-hacker technology, the California-based company said Wednesday.

  • September 2, 2015

    Benesch Nabs Ex-Ulmer & Berne Attys For New Chicago Office

    Benesch Friedlander Coplan & Aronoff LLP launched a new Chicago outpost with a pair of litigation pros from Ulmer & Berne LLP, soon after bolstering its Ohio offices with a 12-attorney litigation powerhouse team experienced in mergers and acquisitions, private equity, intellectual property and real estate.

  • September 1, 2015

    Physiotherapy Trust Hits Ex-Owners With $250M Fraud Suit

    The litigation trust created by Physiotherapy Holdings Inc.'s Chapter 11 plan launched a lawsuit Tuesday accusing the company's former private equity owners of faking the physical therapy chain's financials in order to sell it in a leveraged buyout while pocketing an extra $250 million and leaving the debtor insolvent.

  • September 1, 2015

    Ropes & Gray Nabs Private Equity Partner From Weil

    Ropes & Gray LLP has bolstered its private equity practice with the addition of a former Weil Gotshal & Manges LLP attorney focused on deals in China, the firm said Tuesday.

  • September 1, 2015

    Centerbridge-Backed Dialysis Center Operator Eyes IPO

    American Renal Associates Holding Inc., a national dialysis services provider owned by private equity firm Centerbridge Capital Partners LP, filed plans Monday for an initial public offering worth as much as $100 million, part of which will be used to pay down existing debt.

  • September 1, 2015

    Deals Rumor Mill: BG Group, GE Capital, Ajinomoto

    BG Group will sell a Thailand offshore gas field stake for around $1.2 billion, three finalists are vying for GE Capital's Australian commercial lending and leasing businesses, worth $1.8 billion, and Ajinomoto will spend up to $1.7 billion on deals over the next year.

  • September 1, 2015

    Carlyle Makes $764M Takeover Offer To Innovation Group

    An affiliate of private equity giant The Carlyle Group LP has offered to take over U.K.-based Innovation Group PLC, the companies announced on Tuesday, in a deal that values the insurance sector business services and software provider at roughly £499 million ($764 million).

  • September 1, 2015

    Proskauer Guides British Buyout Firm Montagu On $3.1B Fund

    British buyout group Montague Private Equity, which targets middle-market companies around Europe and the U.S., said Monday it has closed its fifth fund after reaching its €2.75 billion ($3.1 billion) hard cap, advised by Proskauer Rose LLP.

  • September 1, 2015

    MaxPoint Sued Over Post-IPO Stock Woes

    Venture capital-backed advertising tech company MaxPoint Interactive Inc. omitted financial information before its initial public offering, which raised $75 million before the stock price plunged, according to a putative shareholder class action filed in New York federal court Monday.

Expert Analysis

  • Dole Ruling Warns Not To Undermine MFW Protections

    Gregory Markel

    The $148 million in damages levied last week against Dole Food Co. Inc. CEO David Murdock and former general counsel C. Michael Carter emphasizes that controlling stockholder transactions that employ the dual procedural protections set out in MFW must actually adhere to the substance and purpose of those protections, say attorneys with Cadwalader Wickersham & Taft LLP.

  • Purchase Price Adjustment Lessons From ATK Dispute

    Daniel R. Avery

    Disputes concerning an M&A target’s financial condition may result in both a post-closing purchase price adjustment and potential indemnification claims by the buyer. A purchase price dispute stemming from Alliant Techsystems Inc.’s acquisition of Bushnell Group Holdings Inc. brings these issues squarely into focus, say attorneys with Goulston & Storrs PC.

  • Rules Of The Road For Directors Serving Two Masters

    Diane Holt Frankle

    Constituency directors may have day jobs as employees of the private equity firm, parent corporation, activist hedge fund, lender or union that designated them for the board seat they now hold. If so, such directors owe separate duties to their employer. Kaye Scholer LLP partner Diane Holt Frankle takes an in-depth look at the issues constituency directors should keep in mind and the standards that apply to them.

  • Private Equity In Iran: Opportunity Or Pandora's Box?

    Amanda Onions

    Tehran's hotels are said to be full, and foreign investors may be bargain hunting in the region, hoping to cash in on an economy that has been rewarding its predominantly domestic equities investors handsomely. However, none of the sanctions on the country have been lifted yet, says Amanda Onions of Hogan Lovells.

  • A Likely Fatal Blow To Republicans' Pay-To-Play Challenge

    Raymond M. Sarola

    The D.C. Circuit’s opinion this week shooting down the New York and Tennessee Republican parties’ First Amendment challenge to the SEC’s pay-to-play rule contains strong and convincing language that the lawsuit is untimely. The opinion also suggested that the D.C. Circuit may not view the ultimate merits of the challenge favorably, says Raymond Sarola, associate at Cohen Milstein Sellers & Toll PLLC and a former policy adviser in t... (continued)

  • Key Online Lending Takeaways As Regulators Assess Industry

    Christopher L. Allen

    Regulators are assessing what a well-calibrated online lending regulatory framework may look like — one that balances greater access to credit with appropriate risk management and borrower protections. This may impact investments relating to online lending and the M&A opportunities available to strategically acquisitive bank and nonbank lenders, say attorneys with Arnold & Porter LLP.

  • Equitable Mootness May Be Alive And Well In 3rd Circ.

    Bruce D. Buechler

    In a recent Third Circuit opinion in the case of Tribune Media Co., Judge Thomas Ambro authored a concurrence that appears to imply that Third Circuit Judge Cheryl Krause’s opinion in One2One Communications LLC calling for the overturning of the equitable mootness doctrine is not shared, says Bruce Buechler of Lowenstein Sandler LLP.

  • Europe's AIFMD Passport — And Why It Must Try Harder

    Stephen G. Sims

    Unfortunately, two recent, eagerly anticipated regulatory papers gave little encouragement that it will get any easier under the Alternative Investment Fund Managers Directive regime for funds located in jurisdictions such as the U.S. and the Cayman Islands to market to European Union professional investors in the near future, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • How Regulation A Can Help M&A Practitioners

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    Regulation A may be particularly useful in circumstances where a potential acquirer wants to issue equity securities without registration but the facts of the proposed acquisition limit the availability of the Regulation D exemption, says Christopher Peterson of Kaye Scholer LLP.

  • Beware False Positives In Statistics-Based SEC Actions

    Tiago Duarte-Silva

    The U.S. Securities and Exchange Commission recently charged an investment adviser with illegal allocation of trades based on statistical results, implying that statistically eliminating chance for certain profitable trades proves a fraudulent motive. However, that is not always the case, and one should not base “intent” on statistical analyses, say members of Charles River Associates and Zaccaro Morgan LLP.