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Private Equity
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May 25, 2012
Highland Affiliates Want Out Of UBS' $686M CDO Suit
Two affiliates of private fund firm Highland Capital Management LP asked a New York state judge Friday to dismiss them from a $686 million fraud lawsuit by UBS AG that claims Highland and its affiliates tricked UBS into restructuring a debt securities agreement.
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May 25, 2012
Benihana Investor Sues To Nix $296M Angelo Gordon Buyout
A Benihana Inc. shareholder on Thursday hit the restaurant chain with a putative class action in Delaware Chancery Court seeking to derail the chain's proposed $296 million sale to New York-based private equity firm Angelo Gordon & Co.
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May 25, 2012
Bazaarvoice Pays $152M For PowerReviews
Social software and analytics company Bazaarvoice Inc. will expand its client base by picking up PowerReviews Inc., which pioneered a review-centric social platform for small- and mid-sized businesses, in a $152 million handoff from venture capital firm Menlo Ventures, Bazaarvoice said Friday.
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May 25, 2012
China To Open State Companies To Private Investors
China will allow private investment in its state-owned companies, a regulatory agency said Friday, answering calls from reformers to scale back massive state firms and hinting that Beijing may be more open to foreign money.
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May 25, 2012
Sycamore Partners Shelves $215M Talbots Purchase Offer
Private equity firm Sycamore Partners has tabled its $215 million buyout bid for Talbots Inc. after the struggling retailer opened its books in January to its biggest shareholder and this month twice extended an exclusivity agreement, the company said Friday.
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May 24, 2012
Judge Tosses Investor Suit Over $1.6B Blackboard Acquisition
A D.C. Superior Court judge on Wednesday dismissed a putative shareholder class action over Providence Equity Partners LLC's $1.64 billion acquisition of Blackboard Inc., ruling that the plaintiffs failed to show the companies breached their duty of loyalty in executing the deal.
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May 24, 2012
Engel Pays $290M To Buy Back Senior Housing Portfolio
The Engel Burman Group, with the backing of Harrison Street Real Estate Capital LLC, has purchased back for $290 million a senior housing portfolio it sold five years ago to Chartwell Seniors Housing REIT and ING Real Estate Australia Pty., the companies announced Thursday.
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May 24, 2012
Foe Says Blackstone's Green Power Line Could Cost Ratepayers
An enemy of Blackstone Group LP's bid to bring green power from Quebec to New York City insisted Thursday that ratepayers could be on the hook for the project despite the private equity firm's vows that it will succeed or fail on the open market.
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May 24, 2012
DLA Piper Plucks Latham Tech M&A Ace For Silicon Valley
DLA Piper's corporate and finance practice has made its 16th lateral hire of the year with a pickup from Latham & Watkins LLP that gives DLA Piper a technology- and life sciences-focused transactional partner with experience in venture capital and private equity, the firm said Thursday.
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May 24, 2012
GE Kicks In $300M For EBX Brazil Port, Mining Projects
General Electric Co. will pour $300 million into a private investment fund belonging to project developer EBX Group Ltd., part of the Brazilian conglomerate's initiative to invest $50 billion in port infrastructure, oil and gas, mining, and technology over the next decade, the companies said Thursday.
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May 24, 2012
WilmerHale's Fund Formation Chair Joins Goodwin Procter
The head of WilmerHale's fund formation practice group has joined Goodwin Procter LLP in Boston as a partner in the firm's private investment funds practice and will advise on private equity and venture capital fund formation, Goodwin Procter said Monday.
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May 24, 2012
Weil Aids Silver Lake, Partners' $1.25B Travel Co. Buy
Private equity firm Silver Lake Partners LLC and investment firm Partners Group AG have teamed up to purchase European Web-based shopping tourism company Global Blue for €1 billion ($1.25 billion) from Equistone Partners Europe Ltd., the companies announced Thursday.
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May 23, 2012
NJ Panel Advances Bill Speeding Class Cert. Appeals
A New Jersey Assembly panel on Monday approved legislation that would give adversaries in class action litigation the right to immediately appeal decisions granting or denying class certification.
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May 23, 2012
Defunct Carlyle Fund Pushes To Toss Shareholder Suit
Defunct mortgage-backed fund Carlyle Capital Corp. asked a Washington federal judge on Wednesday to toss a consolidated shareholder class action, saying it never hid its poor financial condition and claiming the investors missed their chance to sue the fund and its directors years ago.
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May 23, 2012
Open Range Trustee Seeks Damages From PE Lender
The Chapter 7 trustee for Open Range Communications Inc. launched an adversary suit in Delaware bankruptcy court Tuesday against One Equity Partners III LP, claiming the investment firm withheld $16.5 million in funding it had promised the now-defunct Internet provider.
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May 23, 2012
Warburg Pincus Leads $1.1B Investment In Gulf Oil Startup
Four private equity firms, led by Warburg Pincus LLC, have agreed to pour up to $1.13 billion into a new deepwater oil exploration venture that plans to cash in on the Gulf of Mexico's oil-rich subsalt plays, they said Tuesday.
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May 23, 2012
Barclays Will Net $5.5B From Discounted BlackRock Sale
Barclays PLC will reap $5.5 billion from the sale of its nearly 20 percent interest in American investment manager BlackRock Inc., a stake the British bank previously valued at $6.1 billion, according to an announcement late Tuesday.
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May 23, 2012
PE Firm Fights For 5% Fracking Co. Stake
Private equity firm Jackson Partners LLC and a subsidiary asked a federal judge on Monday to force McClinton Energy Group to follow through on its agreement to give Jackson a 5 percent ownership stake in exchange for its help nailing down financing.
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May 23, 2012
Oaktree To Sink $225M Into Diamond Foods' Rebuilding Plan
Struggling snack giant Diamond Foods Inc., which owns the PopSecret and Emerald nuts brands, has nabbed $225 million in financing from Oaktree Capital Management LP to shore up its balance sheet in the wake of an accounting scandal, Diamond announced Wednesday.
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May 23, 2012
RailAmerica Weighs Possible $1.3B Sale Amid Buffett Rumors
RailAmerica Inc., a private equity-owned regional freight hauler, said late Tuesday it was considering selling itself, responding to market rumors that Warren Buffett might be interested and further fueling speculation about a sale analysts say could fetch $1.3 billion.
Expert Analysis
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How SBIR/STTR Regulation Will Impact Investment Firms
The Small Business Administration recently issued a proposed rule amending the regulations that govern the Small Business Innovation Research and Small Business Technology Transfer programs, highlighting new risks and opportunities for investors in small business concerns that are established to capture SBIR/STTR funding, say attorneys with Arnold & Porter LLP.
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Volcker Rule — Potential Perils To The Muni Bond Market
While many advocates of the Volcker Rule want to leave it as is, it seems likely, and certainly just, that exceptions for municipal securities and tender offer bond programs will be made. Without these exceptions, there will be increased costs in borrowing for state and local governments, the municipal bond market will be disrupted, and a key class of short-term debt available for money market investors will be eliminated, says Jamie Kocis of Kramer Levin Naftalis & Frankel LLP.
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Best Practices For Corporate Social Responsibility
As with many industries, the legal services industry has adapted to the demand for sustainability practices. An effective Corporate Social Responsibility program will manifest itself in all strategic planning, from best firm employee practices and environmental sustainability to providing legal services, recruiting and retention of employees, business development, marketing and philanthropy, says Howard Dakoff of Levenfeld Pearlstein LLC.
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Forging Public-Private Partnerships In Turkey
The Turkish government has embarked on an ambitious program of large landmark pathfinder projects done as public-private partnerships, and it is especially keen to encourage foreign sponsor and foreign lender participation, say attorneys with Chadbourne & Parke LLP.
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Up In The Air: JOBS Act Effect On Private Equity
When fully implemented, the JOBS Act may affect private equity and venture capital funds in a number of ways. In particular, due to mandated U.S. Securities and Exchange Commission rulemaking, private funds may be able to raise more capital in less time and may come to regard IPOs as more than just a theoretical exit strategy for their portfolio companies, says Robert Rapp of Calfee Halter & Griswold LLP.
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Structuring Your VC Fund Under Dodd-Frank
Title IV of the Dodd-Frank Act eliminated the private adviser exemption under the Investment Advisers Act of 1940, but added a new exemption for managers of venture capital funds. A manager forming a VC fund should consider certain factors to reduce the registration burden, say Christopher Auguste and Sarah Kaehler of Kramer Levin Naftalis & Frankel LLP.
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Unclaimed Property In M&A Deals: Unwelcome Surprises
A target company’s historical compliance with unclaimed property laws is an important, but often overlooked, area for due diligence in M&A transactions. There are various ways for the buyer to control or limit its potential exposure, say Marc Musyl, Sarah Seedig and Jonathan Lessner of Greenberg Traurig LLP.
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TARP Auctions: Considerations For PE Fund Managers
A private fund planning to purchase Troubled Asset Relief Program preferred stock auctioned by the U.S. Treasury should keep in mind the regulatory implications of owning equity in a bank holding company, say Edwin del Hierro and Julie Kunetka of Kirkland & Ellis LLP.
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The Latest FCPA Target: Private Fund Advisers
The U.S. Securities and Exchange Commission's Foreign Corrupt Practices Act case against a former Morgan Stanley executive — the first FCPA case involving a private fund investment adviser — reemphasizes to investment firms the importance of establishing effective anti-corruption internal controls in protecting both the entity and individual personnel from such enforcement, say attorneys with Ropes & Gray LLP.
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REO To Rental: A New Paradigm For The US Housing Sector
The prospect for an extended period of high levels of home loan delinquencies, foreclosure proceedings and real estate owned is causing regulators, mortgage lenders and investors to re-examine traditional approaches to handling REO. This is generating increased interest in an interim strategy of a transition from single family REO to rental uses of such properties, say attorneys with Dechert LLP.