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| | | Old media, new love: AT&T and Time Warner reach $85B deal |
| | AT&T (NYSE: T) has agreed to acquire Time Warner (NYSE: TWX) in a stock-and-cash transaction valued at $107.50 per share. The roughly $85.4 billion deal would make the 20th-century icon of telecommunications a massive player in the 21st century’s shifting landscape of “television.”
Reports of a potential deal proliferated the headlines Friday, and investors showed their feelings about by... |
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| | | | | | | | | Debt usage in US M&A remains historically low |
| | Even as multiples remain stubbornly high across multiple sectors, debt usage remains low.
This is primarily the result of a confluence of factors, including stricter regulations, cash-rich buyers and a general trend toward buying and building as a strategy on the part of PE investors. In that last case, firms aren’t relying as much on financial engineering as they used to, looking instead to deploy more equity in deals to avoid overburdening portfolio companies with barely serviceable debt loads.
Of course, that necessitates shrewd operational enhancements, but that’s always been an integral part of PE ownership—the most popular methods simply vary over time. It must be noted that... |
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| | | | | | | | | Attack on Dyn dims internet |
| | On Friday, the lights went out on many prominent websites, including Amazon, Twitter and Spotify, after calculated DDoS attacks on cloud-based internet performance management company Dyn. The attacks, which came from tens of millions of IP addresses, essentially overwhelmed servers, causing webpages to deny service to internet users in an outage that affected much of the US East Coast, among other regions.
Dyn, which found itself in the crosshairs of at least three separate attacks, is backed by PE and VC investors such as Pamplona Capital Management, Borealis Ventures and North Bridge Growth Equity. The company has raised roughly $100 million in funding to date, including a $50 million Series B in May at a $356 million valuation, according to the PitchBook Platform.
To learn more about Dyn, which clearly manages much more of the internet than you thought, check out today's free profile for a look at the company's financing history, cap table, management and more. |
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| | | | | | | | | | | No longer barbarians at the gate, today’s private equity giants seem to be unshakable Wall Street institutions. A thoughtful, thorough look at the state of the industry. [The Economist]
The tech scene is booming in Seattle. But just like in Silicon Valley, it’s still largely dominated by white men. A group called HERE Seattle is working to change that. [The Seattle Times]
On the miserable new world of hedge fund managers. [Bloomberg]
GDP stagnation was a major subject at the final US presidential debate. Has the country’s economy slowed down for good? [The Atlantic] |
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| Since yesterday, the PitchBook Platform added: | | 341 Deals | 1379 People | 528 Companies | 9 Funds |
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| | | 2008 Vintage US Buyout Funds ($100M - $250M) |
| | | Median IRR | | | | Top Quartile IRR Hurdle Rate | | | | 1x Median TVPI | $93.2M Average Amount Distributed |
| | | | *IRR: net of fees | | 28 Funds in Benchmark » |
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| | | EQT finalizes $2.4B Press Ganey deal |
| | | Healthcare Services | South Bend, IN | Public-to-Private Buyout |
| EQT has completed its previously announced take-private buyout of Press Ganey for $40.50 per share, representing a total value of about $2.35 billion. Press Ganey is a conductor of patient-satisfaction surveys for the healthcare sector. Vestar Capital Partners had backed the business since 2008, retaining majority ownership after a 2015 IPO. The company has ceased trading on the NYSE under the ticker symbol PGND. |
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| | | | | | | | | HCI Equity supports foodservice merger |
| | | Containers & Packaging | Exton, PA | Add-on |
| AmerCare, a portfolio company of HCI Equity Partners since 2014, has merged with Royal Paper Products to form a new company that will operate as AmerCareRoyal. The two merged companies are providers of disposable products used in the foodservice, janitorial and hospitality industries. Mufson Howe Hunter & Company provided financial advice to Royal Paper Products on the transaction. |
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| | | | | | | | | PE-backed Bravo Sports adds on Nutcase |
| | | Recreational Goods | Portland, OR | Add-on |
| | | | | | | | | McNally Capital flies off with minority stake in Genesys |
| | | Aerospace and Defense | Mineral Wells, TX | PE Growth |
| McNally Capital has announced an investment in Genesys Aerosystems, a provider of integrated avionics systems for aircraft manufacturers and operators. The company’s existing management will retain a majority stake. McNally Capital is a merchant bank that partners with a network of family offices and individual investors to make and manage direct private equity investments. |
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| | | Riverside strikes growth deal with GEV |
| | | Industrial Parts | Bergkirchen, Germany | PE Growth |
| The Riverside Company has made an investment in GEV, a distributor of commercial kitchen-equipment parts in Europe. The company’s primary customers are small businesses that repair equipment for restaurants, bars and other foodservice providers. |
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| | | Genstar to sell Acrisure to management |
| | | Multi-line Insurance | Caledonia, MI | Buyout |
| A group led by CEO and co-founder Greg Williams has agreed to conduct a management buyout of Acrisure from Genstar Capital. Genstar had backed the US provider of retail insurance since 2013. The company has some 2,700 employees operating 86 locations in 26 states. |
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| | | Rockland launches new energy fund |
| | | The Woodlands, TX | Energy |
| Rockland Capital is seeking $450 million for its Rockland Power Partners III fund, with a hard cap of $500 million, according to an SEC filing. The firm’s previous energy vehicle closed on $425 million in 2013. Rockland invests in a variety of targets and deal types within the power-generation industry and related sectors. |
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