TPG reaches for some vintage Goldman fairy dust

October 29, 2015

The buyout shop hired the bank’s former president, Jon Winkelried, to be co-CEO. That suggests no one internal was better suited than a man who rode off mid-financial crisis for a cowboy’s life. The Goldman imprimatur may help with, say, an IPO but it doesn’t always stick.

Aussie bid battle questions wine’s standalone case

August 12, 2014

Two buyout groups have submitted rival $3.1 bln offers for the world’s only big listed wine producer. Australia’s Treasury Wine could benefit from better management. But a fragmented market and low brand loyalty also suggests the business is not suitable for the stock market.

Private equity discord is best collusion defense

August 7, 2014

Blackstone, KKR and TPG are paying $325 mln to resolve allegations that they conspired to limit buyout prices. Three other firms previously settled for less. Carlyle is holding out for now. Legally, there’s safety in numbers. Yet they can’t even agree on how to resolve the case.

PE firms must have skin in game post-IPO

October 28, 2009

Private equity groups needing exits will have to leave more on the table for shareholders when they float portfolio companies to overcome investor scepticism resulting from IPOs like Debenhams.

BlackRock may fancy revisiting Blackstone heritage

January 23, 2014

Larry Fink’s firm manages $4.3 trln while Steve Schwarzman’s, with only 6 pct of the assets, now earns just as much. For BlackRock, a chip off Blackstone 20 years ago, private equity must be tempting. It dumped a plan to build such a business but could buy one like, say, TPG.

Brewing deal marks dawning of new PE era

October 15, 2009

Rumours of the demise of the mega buyout would appear to have been exaggerated. CVC’s $2.23 billion purchase of Anheuser-Busch InBev’s breweries in nine eastern European countries is the latest multi-billion dollar private equity deal to roll off the production line. It follows Blackstone’s bid for ABInBev’s U.S. theme parks and a deal involving CVC for British bus and train group National Express.