Private equity correspondent
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Jun 25, 2012

Suitors eye higher bid for food group Iglo: sources

LONDON (Reuters) – Private equity groups Blackstone (BX.N: Quote, Profile, Research, Stock Buzz) and BC Partners BCPRT.UL are working on a higher offer for frozen foods maker Iglo Group after rival Permira PERM.UL rejected their 2.5 billion euro ($3.1 billion) bid as too low, people familiar with the situation said.

Blackstone and BC, the last two bidders in the hunt for the Birds Eye fish fingers maker, teamed up last week to table a final bid for the company.

Jun 21, 2012

Boots deal fuels buyout buzz

LONDON (Reuters) – Talk of a pick-up in private equity deals is back on the agenda after KKR & Co LP (KKR.N: Quote, Profile, Research, Stock Buzz) sold Alliance Boots ABN.UL to a U.S. pharmacy group, allowing KKR to exit its 2007 leveraged buyout, Europe’s largest-ever.

It’s not the only sizeable deal on the menu of professional dealmakers.

Blackstone Group LP (BX.N: Quote, Profile, Research, Stock Buzz) and BC Partners BCPRT.UL teamed up to bid for frozen goods group Iglo, a deal worth 2.8 billion euros ($3.56 billion) in what would be the largest private equity deal in Europe so far this year.

Jun 20, 2012

Buyout groups team up for joint Iglo bid: sources

LONDON (Reuters) – Blackstone (BX.N: Quote, Profile, Research, Stock Buzz) and BC Partners BCPRT.UL are jointly bidding for frozen foods group Iglo, hoping to divide the spoils rather than fight it out in what could be Europe’s largest buyout of the year, a person familiar with situation said on Wednesday.

The two private equity groups were the last in the frame for the Birds Eye Fish Fingers maker, which seller Permira PERM.UL hopes will fetch 2.8 billion euros ($3.5 billion) when binding bids are tabled on Thursday.

Jun 18, 2012

AXA private equity raises $8 billion for bank asset buys

LONDON (Reuters) – AXA Private Equity has raised a larger than expected $8 billion from investors, much of which it will use to take assets off the hands of banks cutting down their exposure in the face of rampant regulation.

Banks, in dire need to fortify their capital buffers, are in a rush to offload private equity assets they spent billions on in the heady days before the financial crisis, causing a flurry in so-called secondary sales.

Jun 15, 2012

Private equity firms call off sale of Denmark’s KMD-bankers

LONDON, June 15 (Reuters) – Private equity firm EQT and
Danish pension fund ATP have given up on the sale of Danish IT
group KMD after offers failed to meet price expectations,
banking sources said on Friday.

The company was put up for sale earlier this year and
attracted interested from private equity funds Nordic Capital
and Advent International. But the process has now been pulled
after bids fell short of the price tag of around 700 million
euros ($881.8 million), banking sources said.

Jun 13, 2012

Private equity courts pension funds for M&A finance

LONDON (Reuters) – Starved of finance from hard-pressed banks, private equity firms in Europe are sounding out yield-hungry pension funds, insurers and sovereign wealth funds as alternative sources of the finance they need to do deals.

If they are successful, they will open up a funding channel that could prove vital in keeping the private equity sector in business as the European bank sector struggles to escape from the clutches of the euro-zone crisis.

Jun 13, 2012

Dealtalk: Private equity courts pension funds for M&A finance

LONDON (Reuters) – Starved of finance from hard-pressed banks, private equity firms in Europe are sounding out yield-hungry pension funds, insurers and sovereign wealth funds as alternative sources of the finance they need to do deals.

If they are successful, they will open up a funding channel that could prove vital in keeping the private equity sector in business as the European bank sector struggles to escape from the clutches of the euro-zone crisis.

Jun 6, 2012

Apax: A private equity firm with a revolving door

NEW YORK/LONDON (Reuters) – Apax Partners has lost or terminated more than half of its senior dealmakers over the past five years, a high level of turnover. Some investors say this is a concern as they decide whether to invest in a new fund that Apax, one of the world’s largest private equity firms, is hoping will raise 9 billion euros (7 billion pounds).

Since 2007, when it raised an 11.2 billion euro fund, 31 out of Apax’s 50 partners have departed, according to company documents shared with investors that were reviewed by Reuters, and publicly available data. Over the same period, the firm has cut the number of partners to 35 and has replaced the heads of all five of its sector teams, according to the documents and the firm’s website.

Jun 6, 2012

Insight: Apax: A private equity firm with a revolving door

NEW YORK/LONDON (Reuters) – Apax Partners LLP has lost or terminated more than half of its senior dealmakers over the past five years, a high level of turnover. Some investors say this is a concern as they decide whether to invest in a new fund that Apax, one of the world’s largest private equity firms, is hoping will raise 9 billion euros ($11.2 billion).

Since 2007, when it raised an 11.2 billion euro fund, 31 out of Apax’s 50 partners have departed, according to company documents shared with investors that were reviewed by Reuters, and publicly available data. Over the same period, the firm has cut the number of partners to 35 and has replaced the heads of all five of its sector teams, according to the documents and the firm’s website.

Jun 1, 2012

Buyout firms bid for Peugeot’s GEFCO unit-sources

PARIS/LONDON, June 1 (Reuters) – A field of mainly private
equity firms has tabled offers for Peugeot’s car
delivery group GEFCO, valuing the business at up to 1.2 billion
euros ($1.48 billion), people familiar with the situation said.

At least six private equity groups including Apollo,
Axa Private Equity, Bain, CVC, PAI and Pamplona tabled
indicative offers for up to 90 percent of the trucking unit,
which Peugeot is offloading after its operating losses in the
second half slumped to 497 million euros..