M&A news and insight for the middle market

Danielle Fugazy

Dare I Say It?

May 18, 2009 - After debating whether or not I should attend this year’s ACG Intergrowth conference, I decided to go for it and I am glad I did. Although attendance was down slightly compared to last year’s, the event was still packed. The network opportunities were abundant. It was good to catch up with old friends and make news ones—after all that’s what Intergrowth is all about. It almost seemed like the Capital Connection could have been longer.

Saving a Buck

April 13, 2009 - “Spending time on the portfolio” can take on various meanings, depending on the PE firm.

What Stimulus?

March 9, 2009 - Everyone wants to get back to business as usual, but with each passing day it becomes clearer that business as we once knew it not coming back for a long, long time. Lately, I started to think that we were getting close to bottom—I heard of some hirings, I heard about some deals that seemed positive, etc., but recently I've seen more news that would seem to indicate I was mistaken.

A Bright Spot In Today's Dark Economy

February 16, 2009 - It’s hard to find strong growth sectors with all that’s wrong in the economy, but the good news is all hope is not lost. As many experts predicted, the healthcare industry remains relatively strong. In fact, although more than 2.5 million jobs were lost in 2008, healthcare was the exception, jobs were actually created in the sector.

Can Anyone Say Venture?

January 5, 2009 - At the end of 2008, TPG Capital quietly decided to return capital to its limited partners. The firm, which had amassed a war chest of $20 billion for its latest fund, is returning as much as 10% of LP’s investments, trimming its fund size by a maximum of $2 billion. TPG is also cutting its management fee by 1% to 1.5 percent. U.K.-based Permira also returned money to its investors, reaching an agreement with its limiteds that could cut its fund from €11.1 billion to €9.6 billion. A third example might reflect a trend.

Happy Shopping

December 1, 2008 - For the first Monday in a long time I went to work feeling semi-optimistic. According to various estimates, the holiday shopping season opened with retail sales increasing by at least 3% over last year. By some accounts, sales rose by as much as 8%. Shoppers spent an average of $373 over the weekend, fantastic news considering analysts were predicting an 11% drop in spending over Black Friday weekend.

Don’t Forget to Vote

November 3, 2008 - I love how today everyone will tell you: ‘Don’t forget to vote.’ As if you could. This has been the longest, not to mention most expensive, election ever. John Edwards was the first candidate to throw his hat in the ring and that was on December 26th, 2006. In other words, we have been living through this presidential election for almost two years.

A Lookback

October 6, 2008 - As someone who covers the private equity industry and has several family members working at investment banking houses, I am constantly reading the mainstream news and looking back, trying to figure out exactly when everything went so wrong. Last week, I came across an article from The New York Times, dated Sept. 30, 1999. The article talks about easing credit to afford people the opportunity to buy houses. I found the piece very interesting given where we are today. I have excerpted a few passages below.

Buying Into the Bailout

September 8, 2008 - Returning to work after Labor Day seemed like it was going to be pretty dreary, that is until the US government announced it would take control of Fannie Mae and Freddie Mac.

Second Half Brings More Of The Same

June 23, 2008 - In the first quarter, many M&A professionals were hopeful that things would improve in the second or third quarter. Then the second quarter came, and some forecasted recovery was going to happen in the third or fourth quarters. But now that the third quarter is officially upon us, most people I talk to expect the second half will bring more of the same.

Infrastructure Leading the Way?

May 19, 2008 - The proposed $12.8 billion takeover of the Pennsylvania Turnpike that Citi put on the table is being billed by the state’s governor as a “slam dunk.” Citi Infrastructure Investors, joined by advisory group Babcock & Brown and Spanish transport and communications firm Albertis Infrastructure, beat out rival bidding groups led by Goldman Sachs and Macquarie to win rights to the highway.

Where's the Debt?

April 15, 2008 - Certainty of close has become a growing issue for PE firms. One solution, as some have discovered, is to eschew any outside financing.

Mid-Market Can’t Escape Credit Crunch

March 10, 2008 - I hate to be the one to say it, because I don’t like being the “downer”, but there’s little question now that the credit crunch is impacting the middle market.

Where's the Action In China?

January 29, 2008 - It seems like a no-brainer for U.S. private equity firms to put money to work in China, but of course it isn’t that simple.

The Pervasive and Persistent SEIU

December 6, 2007 - It seems like every day I get another press release from the Service Employees International Union (SEIU) complaining about a portfolio company of a private equity firm. Not too long ago they made noise about Toys R Us, a KKR-backed company, having to do a product recall, while more recently they pushed a wheelbarrow of pretend cash along Pennsylvania Avenue, near Caryle Group's offices, to criticize what they view as tax breaks for private equity…