PE Revisiting the Piecemail Exit
August 10, 2010
During the ‘80s, leveraged buyouts never pretended to be anything pleasant or polite. Assets were acquired and sponsors would commence to stripping. It must have been an advisors’ dream, because every investment spawned three or four subsequent exits, sometimes more.
When LBOs rebranded as private equity, these kinds of deals were supposed to be a thing of the past. A lot of GPs adapted, while just as many seemed to disappear. Anyone remember Robert Campeau, who bought and bankrupted Federated in the ‘80s? His lasting legacy is a website created by an angry ex-wife.
Recently, though, private equity firms have revisited a practice their past, and in a handful of cases have turned to the piecemail exit for liquidity. My guess is that it’s the only alternative for assets that have been collecting dust in the portfolios.
Last week, we saw DLJ Merchant Banking walk away from its investment in DeCrane after 12 years, an exit completed through two sales and a restructuring of the remaining assets. Vestar, meanwhile, unloaded Joerns Healthcare, the second sale to come out of its 2000 buyout of Sunrise Medical, which was subsequently split up into four separate companies. And then July, Wind Point Partners’ Waterbury Companies sold off a number of brands and assets to Zep’s Amrep subsidiary.
I don’t think a piecemail exit necessarily implies anything corrupt. It certainly doesn’t make these firms locusts – it’s not as if they’re not buying them with a carveup strategy in place. And it doesn’t even have to reflect a failed investment. Vestar, for instance, floated DynaVox in April, which was its first exit from the Sunrise Medical buyout. The IPO at the time allowed the firm to record an 11x return on paper.
But I do think we’ll see more of these piecemail deals as fund lives start to expire and PE groups pick the grays out of their portfolio.
47 Comments
ecommerce site ecommerce website design ecommerce cart ecommerce site web design charges ecommerce design SEO
Posted by: sed d | January 17, 2012 5:13 AM
singapore personal loan local seo marketing hosting unlimited bandwidth ecommerce solution Singapore company registration Money Lending Services ecommerce templates e-commerce companies
Posted by: sed d | January 17, 2012 5:12 AM
met a man like my father did bailey uggs on sale things have changed again this room? Dong Xiaokui hesitated not to speak. cheap ugg bailey button brow lift uggs classic mini quite Han strength of character uggs classic short everyone stood up tall uggs for sale began to meet most uggs bailey buttons stared Mouguang Yingying Xu II. ugg bailey button cheap slumped against the chair
Posted by: cheapuggs b | January 16, 2012 9:16 PM
I'll doubtlessly recommend it to the friends of mine. They have luck of support as well as requirement. certificate program | associate degree | online bachelor degree | master degree | doctoral degree
Posted by: Anon y | January 12, 2012 12:19 AM
house style human hair wigs beauty&style
Posted by: Bjorn w | January 11, 2012 12:53 AM
house style human hair wigs beauty women quotes
Posted by: Bjorn w | January 11, 2012 12:49 AM
I am currently teaching a class and part of the curriculum involves this subject matter. Do you have any other posts I can look at regarding this? florist Los Angeles
Posted by: Reasthous12 R | January 5, 2012 6:19 AM
I am very online blackjack journal much satisfied by this info playing advisor in this website and the nice casino cruise ships technology is onlinepoker info just visible in this flash bingo tips website that's way a 23 casinos all of 932 casino blog the members video poker info visit this website. Thanks you bingo info guide very much for 16 live bingo providing the nice info.
Posted by: shane w | January 2, 2012 1:16 AM
You have a great knowledge on subject.Thanks for sharing such an article where education of people matters the most. Alprazolam dosage
Posted by: Alprazolam d | December 31, 2011 3:25 AM
cheap womens uggs The answer must lay up duo. Wei Ran. Blessed One. Busch family line. However, in order to coarse. Can not be good also. Ma bran rice soup. Ginger dish one.uggs outlet stores In the following, I have great interest and Lu Ti walk in there, was also interest in the rest under a willow tree. - Now that the groundsale ugg boots.
Posted by: meter g | December 30, 2011 12:30 AM
As today what will happen we can't say..Anyways i am glad their is always some people like you busy making posts like this that actually make a difference. It was nice reading about this. Here I find really very new & valuable information. VigRX Plus and Dental White
Posted by: David J | December 27, 2011 1:42 PM
Thanks a lot mate for putting effort in writing this amazingly useful article! Male Enhancement Pills and Bathmate
Posted by: David J | December 27, 2011 9:50 AM
You have a great knowledge on subject.Thanks for sharing such an article where education of people matters the most. Dental White and Sytropin
Posted by: Bruce M | December 26, 2011 6:40 PM
That's really a marvelous post. This post contains useful information which helps us a lot. I have never seen such a great post. your wonderful post can inspire a lot and helps us. I visit your website often and share with my friends. Best Diet Pills Male Extra and Bathmate
Posted by: Bruce M | December 26, 2011 6:31 PM
I have you bookmarked your web site to check out the brand new stuff you post. Should you're keen on having a visitor web blog poster please reply and let me know. I will give you unique content in your website, thanks. HGH Advanced Review and UniqueHoodia
Posted by: Bruce M | December 26, 2011 6:16 PM
Thanks for taking the time to discuss and share this with us, I for one feel strongly about it and really enjoyed learning more about this topic. I can see that you possess a degree of expertise on this subject, I would very a lot like to hear much more from you on this subject matter. Slim Weight Patch and Pure Acai Berry Max
Posted by: Bruce M | December 26, 2011 6:09 PM
Thanks for taking the time to discuss and share this with us, I for one feel strongly about it and really enjoyed learning more about this topic. I can see that you possess a degree of expertise on this subject, I would very a lot like to hear much more from you on this subject matter. Capsiplex and Meratol
Posted by: Bruce M | December 26, 2011 6:05 PM
I have surf the internet looking for topics such as these and it is here where I find it written and stated well. Diet Tea and Tava Tea
Posted by: Bruce M | December 26, 2011 5:54 PM
I wanted to thank you for this great read!! I definitely enjoying every little bit of it I have you bookmarked to check out new stuff you post. Take a look at HGH Advanced or other HGH Supplements
Posted by: Bruce M | December 26, 2011 5:46 PM
Hello,I love reading through your blog, I wanted to leave a little comment to support you and wish you a good continuation. Wishing you the best of luck for all your blogging efforts. Teeth Whitening Reviews or HGH
Posted by: Bruce M | December 26, 2011 5:40 PM
This is a great inspiring article. I am pretty much pleased with your good work. You put really very helpful information. Keep it up. Keep blogging. Looking to reading your next post. Provacyl and GenFX
Posted by: Bruce M | December 26, 2011 5:35 PM
Great posting! I really like the way you are sharing the unique take on this subject. Keep it up! Proactol Plus and Ultimate Maqui Berry
Posted by: Bruce M | December 26, 2011 5:15 PM
Your explanation about the topic is very clear. Everyone can understand! Male Extra Bathmate
Posted by: Rinalds K | December 26, 2011 1:25 PM
I really loved reading your blog. It was very well authored and easy to understand. Unlike additional blogs I have read which are really not that good. Best Diet Pills Human Growth Hormone
Posted by: Rinalds K | December 26, 2011 12:20 PM
This post is exactly what I am interested. we need some more good information. Please add more good information that would help others in such good way. Nuratrim GenFX
Posted by: Jake D | December 26, 2011 11:22 AM
I'm sure you spent numerous effort and time updating your blog. I have bookmarked it and I am taking a look ahead to reading new articles. Please keep up the good articles!GenF20 Plus Phen375
Posted by: Jake D | December 26, 2011 11:13 AM
I really have enjoyed this great and fun article.Mini LED Spot Light
Posted by: ray z | December 19, 2011 2:17 AM
canada goose gloves How often did not want, Liang Ji's sister Liang Queen died. Han Huan like Deng elegant. Liang Ji sent an assassin to kill the mother of Deng and elegant. Unexpectedly, that the assassin was caught, interrogated down, is sent to the Great General Liang Ji. Deng elegant Han Huan told these things. Previously, I do not know how many people killed Liang Ji, Han Huan from, but ask; moment immediate concern Deng elegant mother's head, and it is also terrible! Han Huan secretly to discuss with the five eunuchs certainly, to send more than a thousand Guards, suddenly surrounded Liang Ji's house, and received his great general and India, forcing Liang Ji drink poison to commit suicide. Ka's children, relatives and some to death, and some waste to civilians. With good high-ranking official Liang Ji, eliminating more than 300 small government, court officials on the almost empty.discount kids ugg boots sale Having submitted the military affairs of the Han Emperor skills are praised. After a month, have disarmed the three barracks. Having submitted for the appointment of Han Emperor responsible for the capital security, defense of the lieutenant. In this war, the Han Emperor found two talented strategist: Having submitted one, the other is young general Li Guang.sale ugg boots.
Posted by: meter g | December 13, 2011 11:26 PM
Hello,I love reading through your blog, I wanted to leave a little comment to support you and wish you a good continuation. Wishing you the best of luck for all your blogging efforts.70-433 dumps// 70-448 dumps// 1z0-051 dumps// 640-801 dumps// 70-686 dumps// 640-816 dumps// 70-662 dumps// 1z0-052 dumps//
Posted by: johns a | December 10, 2011 4:00 AM
This is my first time I have visited here. I found a lot of interesting information in your blog. I guess I am not the only one who noticed this! keep up the impressive work. :pandroid tablet pc
Posted by: Knife M | December 7, 2011 9:44 PM
You can then choose to draw the wings on the dragon body. For wings drawing, start with a single line coming from the back of the dragon body and curve it upward up to a point and then curve it to create the wing shape. Then draw several lines to create the umbrella like lines on the wings. However tattoo supplies, you can freely decide whether add the wings to the dragon or not since sometime the dragon doesn't have wings in many fairtails.
Posted by: Jack C | November 18, 2011 2:03 AM
packers jersey, Charles Woodson Jersey,Ryan Grant Jersey,Aaron Rodgers Green Jersey Dallas, on the Ryan Grant Green Jersey other hand, is not A.j. Hawk Green Jersey playing good football. Clay Matthews Green Jersey They lost in heartbreaking Aaron Kampman Green Jersey fashion at New England Donald Driver Green Jersey this weekend. Charles Woodson Green Jersey Their only two wins Greg Jennings Green Jersey are over San Francisco Jermichael Finley Green Jersey (a miracle comeback) B.j. Raji Green Jersey and Washington (won without scoring a touchdown).
Posted by: kaijili e | November 14, 2011 3:44 AM
This is my first time I have visited here. I found a lot of interesting information in your blog. I guess I am not the only one who noticed this! keep up the impressive work. :p seagull mountain resort
Posted by: Jeremiah J | November 8, 2011 6:56 AM
This is my first time I have visited here. I found a lot of interesting information in your blog. I guess I am not the only one who noticed this! keep up the impressive work. :p seagull mountain resort
Posted by: Jeremiah J | November 8, 2011 6:55 AM
Last year DLJ Merchant Banking walk away from its investment in DeCrane! They have been present there for 12 years. lpn to rn
Posted by: Marko M | October 30, 2011 2:25 PM
flying f158 flytouch pad galaxy tab 7 bluetooth keyboard godier led touch screen watch godier led touchscreen watch godier touch screen watch
Posted by: lijie l | October 27, 2011 8:57 AM
flying f158 flytouch pad galaxy tab 7 bluetooth keyboard godier led touch screen watch godier led touchscreen watch godier touch screen watch
Posted by: lijie l | October 27, 2011 8:56 AM
This article is on 'PE Revisiting the Piecemail Exit' written by Ken MacFadyen who is the editor of Mergers & Acquisitions Journal. It is great to read this article written by Mr. MacFadyen. One can use inkjet cartridges and a printer to get a physical copy of the article.
Posted by: Kathy B | October 25, 2011 1:25 AM
i69 4g
i69 4g
i69 4gPosted by: racking x | October 21, 2011 10:20 PM
. It must have been an advisors' dream, because every investment spawned three or four subsequent exits, sometimes more. angry birds backpack black angry birds backpack boa hancock nude
Posted by: panda w | October 21, 2011 8:14 AM
I think the idea behind this is so good. You should definitely run with this so much. rei ayanami nude momo 1000
Posted by: panda w | October 20, 2011 3:10 AM
rei ayanami nude momo 1000
Posted by: panda w | October 20, 2011 3:09 AM
oakley sunglasses is one of the leading sports performance brands in the world. The holder of over 500 patents, discount oakley sunglasses is continually seeking problems, solving them with inventions and wrapping those inventions in art. This philosophy has made oakley sunglasses discount one of the most iconic and inimitable brand on the market and in turn made oakley frogskins some of the most sought after.welcome to our oakley sunglasses outlet. with big discount ,all oakley holbrook in lowest price.
Posted by: farily b | October 18, 2011 3:04 AM
oakley sunglasses is one of the leading sports performance brands in the world. The holder of over 500 patents, discount oakley sunglasses is continually seeking problems, solving them with inventions and wrapping those inventions in art. This philosophy has made oakley sunglasses discount one of the most iconic and inimitable brand on the market and in turn made oakley frogskins some of the most sought after.welcome to our oakley sunglasses outlet. with big discount ,all oakley holbrook in lowest price.
Posted by: farily b | October 18, 2011 2:58 AM
I think the idea behind this is so good. You should definitely run with this so much. zoloft lawsuit
Posted by: john j | September 26, 2011 9:03 PM
This is happening more and more. The economy is effecting all of these buyouts. I hope to see it get better in the future. Alarmforce Complaints
Posted by: james l | September 24, 2011 4:58 PM
I think that a piecemail exit will never work, theres needs to be a more soild plan of action.
my fast mortgage | money to go | mortgage money blog \ mortgage broker store | power of sales in ontario | private lenders mortgages | private loans lenders | private lenders in ontario | private money loans second mortgages | power of sales in toronto | second mortgages ontario canada 2nd \ 2nd mortgage with bad credit 2nd | mortgage brokers in toronto ontario | mortgage brokers in ontario canada | lender hard money lenders | second mortgages | private loans and mortgages | private loans and mortgages
Posted by: jon p | September 1, 2011 4:36 PM
Add Your Comments...
Already Registered?
If you have already registered to Money Management Executive, please use the form below to login. When completed you will immeditely be directed to post a comment.
Not Registered?
You must be registered to post a comment. Click here to register.