Toby Mitchenall
Permira partner Veronica Eng has said ‘any manager worth its salt’ is taking a hard look at its portfolio companies and carefully broaching new investments amid today’s unprecedented financial climate. Phoenix CFO Steve Darrington, meanwhile, expects unsettled investors to flock to smaller managers.
Banks and private equity firms can breathe a small sigh of relief at UBS’ settlement with Tank & Rast, writes Toby Mitchenall.
The mid-market buyout firm has agreed to a refinancing package – increasingly rare given credit dislocation – for sportswear brand Odlo on terms ‘very similar’ to the senior debt agreement put in place at the time of its original acquisition in 2006.
The buyout giant has said ‘a number of market conditions’ caused its investment portfolio to lose $1.2bn in value in the first half of 2008, while the firm’s compensation costs for an expanding stable of employees grew by 80 percent.
The London- and Paris-based secondaries shop has closed its latest fund and is looking forward to the ‘attractive opportunity’ for the secondaries market caused by credit market dislocation.
The global buyout group is in exclusive talks with credit checking giant Experian to buy its French electronic payments business, in a week in which the firm has already executed two Latin American deals and a Japanese fund close.
The listed private equity investor revealed its first write-down in seven years this morning. However, the group’s shares rose in early trading as investors reacted positively to the firm’s interim results statement.
The emerging markets specialist has executed another African PIPE deal, this time taking part of Tunisia’s largest listed company.
The US private equity firm will add a second struggling German bank to its portfolio, purchasing a 91 percent stake in business bank IKB, which entered into an 'existential crisis' in July 2007.
The London-based private equity firm has diversified its buyout business with the purchase of 50 percent stake in Indicus Advisers.