Toby Mitchenall
The founder of Terra Firma predicted more pain for the buyout industry as neither banks nor financial sponsors are willing to ‘come clean about their mistakes’ made during the credit boom era.
The troubled firm has now received almost $900m in proceeds from a string of exits in the last 12 months.
A new private banking service is a vote of confidence in the asset class, writes Toby Mitchenall.
Sausage casing maker Kalle has now passed to its third private equity owner in a €213m deal. Bank of Ireland led the €113m financing.
CD&R and One Equity Partners have become the latest private equity firms to dip their toes in the public markets.
The London-listed private equity firm has said reduced competition for deals and the prevalence of distressed sellers are reasons to bolster its dry powder.
As credit processes from UK banks take longer to complete, firms like Dunedin and Gresham are taking debt finance into their own hands.
The buyout giant is negotiating a capital restructuring of BorsodChem, the chemicals business it acquired for €1.6bn in 2006.
Mega-firms with dry powder are breaking the LBO mould to get deals done, writes Toby Mitchenall.
Due to its proliferation of leveraged buyout activity during the credit boom era, the UK is home to more distressed assets than any other European country, according to Close Brothers Corporate Finance.