PEI: Harvesting New Opportunities
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The Mergers & Acquisitions Review
The MergersAppendix 1 & AcquisitionsABOUT THE AUTHORS Review THOMAS SACHER Ashurst LLP Thomas Sacher is a partner at NinthAshurst LLP Edition since 1 July 2015. From 1986 through June 2015 Thomas Sacher was a member and, from 1992 through June 2015, partner of another German law firm. He studied law at the universities of Munich and Regensburg and received admission to the Bar in 1986.Editor In 1990 he received a PhD (Dr jur) from the University of Regensburg. Mark Zerdin Dr Sacher specialises in the areas of M&A, private equity and venture capital. He advises his national and international clients in a variety of corporate law matters related to domestic and cross-border transactions and provides legal advice on transformations, mergers, formation of joint ventures, stock option plans and other corporate transactions. ASHURST LLP Ludwigstraße 8 80539 Munich Germany Tel: +49 89 24 44 21 100 Fax: +49 89 24 44 21 101 [email protected] www.ashurst.com Law Business Research 857 The Mergers & Acquisitions Review The Mergers & Acquisitions Review Reproduced with permission from Law Business Research Ltd. This article was first published in The Mergers & Acquisitions Review - Edition 9 (published in August 2015 – editor Mark Zerdin) For further information please email [email protected] The Mergers & Acquisitions Review Ninth Edition Editor Mark Zerdin Law Business Research Ltd PUBLISHER Gideon Roberton BUSINESS DEVELOPMENT MANAGER Nick Barette SENIOR ACCOUNT MANAGERS Katherine Jablonowska, Thomas Lee, Felicity Bown ACCOUNT MANAGER Joel Woods PUBLISHING MANAGER Lucy Brewer MARKETING ASSISTANT Rebecca Mogridge EDITORIAL COORDINATOR Shani Bans HEAD OF PRODUCTION Adam Myers PRODUCTION EDITOR Anna Andreoli SUBEDITOR Hilary Scott MANAGING DIRECTOR Richard Davey Published in the United Kingdom by Law Business Research Ltd, London 87 Lancaster Road, London, W11 1QQ, UK © 2015 Law Business Research Ltd www.TheLawReviews.co.uk No photocopying: copyright licences do not apply. -
Gategroup Acquired by RRJ Capital (UPDATED)
gategroup acquired by RRJ Capital (UPDATED) By Rick Lundstrom on March, 29 2019 | Partnerships, Collaborations & Acquisitions gategroup Holding AG announced today that RRJ Capital has agreed to purchase all outstanding shares in gategroup from HNA Group. Upon completion of the transaction, RRJ Capital will become gategroup’s sole shareholder and Temasek would remain invested in gategroup through a mandatory exchangeable bond. The transaction is expected to happen in April. "Today marks another milestone for RRJ Capital and Temasek and is a natural next step following from our initial investment in the company in 2018,” said Richard Ong, Founder and Chairman of the RRJ Capital and member of gategroup’s Board of Directors. “Over the past three years gategroup has, thanks to its strong management team, made swift progress on the implementation of their successful Gateway 2020 Strategy. We look forward to supporting their growth aspirations.” RRJ Capital is an investment firm that focuses on long-term private equity investments. RRJ manages approximately US$11 billion in funds, with portfolio companies in Asia, Australia, Europe and the United States. RRJ is based in Singapore and Hong Kong. “We are absolutely delighted to work with RRJ Capital and Temasek going forward as they contribute their expertise, network and growth track record to gategroup,” said Xavier Rossinyol, CEO of gategroup. “We are pleased that two reputed global investors have recognized the value in gategroup and our future growth potential. gategroup has made significant progress thanks to the excellent support of the HNA Group leadership team and the guidance of Chairman Adam Tan. “We are grateful for their support in progressing our Gateway 2020 strategy which we defined in 2015 and has allowed us to achieve exceptional performance for the fourth consecutive year, including an all-time high in revenue and EBITDA in 2018.” UPDATE - April 4, 2019: gategroup Holding AG announced that RRJ Capital has completed the acquisition of all outstanding shares in gategroup from HNA Group. -
Financial Services & Technology
Leadership Newsleter Financial Services & Technology Fall 2015 GTCR Firm Update Since the firm’s inception in 1980, GTCR has partnered with management teams to build and transform growth businesses, investing over $12 billion in more than 200 companies. In January 2014, we closed GTCR Fund XI, the firm’s largest fund to date, with $3.85 billion of limited partner equity capital commitments. To date, we have made five investments in Fund XI. Financial Services & Technology Group Update GTCR's Financial Services & Technology group has stayed very busy in 2015: with the sale of three porfolio companies, Premium Credit Limited, Fundtech and AssuredPartners; the pending sales of Ironshore and The Townsend Group; and the acquisition by Opus Global of Alacra, a provider of KYC compliance workflow sotware to financial institutions. Industry Viewpoints During the extended bull market since the Great Recession, “fintech” has become one of the hotest segments of the economy in terms of media and investor focus. The space has received intense media atention and an influx of capital from venture capitalists and traditional strategic buyers looking to avoid falling behind the curve. Unlike many industries where wholesale technology changes can quickly upend a traditional landscape, financial services requires a more nuanced evolution of technological progress given heightened regulatory requirements, dependence on human capital and the need for trust in financial markets. Many new entrants in the fintech space (both companies and investors) have focused heavily on the “tech” and less on the “fin.” Unlike many new investors in the space, GTCR sees technology not as a separate subsector but as an integral part of financial services, and we have been investing behind the adoption of technology throughout the industry for over two decades. -
Powered by People UOB’S Wee Yap Yeo on SE Asia Mezzanine Strategy Asian Regulators, Vcs Grapple with the Crowdfunding Phenomenon? Page 7 Page 15
Asia’s Private Equity News Source avcj.com September 16 2014 Volume 27 Number 34 EDITOR’S VIEWPOINT The uncertain world of China short-selling Page 3 NEWS Ardian, Baidu, Baring, Fosun, Gobi, KKR, Macquarie, MSPEA, Redbright, Partners Group, Permira, PEP Page 4 FUNDS Leapfrog raises $400m financial services fund Page 12 DEAL OF THE WEEK Standard Chartered taps chemical tanker demand Page 13 INDUSTRY Q&A Powered by people UOB’s Wee Yap Yeo on SE Asia mezzanine strategy Asian regulators, VCs grapple with the crowdfunding phenomenon? Page 7 Page 15 FOCUS DEAL OF THE WEEK Shop till they drop? Service with a smile Alibaba, Rocket and online retail overseas Page 10 Mekong makes 9x on Vietnam dining deal Page 13 Private Equity & Venture Forum Taiwan 2014 20 November • Westin Taipei GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY avcjtaiwan.com Join the leading private equity Simultaneous translation is available conference in Taiwan! 活動全程提供 中英文同傳。 reasons to attend 5 : Gain insights from the world’s leading private equity firms and local market leaders Network and collaborate with like-minded industry professionals Understand latest policy developments and the impact on your business Explore the hot sectors with senior industry practitioners Examine the implications of the latest and future industry trends BY TYPE OF COMPANY BY TITLE BY COUNTRY China Managing Director / 3% Partner / CFO, GPs 22% Hong Kong LPs 12% Principal / VP / Japan Associate, 1% 50% Director / GM / Taiwan Chief Rep., 80% 19% Limited General Chairman / CEO / President, Singapore Partners, -
Private Equity Investment in Health Care in 2018: a Year in Review Page 1 of 9
Private Equity Investment in Health Care in 2018: A Year in Review Page 1 of 9 Private Equity Investment in Health Care in 2018: A Year in Review PG Bulletin March 14, 2019 Alé Dalton (Bradley Arant Boult Cummings LLP, Nashville, TN) Cody G. Robertson (InnovAge, Denver, CO) Jed Roebuck (Chambliss Bahner & Stophel PC, Chattanooga, TN) This Bulletin is brought to you by AHLA’s Transactions Affinity Group of the Business Law and Governance Practice Group. 2018 saw a remarkable volume and breadth of private equity and venture capital investment in health care, with transactions spanning the spectrum of primary care, to specialty care, to whole hospital systems, and reaching beyond the direct provision of care to ancillary services involving data management and electronic health records. The industry saw similar breadth in transaction size, ranging from single practice acquisitions to multi-billion dollar take-private transactions. This Bulletin summarizes five notable transactions or clusters of transactions that were indicative of private equity investment in health care in 2018. Primary Care Enters the Conversation After years of private equity focus on specialty providers, 2018 saw significant investor interest in primary care. Two notable https://www.healthlawyers.org/Members/PracticeGroups/blg/alerts/Pages/Private_Equity_In... 4/6/2019 Private Equity Investment in Health Care in 2018: A Year in Review Page 2 of 9 transactions highlight the growing investment in the primary care space: the $350 million investment in One Medical by The Carlyle Group and a $100 million Series E investment in Iora Health. One Medical is the largest independently held primary care practice in the United States. -
HELLAS TELECOMMUNICATIONS (LUXEMBOURG) II SCA Case No
UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK In re: Chapter 15 HELLAS TELECOMMUNICATIONS (LUXEMBOURG) II SCA Case No. 12-10631 (MG) Debtor in a Foreign Proceeding. ANDREW LAWRENCE HOSKING and BRUCE MACKAY, in Adv. Pro. No. 14-01848 (MG) their capacity as joint compulsory liquidators and duly authorized foreign representatives of HELLAS TELECOMMUNICATIONS (LUXEMBOURG) II SCA, Plaintiffs, -against- TPG CAPITAL MANAGEMENT, L.P., f/k/a TPG CAPITAL, L.P., and APAX PARTNERS, L.P., on behalf of themselves, -and- DAVID BONDERMAN, JAMES COULTER, WILLIAM S. PRICE III, TPG ADVISORS IV, INC., TPG GENPAR IV, L.P., TPG PARTNERS IV, L.P., T3 ADVISORS II, INC., T3 GENPAR II, L.P., T3 PARTNERS II, L.P., T3 PARALLEL II, L.P., TPG FOF IV, L.P., TPG FOF IV-QP, L.P., TPG EQUITY IV-A, L.P., f/k/a FIRST AMENDED COMPLAINT TPG EQUITY IV, L.P., TPG MANAGEMENT IV-B, L.P., TPG COINVESTMENT IV, L.P., TPG ASSOCIATES IV, L.P., TPG MANAGEMENT IV, L.P., TPG MANAGEMENT III, L.P., BONDERMAN FAMILY LIMITED PARTNERSHIP, BONDO-TPG PARTNERS III, L.P., DICK W. BOYCE, KEVIN R. BURNS, JUSTIN CHANG, JONATHAN COSLET, KELVIN DAVIS, ANDREW J. DECHET, JAMIE GATES, MARSHALL HAINES, JOHN MARREN, MICHAEL MACDOUGALL, THOMAS E. REINHART, RICHARD SCHIFTER, TODD B. SISITSKY, BRYAN M. TAYLOR, CARRIE A. WHEELER, JAMES B. WILLIAMS, JOHN VIOLA, TCW/CRESCENT MEZZANINE PARTNERS III NETHERLANDS, L.P., a/k/a TCW/CRESCENT MEZZANINE PARTNERS NETHERLANDS III, L.P., TCW/CRESCENT MEZZANINE PARTNERS III, L.P., a/k/a TCW/CRESCENT MEZZANINE FUND III, L.P., TCW/CRESCENT MEZZANINE TRUST III, TCW/CRESCENT MEZZANINE III, LLC, TCW CAPITAL INVESTMENT CORPORATION, DEUTSCHE BANK AG, and DOES 1-25, on behalf of themselves and a class of similarly situated persons and legal entities, Defendants. -
Broken Confidences Sebastiaan Van Den Berg of Harbourvest Partners Are PE Players Losing Sleep Over Australia’S Super Fund Disclosure Rules? Page 7 Page 19
Asia’s Private Equity News Source avcj.com February 25 2014 Volume 27 Number 07 EDITOR’S VIEWPOINT Bumper PE deal flow in 2013 flatters to deceive Page 3 NEWS Baring Asia, CalPERS, CDH, EQT, Fosun, GGV, Hopu, IDFC, IFC, INCJ, Kendall Court, Morningside, NSSF, Origo, Samena, Temasek Page 4 ANALYSIS Australia’s mid-market GPs wait patiently for a buyout rebound Page 16 INDUSTRY Q&A HESTA’s Andrew Major and QIC’s Marcus Simpson Page 11 Broken confidences Sebastiaan van den Berg of HarbourVest Partners Are PE players losing sleep over Australia’s super fund disclosure rules? Page 7 Page 19 FOCUS FOCUS Diversity in distress The collective spirit GPs adjust to evolving special situations Page 12 Crowdfunding gains traction down under Page 14 PRE-CONFERENCE ISSUE AVCJ PRIVATE EQUITY AND VENTURE CAPITAL FORUM AUSTRALIA 2014 Anything is possible if you work with the right partner Unlocking liquidity for private equity investors www.collercapital.com London, New York, Hong Kong EDITOR’S VIEWPOINT [email protected] Managing Editor Tim Burroughs (852) 3411 4909 Staff Writers Andrew Woodman (852) 3411 4852 Mirzaan Jamwal (852) 3411 4821 That was then, Winnie Liu (852) 3411 4907 Creative Director Dicky Tang Designers Catherine Chau, Edith Leung, Mansfield Hor, Tony Chow Senior Research Manager this is now Helen Lee Research Manager Alfred Lam Research Associates Herbert Yum, Isas Chu, Jason Chong, Kaho Mak Circulation Manager FROM 2006 OR THEREABOUTS, AUSTRALIA pace during the second half of 2013. A total of Sally Yip Circulation Administrator suddenly became the destination in Asia for GPs nine PE-backed offerings raised record proceeds Prudence Lau focused on leveraged buyout deals. -
Dealflow Report the NEWS, INFORMATION, and ANALYSIS of SMALL CAP EQUITY FINANCE Volume I, No
dealflow report THE NEWS, INFORMATION, AND ANALYSIS OF SMALL CAP EQUITY FINANCE Volume I, No. 38 report.dealflowmedia.comreport.dealflow.com October 8, 2012 SMALL CAP MARKETS SMALL CAP FINANCING PICKED • The small cap financing market picked up in the third quarter. UP IN THIRD QUARTER AS • China’s agreement with the PCAOB may not VOLATILITY DECLINED boost investment. by Dan Lonkevich • An SEC commissioner called for a Small cap and microcap financing activ- markets at Roth Capital Partners in New- comprehensive review of regulatory structure ...2 ity picked up in the third quarter as a less port Beach, Calif. “There’s a slight uplift • Sun River reached a settlement with three volatile stock market helped companies to from issuer stock prices. When they feel investors who accused it of fraud ........................3 feel better about their valuations. better about their stock price, they’re more Publicly traded companies made at least willing to do deals.” DATES & DEADLINES 246 private placements of equity in the Roth Capital helped arrange six PIPEs • A listing of important events coming up in the quarter, raising $11.2 billion. It was the worth $68.8 million in the third quarter. small cap financing market ...............................4 most active third quarter for the PIPE mar- Concerns about the upcoming presi- ket since 2008. dential election and uncertainty about how PIPEs In 2011’s third quarter, there were only the results might affect their businesses is • BioFuel Energy may need to raise capital ...........6 227 PIPEs that raised $11 billion. causing many companies to take advantage • Antares Pharma raised $50M for an arthritis The data excludes PIPEs that raised less of the recent uptick in their stock prices to drug ........................................................................6 than $1 million and transactions by for- raise capital now rather than waiting, Gure- • Cantor is providing a $45M ATM for Unilife .......7 eign companies that weren’t listed on U.S. -
Annual Report on the Performance of Portfolio Companies, IX November 2016
Annual report on the performance of portfolio companies, IX November 2016 Annual report on the performance of portfolio companies, IX 1 Annual report on the performance of portfolio companies, IX - November 2016 Contents The report comprises four sections: 1 2 3 4 Objectives Summary Detailed Basis of and fact base findings findings findings P3 P13 P17 P45 Annual report on the performance of portfolio companies, IX - November 2016 Foreword This is the ninth annual report The report comprises information and analysis With a large number of portfolio companies, on the performance of portfolio to assess the potential effect of Private Equity a high rate of compliance, and nine years of ownership on several measures of performance information, this report provides comprehensive companies, a group of large, of the portfolio companies. This year, the and detailed information on the effect of Private Equity (PE) - owned UK report covers 60 portfolio companies as at 31 Private Equity ownership on many measures of businesses that met defined December 2015 (2014:62), as well as a further performance of an independently determined 69 portfolio companies that have been owned group of large, UK businesses. criteria at the time of acquisition. and exited since 2005. The findings are based Its publication is one of the steps on aggregated information provided on the This report has been prepared by EY at the portfolio companies by the Private Equity firms request of the BVCA and the PERG. The BVCA adopted by the Private Equity has supported EY in its work, particularly by industry following the publication that own them — covering the entire period of Private Equity ownership. -
Industry Outsiders Japan Debut Through Tokai Kanko Investment What Can Female Gps Do to Shatter Private Equity’S Glass Ceiling? Page 7 Page 13
AVCJ Private Equity & Venture Forum 2011 AVCJ Private Equity & Venture Forum 2011 Japan Hong Kong 18 - 19 October 2011 7 - 10 November 2011 www.avcjjapan.com www.avcjforum.com ASIAN VENTURE CAPITAL JOURNAL Asia’s Private Equity News Source avcj.com July 26 2011 Volume 24 Number 27 Editor’s VieWpoint The Asian office: local, regional or both? PRIVATE EQUITY ASIA Page 3 neWs 3i, Actis, CalPERS, Carlyle, CHAMP PE, CICC, CITIC PE, IDG, Khazanah, KIC, LaSalle, Lone Star, Sequoia, Warburg Pincus M&A ASIA Page 4 focus Retirement homes have emerged as a private equity hot spot in Japan Page 12 Deal of the Week Hony Capital makes Industry outsiders Japan debut through Tokai Kanko investment What can female GPs do to shatter private equity’s glass ceiling? Page 7 Page 13 Deal of the Week analysis Indian power play Third-party flaws Blackstone closes in on Visa Group deal Page 13 PRC investment structures spark concerns Page 14 AVCJ Private Equity & Venture Forum GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY 24 TH ANNUAL avcjforum.com Hong Kong 2011 7-10 November . Grand Hyatt Hong Kong The premier gathering for Private Equity investors in Asia Visit avcjforum.com for the latest programme and confirmed speakers KEyNoTEs John Connaughton David Rubenstein Christopher Flowers henry Kravis Managing Director Co-Founder & Chairman & Co-Founder, BAIN CAPITAL Managing Director Chief executive officer Co-Chairman & Co-Ceo THE CARLYLE GROUP j.C. fLOwERS & CO. LLC KOHLBERG KRAVIS ROBERTS & CO. howard Marks Jonathan M nelson David bonderman Chairman Ceo Founding partner -
Private Equity Buyouts in Healthcare: Who Wins, Who Loses? Eileen Appelbaum and Rosemary Batt Working Paper No
Private Equity Buyouts in Healthcare: Who Wins, Who Loses? Eileen Appelbaum* and Rosemary Batt† Working Paper No. 118 March 15, 2020 ABSTRACT Private equity firms have become major players in the healthcare industry. How has this happened and what are the results? What is private equity’s ‘value proposition’ to the industry and to the American people -- at a time when healthcare is under constant pressure to cut costs and prices? How can PE firms use their classic leveraged buyout model to ‘save healthcare’ while delivering ‘outsized returns’ to investors? In this paper, we bring together a wide range of sources and empirical evidence to answer these questions. Given the complexity of the sector, we focus on four segments where private equity firms have been particularly active: hospitals, outpatient care (urgent care and ambulatory surgery centers), physician staffing and emergency * Co-Director and Senior Economist, Center for Economic and Policy Research. [email protected] † Alice H. Cook Professor of Women and Work, HR Studies and Intl. & Comparative Labor ILR School, Cornell University. [email protected]. We thank Andrea Beaty, Aimee La France, and Kellie Franzblau for able research assistance. room services (surprise medical billing), and revenue cycle management (medical debt collecting). In each of these segments, private equity has taken the lead in consolidating small providers, loading them with debt, and rolling them up into large powerhouses with substantial market power before exiting with handsome returns. https://doi.org/10.36687/inetwp118 JEL Codes: I11 G23 G34 Keywords: Private Equity, Leveraged Buyouts, health care industry, financial engineering, surprise medical billing revenue cycle management, urgent care, ambulatory care. -
The Preqin Quarterly Update: Private Equity
Q1 2013 The Preqin Quarterly Update: Private Equity Content Includes: Fundraising We review the latest fundraising figures, including regional breakdown, time spent on the road, and the largest funds to close in the quarter. Investors We take a look at investor appetite for private equity in the year ahead, including geographies and strategies to be targeted. Buyout Deals We examine private equity buyout deals and exits in Q1 2013 by type, value and region. Venture Capital Deals We provide a breakdown of the latest venture capital deal activity by value, region and stage. Performance We analyze the latest performance data for private equity funds, featuring dry powder figures, IRRs by fund type and vintage and the PrEQIn Private Equity Quarterly Index. alternative assets. intelligent data. The Preqin Quarterly Update: Private Equity, Q1 2013 Download Data Foreword Private equity fundraising in the fi rst quarter of 2013 was relatively robust, with 130 funds closed having raised an aggregate $67.2bn. However, in an increasingly competitive fundraising market – 1,906 funds are in market as of the start of Q2 2013 – many LPs are choosing to invest in funds raised by more established managers. First-time funds that closed in Q1 2013 secured just $4.2bn in aggregate capital, compared to the peak of $31.6bn in Q2 2008. However, Preqin’s interviews with private equity investors in December 2012 reveal that investor attitudes towards fi rst-time fund managers are more positive moving forwards; half of LPs interviewed will consider committing to fi rst-time funds or those managed by spin-off teams in the following 12 months.