DOCSLIB.ORG

Federal Register/Vol. 80, No. 212/Tuesday, November 3, 2015/Notices

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Federal Register/Vol. 80, No. 212/Tuesday, November 3, 2015/Notices 67742 Federal Register / Vol. 80, No. 212 / Tuesday, November 3, 2015 / Notices reason, the Commission treats such implementing, enforcing, inviting, Hart-Scott-Rodino Antitrust conduct as ‘‘inherently suspect’’ (that is, offering, or soliciting an agreement with Improvements Act of 1976, requires presumptively anticompetitive).6 This any competitor to divide markets, to persons contemplating certain mergers means that an invitation to collude can allocate customers, or to fix prices. or acquisitions to give the Federal Trade be condemned under Section 5 without Section II, Paragraph C bars Step N Commission and the Assistant Attorney a showing that the respondent possesses Grip from urging any competitor to General advance notice and to wait market power.7 raise, fix or maintain its price or rate designated periods before The Commission has long held that an levels or to limit or reduce service terms consummation of such plans. Section or levels. invitation to collude violates Section 5 7A(b)(2) of the Act permits the agencies, of the FTC Act even where there is no Section II, Paragraph D forbids Step N Grip from instructing or encouraging a in individual cases, to terminate this proof that the competitor accepted the waiting period prior to its expiration invitation.8 There are various reasons distributor or seller to engage in the conduct proscribed in Section II, and requires that notice of this action be for this. First, unaccepted solicitations published in the Federal Register. may facilitate coordination between Paragraphs A through C. competitors because they reveal Sections III–VI of the Proposed Order The following transactions were information about the solicitor’s impose certain standard reporting and granted early termination—on the dates compliance requirements on Step N intentions or preferences. Second, it can indicated—of the waiting period Grip. be difficult to discern whether a provided by law and the premerger The Proposed Order will expire in 20 notification rules. The listing for each competitor has accepted a solicitation. years. Third, finding a violation may deter transaction includes the transaction similar conduct—conduct that has no By direction of the Commission. number and the parties to the legitimate business purpose.9 Donald S. Clark, transaction. The grants were made by Secretary. the Federal Trade Commission and the III. The Proposed Consent Order [FR Doc. 2015–27934 Filed 11–2–15; 8:45 am] Assistant Attorney General for the The Proposed Order contains the BILLING CODE 6750–01–P Antitrust Division of the Department of following substantive provisions: Justice. Neither agency intends to take Section II, Paragraph A of the any action with respect to these Proposed Order enjoins Step N Grip FEDERAL TRADE COMMISSION proposed acquisitions during the from communicating with its Granting of Request for Early applicable waiting period. competitors about rates or prices, with Termination of the Waiting Period a proviso permitting public posting of Under the Premerger Notification rates. Rules Section II, Paragraph B prohibits Step N Grip from entering into, participating Section 7A of the Clayton Act, 15 in, maintaining, organizing, U.S.C. 18a, as added by Title II of the EARLY TERMINATIONS GRANTED MARCH 1, 2015 THRU SEPTEMBER 30, 2015 03/03/2015 20150580 ...... G FMR LLC; The Guardian Life Insurance Company of America; FMR LLC. 03/06/2015 20150597 ...... G Accenture plc; Robert E LaRose Revocable Trust; Accenture plc. 20150614 ...... G Hitachi Ltd.; Pentaho Corporation; Hitachi Ltd. 20150628 ...... G Healthstream, Inc.; Dan Littrell; Healthstream, Inc. 20150637 ...... G Elliott International Limited; Informatica Corporation; Elliott International Limited. 20150638 ...... G 3M Company; Ivera Medical Corporation; 3M Company. 20150639 ...... G Elliott Associates, L.P.; Informatica Corporation; Elliott Associates, L.P. 20150648 ...... G Fir Tree Value Master Fund, L.P.; CDK Global, Inc.; Fir Tree Value Master Fund, L.P. 20150651 ...... G Harbour Group Investments VI, L.P.; Audax Private Equity Fund III, L.P.; Harbour Group Investments VI, L.P. 20150655 ...... G Berwind Corporation; Windjammer Senior Equity Fund III, L.P.; Berwind Corporation. 2015), available at https://www.ftc.gov/system/files/ Commission can condemn it ‘‘without proof of has been endorsed by leading antitrust scholars. See documents/public_statements/735411/150813 market power or actual effects’’). P. Areeda & H. Hovenkamp, VI ANTITRUST LAW section5speech.pdf. 8 See, e.g., In re Valassis Commc’ns, Inc., 141 ¶ 1419 (2003); Stephen Calkins, Counterpoint: The 6 See, e.g., In re North Carolina Bd. of Dental F.T.C. 247 (2006); In re Stone Container, 125 F.T.C. Legal Foundation of the Commission’s Use of Examiners, 152 F.T.C. 640, 668 (2011) (noting that 853 (1998); In re Precision Moulding, 122 F.T.C. 104 Section 5 to Challenge Invitations to Collude is inherently suspect conduct is such that be (1996). See also In re McWane, Inc., Docket No. Secure, ANTITRUST Spring 2000, at 69. In a case ‘‘reasonably characterized as ‘giv[ing] rise to an 9351, Opinion of the Commission on Motions for brought under a state’s version of Section 5, the intuitively obviously inference of anticompetitive Summary Decision at 20–21 (F.T.C. Aug. 9, 2012) First Circuit expressed support for the effect.’’’ (citation omitted)). (‘‘an invitation to collude is ‘the quintessential Commission’s application of Section 5 to 7 See, e.g., In re Realcomp II, Ltd., 148 F.T.C. example of the kind of conduct that should be . invitations to collude. Liu v. Amerco, 677 F.3d 489 ___, No. 9320, 2009 FTC LEXIS 250 at *51 (Oct. 30, challenged as a violation of Section 5’ ’’) (citing the (1st Cir. 2012). 2009) (Comm’n Op.) (explaining that if conduct is Statement of Chairman Leibowitz and 9 In re Valassis Comm’c, Inc., 141 F.T.C. 247, 283 ‘‘inherently suspect’’ in nature, and there are no Commissioners Kovacic and Rosch, In re U-Haul (2006) (Analysis of Agreement Containing Consent cognizable procompetitive justifications, the Int’l, Inc., 150 F.T.C. 1, 53 (2010)). This conclusion Order to Aid Public Comment). VerDate Sep<11>2014 19:22 Nov 02, 2015 Jkt 238001 PO 00000 Frm 00045 Fmt 4703 Sfmt 4703 E:\FR\FM\03NON1.SGM 03NON1 mstockstill on DSK4VPTVN1PROD with NOTICES Federal Register / Vol. 80, No. 212 / Tuesday, November 3, 2015 / Notices 67743 EARLY TERMINATIONS GRANTED—Continued MARCH 1, 2015 THRU SEPTEMBER 30, 2015 03/09/2015 20150117 ...... G Ingredion Incorporated; Penford Corporation; Ingredion Incorporated. 20150664 ...... G Rite Aid Corporation; TPG VI DE AIV II, L.P.; Rite Aid Corporation. 20150671 ...... G WPP plc; comScore, Inc.; WPP plc. 20150675 ...... G WPP plc; comScore, Inc.; WPP plc. 20150685 ...... G Heinz Hermann Thiele; Vossloh AG; Heinz Hermann Thiele. 03/11/2015 20150656 ...... G LLR Equity Partners IV, L.P.; Generation Capital Partners II LP; LLR Equity Partners IV, L.P. 20150676 ...... G TPG Magnate Holdings, L.P.; Mossi & Ghisolfi S.p.A.; TPG Magnate Holdings, L.P. 03/12/2015 20150594 ...... G Providence Equity Partners VI L.P.; Schoolwires, Inc.; Providence Equity Partners VI L.P. 20150608 ...... G Kevin A. Plank; MyFitnessPal, Inc.; Kevin A. Plank. 20150649 ...... G TA XI L.P.; Michael Miola; TA XI L.P. 20150654 ...... G The Pennsylvania State University; Catholic Health Initiatives; The Pennsylvania State University. 20150682 ...... G Arrow Electronics, Inc.; immixGroup, Inc.; Arrow Electronics, Inc. 03/13/2015 20150684 ...... G Valeant Pharmaceuticals International, Inc.; Salix Pharmaceuticals, Ltd.; Valeant Pharmaceuticals International, Inc. 20150697 ...... G BDT Capital Partners Fund I AIV, L.P.; Marquette Transportation Company Holding; BDT Capital Partners Fund I AIV, L.P. 20150702 ...... G Michael J. Cantanucci; Wiesenthal Holding GmbH; Michael J. Cantanucci. 20150704 ...... G JLL Patheon Co-Investment Fund, L.P. (Cayman); IRIX Pharmaceuticals, Inc.; JLL Patheon Co-Investment Fund, L.P. (Cayman). 20150707 ...... G Todd L. Boehly; Eldridge Investors, LLC; Todd L. Boehly. 03/16/2015 20150647 ...... G New Media Investment Group Inc.; SF Holding Corp.; New Media Investment Group Inc. 20150712 ...... G Berkshire Hathaway Inc.; The Procter & Gamble Company; Berkshire Hathaway Inc. 20150714 ...... G Stifel Financial Corp.; Sterne Agee Group, Inc.; Stifel Financial Corp. 03/17/2015 20150674 ...... G Hanesbrands Inc.; Merit Mezzanine Fund V, L.P.; Hanesbrands Inc. 20150680 ...... G Merck & Co., Inc.; NGM Biopharmaceuticals, Inc.; Merck & Co., Inc. 20150708 ...... G Pacolet Milliken Enterprises, Inc.; Metalmark Capital Partners, L.P.; Pacolet Milliken Enterprises, Inc. 03/18/2015 20150657 ...... G JANA Offshore Partners, Ltd.; Computer Sciences Corporation; JANA Offshore Partners, Ltd. 20150658 ...... G JANA Nirvana Offshore Fund, Ltd.; Computer Sciences Corporation; JANA Nirvana Offshore Fund, Ltd. 20150699 ...... G Deutsche Telekom AG; Verizon Communications Inc.; Deutsche Telekom AG. 20150700 ...... G Verizon Communications Inc.; Deutsche Telekom AG; Verizon Communications Inc. 20150710 ...... G Philip and Jocelyn Hagerman; BioRx, LLC; Philip and Jocelyn Hagerman. 20150715 ...... G Catamaran Corporation; Brazos Equity Fund II, L.P.; Catamaran Corporation. 20150716 ...... G Warburg Pincus Private Equity X O&G, L.P.; Laredo Petroleum, Inc.; Warburg Pincus Private Equity X O&G, L.P. 03/19/2015 20150006 ...... G Waste Management Inc.; Deffenbaugh Disposal, Inc.; Waste Management Inc. 20150636 ...... G Hospira, Inc.; Pfenex Inc.; Hospira, Inc. 20150662
Load more

Recommended publications
  • Private Equity Overview
    Private Equity Overview Faegre Drinker’s national private equity practice FOCUSED on the has the experience to deliver success in large, middle market sophisticated transactions, as well as the agility and rate structure to equally excel in smaller transactions. Our private equity team is a core part of our 175-lawyer M&A practice, which over the past three years has OVER 175 dedicated closed over 725 deals with an aggregate value of over $100 billion. M&A professionals We know the private equity deal market, and we understand and apply the latest structures, strategies and practices for private equity deals, with extensive OVER 725 M&A deals experience on both the buy-side and the sell-side. We deliver value in advising funds, management, over the past three years co-investors and portfolio companies throughout the private equity life cycle. From acquisitions, to minority and control investments, day-to-day counseling, add- on acquisitions, recapitalizations and restructurings, OVER $100 BILLION and ultimately to the array of exit events, we provide aggregate deal value practical guidance and solutions throughout the full over the past three years range of opportunities and issues. We team with our national-level fund formation and governance professionals to offer additional levels of insight and experience, and we capitalize on the knowledge of our over 1,300 attorneys, consultants and professionals to deliver top-level value and results. Our team represents clients and leads transactions across a wide range of industries, including Sources say the group is manufacturing, consumer and retail, insurance, food and beverages, sports and entertainment, industrials, ‘excellent technically and, from a transportation and logistics, communications and media, health care, life sciences, education, financial customer service perspective, goes services, and technology.
    [Show full text]
  • Advancing the Role of the Finance Executive
    Advancing the role of the finance executive Built on the back of in-depth conversations with private equity CFOs, a 20-year heritage of our CFO community and the annual conference Contents » Connect. Evolve. Advance. » Past attendees list » Testimonials » Product offering » Messaging platform functionality » Unlock your networking opportunities with our virtual platform » Events 2 of 13 Advance your career Get direct access to industry peers and specialists who are tackling the same problems and obstacles you face. Benchmark your strategies and solutions to progress Connect. with confidence. Evolve. Advance your team Successful CFOs have a strong support team. Give Advance. your COO, CIO CCO, Finance Director and Controller The industry defining CFO & COO Forum All Access. Dive into a wide range of operational hot is now just one of the many essential topics from tax and compliance to recruitment, data updates we’ll give you throughout the year security management and cyber risk. with your CFO All Access subscription, designed around you to unlock: » Insider know-how – from CFO leaders at the top firms, to the innovators in the mid and lower market Advance your firm » Sector specific xpertisee – from technology to human capital to ESG The world is changing faster than ever – driven by macro issues such as climate change, a pandemic » Regulatory insight – direct from SEC global recession and political uncertainty. Progressive executives and directors strategies on ESG and diversity are no longer nice to » Authoritative market commentary – haves. LPs are directing capital to firms that take these from our acclaimed editorial team topics seriously and can show it.
    [Show full text]
  • Quarterly Report Q2 2009
    PEARL HOLDING LIMITED QUARTERLY REPORT Q2 2009 Quarterly report for the period from 1 April 2009 to 30 June 2009 2 PEARL HOLDING LIMITED QUARTERLY REPORT Q2 2009 PEARL HOLDING LIMITED The convertible bond issued by Pearl Holding Limited provides access to the private equity asset class. For the fi rst time, investors have the opportunity to buy into the earnings poten- tial of a broadly diversifi ed private equity portfolio, while enjoying capital protection and a 2% coupon. Its tailor-made structure makes the convertible bond suitable for German pri- vate and institutional investors (i.e. “sicherungsvermögens- und spezialfondsfähig”). This document is not intended to be an investment ad- vertisement or sales instrument; it constitutes neither an offer nor an attempt to solicit offers for the product described herein. This report was prepared using fi nan- cial information contained in the company’s books and records as of the reporting date. This information is be- lieved to be accurate but has not been audited by any third party. This report describes past performance, which may not be indicative of future results. The com- pany does not accept any liability for actions taken on the basis of the information provided. 3 TABLE OF CONTENTS 1 Investment manager´s report 4 2 Private equity market environment 8 3 Portfolio allocation 10 4 Portfolio 12 5 Portfolio overview 14 6 Financial figures 17 4 PEARL HOLDING LIMITED QUARTERLY REPORT Q2 2009 1 INVESTMENT MANAGER´S REPORT NAV in the context of the economic were offset to a certain extent by IFRS va- downturn luation methods used by the investment manager to refl ect the “fair value” of Pearl’s Against the backdrop of a persistently dif- portfolio.
    [Show full text]
  • Partners Group Private Equity
    SECURITIES AND EXCHANGE COMMISSION FORM NPORT-P Filing Date: 2020-08-26 | Period of Report: 2020-06-30 SEC Accession No. 0001752724-20-174334 (HTML Version on secdatabase.com) FILER Partners Group Private Equity (Master Fund), LLC Mailing Address Business Address 1114 AVENUE OF THE 1114 AVENUE OF THE CIK:1447247| IRS No.: 800270189 | State of Incorp.:DE | Fiscal Year End: 0331 AMERICAS AMERICAS Type: NPORT-P | Act: 40 | File No.: 811-22241 | Film No.: 201137479 37TH FLOOR 37TH FLOOR NEW YORK NY 10036 NEW YORK NY 10036 212-908-2600 Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ITEM 1. SCHEDULE OF INVESTMENTS. The Schedule(s) of Investments is attached herewith. Partners Group Private Equity (Master Fund), LLC (a Delaware Limited Liability Company) Consolidated Schedule of Investments — June 30, 2020 (Unaudited) The unaudited consolidated schedule of investments of Partners Group Private Equity (Master Fund), LLC (the “Fund”), a Delaware limited liability company that is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as a non-diversified, closed-end management investment company, as of June 30, 2020 is set forth below: INVESTMENT PORTFOLIO AS A PERCENTAGE OF TOTAL NET ASSETS Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Partners Group Private Equity (Master Fund), LLC (a Delaware Limited Liability Company) Consolidated Schedule of Investments — June 30, 2020 (Unaudited) Acquisition Fair Industry Shares Date Value Common Stocks (2.38%) Asia - Pacific (0.06%) Alibaba Group Holding Ltd. Technology 06/19/20 4,439 $ 957,581 APA Group Utilities 02/11/16 360,819 2,765,432 Total Asia - Pacific (0.06%) 3,723,013 North America (1.09%) American Tower Corp.
    [Show full text]
  • Private Equity Summary Report–July 2017
    Health Care Market Intelligence 2017 Private Equity Summary Report–July 2017 Table of Contents 1. A Mid-Year Review: 2017 Healthcare M&A 1. A Mid-Year Review: and Private Equity Landscape 2017 Healthcare M&A and PE Landscape A Look Back at the First Half of 2017 … 2. By the Numbers: Mid-Year At the midpoint of 2017, deal data suggests deal volume (both PE and M&A) 2017 M&A and PE Data continues to trend downward – a trend that started in 2016 – however, despite - Healthcare TEV/EBIDTA this, deal values are experiencing a surge. - M&A: Healthcare Services Activity Healthcare According to PwC, despite uncertainty on the healthcare reform - M&A: Healthcare M&A front, U.S. deal volume remained stable in the first half of 2017. Technology Activity HealthcareMandA.com, a unit of Irving Levin, found: - Digital Health Funding • M&A tapered off a bit in Q2 2017 compared to Q1 2017; deal volume fell 2011 – H1 2017 15% to 366 transactions (430 in Q1 2017). - Healthcare PE Deal Activity Volume Value • Deal volume was also down 14% from the same quarter in 2016. - Healthcare PE Exit Trends • That said, deal value reached $95.8 billion, an increase of 62% compared 3. 2017 H1 Activity: to Q1 2017 ($59.1 billion). Notable Developments Q2’s surge in deal value was in part attributed to investors’ acceptance 4. Looking Ahead: that healthcare reform would be a longer process than initially Remainder of 2017 anticipated. Healthcare PitchBook data suggests a significant increase in the value of PE PE investments in the first half of 2017 compared to the same period in 2016.
    [Show full text]
  • OPERF Private Equity Portfolio
    Oregon Public Employees Retirement Fund Private Equity Portfolio As of December 31, 2019 ($ in millions) Vintage Capital Total Capital Total Capital Fair Market Total Value Partnership IRR2 Year Commitment Contributed Distributed Value Multiple 1,2 2000 2000 Riverside Capital Appreciation Fund $50.0 $45.7 $80.4 $0.0 1.80x 19.1% 2003 2003 Riverside Capital Appreciation Fund $75.0 $80.7 $157.2 $0.0 2.06x 17.2% 2012 A&M Capital Partners $100.0 $68.8 $82.9 $50.2 2.16x 28.8% 2018 A&M Capital Partners Europe I $151.5 $17.9 $0.0 $13.4 0.75x NM 2018 A&M Capital Partners II $200.0 $33.5 $0.0 $32.9 0.98x NM 2016 ACON Equity Partners IV $112.5 $58.9 $7.7 $42.4 0.83x ‐10.8% 2019 Advent Global Technology $50.0 $0.0 $0.0 ($0.6) 0.00x NM 2019 Advent International GPE IX $100.0 $11.5 $0.0 $10.4 0.91x NM 2008 Advent International GPE VI A $100.0 $100.0 $195.2 $15.8 2.11x 16.8% 2012 Advent International GPE VII C $50.0 $47.1 $45.7 $39.7 1.82x 15.7% 2015 Advent Latin American Private Equity Fund VI C $75.0 $56.8 $15.0 $61.4 1.35x 17.3% 2019 Advent Latin American Private Equity Fund VII $100.0 $0.0 $0.0 $0.0 0.00x NM 2018 AEP IV OPERS Co‐Investments $37.5 $21.5 $0.0 $24.9 1.15x NM 2006 Affinity Asia Pacific Fund III $100.0 $95.3 $124.6 $10.9 1.42x 9.0% 2007 Apax Europe VII $199.5 $220.7 $273.6 $6.0 1.29x 4.5% 2016 Apax IX $250.0 $231.0 $6.6 $317.6 1.42x NM 2012 Apax VIII‐B $150.4 $158.8 $149.7 $115.5 1.70x 14.9% 2018 Apollo Investment Fund IX $480.0 $88.4 $0.9 $77.8 0.89x NM 2006 Apollo Investment Fund VI $200.0 $257.4 $385.2 $3.8 1.69x 8.7% 2008 Apollo
    [Show full text]
  • Global Industrials Trend Report: Q1 2014
    Global Industrials Trend Report: Q1 2014 Data analysis Quarterly Industrials M&A trend Even though the overall global M&A value saw an uptick in Q1 2014 (US$ 623.2bn) – up 10.1% on Q4 2013 and 38.6% on Q1 2013, – the Industrials sector (US$ 20.9bn in Q1 2014) did not manage to keep up with the growth. One of only two main sectors not to have a mega-deal announced during the quarter, it dropped by 44.3% from Q4 2013 (US$ 37.5bn) and by 7.6% from Q1 2013 (US$ 22.6bn) As a result, the sector’s combined deal value accounted for only 3.4% of global M&A in Q1 2014, and its share fell to the lowest levels since Q2 2009 (2%), with the sector losing almost half of its market share from Q4 2013 (6.6%). In contrast, TMT’s share of global M&A jumped from 23.5% in Q1 2013 and 16.5% in Q4 2013 to almost a third (28.5%) of all M&A in the first quarter of 2014 With the Technology sector gaining traction, the one Industrials sub-sector that appears to show strong performance is that with potential technology applications, Industrial automation. In fact, the sub-sector (US$ 1.3bn in Q1 2014) almost doubled from Q4 2014 (US$ 0.7bn), making Q1 2014’s value the sub-sector’s largest first-quarter value since Q1 2011 (US$ 1.3bn). The top Industrial automation deal this quarter was a US$ 548m-acquisition of Octo Telematics by Renova Group Industrials as a proportion of global M&A At the same time, the Industrial products and services sub-sector (US$ 17.3bn) slowed down, losing almost half of its value (48.5%) from Q4 2013 (US$ 33.6bn) and decreasing by 17.6% from Q1 2013 (US$ 21bn) The geography landscape of Industrials’ deals seems to be changing as well.
    [Show full text]
  • SUBMITTED VIA COURIER August 20, 2012 David A. Stawick Secretary
    SUBMITTED VIA COURIER August 20, 2012 David A. Stawick Secretary of the Commission Commodity Futures Trading Commission Three Lafayette Centre 1155 21st Street, N.W. Washington, D.C. 20581 Re: CFTC, Notice of Proposed Rulemaking on Aggregation, Position Limits for Futures and Swaps (RIN 3038-AD82) Dear Mr. Stawick: This letter is submitted by the Private Equity Growth Capital Council (“PEGCC”, “we” or “us”, as applicable) to supplement our comment letter, dated as of June 29, 2012 (“Initial Letter”), that was made in response to the above-referenced Notice of Proposed Rulemaking on Aggregation, Position Limits for Futures and Swaps (the “Proposing Release”) issued by the Commodity Futures Trading Commission (“CFTC” or “Commission”). The PEGCC is an advocacy, communications and research organization established to develop, analyze and distribute information about the private equity and growth capital investment industry and its contributions to the national and global economy.1 We appreciate the opportunity to supplement our Initial Letter. All capitalized terms used but not defined herein should be read as having the meanings assigned to them in our Initial Letter. As discussed in our Initial Letter, we believe that the Non-Majority Investment Exemption should be expanded to permit, in appropriate circumstances, disaggregation notwithstanding an investment that exceeds 50 percent. Because the proposed exemption would be limited to non-majority investments, the exemption would not be available with respect to 1 Established in 2007, and formerly known as the Private Equity Council, the PEGCC is based in Washington, D.C. The PEGCC’s members are 36 of the world’s leading private equity and growth capital firms united by their commitment to growing and strengthening the businesses in which they invest.
    [Show full text]
  • Themiddlemarket.Com
    G JUNE 2018 BUYER’S Referrals Fund administration I Recruiting Online services Valuation services D Virtual data rooms Non-traditional due diligence Back office technology Networking groups E Data providers 001_MAJ060118_001 1 TheMiddleMarket.com PUBLISHED IN PARTNERSHIP WITH 5/1/2018 3:43:47 PM 0C2_MAJ0618 2 4/30/2018 11:27:19 AM Contents June 2018 | VOL. 53 | NO. 6 Cover Story 16 Buyer’s Guide The M&A industry is going strong, with no signs of slowing down. In today’s fast-paced market, M&A pros are looking for a leg up on the competition and seeking ways to maximize investment returns. 16 30 32 Watercooler Columns Q&As 6 13 28 Why PE fims like physician practices Private equity perspective New kid on the block Welsh, Carson, Anderson, & Stowe form radi- LLR Partners has pioneered a digital strategy, “Greatest generational transder of wealth ology company through new venture. including website content and social media ever seen” benefits Brightstar’s debut fund. channels, to amplify its brand. 7 32 Dyal takes minority stake in Vector 14 Smaller stakes For mid-market PE firms, selling stakes in their The buyside Huron Capital’s Flex Fund courts owners who firms allows them to raise capital for growth. Nike and other specialty apparel makers are want growth while keeping control. embracing new technology trends. 8 Americans love snacks 30 People Moves Consumers are eating on-the-go snacks more Demad for specialization than ever and that is driving deals. Business services drive robust interest from 38 PE buyers. Norwest expands consumer group; Brogam taps Shell M&A exec.
    [Show full text]
  • Q3 2017 Buyout Exits Through M&A
    52 | BUYOUTS | October 9, 2017 www.buyoutsnews.com 3RD QUARTER EXITS Q3 2017 Buyout Exits Through M&A Date Target Name Sponsor Industry Value ($mil) Acquiror 08/28/2017 HighJump Software Inc Accel Partners High Technology - Korber Logistics Systems GmbH 08/01/2017 inVentiv Health Inc Advent International Corp Media and Entertainment $4,279.60 INC Research Holdings Inc 07/18/2017 Sabart Aero Tech SAS AIAC Materials - Hangzhou Jinjiang Group Co Ltd 07/17/2017 Buffalo Parent Gulf Coast Terminals LLC Alinda Capital Partners LLC Financials $2,168.12 SemGroup Corp 07/13/2017 Reliance Home Comfort LP Alinda Capital Partners LLC Industrials $3,428.04 CKP (Canada) Holdings Ltd 09/18/2017 Quail Ridge Apartments,Plainsboro,New Angelo Gordon & Co Real Estate $190.00 Kushner Cos Jersey 09/18/2017 Altamira Santander Real Estate Sa-Cinema Apollo Global Management LLC Media and Entertainment - HIG Capital LLC Complexplaza Eboli 09/04/2017 Apollo Global Management LLC-Hotel Apollo Global Management LLC Media and Entertainment $629.60 INVESCO Real Estate Management Portfolio,Germany(13) Sarl 09/01/2017 Century 21 Real Estate LLC- Offices(2), Lake Apollo Global Management LLC Real Estate - Baird & Warner Real Estate Inc Zurich & Cary,IL 07/12/2017 Novitex Holdings Inc Apollo Global Management LLC Consumer Products and $2,800.00 Quinpario Acquisition Corp 2 Services 08/07/2017 Xbridge Ltd Aquiline Capital Partners LLC Financials $490.00 The Travelers Cos Inc 08/01/2017 Certara LP Arsenal Capital Partners LP Consumer Products and - EQT VII Ltd Services 08/09/2017
    [Show full text]
  • Investment Expenses Report FY 2020
    Investment Expenses Report FY 2020 Thomas A. Bauer, CFA - Deputy Chief Investment Officer, Traditional Investments Charles J. Spiller – Deputy Chief Investment Officer, Non-Traditional Investments Jarid M. Snyder, CTP – Senior Investment Professional December 2, 2020 Summary ▪ Total Investment Expenses increased from $450 million in FY2019 to $515 million in FY2020 ▪ Base Fees for External Managers declined from $385 million to $381 million ▪ Profit Share for External Managers increased from $40 million to $106 million ▪ Investment Office Expenses increased from $24 million to $28 million ▪ Total Investment Expenses increased from 0.82% of Net Total Fund NAV in FY2019 to 0.90% in FY2020 ▪ Base Fees for External Managers declined from 0.70% to 0.67% ▪ Annual savings from Internal Management increased from $46 to $50 million and Internally Managed NAV increased from $25.1 to $27.8 billion ▪ Progress continues on implementation of the Fee Reduction Plan presented to the Board in August 2018 1 Framework ▪ Total Investment Expenses = External Manager Expenses + Investment Office Expenses ▪ Evaluate the outperformance (Alpha) we earned over the Board-approved policy benchmarks against the investment expenses we paid 2 Definition of Total Investment Expenses ▪ Peers use their own definitions ▪ No uniform reporting convention exists ▪ No uniform analysis framework exists ▪ No guidance has been issued by GASB, GIPS, GFOA, etc. ▪ Public Pension Funds can and do report and disclose expenses differently ▪ Therefore, peer-to-peer comparisons of Total
    [Show full text]
  • Federal Register/Vol. 84, No. 78/Tuesday, April 23, 2019/Notices
    16852 Federal Register / Vol. 84, No. 78 / Tuesday, April 23, 2019 / Notices and, as appropriate, the authority to PNG. Petitioners claim that this Hart-Scott-Rodino Antitrust object to operating permits proposed by permitting action: Failed to meet the Improvements Act of 1976, requires state permitting authorities under title V requirements for adequate public notice; persons contemplating certain mergers of the CAA, 42 U.S.C. 7661–7661f. grossly underestimates emissions and, or acquisitions to give the Federal Trade Section 505(b)(2) of the CAA and 40 thus, fails to assure compliance with Commission and the Assistant Attorney CFR 70.8(d) authorize any person to national ambient air quality standards General advance notice and to wait petition the EPA Administrator to object and state implementation standards; designated periods before to a title V operating permit within 60 fails to include adequate monitoring to consummation of such plans. Section days after the expiration of EPA’s 45- assure compliance with applicable 7A(b)(2) of the Act permits the agencies, day review period if EPA has not opacity standards; and failed to include in individual cases, to terminate this objected on its own initiative. Petitions an environmental justice analysis. waiting period prior to its expiration must be based only on objections to the On March 20, 2019, the Administrator permit that were raised with reasonable issued an Order denying the petition. and requires that notice of this action be specificity during the public comment The Order explains EPA’s basis for published in the Federal Register. period provided by the state, unless the denying the petition.
    [Show full text]