DOCSLIB.ORG

Private Equity Portfolio Performance Report As Of: September 30, 2012

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Private Equity Portfolio Performance Report As Of: September 30, 2012 Water and Power Employees’ Retirement Plan (WPERP) Private Equity Portfolio Performance Report as of: September 30, 2012 Presented: February 27, 2013 This report is solely for the use of client personnel. No part of it may be circulated, quoted, or reproduced for distribution outside the client organization without prior written approval from Pension Consulting Alliance, Inc. Nothing herein is intended to serve as investment advice, a recommendation of any particular investment or type of investment, a suggestion of the merits of purchasing or selling securities, or an invitation or inducement to engage in investment activity. Pension Consulting Alliance, Inc. 0 Quarterly Report Q3-2012 Table of Contents Section Tab Program Detail 2 Review of Investment Performance 5 Review of Portfolio Structure 8 Partnership Summaries 14 Private Equity Market Overview 15 Appendices Individual Partnership Pages A Health Benefits Fund Overview B 1 Quarterly Report Q3-2012 1.0 Program Detail As of September 30, 2012, the Water and Power Employees’ Retirement Plan Private Equity Program (the Program) had $255.5 million in commitments across 11 partnerships. As of the end of the third quarter of 2012, $152.0 million in capital had been drawn down, $51.1 million in distributions had been made, and the Program had a reported value of $127.7 million. The net since inception internal rate of return (IRR) was 7.0% as of September 30, 2012, down from 7.1% as of June 30, 2012. Portfolio Detail (as of September 30, 2012) Since Peer Top Vintage Committed Invested Distributed Reported Partnership Type Age Inception Median Quartile Year Capital Capital Capital Value 1 1 Net IRR IRR IRR Lexington Capital Partners VI (LCP VI) Secondary Fund-of-Funds 2006 6.3 yrs. $30.0 M $30.6 M $16.0 M $20.3 M 5.5% 3.7% 8.9% Landmark Equity Partners XIII (LEP XIII) Secondary Fund-of-Funds 2006 5.8 yrs. $30.0 M $27.7 M $17.0 M $15.2 M 4.7% 3.7% 8.9% HRJ Capital Special Opportunities Fund II (SOF II) Primary Fund-of-Funds 2007 4.6 yrs. $20.0 M $18.0 M $6.0 M $16.4 M 5.7% 10.7% 16.3% Fisher Lynch Venture Fund II (FL II) Primary Fund-of-Funds 2008 4.4 yrs. $20.0 M $14.3 M $0.9 M $15.7 M 7.8% 3.4% 17.5% Landmark Equity Partners XIV (LEP XIV) Secondary Fund-of-Funds 2008 4.0 yrs. $30.0 M $17.4 M $4.7 M $16.6 M 17.7% 9.3% 17.5% Oaktree Principal Fund V (OPF V) Distressed Debt 2009 3.6 yrs. $16.0 M $11.8 M $0.9 M $12.1 M 6.3% 7.8% 10.8% Lexington Capital Partners VII (LCP VII) Secondary Fund-of-Funds 2009 2.8 yrs. $30.0 M $14.1 M $3.8 M $14.6 M 20.7% 9.3% 15.4% EnCap Energy Capital Fund VIII (ECF VIII) Growth: oil and gas 2011 1.6 yrs $12.5 M $4.4 M $1.5 M $3.6 M 26.2% NM NM Audax Mezzanine Fund III (AMF III) Mezzanine 2011 1.6 yrs $17.0 M $5.6 M $0.2 M $5.5 M 4.8% NM NM Vista Equity Partners Fund IV (VEP IV) Buyout 2011 0.8 yrs $25.0 M $8.1 M $0.0 M $7.7 M NM NM NM Ares Corporate Opportunities IV (ACOF IV) Special Situations 2012 --- $25.0 M --- --- --- --- --- --- Total Program --- --- --- $255.5 M $152.0 M $51.1 M $127.7 M 7.0% --- --- o Despite deploying a significant proportion of contributions prior to the economic crisis, the Program has generated an attractive net since inception return of 7.0% as of September 30, 2012. However the public equity markets exhibited a stronger rebound since the crisis including a very high one-year return, resulting in the Program underperforming its policy benchmark (the Russell 3000 Index + 300 basis points) over the latest one-year, three-year, five-year, and since inception time periods. o The Program’s reported value represents 1.7% of total Plan assets as of the end of the third quarter 2012. Including unfunded commitments of $104.1 million results in an approximate allocation of 3.0%. WPERP’s current target allocation to private equity is 4% with a long-term target of 5%. o Overall the Program is diversified across investment strategies based on net asset value, including buyouts (44%), venture capital (23%), special situations (23%), mezzanine (6%), and growth capital (4%). 1 Source: Thomson Reuters, by comparable universe (All Private Equity, Buyout, or Venture) and vintage year. 2 Quarterly Report Q3-2012 1.1 Program Evolution Initial commitments to the Program began in 2006 and focused on secondary fund-of-funds, given their unique diversification and cash flow characteristics. Additional commitments have been made to primary fund-of-funds targeting “special situations” (i.e. distressed strategies) and venture capital. The Program’s first commitment to a direct partnership (Oaktree Principal Fund V) began investing capital during the first quarter of 2009. The chart below highlights the evolution of the Program in terms of quarterly cash flows and since inception net IRRs at each quarter end. The Program is in the funding/portfolio construction stage as contributions (blue bars) represent the largest proportion of cash flows. The decline in the IRR in 2008 highlights the material valuation declines due to the financial crisis and the initial funding of the Program’s two primary fund-of-funds. During much of the financial crisis in 2009, contribution and distribution activity declined materially. Distribution activity increased significantly in 2011 as $17.2 million was returned to the Program, compared to $6.2 million during the full 2010 calendar year. Through the nine months of 2012, $14.4 million has been returned in the form of distributions, on pace to exceed 2011 ($17.2 million). Contribution activity in the first nine months of 2012 has increased as $27.3 million of capital was drawn, on pace to significantly exceed 2011 ($29.6 million). After strong increases in 2009 and 2010, the net since inception IRR has remained relatively stable since late 2010. Program's Quarterly Cash Flows and IRR $15.0 25% 20% $10.0 15% 10% $5.0 5% $0.0 0% IRR Millions ‐5% ‐$5.0 ‐10% ‐15% ‐$10.0 ‐20% ‐$15.0 ‐25% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 Contributions Distributions IRR 3 Quarterly Report Q3-2012 1.2 Quarter Valuation Change During the third quarter of 2012, the Program increased in value by a net $2.4 million. Approximately $6.5 million of capital was contributed to underlying partnerships during the quarter while $5.8 million was distributed from underlying partnerships. The holdings appreciated by approximately $1.7 million resulting in an aggregate valuation of $127.7 million as of September 30, 2012. Quarterly Reported Value Activity $140.0 $135.0 $6.5 $130.0 $1.7 $127.7 $125.3 $125.0 $5.8 $120.0 Millions $115.0 $110.0 $105.0 $100.0 6/30/2012 Contributions Distributions Valuation Change 9/30/2012 4 Quarterly Report Q3-2012 2.0 Review of Investment Performance This section examines the Program’s performance results from a variety of viewpoints, including: horizon IRR, investment multiple, and current payback. 2.1 Horizon IRR To compare performance across shorter time periods relative to policy benchmarks, PCA calculated customized “cash flow adjusted” benchmark returns. The actual cash flows (contributions and distributions) of WPERP’s private equity portfolio are assumed to be invested in the policy benchmark to arrive at a comparative performance measurement. As highlighted in the table below, the WPERP portfolio has underperformed the policy benchmark (Russell 3000 Index plus 300 basis points) over all periods evaluated. Over the latest year, the Russell 3000 posted a 30.2% return (not accounting for WPERP’s cash flows) which is well above long-term expectations for the public equity markets. In addition, the Program is in funding mode with many of the underlying partnerships still relatively immature and therefore valued more conservatively. Cash Flow Adjusted Benchmark Comparison: periods ending September 30, 2012 40.0% 35.8% 35.0% 30.0% 25.0% IRR 20.0% 17.6% 15.0% Horizon 13.0% 10.4% 10.8% 10.0% 7.5% 6.2% 7.0% 5.0% 0.0% One‐Year Three‐Year Five‐Year Since Inception* WPERP Portfolio Russell 3000 Index + 300 bps *initial capital call made in June of 2006 5 Quarterly Report Q3-2012 2.2 Investment Multiple: contributed capital vs. total value Another way to view a program’s progress is to examine the contributions, distributions, and reported value of a portfolio. Given the nature of private market investing, it is not uncommon for contributions to exceed distributions and reported value as investments are initially held at cost and management fees are assessed early in the partnership. The Program’s initial commitments had provided an attractive start as distributions combined with reported value of investments exceeded contributions through the calendar year 2007. However, funding of the primary funds-of-funds and valuation declines at year-end 2008 resulted in an investment multiple below 1.0x. The Program’s investment multiple has improved to 1.18x as of September 30, 2012.
Load more

Recommended publications
  • Combining Banking with Private Equity Investing*
    Unstable Equity? * Combining Banking with Private Equity Investing First draft: April 14, 2010 This draft: July 30, 2010 Lily Fang INSEAD Victoria Ivashina Harvard University and NBER Josh Lerner Harvard University and NBER Theoretical work suggests that banks can be driven by market mispricing to undertake activity in a highly cyclical manner, accelerating activity during periods when securities can be readily sold to other parties. While financial economists have largely focused on bank lending, banks are active in a variety of arenas, with proprietary trading and investing being particularly controversial. We focus on the role of banks in the private equity market. We show that bank- affiliated private equity groups accounted for a significant share of the private equity activity and the bank’s own capital. We find that banks’ share of activity increases sharply during peaks of the private equity cycles. Deals done by bank-affiliated groups are financed at significantly better terms than other deals when the parent bank is part of the lending syndicate, especially during market peaks. While bank-affiliated investments generally involve targets with better ex-ante characteristics, bank-affiliated investments have slightly worse outcomes than non-affiliated investments. Also consistent with theory, the cyclicality of banks’ engagement in private equity and favorable financing terms are negatively correlated with the amount of capital that banks commit to funding of any particular transaction. * An earlier version of this manuscript was circulated under the title “An Unfair Advantage? Combining Banking with Private Equity Investing.” We thank Anna Kovner, Anthony Saunders, Antoinette Schoar, Morten Sorensen, Per Strömberg, Greg Udell and seminar audiences at Boston University, INSEAD, Maastricht University, Tilburg University, University of Mannheim and Wharton for helpful comments.
    [Show full text]
  • PENSION FUND Annual Report and Financial Statements for the Year Ended 31 December 2020
    CERN/FC/6496 CERN/3571 Original: English 20 May 2021 ORGANISATION EUROPÉENNE POUR LA RECHERCHE NUCLÉAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH Action to be taken Voting procedures Simple majority of Member FINANCE COMMITTEE States represented and voting For recommandation th 377 Meeting and 51% of the contributions 16 June 2021 of all Member States Simple majority of Member OPEN COUNCIL States represented For decision 203th Session and voting 17-18 June 2021 PENSION FUND Annual Report and Financial Statements for the year ended 31 December 2020 Audited by representatives of the NATIONAL AUDIT OFFICE OF FINLAND The Finance Committee is invited to recommend to the Council and the Council is invited to approve the Annual Report and Financial Statements of the CERN Pension Fund for the year ended 31 December 2020 and to grant discharge to the Chief Executive Officer. PENSION FUND Annual Report and Financial Statements for the year ended 31 December 2020 The Financial Statements included in this Report are published in accordance with International Public Sector Accounting Standards (IPSAS) and the Rules and Regulations of the Pension Fund. Table of contents CHAIR’S LETTER .................................................................................................................................. 4 ANNUAL REPORT I. PENSION FUND GOVERNING BOARD REPORT .......................................................................... 8 1. Composition of the bodies of the Fund and Advisers (2020) .................................... 8
    [Show full text]
  • Grand Opening Marks New Bank of Oklahoma
    For Immediate Release: Charlesbank Capital Partners Acquires HDT Global from Metalmark Capital BOSTON – September 16, 2014 – Charlesbank Capital Partners announced today that it has acquired HDT Global, a leading provider of solutions for government, military, commercial and industrial customers, based in Solon, Ohio. Charlesbank purchased the company from Metalmark Capital, and the existing management team is making a significant co-investment in the transaction. Financial terms were not disclosed. Founded in 1937, HDT Global holds a portfolio of products aimed at creating and controlling environmental conditions to protect and optimize the functioning of critical equipment and personnel. Its innovative solutions include rapidly deployable shelters, sophisticated environmental control and power equipment, and nuclear, biological and chemical protection systems. Among its customers are major branches of the US military, international governments and large industrial companies. HDT Global’s senior executives average over 25 years in the industry. Sam Bartlett, Managing Director at Charlesbank, said, “We are proud to back this talented management team, which has built a leading portfolio of integrated products and services with an outstanding reputation for technology leadership, innovation, performance and support. We look forward to helping the HDT team continue to enhance its core offerings and expand the business internationally and through acquisitions.” “We are pleased with the progress HDT has made to become the leading provider
    [Show full text]
  • Private Equity Secondaries Download Data
    View the full edition of Spotlight at: https://www.preqin.com/docs/newsletters/pe/Preqin-Private-Equity-Spotlight-October-2014.pdf The Facts Private Equity Secondaries Download Data Private Equity Secondaries Raisah Yusuf takes a look at active secondary market players that are focused on buyout investments, and provides the latest pricing information for buyout funds’ narrowing discount to NAV. Fig. 1: Listed Private Equity Discount/Premium to NAV, Buyout Funds, 2004 - 2014 YTD (As at 25 September 2014) 20 10 0 -10 -20 -30 -40 Discount/Premium (%) -50 -60 30-Jun-04 30-Jun-05 30-Jun-06 30-Jun-07 30-Jun-08 30-Jun-09 30-Jun-10 30-Jun-11 30-Jun-12 30-Jun-13 30-Jun-14 30-Sep-04 30-Sep-05 30-Sep-06 30-Sep-07 30-Sep-08 30-Sep-09 30-Sep-10 30-Sep-11 30-Sep-12 30-Sep-13 31-Mar-04 31-Mar-05 31-Mar-06 31-Mar-07 31-Mar-08 31-Mar-09 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 31-Dec-04 31-Dec-05 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 Source: Preqin Secondary Market Monitor Fig. 2: Sample of Buyout-Focused Sellers, 2014 YTD (As at 25 September 2014) Firm Firm Firm Type Next 12 Month Plan Location As of September 2014, EdgeStone Capital Partners is seeking $300mn in order to restructure two EdgeStone Private Equity Canada of its existing vehicles: EdgeStone Capital Equity Fund II and EdgeStone Capital Equity Fund III.
    [Show full text]
  • Investments Insight Equity Team Overview Page
    Overview Page About Insight Equity & Overview 2 Investment Criteria & Target Sectors 3 Insight Equity Strategy 4 Insight Equity & Portfolio Company Management 5 Investments Active & Prior Portfolio Companies 6-12 Insight Equity Team Biographies 13-20 Corporate Headquarters – Texas 1400 Civic Place, Suite 250 Southlake, TX 76092 817.488.7775 main New York Office 400 Madison Avenue, 15th Floor New York, NY 10017 212.201.7899 main WWW.INSIGHTEQUITY.COM About Insight Equity Insight Equity is a private equity firm that seeks to make control investments in strategically viable, middle market, asset-intensive companies across a wide range of industries. Insight Equity’s experienced principals have acquired and managed businesses with over $4 billion in aggregate revenue since 2000. We specializeinpartneringwithcompaniesincomplex or challenging situations including corporate divestitures, bankruptcies, restructurings, and family owned liquidity events. Insight Equity has the ability to execute quickly in circumstances where speed is a priority. Insight Equity’s principals have broad industry experience and look for new opportunities in most economic sectors, but excluding restaurants, retail and real estate. The firm leverages a proven collaborative value creation model in an effort to facilitate operational improvements leading to significant cash generation and growth. Insight Equity’s approach is to partner with management teams to drive transformational improvements in the business. Insight Equity supports its portfolio management teams with more than just capital, taking responsibility along with management team members to achieve key operational and strategic objectives. Insight Equity’s investors are comprised of endowments, trusts, insurance companies and state pension funds. Further, the individuals at Insight Equity are collectively one of the largest investors in the funds.
    [Show full text]
  • Investment Committee Memorandum PSG V L.P. Private Equity Asset Class April 28, 2021
    Investment Committee Memorandum PSG V L.P. Private Equity Asset Class April 28, 2021 Page 1 PA SERS Private Equity Investment Recommendation Investment Recommendation SERS’ Investment Office Staff and SERS’ Private Equity Consultant, StepStone Group, recommend that the State Employees’ Retirement System Investment Committee interview Providence Strategic Growth, L.L.C. (“Providence Strategic Growth”, “PSG”, the “Firm” or the “GP”) at the April 28, 2021 Investment Committee Meeting to consider a potential commitment of up to $50 million to PSG V L.P. (“PSG V” or the “Fund”), pending the satisfactory completion of legal due diligence. PSG V is targeting capital commitments of $3.25 billion. Investment Rationale SERS Staff identified PSG V as a strong candidate for SERS’ capital commitment as it offers: ➢ Strong Absolute Performance o The level of net returns are attractive, the attribution of returns comes from demonstrably repeatable sources and capital preservation has been strong. ➢ Strong Relative Value o PSG’s track record ranks highly against private peer managers in each of its preceding funds. o PSG earns significant alpha above the liquid policy benchmark and comparable sector liquid benchmarks. o PSG’s returns rank favorably to SERS’ existing portfolio and have been accretive to portfolio performance. ➢ Secular Growth Exposure with Sector Specialist o Attractive software business models. o Software expenditures expected to grow multiples of U.S. GDP growth, with re-acceleration due to the pandemic. ➢ Advantaged Market Positioning o Large pool of resources brought to the lower middle market through the investment, sourcing, operations and senior advisory teams. o Sector-specialist competition less prevalent in the U.S.
    [Show full text]
  • For Immediate Release
    FOR IMMEDIATE RELEASE AEGIS SCIENCES ANNOUNCES INVESTMENT FROM METALMARK CAPITAL TO ACCELERATE GROWTH NASHVILLE, TN – October 25, 2010 – Aegis Sciences Corporation, a leading provider of forensic toxicology testing services, today announced a majority investment by Metalmark Capital, a New York- based private equity firm. Aegis Sciences Corporation founder, Dr. David Black, will remain a large shareholder in Aegis Sciences Corporation and continue in his role as CEO. Metalmark’s investment in Aegis will provide growth capital needed to continue to grow the business in its primary markets: testing services for pain clinics; anti-doping services for sports teams; and, forensic testing for crime labs. “As a specialty forensic toxicology laboratory, we strive to be the premier forensic laboratory providing timely science and service excellence to pain management physicians, medical examiner/coroner systems, sports organizations, workplaces, and commercial reference laboratories. In particular, PainComp® has become an indispensable tool for pain management physicians to protect their patients and their practices,” said Dr. Black, CEO of Aegis Sciences Corporation. “The addition of Metalmark Capital as a strategic partner will further enable our growth as the pre-eminent specialty forensic testing company in the country.” “We believe Aegis Sciences Corporation provides the foremost comprehensive prescription drug monitoring program to physicians practicing in the pain management field,” said Fazle Husain, Managing Director at Metalmark Capital. “We look forward to working with Dr. Black and the management team to support the company’s efforts to continue to grow Aegis in its core markets, and to provide leading testing methodologies and services to its customers.” Lazard Middle Market LLC and Davis Polk & Wardwell LLP served as financial and legal advisors to Metalmark Capital.
    [Show full text]
  • The 2010 Preqin Private Equity Fund of Funds Review
    The 2010 Preqin Private Equity Fund of Funds Review The 2010 Preqin Private Equity Fund of Funds Review www.preqin.com/PEFOF Dear Spotlight Reader, This month’s edition of Spotlight includes extensive analysis on the private equity fund of funds market. We have seen funds of funds accounting for a higher percentage of investors in closed funds in comparison with previous years, and are also seeing an increasing number of investors turning to funds of funds in 2009 compared with 2008. All analysis is taken from our newly released publication, The 2010 Preqin Private Equity Fund of Funds Review. Also in this month’s edition, we examine the use of investment consultants by institutional investors, reveal the latest changes in the returns and NAV of private equity funds, and uncover all the latest investor news. We hope you enjoy this month’s edition, and as ever we welcome any feedback, questions and suggestions for any research that you would like to see in Spotlight in the future. Kindest Regards, Tim Friedman Head of Communications Preqin Private Equity Spotlight www.preqin.com December 2009 / Volume 5 - Issue 12 Welcome to the latest edition of Private Equity Spotlight, the monthly newsletter from Preqin providing insights into private equity performance, investors and fundraising. Private Equity Spotlight combines information from our online products Performance Analyst, Investor Intelligence, Fund Manager Profi les & Funds in Market. PE Fund of Funds Special Feature Article Secondaries Spotlight page 3 page 16 The Growing Importance of Funds of Funds We look at statistics from Preqin’s industry-leading product, Secondaries Market Monitor, and uncover the latest secondaries With other institutional backers of private equity funds having news.
    [Show full text]
  • Le Partecipazioni Estere in Italia Nei Settori Coperti Dalla Banca Dati Reprint È Illustrato in Tab
    LELE PARTECIPAZIONI PARTECIPAZIONI ESTERE ESTERE IN IN ITALIA ITALIA 1. Il quadro generale Il quadro generale delle partecipazioni estere in Italia nei settori coperti dalla banca dati Reprint è illustrato in tab. 4.1. Tabella 4.1 – Le partecipazioni estere in Italia al 31 dicembre 2015 Partecipazioni Partecipazioni Totale di controllo paritarie e min. Valore % Valore % Valore % Imprese investitrici (N.) 6.325 94,3 657 9,8 6.704 100 Imprese partecipate (N.) 11.729 92,0 1.014 8,0 12.743 100 − Dipendenti (N.) 1.058.405 87,5 151.834 12,5 1.210.239 100 − Fatturato (milioni di euro) 500.302 87,3 72.838 12,7 573.140 100 − Valore aggiunto (milioni di euro) 100.909 85,2 17.501 14,8 118.410 100 Fonte: banca dati REPRINT, R&P – Politecnico di Milano – ICE Agenzia. Alla fine del 2015, la banca dati censisce 12.743 imprese italiane partecipate da IMN estere1; tali imprese occupano 1.210.239 dipendenti e nel 2015 hanno realizzato un fatturato di 573,1 miliardi di euro. Le imprese controllate sono 11.729, con 1.058.405 dipendenti e un fatturato di 500,3 miliardi di euro. Le partecipazioni di controllo preval- gono dunque largamente sulle partecipazioni paritarie e minoritarie, con un’incidenza sul totale che varia, a seconda dell’indicatore considerato, tra l’85,2 per cento (valore aggiunto) e il 92 per cento (numero di imprese). Le IMN estere attive in Italia tramite almeno un’impresa partecipata sono 6.704; tra di esse, ben 6.325 (il 94,3 per cento del totale) sono, direttamente o indirettamente, azionisti di maggioranza in almeno un’impresa italiana2.
    [Show full text]
  • Private Equity Transactions
    PRIVATE EQUITY TRANSACTIONS Unsurpassed Counsel Throughout the Life Cycle of PE Transactions ROPES & GRAY PRIVATE EQUITY TRANSACTIONS ROPES & GRAY’S more than 175 private equity lawyers transactions. Clients rely on us to help them make routinely advise leading large-cap and middle- the right deals on the right terms, thoughtfully market clients in multiple industries on every assess risk and make appropriate tradeoffs, and aspect of their largest and most complex global respond quickly to meet business demands. WHO WE SERVE Our impressive client base includes 20 of the 50 largest U.S. funds and 28 of the 100 largest global funds routinely doing deals over $1 billion, and more than 35 midmarket firms regularly doing $100 million to $1 billion transactions. LARGE-CAP MIDDLE-MARKET n Advent International n Altamont Capital n General Catalyst n Moelis Capital Partners Partners n Apax Partners n American Industrial Partners n Genstar Capital n Monitor Clipper n Bain Capital Partners n Audax Group n Gridiron Capital n Berkshire Partners n Pfingsten Partners n Avista Capital n H.I.G. Capital n Blackstone Group n Smedvig Capital n Baring Private n JMI Equity n Charlesbank Equity n Sterling Partners n J.W. Childs n Hellman & Friedman n BV Investment Associates n Summit Partners n Madison Dearborn Partners Partners n Kanders & Co. n SV Life Sciences n Castanea Partners n KarpReilly n TA Associates n Ontario Teachers’ n Charlesbank Pension Plan n Kohlberg & Co. n TPG Growth Capital Partners n Silver Lake Partners n KRG Capital n TSG Consumer n Cressey & Co. Partners n Thomas H.
    [Show full text]
  • View Annual Report
    FORM 10-K EnerSys - ENS Filed: June 11, 2008 (period: March 31, 2008) Annual report which provides a comprehensive overview of the company for the past year Table of Contents 10-K - FORM 10-K PART I Item 1. B-5 PART I ITEM 1. BUSINESS ITEM 1A. RISK FACTORS ITEM 1B. UNRESOLVED STAFF COMMENTS ITEM 2. PROPERTIES ITEM 3. LEGAL PROCEEDINGS ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS PART II ITEM 5. MARKET FOR REGISTRANT S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES ITEM 6. SELECTED FINANCIAL DATA ITEM 7. MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE ITEM 9A. CONTROLS AND PROCEDURES ITEM 9B. OTHER INFORMATION PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE ITEM 11. EXECUTIVE COMPENSATION ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT RELATED STOCKHOLDER MATTERS ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES SIGNATURES Exhibit Index EX-4.2 (CONSENT TO WAIVER DATED AS OF NOVMEBER 1) EX-4.3 (CONSENT OF WAIVER DATED AS OF FEBRUARY 2) EX-10.27 (AMENDED AND RESTATED 2006 EQUITY INCENTIVE PLAN) EX-21.1 (SUBSIDIARIES OF THE REGISTRANT) EX-23.1 (CONSENT OF ERNST YOUNG LLP) EX-31.1 (SECTION 302 CEO CERTIFICATION) EX-31.2 (SECTION 302 CFO CERTIFICATION) EX-32.1 (SECTION 906 CEO AND CFO CERTIFICATION) Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C.
    [Show full text]
  • Energysolutions, Inc. ( ES ) 423 WEST 300 SOUTH SALT LAKE CITY, UT, 84101 801−649−2000
    EnergySolutions, Inc. ( ES ) 423 WEST 300 SOUTH SALT LAKE CITY, UT, 84101 801−649−2000 www.energysolutions.com 10−K Annual report pursuant to section 13 and 15(d) Filed on 3/28/2008 Filed Period 12/31/2007 Use these links to rapidly review the document ENERGY SOLUTIONS , INC. ANNUAL REPORT ON FORM 10−K For Fiscal Year Ended December 31, 2007 Energy Solutions , Inc. Index to Consolidated Financial Statements Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10−K (Mark One) ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2007 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001−33830 EnergySolutions, Inc. (Exact name of registrant as specified in its charter) Delaware 51−0653027 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification Number) 423 West 300 South, Suite 200 84101 Salt Lake City, Utah (Zip Code) (Address of principal executive offices) Registrant's telephone number, including area code: (801) 649−2000 Securities registered pursuant to Section 12(b) of the Act: Title of Class Name of Exchange on which registered Common Stock, $0.01 par value per share The New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well−known seasoned issuer, as defined in Rule 405 of the Securities Act.
    [Show full text]