Market At A Glance

The consummation of the $17.6 billion buyout of Freescale Semiconductor Inc. by a Blackstone Group-led consortium paved the way for yet another busy fortnight in the U.S. buyout market. Over the past two weeks, LBO firms closed an additional $19 billion worth of disclosed private equity transactions, launching the year-to-date deal volume total to $263.27 billion.

Recently included in that total is the $486 million acquisition of steakhouse chain Logan’s Roadhouse Inc. by Bruckmann, Rosser, Sherrill & Co. Inc., and Canyon Capital Advisors. Also closing a deal in the past couple of weeks was Hicks Holdings and The Watermill Group, which teamed up to buy Latrobe Specialty Steel Co. for $250 million.

Meanwhile, the fundraising market is breaking into its year-end sprint. Already, this year’s total has surpassed last year’s $183.8 billion. At press time, Buyouts data put the U.S. mezzanine and buyout fundraising mark at $185.3 billion. Numerous highlights include Energy Capital Partners raising $2.25 billion, TSG Consumer Partners wrapping up its fifth private equity pool with $875 million in commitments, and Kayne Anderson Capital Advisors closing its fourth fund with $950 million. Elsewhere, Thomas H. Lee, namesake of his former Thomas H. Lee Partners, is looking to raise $2.5 billion for his new firm, Lee Equity Partners.