Buyout and mezzanine firms have raised $76.7 billion year-to-date. The latest tally includes not only Advent’s sixth fund but also
The second quarter kicks off in the wake of the Q1 in whcih Clayton Dubilier & Rice raised $2 billion for Clayton Dubilier & Rice Fund VIII. Still, the amount of buyout funds raised this year is on pace to fall short of last year’s $292 million that buyout funds raised.
U.S.-based LBO shops completed 245 control-stake transactions since the start of 2008. From this list, 58 had disclosed values that reached nearly $47 billion. There has only been one mega-deal this year, namely the $27.8 billion leveraged buyout of casino operator Harrah’s Entertainment Inc. by Apollo Management and TPG in January. The Harrah’s deal represents more than half of the combined value of completed transactions in 2008. Indeed, billion-dollar deals have been scarce. Only nine closed so far in 2008, as smaller transactions have been the norm.
The largest completed deal during the last two weeks is Dubai Aerospace Enterprise’s $435 million sale of its Landmark Aviation business to GTCR Golder Rauner and Encore FBO.
The largest transaction this early in the second quarter is Yucaipa Cos.’s purchase of the remaining 79.3% controlling stake that it did not already own of Americold Realty Trust from joint venture partners Vornado Realty Trust and Crescent Real Estate Equities Co. This deal was valued at about $220 million.