Fund-raising by U.S. buyout shops is thriving, but judging from the slow deal pace, much of that money is simply being stockpiled.
Over the past two weeks, U.S. buyout and mezzanine firms have raised $7.1 billion, with $2.6 billion getting raised last week. The year-to-date fund-raising total now sits at $160.4 billion.
Last week’s fund-raising highlight was
In other fund-raising news,
Founded in 1999, LLR describes itself as one of the Mid-Atlantic’s most active private equity firms. It focuses on the middle market, with equity investments ranging from $10 million to $75 million. Its third fund will invest in a variety of industries, but will have an emphasis on business services, health care, financial services and information technology.
Music to the ears of Bain and THL
On the deal front, activity remained slow until
The highlight of the week was the long-awaited buyout of radio station and billboard kingpin Clear Channel by Bain and THL for $25.9 billion, including liabilities assumption. The deal was originally announced in November 2006 and didn’t get done until a lower share price was negotiated in May.
Gemcom Software International Inc. (TSX:GCM) was the next largest transaction.
The Gemcom deal was originally announced in May, with Carlyle and JMI agreeing to pay 2.90 Canadian dollars per share of Gemcom. After Pala, Gemcom’s largest shareholder, balked at that price, Carlyle and JMI upped the price to 3.05 Canadian dollars per share, and Pala agreed to participate in the take-private transaction.
Another notable buyout that closed in the past week was the acquisition of Stolle Machinery Co. LLC by