Buyout and mezzanine shops are starting 2010 having secured $1.49 billion in capital commitments.
Leading the charge is Clayton Dubilier & Rice, which closed its eighth fund with $5 billion in commitments, although a majority of the fund was raised in 2008 and 2009.In addition, Greyrock Capital Group also closed its second mezzanine fund, GCG Investors II, with $122 million in commitments. The firm’s previous vehicle secured $72 million when it held its final closing in 2002. Greyrock makes investments in lower middle-market businesses with valuations of $10 million to $200 million.
Robust deal activity
Thomson Reuters (publisher of PE Week) tracked 20 LBO deals for the first 12 days of 2010. Only five reported financial terms and these combined for $226.2 million.
Bedford Funding had the period’s largest transaction. The White Plains, N.Y.-based shop, which was founded in 2006, purchased Peopleclick Inc. of Raleigh, N.C. It paid $100 million for the provider of workforce management software. Bedford will merge Peopleclick with its Authoria portfolio company and the combined group will operate as Peopleclick Authoria.
TA Associates Inc.’s purchase of a majority stake in eCircle AG was the next largest transaction. TA Associates picked up an undisclosed stake in the Munich-based provider of digital marketing services for $87 million. —Eamon Beltran