Fund-raising has hit a dry spell, as only a few buyout and mezzanine firms are hitting the fund-raising trail. Among the active firms is Insight Equity Holdings Inc., which secured $361 million for Insight Equity Fund II.
The vehicle has a goal of $500 million. UBS Securities served as placement agent for the Southlake, Texas-based shop’s latest fund. Insight Equity makes control stake investments in middle-market companies.
Overall, the year-to-date fund-raising total for buyouts and mezzanine firms stands at about $39.5 billion.
Thomson Reuters (publisher of PE Week) tracked 10 LBO deals from July 25 to August 5. Three transactions disclosed financial terms and these had an aggregate value of $414 million. Year-to-date deal volume is at $10.06 billion.
Leveraged buyout deals of the past week with disclosed transaction values include Golden Gate Capital, which purchased Eddie Bauer Holdings Inc. Eddie Bauer has been in Chapter 11 bankruptcy protection since June. Golden Gate paid $286 million in cash to acquire the assets and business of the specialty retailer of sportswear and accessories.
Thoma Bravo acquired Entrust Inc. for $97 million, which comes to $2 a share of Entrust stock. The prior bid was at $1.85 per share of the Dallas-based developer of information and Internet security software.
In addition, Jen Partners acquired the low income housing tax credit business from Municipal Mortgage & Equity’s MMA Financial unit for $30.7 million. The transaction will have two separate closings. The first occurred in July with a cash payment of $14 million. The second closing is expected to occur within 60 days.