KPS Capital Partners secured the additional $800 million it wanted to raise for KPS Special Situations Fund III, which originally closed in May 2007 with $1.2 billion. The New York-based firm notified investors it wanted to raise $800 million more for fund III in June 2009, and it received subscription request of more than $1.3 billion.
The add-on efforts of KPS pushed buyouts and mezzanine fund-raising to $43.6 billion in capital commitment so far in 2009.
Thomson Reuters, publisher of PEWeek, tracked six LBO transactions from Aug. 27 to Sept. 8. Year-to-date deal volume rose to roughly $10.53 billion with help from the three deals with reported financial terms.
The largest disclosed deal involved JF Lehman & Co.’s acquisition of Ashland Inc.’s global marine service business for about $120 million. The acquired unit, called Drew Marine, reportedly generates about $140 million in annual revenue. Ashland sold the unit as it focuses on its core chemical operations. —Eamon Beltran