|
Investment Firms Tap PPP | Sparring Over Prospect Medical | Florida SBA's Technology Buffer
|
|
|
|
|
|
Good day! The Small Business Administration finally disclosed data on hundreds of thousands of companies that received loans under the Paycheck Protection Program. No doubt, organizations all over the country, including our own, are sifting through the data to try to get a better picture of how the stimulus money was spent.
A first pass of the data by our own Will Louch yielded some surprises. As Will reports this morning, a number of private investment firms received PPP loans, despite SBA guidance that such firms should not participate in the program. Meanwhile, Chris Cumming and Laura Cooper have news of yet another salvo from several members of Congress over Leonard Green & Partners ownership of hospital operator Prospect Medical Holdings and Preeti Singh tells us why the Florida State Board of Administration believes its private-equity portfolio has held up comparatively well amid the coronavirus pandemic.
Please read on for more on these and other stories...
|
|
|
|
|
An application form for the Paycheck Protection Program. At least 10 private investment firms received loans through the program,according to an analysis of data released by the Small Business Administration. PHOTO: WAYNE PARTLOW, ASSOCIATED PRESS
|
|
|
Private investment firms are among those that tapped the Small Business Administration’s Paycheck Protection Program, as Will Louch reports for WSJ Pro Private Equity. At least 10 firms received millions of dollars according to analysis of data released by the Small Business Administration, which back in April issued guidance saying that private-equity and hedge-fund firms were ineligible for the program.
|
|
The war of words has intensified between members of Congress and Leonard Green & Partners over allegations the private-equity firm siphoned millions of dollars from a hospital operator, Laura Cooper and Chris Cumming report for WSJ Pro Private Equity. Five Democratic members of the U.S. House of Representatives on Monday demanded answers from Leonard Green over claims the private-equity firm extracted $658 million in dividends from Prospect Medical Holdings Inc., a Los Angeles-based manager of hospitals and medical providers.
|
|
Hefty exposure to technology investments combined with swift action by managers helped lessen the impact of the coronavirus on the private-equity portfolio of Florida’s largest public pension fund, the Florida State Board of Administration, which manages the pension, said in a recent presentation, as WSJ Pro Private Equity's Preeti Singh reports.
|
|
|
|
82%
|
The percentage of private-equity professionals that said they expect investors to demand more transparency in reporting on portfolio company performance over the next 12 months, according to a survey of around 150 industry professionals conducted by publicly traded business software and technology company Intertrust Group.
|
|
|
|
|
Christian Sinding, chief executive of EQT. A company backed by the firm's private-equity arm has made a fresh takeover offer for New Zealand retirement community manager Metlifecare.Photo: Esha Vaish, Reuters.
|
|
|
EQT Partners has made a new takeover offer for Metlifecare after the retirement community manager took legal action against the private-equity firm over an earlier decision to terminate a previously agreed deal, Selin Bucak writes for sister publication Private Equity News. Asia Pacific Village Group, an entity owned by the EQT Infrastructure IV fund, has made a bid to acquire all Metlifecare shares for $6 New Zealand dollars per share in cash, or NZ$1.28 billion ($838 million), compared with an original offer of NZ$7 per share.
|
|
Midmarket firm Bison Capital Management said it has recapitalized FTR Group Pty Ltd., which operates For The Record, a digital court recording technology provider and Auscript, a recording and transcription services provider in Australia & the United Kingdom. The private-equity firm backed the deal through Bison Capital Partners V, LP, a $377 million fund that the firm announced in early 2017.
|
|
Sina said on Monday that its chairman and chief executive, Charles Chao, had offered to take the company private for $41-a-share in cash, Eric Savitz writes for sister publication Barron’s. Sina, a China based news outlet that also owns a controlling stake in the social media service Weibo, says its board has formed a special committee to review the offer, and that no decision has been made on whether to accept the bid.
|
|
Watco Companies LLC, a transportation service company backed by the infrastructure arm of Oaktree Capital Management is acquiring rail infrastructure assets and equipment from Dow Inc. Watco will provide select rail services at Dow's flagship locations in Freeport and Seadrift, Texas; St. Charles and Plaquemine, Louisiana; and Fort Saskatchewan and Prentiss in Alberta, Canada, according to a press release. Oaktree, which invested $450 million in Watco back in late 2018, is also supporting the acquisition.
|
|
Alchemist Energy, a Dallas-based company that provides structured capital for upstream oil and gas companies, said it has partnered with Vortus Investment Advisors, a private-equity firm that backs small and mid-sized companies in the upstream North America oil and gas industry. Although terms of the partnership were not disclosed Vortus typically targets deals requiring $50 million to $75 million of equity, according to a press release.
|
|
McCain Capital Partners, a family-owned Canadian investment firm, said it has backed Classic Fire Protection, a company that provides fire protection equipment and services across the greater Toronto area.
|
|
|
|
Our add-on deal interactive tool allows you to sort and analyze volumes of add-on deal data compiled by WSJ Pro. View more.
|
|
|
|
Bridgepoint Development Capital is exiting its investment in KGH Customs Services as shipping group AP Moller – Maersk agrees to buy the trade and customs management provider for SEK 2.6 billion ($279 million), Selin Bucak reports for sister publication Private Equity News. The acquisition, from BDC and other shareholders, is on a cash and debt free basis, equivalent to a multiple of 16.3 times the group’s 2019 earnings before interest, tax, depreciation and amortization (ebitda) before synergies.
|
|
EDIC College, a for-profit health sciences college based in Puerto Rico that is backed by Philadelphia-based private-equity firm Renovus Capital Partners, has merged with Columbia Central University, which is also in Puerto Rico. The combined institution will operate under the Columbia Central University brand and will serve more than 2,000 students across its four campuses and online, according to a press release.The Renovus team initially backed Epic in 2012, according to its website.
|
|
|
CVC Capital Partners has closed its eighth flagship fund at its hard cap of €21.25 billion ($24.05 billion), according to a person familiar with the strategy, Selin Bucak writes for sister publication Private Equity News. The buyout fund, which surpassed its target of €17.5 billion, is the largest raised by a private equity group so far this year. The €21.25 billion figure does not include the general partner commitment in the fund, the person said.
|
|
New Mountain Capital has raised at least $6 billion so far for New Mountain Partners VI LP, according to a regulatory filing. The fund so far has attracted commitments from investors that include the Kansas Public Employees Retirement System and the Pennsylvania Public School Employees’ Retirement System, according to investor disclosures. The amount raised so far already puts the new fund at around the same size of its predecessor, which closed with $6.15 billion in 2017.
|
|
Golding Capital Partners said it has raised nearly €200 million ($226.4 million) in a first closing of Golding Private Debt 2020, a fund that is earmarked for private debt investments and debt focused funds in Europe and North America. The firm said it plans to back 15 to 20 funds through primary and secondary investments with an additional allocation to coinvestments.
|
|
|
TSG Consumer Partners said it has promoted Girish Satya to principal, portfolio operations. Mr. Satya joined the firm in 2016 and has worked with portfolio companies that include Backcountry, Canyon Bicycles and The Chemical Guys, according to a press release.
|
|
|
Japan's Government Pension Investment Fund on Friday posted a 5.2% loss on investments for the year ended March as the Covid-19 pandemic hit global stock markets in the final quarter, Kosaku Narioka and Megumi Fujikawa report for Dow Jones Newswires. The world's largest pension fund reported a 8.283 trillion yen ($77.05 billion) loss for the latest fiscal year. The percentage loss was the biggest since the year ended March 2009. GPIF reported a Y17.707 trillion loss for the January-March quarter, or a 10.7% loss, compared with a return of 4.6% in its third quarter. The fund's total assets were at Y150.633 trillion at the end of March. GPIF said its private equity investments were worth Y18.5 billion at the end of March and the has strategy returned 4.0% since June 2015 in dollar terms.
|
|
A group of institutional investors that include APG, AustralianSuper, British Columbia Investment Management Corporation and PGGM have formed the Sustainable Development Investments Asset Owner Platform, a technology platform that will help investors assess how well companies contribute to the United Nations' Sustainable Development Goals.
|
|
Canadian pension manager Public Sector Pension Investment Board said its Special COVID-19 Emergency Relief Initiative has raised more than $700,000 for charities. The fund is earmarked for Covid-19 relief efforts of four separate charities: the United Way/Centraide; HealthPartners; the International Committee of the Red Cross; and the Community Foundations of Canada. PSP Investments asked employees, directors and consultants to donate to any of the four charities and pledged to match contributions at up to $2,000 per donation, the pension manager said in a press release.
|
|
|
|
|
|