Private Equity’s Biggest And Busiest In The First Half Of 2016

Private Equity’s Biggest And Busiest In The First Half Of 2016

Private Equity’s Biggest And Busiest In The First Half Of 2016 by Kevin Dowd, PitchBook

From massive fundraising to a series of multibillion-dollar buyouts, from an IPO drought to a spree in insurance add-ons, the world of private equity hasn’t been wanting for storylines during the first six months of 2016. With 1H set to conclude Thursday, here’s a recap of the headline-making deals, largest funds and most active investors to date:

Largest completed deal: Keurig Green Mountain ($14.2B)

A group led by German investor JAB Holding acquired the single-serving coffee company in a massive take-private buyout; the deal was announced last December and closed on March 3. Shortly thereafter, in May, JAB agreed to buy another breakfast-related business, reaching a deal to acquire Krispy Kreme Doughnuts (NYSE: KKD) for about $1.35 billion.

Despite 60% Loss On Shorts, Yarra Square Up 20% In 2020

Yarra Square Investing Greenhaven Road CapitalYarra Square Partners returned 19.5% net in 2020, outperforming its benchmark, the S&P 500, which returned 18.4% throughout the year. According to a copy of the firm's fourth-quarter and full-year letter to investors, which ValueWalk has been able to review, 2020 was a year of two halves for the investment manager. Q1 2021 hedge fund Read More

Largest announced deal: MultiPlan ($7.5B)

One of the hottest potatoes on the PE marketplace is set to change hands yet again, with Hellman & Friedman leading an agreement to purchase the provider of healthcare cost-management services in early May. Previous owners in the past 10 years include Partners Group, BC Partners, Silver Lake, The Carlyle Group and Welsh, Carson, Anderson & Stowe.

Largest completed exit: Petco ($4.6B)

CVC Capital Partners and Canada Pension Plan Investment Board purchased the retailer of pet food and supplies from a group of investors led by TPG and Leonard Green & Partners. Like the Keurig Green Mountain acquisition, this was a deal announced in 4Q 2015 but closed during the first months of 2016.

Largest IPO: US Foods ($1.02B)

PE-backed IPOs were painfully sparse throughout 1H, but the foodservice business (NYSE: USFD) provided some late-May fireworks by topping the $1 billion dollar mark with its offering. On its first day of trading, the former portfolio company of KKR and Clayton, Dubilier & Rice saw its stock climb 8%, though the price has since declined slightly.

Largest buyout fund: Advent Global Private Equity VIII ($13B)

Advent International takes the top spot in this category by a significant margin, as no other fund closed during 1H came closer than TPG’s $10.5 billion Fund VII, according to the PitchBook Platform. Advent’s predecessor fund had closed on $10.8 billion in 2012.

Largest European buyout fund: Sixth Cinven Fund (€7B)

The U.K.-based investor snuck its latest investment vehicle just under the 1H wire, unveiling news of a €7 billion raise on Wednesday. Cinven reached its hard cap on the fund after just four months.

Most active investor: ABRY Partners (43)

There’s plenty of competition at the top, with KKR, Audax Group and The Carlyle Group all within shouting distance of the No. 1 spot. But ABRY takes the cake, with its most notable deal of the year the purchase of Dermatology Associates, reportedly for more than $300 million. ABRY also leads all investors in 1H add-ons with 34, again narrowly edging Audax.

Investor with most PE-backed exits: The Carlyle Group (11)

Carlyle’s headline deal of 2016 was the sale of Landmark Aviation to BBA Aviation for $2.1 billion in February. LDC, Apollo Global Management and Advent International have all completed 10 PE-backed exits this year, according to the PitchBook Platform.

Most active platform company: AssuredPartners (10)

The Apax Partners-backed insurance brokerage averaged nearly two deals per month during 1H, tacking on a wide array of businesses to expand its reach. The company was at its busiest from February 1 to March 15, when it consummated a total of seven add-ons—more than one per week.

Private Equity

No posts to display