The Private Equity Growth Capital Council sent out a report ranking America's "top congressional districts by private equity investment." Our copy highlighted two local districts that ranked among America's Top 10 private-equity targets last year.
That's good, because? Private-equity funds give companies money "to expand their businesses, develop new innovations, and hire workers," council CEO Steve Judge wrote.
Let's check. Here are the local districts that made the top 10 for 2013, and the top deals in each:
The 10th-most-bought-out district in the country was the suburban Philadelphia turf held by Republican U.S. Rep. Jim Gerlach, which jumped the list based on Kohlberg, Kravis, Roberts' $3.74 billion buyout of King of Prussia-based industrial-pumps-maker Gardner Denver.
Number eight was the Delaware constituency represented by Democrat John Carney, thanks mostly to Carlyle's $4.9 billion investment in Wilmington-based DuPont spin-off Axalta Coating Systems.
And where is the early growth and hiring from those investments?
"Gardner Denver is no longer headquartered in Wayne, and the HQ has now officially moved to Milwaukee," company vice president Vikram Kini told me by e-mail.
Similarly, Carlyle's first act as owner of Axalta was to move its headquarters and 300-plus jobs out of Carney's state, to Pennsylvania.
The council says the number-two congressional district in all the U.S. for private-equity investments last year also was in
Pennsylvania, held by Pittsburgh Democrat Mike Doyle.
That's thanks to the Warren Buffett-led, $23 billion acquisition of H.J. Heinz - promptly followed by layoffs of more than 1,000 Pittsburgh-area Heinz employees.
I don't doubt these moves will make money for private equity. I'm just not clear what makes them think that record ought to make any member of Congress welcome them to town. Except for campaign fund-raisers.