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Private Equity

BUSINESS
April 8, 2006 | By Joseph N. DiStefano INQUIRER STAFF WRITER
A group of private-equity investors has joined the bidding for The Inquirer and Philadelphia Daily News, a member of the group said yesterday. Their addition brings to at least four the number of bidders with permission from McClatchy Co. to review financial records at The Inquirer and Daily News in preparation for final bidding on the papers. The two papers are among 12 that McClatchy wants to arrange to sell before its scheduled takeover this summer of their current owner, Knight Ridder Inc. Christopher Harte, a former Knight Ridder executive whose family is among the owners of San Antonio-based publisher and direct-marketing firm Harte-Hanks Inc., confirmed yesterday that he is part of a group of private-equity investors that has joined the bidding for the Philadelphia papers.
NEWS
October 19, 2007
Senate Democrats are caving to a well-financed lobbying blitz aimed at stopping them from imposing a new tax on the super-wealthy. Senate Majority Leader Harry Reid (D., Nev.) has quietly squelched plans in Congress to increase taxes on some of the richest wage-earners in the land: private equity managers. These wealthy individuals often earn hundreds of millions of dollars per year, which should subject them to an income tax rate of 35 percent. But because of a wrinkle in federal tax law, private equity managers pay only a capital gains tax rate of 15 percent on most of their income.
NEWS
October 18, 2012
By Farah Stockman Last week, my friend Andy, a hedge-fund guru, sent me a memo titled "Three Steps to Fiscal Solvency. " It was based on the premise that if America were a company, it would be in pretty bad shape. We spend far more than we take in. Our liabilities are mounting. Our assets are pretty much flat. Andy got rich thinking outside the box. So I wasn't entirely surprised to see his list of things that Republican presidential candidate Mitt Romney - who made his fortune in private equity - might do to improve America's bottom line.
BUSINESS
January 10, 2014 | By Erin E. Arvedlund, Inquirer Columnist
Investing in private equity used to be reserved for the wealthy. Only millionaires who were "accredited" or "qualified" to invest the big bucks had money in private equity - essentially, the One Percenters. Then, some of Wall Street's biggest private equity firms went public, such as Blackstone Group L.P. (symbol: BX), Fortress (FIG) and Kohlberg Kravis & Roberts (KKR). (Bain Capital L.L.C. remains private, but gained fame when partner Mitt Romney ran as a presidential candidate.)
NEWS
April 7, 2011 | ASSOCIATED PRESS
TRENTON - A New York-based private equity fund has won an auction to buy what's left of the bankrupt Charlie Brown's Steakhouse chain. Praesidian Capital Opportunity Fund III-A LP offered $9.5 million for the 20 restaurants, including 17 in New Jersey. The Asbury Park Press of Neptune first reported the deal. A federal bankruptcy court hearing to approve the sale is scheduled for April 11. The restaurant chain's parent company, Mountainside, N.J.-based CB Holding Corp., filed for bankruptcy protection in November and closed 47 restaurants.
BUSINESS
January 24, 2006 | By Joseph N. DiStefano INQUIRER STAFF WRITER
A Philadelphia private-equity firm with a history of selling and redeveloping marginal stores is in on the Albertson's Inc. deal. Lubert-Adler Partners of Philadelphia is teaming up with New York-based Cerberus Capital Management L.P. to buy 655 Albertson's stores in the Denver, Dallas, northern California, Florida and other mostly Western markets. The two joined in 2004 to buy Target Corp.'s faded Mervyns department store chain. Since that deal, Cerberus has refurbished some stores, while Lubert-Adler and other partners have closed, sold and helped redevelop others in Washington, Oregon, Louisiana and other states where the chain was a marginal presence.
BUSINESS
July 7, 2012 | Inquirer Staff Report
Ownership of another Philadelphia-area refinery is about to change. NuStar Energy L.P. said it would sell 50 percent of its asphalt operations, which include refineries in Paulsboro, N.J., and Savannah, Ga., to a joint venture in a transaction expected to be completed by Sept. 30. Lindsay Goldberg L.L.C., a New York private-equity firm with $10 billion under management, will pay $175 million for a 50 percent interest in the joint venture, with San Antonio-based NuStar holding the other 50 percent stake.
BUSINESS
February 3, 2012 | By Joseph N. DiStefano, Inquirer Staff Writer
Corporate buyouts of underperforming companies - "private-equity investments," as financiers prefer to call them - made Mitt Romney rich and launched him toward the presidency. So his Republican rivals, and President Obama , are blaming Romney for the factory and office closings, firings, transfer payments, and junk-bond financings that often follow buyout deals. And private-equity investors are jumping to the defense. "Attacks on private equity" threaten the most successful, productive sector of our depressed economy, argues Andrew T. Greenberg , investment banker at Fairmount Partners in West Conshohocken and chief executive officer at GF Data Resources L.L.C.
BUSINESS
December 25, 1999 | FROM INQUIRER WIRE SERVICES
Christine M. Baxter is stepping aside as portfolio manager of Pilgrim Baxter & Associates' PBHG Emerging Growth Fund to join the company's private equity group. The Chesterbrook money manager announced the shift Thursday, naming Erin Piner manager of the $768 million fund. Baxter, daughter of company founder Harold Baxter, has headed the fund since it was started in 1993 to focus on small growth companies. The younger Baxter was named a managing director of the private equity group, where she will share leadership with managing directors Carol Proffer and James Smith.
BUSINESS
May 1, 2006 | By Akweli Parker INQUIRER STAFF WRITER
Bala Cynwyd-based Primavera Systems Inc. plans to announce today that private-equity firms have invested up to $200 million in the software company. Francisco Partners L.P., based in Menlo Park, Calif., and New York-based Insight Venture Partners closed on the investment last week, said Joel M. Koppelman, Primavera's cofounder and chief executive officer. The investment will afford Primavera - already the leading project-management-software firm, according to Forrester Research Inc. - the ability to grow rapidly through acquisitions, Koppelman said.
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