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Private Equity

BUSINESS
January 17, 2007 | By Bob Fernandez INQUIRER STAFF WRITER
Two private-equity firms have agreed to buy Genesis HealthCare Corp., of Kennett Square, one of the nation's largest nursing-home operators, which operated under bankruptcy protection earlier this decade, for $1.25 billion. The buyers, Formation Capital L.L.C. and JER Partners, also will assume $450 million in debt. Shares in Genesis leaped 16 percent, or $8.41, to close at $61.26 yesterday in heavy trading. The private-equity firms said that they would pay $63 a share and that they had the financing to complete the deal, which also requires regulatory and shareholder approvals.
NEWS
March 27, 2015 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON - The new chairman of the board that oversees New Jersey's $77 billion pension fund for public employees warned Wednesday against a bill passed by the Legislature that would expand pay-to-play restrictions on the state's investments, saying it would force New Jersey to sell top-performing assets at "disadvantageous prices. " Those remarks came as the state moved ahead with a $100 million investment in a fund controlled by a private-equity firm whose cofounder donated $2.5 million in the last two years to a Republican committee with close ties to Gov. Christie.
BUSINESS
March 17, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
Why don't they just hire Vanguard ? The Pennsylvania State Employees' Retirement System thought some explaining was in order. PSERS needed $1.4 billion from state and local property taxpayers last year, and it expects to need $2.7 billion next year, it told legislators in February in its yearly report. That's after paying $552 million to hundreds of private investment firms - more than half the total for private equity, private debt, hedge, venture capital, commodity, and other investments you can't buy from a broker - to keep its assets from sliding farther below its liabilities.
BUSINESS
July 1, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
The buyout industry (members prefer we call it "private equity") has an image problem. Americans tend to admire wealth, success, and investor rescues like Carlyle Group 's 2012 buyout of Sunoco 's aging Philadelphia refinery, followed by a taxpayer-assisted makeover that kept hundreds working. But it's less of a crowd-pleaser when billionaire buyout artists like NBA 76ers owner Joshua Harris and his partners, who control Caesars Entertainment Corp. , do crushing things like telling workers last week that they will shutter Atlantic City's Showboat casino-hotel, ending 2,000 jobs.
BUSINESS
March 10, 2013 | By Devin Banerjee and Brooke Sutherland, Bloomberg News
Gardner Denver Inc., an industrial equipment maker with a small headquarters office in Wayne, agreed to be purchased by private-equity firm KKR & Co. for about $3.7 billion after KKR raised an earlier offer. KKR, run by Henry Kravis and George Roberts, will pay $76 a share for Gardner Denver, the companies said Friday in a statement. That's a 39 percent premium to the price on Oct. 24, the day before the company announced it was exploring a sale. KKR last month offered $75 a share, Bloomberg News reported Feb. 21. "The long-term future of Gardner Denver is bright," Pete Stavros, head of KKR's industrials team, said in the statement.
BUSINESS
June 7, 2011 | By Jason Kelly, Bloomberg News
Comcast Corp.'s NBCUniversal agreed to buy the 50 percent stake in two Universal Studios theme parks it doesn't already own from the private-equity firm Blackstone Group L.P. for about $1 billion. The transaction puts the overall value of the Orlando, Fla., parks at about $3.17 billion, Philadelphia-based Comcast said in a statement Monday. Blackstone, based in New York, paid about $275 million for its stake in 2000. Blackstone had set a June 12 deadline for NBCUniversal to buy its stake, after which the private-equity firm would have had 270 days to sell the entire operation.
BUSINESS
February 1, 2005 | By Porus P. Cooper INQUIRER STAFF WRITER
Private equity firm LLR Partners Inc., of Philadelphia, said yesterday that it had completed a yearlong process of raising $360 million to invest in young technology companies seeking growth capital. LLR Equity Partners II is the second pool of investment money raised by the firm since its inception in October 1999. An initial $260 million fund has been almost fully invested, and investors in that fund already have realized half that amount in proceeds, said Mitchell L. Hollin, an LLR partner.
BUSINESS
January 21, 2006 | By Joseph N. DiStefano INQUIRER STAFF WRITER
Fed up with Wall Street analysts, Washington regulators and restive shareholders, some midsize public companies are begging financiers to help them go private, fund managers told the 11th annual Wharton Private Equity Conference yesterday. "A lot of very good senior managers are coming to the conclusion" that public ownership, under current conditions, "doesn't work," said James A. Quella, senior managing director at Blackstone Group, which controls investment capital worth $32 billion.
BUSINESS
July 26, 2008 | By Bob Fernandez INQUIRER STAFF WRITER
Private-equity firm Blackstone Group is buying King of Prussia-based AlliedBarton Security Services Inc., a company that employs 52,000 security guards and others in the United States. Terms of the deal, announced yesterday, were not disclosed. AlliedBarton, formerly SpectaGuard Inc., had revenue of $1.5 billion in 2007 and net income of $347,000, according to a regulatory filing. Before taxes, interest payments and other items, or EBITDA, the firm earned $89.1 million. MacAndrews & Forbes Holdings Inc., which is controlled by financier Ronald O. Perelman, acquired the security firm in 2003 for $263 million.
BUSINESS
March 8, 1992 | By Jeff Brown, INQUIRER STAFF WRITER
When Philip Behr goes looking to invest in U.S. companies, he doesn't look for cutting-edge electronics makers or promising biotech firms. Instead, this private-equity capitalist goes after manufacturers of mining equipment, prison locks and, yes, toothpicks. Not much pizazz, he admits, but they're able to produce rates of return of more than 60 percent a year. "In one way or another we try to rejuvenate them," said Behr of Advent International Corp., of Boston. "We're looking for tired, old companies.
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