Advertisement
YOU ARE HERE: LAT HomeCollectionsPrivate Equity
IN THE NEWS

Private Equity

FEATURED ARTICLES
BUSINESS
January 12, 2012 | By Walter Hamilton, Los Angeles Times
Three days after a private equity firm bought the San Diego Union-Tribune in mid-2009, it did what private equity firms frequently do: It cut a lot of jobs. The cost savings from the 192 layoffs announced that day, and 150 or so others over the next year, helped Beverly Hills-based Platinum Equity more than triple its money when it sold the newspaper in November. It wasn't nearly so rosy for people thrown out of work in a punishing economy. That's life in the private equity world, where layoffs are part of the playbook that elite investment firms use to squeeze cash out of struggling companies.
ARTICLES BY DATE
BUSINESS
April 9, 2014 | By Ricardo Lopez
Manischewitz, the largest maker of matzo and other kosher foods, has been sold to Sankaty Advisors, a division of Bain Capital LLC, for an undisclosed amount, the two firms said Tuesday.  The premium kosher foods company, founded in 1888, is the No. 1 baker of matzo and produces other baked goods, pastas and gefilte fish under brands that include Manischewitz, Mishpacha and Guiltless Gourmet. "This transaction will allow Manischewitz to continue its storied tradition of producing the highest quality kosher products...
Advertisement
BUSINESS
September 4, 2008 | Tom Petruno, Times Staff Writer
Pension funds and other big investors have been warned to scale back their return expectations in the private-equity buyout business. But they still committed $2.75 billion to a new leveraged buyout fund launched by Beverly Hills-based Platinum Equity. That was $1.25 billion more than Platinum CEO Tom Gores' target, he said -- and $2.05 billion more than went into his first such fund, in 2004. The private-equity business isn't what it used to be, but a lot of institutional investors may figure they won't do better elsewhere, given the sorry state of financial markets.
BUSINESS
December 17, 2013 | By Daniel Miller
Hollywood talent agency William Morris Endeavor and one of its key investors are nearing a deal to acquire sports and media agency IMG Worldwide Inc. for more than $2 billion, according to three people with knowledge of the matter. The deal, expected to be announced later this week, would be a coup for WME and private equity firm Silver Lake Partners in Menlo Park, Calif., which owns 31% of the agency. WME would have access to a trove of new clients and, perhaps most important, a formidable presence in the sports agency business.
OPINION
August 14, 2012
Re "Carl's Jr. owner CKE delays IPO," Business, Aug. 11 The private equity firm Apollo Management, which bought Carl's Jr. operator CKE Inc. two years ago, did what many such firms do: use these companies as credit cards and load them with debt. According to your article, Apollo paid itself $190 million in dividends from CKE last year while cutting costs in part by stopping matching contributions to employees' 401(k) retirement accounts. Do you think the $190 million would have helped the CKE employees more than the executives at Apollo?
BUSINESS
September 6, 2011
WASHINGTON — Carlyle Group is planning to raise $100 million through an initial public offering. The private equity firm is going public even as fears about the global economy have punished stock markets. Many companies canceled their IPOs in August. Private equity firms buy companies and later try to sell them for more money. They often borrow money to fund their purchases. The business slumped during the recession. Other large private equity companies have gone public recently.
BUSINESS
March 12, 2013 | By Tiffany Hsu, Los Angeles Times
Twinkies, the cult favorite snack brand orphaned by its liquidating parent company, Hostess Brands Inc., may have a new home. The popular product, along with Hostess brands such as CupCakes, Ho Hos and Ding Dongs, is being sold to private equity firms Apollo Global Management and C. Dean Metropoulos & Co. for $410 million. The companies submitted the only qualified bid by the deadline set by the Bankruptcy Court overseeing Hostess' case. The purchase, which includes five bakeries and certain equipment, is headed to court March 19 for final approval.
BUSINESS
March 7, 2013 | By Tiffany Hsu
Brooding-teen retailer Hot Topic Inc. is about to become family with Talbots Inc., an apparel chain beloved by moms. Hot Topic, a mall staple based in City of Industry, is being sold for $600 million to Sycamore Partners, the private equity firm that this summer bought Talbots for $391 million. The $14-per-share cash price represents a 30% premium over Hot Topic's closing stock price Wednesday and was unanimously approved by the retailer's board, the company said Thursday. But the deal still requires shareholder and regulatory approval.
BUSINESS
May 29, 2005 | James Flanigan, James Flanigan can be reached at jim.flanigan@latimes.com.
Every day, it seems, private equity investment firms are announcing new and larger funds. Blackstone Group said last week it would raise $11 billion from pension funds and other investors to put capital to work in a variety of industrial companies. If it gets the money, the 20-year-old firm founded by onetime Commerce Secretary Peter G. Peterson would top Goldman, Sachs & Co., which raised $8.
BUSINESS
January 9, 2012 | By Jim Puzzanghera
Escalating criticism by political foes of Republican presidential candidate Mitt Romney for his work at Bain Capital is unfairly giving private equity a bad name, an industry trade association said Monday. "There is a lot of misinformation being spread, purely for political purposes and on both sides of the aisle, as it pertains to private equity, said Steve Judge, interim head of the Private Equity Growth Capital Council. "While the business model has evolved over time, the fact of the matter is private equity provides capital and operational expertise to companies that are often underperforming or on the brink of failure.
BUSINESS
December 11, 2013 | By Stuart Pfeifer
Lucky Brand Jeans is coming home again. Los Angeles private-equity firm Leonard Green & Partners has agreed to pay $225 million to acquire Lucky from New York fashion company Fifth & Pacific Cos. The acquisition means that Lucky, founded in Vernon in 1990 and moved last year to a 1940s Art Deco building in downtown Los Angeles, will be locally owned once again. Denim veterans and Lucky co-founders Gene Montesano and Barry Perlman used clever marketing - including the "Lucky You" label stitched into the fly - to create one of the country's most popular mid-level denim jeans.
BUSINESS
November 19, 2013 | By Tiffany Hsu
Carpinteria-based CKE Inc., known for the raunchy commercials and juicy burgers from its Carl's Jr. chain, will be sold to the owner of decidedly G-rated brands Cinnabon and Auntie Anne's. CKE, currently controlled by affiliates of New York private equity firm Apollo Global Management, will change hands to an affiliate of Roark Capital Group, a private equity firm in Atlanta. Roark's portfolio is stuffed with popular food brands such as Wingstop, Corner Bakery Cafe, Seattle's Best Coffee and Arby's.
BUSINESS
November 16, 2013 | By Jim Puzzanghera
WASHINGTON -- Former Secretary of the Treasury Timothy F. Geithner is becoming a financial industry executive, taking a high-level job with the private-equity firm Warburg Pincus, the firm announced Saturday. Geithner, who was a major player in the federal government's response to the 2008 financial crisis and the Obama administration's formulation of economic policy, will become a managing director of the company and a member of its executive management group, Warburg Pincus said.
BUSINESS
September 24, 2013 | By Tiffany Hsu
Popular stationery company Paper Source has changed hands, from Southern California private equity firm Brentwood Associates to investment management firm Investcorp. The financial terms of the deal were not disclosed. The Chicago-based chain, which sells paper goods, gifts and crafting supplies across 23 states and the District of Columbia, was founded in 1983. Brentwood contributed capital in 2007. Since then, Paper Source's store count has increased to 73 units from 21. Now, there are nearly 20 stores in California alone.
BUSINESS
May 25, 2013 | By Joe Flint, Meg James and Daniel Miller, Los Angeles Times
Yahoo Inc., fresh off its $1.1-billion deal this week to acquire personal blogging site Tumblr, got in line Friday to pick up video streaming site Hulu. The late bid by the cash-rich Internet portal giant came on the same day that the Santa Monica company received bids from private equity firms KKR & Co. and Silver Lake Management, said people familiar with the matter. For its bid, Silver Lake teamed up with powerful Hollywood talent agency William Morris Endeavor, said the people, who did not want to be named because the bidding process was confidential.
BUSINESS
March 12, 2013 | By Tiffany Hsu, Los Angeles Times
Twinkies, the cult favorite snack brand orphaned by its liquidating parent company, Hostess Brands Inc., may have a new home. The popular product, along with Hostess brands such as CupCakes, Ho Hos and Ding Dongs, is being sold to private equity firms Apollo Global Management and C. Dean Metropoulos & Co. for $410 million. The companies submitted the only qualified bid by the deadline set by the Bankruptcy Court overseeing Hostess' case. The purchase, which includes five bakeries and certain equipment, is headed to court March 19 for final approval.
OPINION
January 15, 2012
It had to be done Re "How far is too far on Iran?," Editorial, Jan. 12 The editorial regarding the car-bomb killing of an Iranian nuclear scientist comes across as rather sanctimonious. All but assuming that Israel's hand was at play, the editorial condemns the action as somehow unfitting. The Iranian regime has said Israel should be destroyed. Such a move by Iran could only be accomplished through a nuclear attack on Israel, which probably motivates Iran's unrelenting effort to develop such weapons.
BUSINESS
June 1, 2011 | By Marc Lifsher, Los Angeles Times
The California Public Employees' Retirement System, the country's largest public pension fund, has named a new investment executive to run its $49-billion private equity portfolio. Real Desrochers, who spent a decade doing a similar job for the California State Teachers' Retirement System, replaces Leon Shahinian, who resigned in August. He left the agency after being put on administrative leave in the wake of a spreading corruption scandal at CalPERS. Shahinian was mentioned but not named as a defendant in a 2010 lawsuit filed by then-Atty.
BUSINESS
March 7, 2013 | By Tiffany Hsu
Brooding-teen retailer Hot Topic Inc. is about to become family with Talbots Inc., an apparel chain beloved by moms. Hot Topic, a mall staple based in City of Industry, is being sold for $600 million to Sycamore Partners, the private equity firm that this summer bought Talbots for $391 million. The $14-per-share cash price represents a 30% premium over Hot Topic's closing stock price Wednesday and was unanimously approved by the retailer's board, the company said Thursday. But the deal still requires shareholder and regulatory approval.
Los Angeles Times Articles
|