This Week’s Notable Private Equity-Backed Deals and Exits (24-Jan-13 – 31-Jan-13)

by Kevin Smith

  • 31 Jan 2013
  • PE

In the private equity buyout market this past week Hahn & Company acquired a controlling stake in shipping company Korea Line. The deal was valued at $134mn. Hahn & Company mainly invests in South Korean companies across various sectors, including manufacturing, IT, technology and financial services.

Abraaj Capital, a private equity firm based in Dubai focussing on buyout and growth capital deals has recently completed an investment in Vine Pharmaceuticals, a retail chain in Uganda. The size of the investment was not disclosed.

In the US, private equity-backed Bright Horizons Family Solutions raised $222mn in its initial public offering (IPO). Bright Horizons priced 10.1 million shares at £22 per share above its $19-$21 range for an initial market capitalisation of $1.38bn. Bright Horizons began trading on the NYSE under the ticker symbol BFAM. Investment banks Goldman Sachs, JPMorgan and Barclays served as lead underwriters. Bright Horizons Family Solutions was taken private in January 2008 by Bain Capital in a $1.3bn leverage buyout. Bain Capital paid a 47% premium to Bright Horizons’ closing share price at the time of the transaction and supported the deal with a $640mn equity cheque.

Elsewhere, TPG Capital agreed to acquire Townsend Analytics and Eze Castle Software, Inc and jointly merge them to form new company Eze Software Group. The deal is expected to close in the second quarter of 2013. The sizes of both transactions were not disclosed. Townsend Analytics was previously owned by GTCR Golder Rauner-backed ConvergEx Holdings which acquired Townsend in January 2011.

Preqin's Buyout Deals Analyst shows that there has been $10.71bn in aggregate capital invested globally across 277 private equity-backed buyout deals year to date (as of 31st January 2013).

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