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This Week’s Notable Private Equity-Backed Deals and Exits – 29 November 2012

by Kevin Smith

  • 29 Nov 2012
  • PE

In the private equity buyout space this week, there have been several notable deals and exits. Apollo Global Management signed a definitive agreement to acquire McGraw-Hill Education for a purchase price of $2.5bn, subject to certain closing adjustments. Debt was provided by BMO Capital Markets, Credit Suisse, Jefferies, Morgan Stanley, Nomura Group, and UBS. The deal is expected to close by the end of January 2013.

US-based FleetPride Corporation was passed on in another secondary buyout to TPG for $1bn. FleetPride was previously backed by BAML Global Principal Investments, Investcorp and Ridgemont Equity Partners who acquired the company in June 2006 for an undisclosed sum. Prior to this, Aurora Capital Group and Brentwood Associates owned the company, after having bought a majority stake in FleetPride in January 2001.

Goldman Sachs exited its investment in USI Holdings Corporation this week after taking the company private in 2007 in a deal valued at $1.4bn.  The buyer, Canada-based private equity firm Onex Corporation, paid $2.3bn for USI including leverage. Onex Partners III fund provided $700mn in equity to support the transaction. Morgan Stanley, BofA Merrill Lynch, Citigroup, Goldman Sachs, RBC Capital Markets and UBS provided debt financing for the deal.

Preqin Buyout Deals Analyst shows that there has been $222.6bn in aggregate capital invested globally across 2,542 private equity-backed buyout deals year to date (as of 29th November 2012).

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