Steve Gelsi
John Rompon is a managing partner with Chicago-based McNally Capital, which partners with family offices and high-net worth investors on direct investments. Buyouts asked him about why family offices are so eager to go direct these days.
When Siris Capital’s $842 million buyout of Digital River closed in February, the e-commerce software provider opened a new chapter as an ex-public company with a not-too-lofty debt multiple in the mid-6x EBITDA range. And with projected cost savings plus expected revenue growth, the company’s leverage multiple will likely fall, strengthening Digital River’s balance sheet for add-ons or other paths to growth.
As a fund administrator with decades of experience in cloud computing and fund accounting, Rahul Kanwar sees a market opportunity tied to the diversification of private equity as an asset class.
Aequitas Capital is taking aim at more financial technology providers with its own mix of credit and equity investing, with $100 million under its belt and new executives on board for Aequitas Capital Opportunities Fund.
The Jordan Co has been cleared by the Federal Trade Commission to purchase DiversiTech Corp, which bills itself as the largest manufacturer of condenser pads for air conditioners in North America.
He didn’t drop a bombshell like his predecessor did a year ago, but Marc Wyatt, the SEC’s top examiner for the private equity industry, said the regulator continues to see problems that need to be fixed.
Pomona Capital said it is launching the Pomona Investment Fund, targeting up to $500 million with its first vehicle aimed at accredited individual investors, an executive at the firm said.
Trilantic Capital Management LP tapped into its flagship fund, its newer energy-focused pool and co-investments from LPs to launch a new oil and gas exploration company, TRP Energy, with a $250 million equity commitment, according to a source.
Great Hill Partners made more than 10x its initial investment of about $30 million through its sale of Credibility Corp to Dun & Bradstreet, according to a source.
Black Diamond Capital Management has reached at least $688 million in commitments for BDCM Opportunity Fund IV, its latest distressed debt fund, according to a regulatory filing.