LONDON -(Dow Jones)- Funds advised by Private equity and investment advisory firm CVC Capital Partners Wednesday announce the EUR1.8 billion acquisition of Ahlsell, a Nordic technical products wholesaler from Cinven and Goldman Sachs Capital Partners.
MAIN FACTS:
-Transaction marks the successful completion of exclusive talks between these parties.
-Ahlsell has over 220 outlets in Sweden, Norway, Finland, Denmark, Estonia and Russia.
-Company specializes in providing professional users with a wide range of goods and peripheral services within the heating & plumbing, electrical, tools & machinery, refrigeration and DIY product space.
-In 2011, Ahlsell reported revenues of EUR2.3 billion
-Completion of the transaction is subject to customary competition clearances.
-CVC was advised by Deutsche Bank, Roschier, Freshfields, KPMG and BCG.
-Financing was led by Nordea, Deutsche Bank, Goldman Sachs, Barclays Capital, DNB Nor and Danske Bank.
-By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; ian.walker@dowjones.com
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2012年1月19日星期四
Goldman Sachs Is Said to Seek Up to $3.5 Billion for Dedicated Energy Fund
Goldman Sachs Group Inc. headquarters stands in New York. Photographer: Jin Lee/Bloomberg
The fund, Broad Street Energy Partners, will invest globally in areas such as oil, gas and power, said the investors, who asked not to be named because the information is private.
Goldman Sachs joins a growing lineup of firms raising pools of capital to take advantage of increased demand for energy and commodities. Barclays Natural Resource Investments, a unit of Barclays Capital, is raising its first dedicated private-equity energy fund to make investments globally. Blackstone Group LP (BX), the largest private-equity firm, and Apollo Global Management (APO) are also marketing debut energy funds.
Andrea Raphael, a spokeswoman for Goldman Sachs, declined to comment.
The new fund will be managed by the principal investment team of the bank. Kenneth Pontarelli, head of natural resources and a managing director in the merchant-banking division at Goldman Sachs, is heading the effort, according to the investors.
The Goldman Sachs merchant-banking division has made energy private-equity investments in the past out of its global private-equity funds, and Pontarelli managed those energy deals.
Past energy deals by GS Capital Partners (PEF3383) included the $45 billion buyout of electric utility company TXU (TXU), now called Energy Future Holdings Corp., Cobalt International Energy Inc. (CIE) and Kinder Morgan Inc.
To contact the reporter on this story: Sabrina Willmer in New York at swillmer2@bloomberg.net
To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net
http://tourism9.com/ http://vkins.com/
Goldman Sachs Said to Seek Up to $3.5 Billion for Energy Fund
January 18, 2012, 1:51 PM EST
By Sabrina Willmer
Jan. 18 (Bloomberg) — Goldman Sachs Group Inc. is seeking $2 billion to $3.5 billion for its first dedicated energy private-equity fund, according to two prospective investors.
The fund, Broad Street Energy Partners, will invest globally in areas such as oil, gas and power, said the investors, who asked not to be named because the information is private.
Goldman Sachs joins a growing lineup of firms raising pools of capital to take advantage of increased demand for energy and commodities. Barclays Natural Resource Investments, a unit of Barclays Capital, is raising its first dedicated private-equity energy fund to make investments globally. Blackstone Group LP, the largest private-equity firm, and Apollo Global Management are also marketing debut energy funds.
Andrea Raphael, a spokeswoman for Goldman Sachs, declined to comment.
The new fund will be managed by the principal investment team of the bank. Kenneth Pontarelli, head of natural resources and a managing director in the merchant-banking division at Goldman Sachs, is heading the effort, according to the investors.
The Goldman Sachs merchant-banking division has made energy private-equity investments in the past out of its global private-equity funds, and Pontarelli managed those energy deals.
Past energy deals by GS Capital Partners included the $45 billion buyout of electric utility company TXU, now called Energy Future Holdings Corp., Cobalt International Energy Inc. and Kinder Morgan Inc.
–Editors: Christian Baumgaertel, Steven Crabill
-0- Jan/18/2012 13:55 GMT
-0- Jan/18/2012 14:00 GMT
To contact the reporter on this story: Sabrina Willmer in New York at swillmer2@bloomberg.net
To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net
http://tourism9.com/ http://vkins.com/
By Sabrina Willmer
Jan. 18 (Bloomberg) — Goldman Sachs Group Inc. is seeking $2 billion to $3.5 billion for its first dedicated energy private-equity fund, according to two prospective investors.
The fund, Broad Street Energy Partners, will invest globally in areas such as oil, gas and power, said the investors, who asked not to be named because the information is private.
Goldman Sachs joins a growing lineup of firms raising pools of capital to take advantage of increased demand for energy and commodities. Barclays Natural Resource Investments, a unit of Barclays Capital, is raising its first dedicated private-equity energy fund to make investments globally. Blackstone Group LP, the largest private-equity firm, and Apollo Global Management are also marketing debut energy funds.
Andrea Raphael, a spokeswoman for Goldman Sachs, declined to comment.
The new fund will be managed by the principal investment team of the bank. Kenneth Pontarelli, head of natural resources and a managing director in the merchant-banking division at Goldman Sachs, is heading the effort, according to the investors.
The Goldman Sachs merchant-banking division has made energy private-equity investments in the past out of its global private-equity funds, and Pontarelli managed those energy deals.
Past energy deals by GS Capital Partners included the $45 billion buyout of electric utility company TXU, now called Energy Future Holdings Corp., Cobalt International Energy Inc. and Kinder Morgan Inc.
–Editors: Christian Baumgaertel, Steven Crabill
-0- Jan/18/2012 13:55 GMT
-0- Jan/18/2012 14:00 GMT
To contact the reporter on this story: Sabrina Willmer in New York at swillmer2@bloomberg.net
To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net
http://tourism9.com/ http://vkins.com/
2012年1月14日星期六
JPMorgan kicks off bank earnings season with 23% drop in profit
Reporting from Los Angeles and New York—
JPMorgan Chase & Co. kicked off bank earnings season with a 23% decline in profit and sagging revenue that investors saw as an ominous precedent for other big financial companies that report results next week.
An increase in consumer credit card usage and an uptick in business lending couldn’t offset weaknesses elsewhere at JPMorgan, Friday’s report showed. Investment banking, where revenue fell 30%, was particularly hard hit.
The report landed at a rocky time for markets, with global uncertainties including the European debt crisis restraining major corporate expansions and takeovers. Standard & Poor’s downgraded the debt of eight Eurozone countries Friday, stripping France and Austria of their prized AAA ratings.
Closer to home, major players in the mortgage business, like JPMorgan, continue to struggle with mountains of defaulted loans, foreclosed properties and demands that they repurchase flawed mortgages from government-controlled Fannie Mae and Freddie Mac as well as private investors.
Despite recent increases in commercial lending, JPMorgan officials say loan demand from solid businesses is spotty, leaving them with deposits overflowing — and open to accusations that they are too tightfisted after having been bailed out by the government. JPMorgan’s deposits rose 21% over the last year to $1.13 trillion.
“Companies are flush with cash and their cash balances are growing,” JPMorgan Chief Executive Jamie Dimon said during a call with bank analysts.
JPMorgan, the nation’s biggest bank, reported net income of $3.7 billion, or 90 cents a share, for the fourth quarter of 2011, down from $4.8 billion, or $1.12, a year earlier.
The profit was about as expected on Wall Street. But the bank’s quarterly revenue fell to $21.5 billion from $26.1 billion a year earlier, coming in well below analysts’ consensus forecast of $23 billion.
JPMorgan shares fell 93 cents, or 2.5%, to $35.92.
Since JPMorgan is the largest bank as measured by assets, and regarded as one of the best managed banks, investors reassessed their holdings across the board. Many banks stocks fell 4% in early trading. At the end of the day, Morgan Stanley declined 3.2% to $16.63, Bank of America was down 2.7% at $6.61, Citigroup fell 2.7% to $30.74 and Goldman Sachs slid 2.2% to $98.96.
An exception to the trend was Wells Fargo & Co., which closed the day unchanged at $29.61.
In a reversal of the situation immediately after the financial crisis, investors are betting on stronger showings from banks like Wells Fargo that have focused more on consumers than on trading.
The San Francisco bank, the largest bank as measured by stock market value, has seen its year-over-year earnings rise steadily. Analysts predicted that it would show a quarterly profit of $3.6 billion when it releases its results Tuesday, up from $3.4 billion a year earlier but down from $4 billion in the third quarter.
Bank of America Corp., which is in the middle of a major campaign to scale back risks and raise capital at the behest of regulators, was expected to reverse a loss of $1.2 billion in the fourth quarter of 2010 and report a profit of more than $2 billion Thursday.
Keefe, Bruyette & Woods analysts said JPMorgan’s loan loss and mortgage buyback numbers, while still high, had improved enough to be a positive sign for Bank of America. BofA shares have tanked 58% since last year as the Charlotte, N.C., bank has been hammered by tens of billions of dollars in losses from its 2008 acquisition of Calabasas home lender Countrywide Financial Corp.
Analysts have generally been growing more pessimistic about financial firms with big Wall Street trading operations, all of which will report their financial results in the next few weeks. New regulations and global financial turmoil have darkened the prospects for securities firms, making them one of the worst performing sectors on the Standard & Poor’s 500 index over the last year.
“We expect this quarter will be characterized more by limited activity and leverage across institutional investors and across corporations given the continued uncertainty in Europe and possible spillover effects in the U.S,” analysts at Keefe Bruyette & Woods wrote this week in a note to clients.
Last quarter, Goldman Sachs Group Inc. reported a loss for the first time since the financial crisis. Although Goldman is likely to bounce back to profit when it announces its results Wednesday, it is not expected to show any signs of growth.
Glenn Schorr, a bank analyst at Nomura Securities, said in a report that recent results “have investors wondering if GS has lost its ‘mojo.’”
scott.reckard@latimes.com
nathaniel.popper@latimes.com
JPMorgan Chase & Co. kicked off bank earnings season with a 23% decline in profit and sagging revenue that investors saw as an ominous precedent for other big financial companies that report results next week.
An increase in consumer credit card usage and an uptick in business lending couldn’t offset weaknesses elsewhere at JPMorgan, Friday’s report showed. Investment banking, where revenue fell 30%, was particularly hard hit.
The report landed at a rocky time for markets, with global uncertainties including the European debt crisis restraining major corporate expansions and takeovers. Standard & Poor’s downgraded the debt of eight Eurozone countries Friday, stripping France and Austria of their prized AAA ratings.
Closer to home, major players in the mortgage business, like JPMorgan, continue to struggle with mountains of defaulted loans, foreclosed properties and demands that they repurchase flawed mortgages from government-controlled Fannie Mae and Freddie Mac as well as private investors.
Despite recent increases in commercial lending, JPMorgan officials say loan demand from solid businesses is spotty, leaving them with deposits overflowing — and open to accusations that they are too tightfisted after having been bailed out by the government. JPMorgan’s deposits rose 21% over the last year to $1.13 trillion.
“Companies are flush with cash and their cash balances are growing,” JPMorgan Chief Executive Jamie Dimon said during a call with bank analysts.
JPMorgan, the nation’s biggest bank, reported net income of $3.7 billion, or 90 cents a share, for the fourth quarter of 2011, down from $4.8 billion, or $1.12, a year earlier.
The profit was about as expected on Wall Street. But the bank’s quarterly revenue fell to $21.5 billion from $26.1 billion a year earlier, coming in well below analysts’ consensus forecast of $23 billion.
JPMorgan shares fell 93 cents, or 2.5%, to $35.92.
Since JPMorgan is the largest bank as measured by assets, and regarded as one of the best managed banks, investors reassessed their holdings across the board. Many banks stocks fell 4% in early trading. At the end of the day, Morgan Stanley declined 3.2% to $16.63, Bank of America was down 2.7% at $6.61, Citigroup fell 2.7% to $30.74 and Goldman Sachs slid 2.2% to $98.96.
An exception to the trend was Wells Fargo & Co., which closed the day unchanged at $29.61.
In a reversal of the situation immediately after the financial crisis, investors are betting on stronger showings from banks like Wells Fargo that have focused more on consumers than on trading.
The San Francisco bank, the largest bank as measured by stock market value, has seen its year-over-year earnings rise steadily. Analysts predicted that it would show a quarterly profit of $3.6 billion when it releases its results Tuesday, up from $3.4 billion a year earlier but down from $4 billion in the third quarter.
Bank of America Corp., which is in the middle of a major campaign to scale back risks and raise capital at the behest of regulators, was expected to reverse a loss of $1.2 billion in the fourth quarter of 2010 and report a profit of more than $2 billion Thursday.
Keefe, Bruyette & Woods analysts said JPMorgan’s loan loss and mortgage buyback numbers, while still high, had improved enough to be a positive sign for Bank of America. BofA shares have tanked 58% since last year as the Charlotte, N.C., bank has been hammered by tens of billions of dollars in losses from its 2008 acquisition of Calabasas home lender Countrywide Financial Corp.
Analysts have generally been growing more pessimistic about financial firms with big Wall Street trading operations, all of which will report their financial results in the next few weeks. New regulations and global financial turmoil have darkened the prospects for securities firms, making them one of the worst performing sectors on the Standard & Poor’s 500 index over the last year.
“We expect this quarter will be characterized more by limited activity and leverage across institutional investors and across corporations given the continued uncertainty in Europe and possible spillover effects in the U.S,” analysts at Keefe Bruyette & Woods wrote this week in a note to clients.
Last quarter, Goldman Sachs Group Inc. reported a loss for the first time since the financial crisis. Although Goldman is likely to bounce back to profit when it announces its results Wednesday, it is not expected to show any signs of growth.
Glenn Schorr, a bank analyst at Nomura Securities, said in a report that recent results “have investors wondering if GS has lost its ‘mojo.’”
scott.reckard@latimes.com
nathaniel.popper@latimes.com
2012年1月2日星期一
Investment bankers eye Facebook IPO job
The Irish Times – Saturday, December 31, 2011
INVESTMENT BANKERS are warming up for the race to land what promises to be one of next year’s most lucrative initial public offering (IPO) advisory jobs – Facebook.
The Wall Street Journal reported yesterday that bankers and venture capitalists had named long-time rivals Goldman Sachs and Morgan Stanley as frontrunners.
“Facebook’s stock sale could be as big as $10 billion [€7.72 billion], valuing the company at $100 billion or more,” the Wall Street Journal said in a technology blog.
“Fees for IPOs of that size have averaged 2.2 per cent, according to Dealogic, which tracks new issues. That would mean a possible total pay-off of as much as $220 million, though the company could negotiate lower fees because the Facebook deal is such a trophy.”
Data compiled by Bloomberg shows that the value of internet flotations could reach $11 billion next year, which would only be second to the $18.5 billion raised at the height of a tech bubble in 1999.
Fourteen such companies are considering flotations next year. While surging sales growth may lure investors to Facebook, the biggest social-networking site, heightened stock volatility and Europe’s sovereign debt crisis could temper the pace of global IPOs after a 38 per cent decline in 2011.
Even internet companies may cut valuations for their offerings after Zynga, the largest developer of games for Facebook, and online radio company Pandora slumped following share sales this year, according to research firm Morningstar.
“Technology is still a place where you can get outperformance in terms of growth against a tepid market backdrop,” said David Erickson of Barclays. “You might see more IPOs emerge if we get resolution in Europe or stability that makes investors more comfortable with the overall market.”
IPOs raised $155.8 billion in 2011, compared with $252 billion a year earlier, and US initial offerings generated $38.8 billion, about 10 per cent less than in 2010. In Asia, IPOs this year have raised $79.2 billion, less than half the $176.5 billion last year.
While funds raised in Europe rose for the year, they sank more than 95 per cent since August from a year earlier. – (Additional reporting: Bloomberg)
INVESTMENT BANKERS are warming up for the race to land what promises to be one of next year’s most lucrative initial public offering (IPO) advisory jobs – Facebook.
The Wall Street Journal reported yesterday that bankers and venture capitalists had named long-time rivals Goldman Sachs and Morgan Stanley as frontrunners.
“Facebook’s stock sale could be as big as $10 billion [€7.72 billion], valuing the company at $100 billion or more,” the Wall Street Journal said in a technology blog.
“Fees for IPOs of that size have averaged 2.2 per cent, according to Dealogic, which tracks new issues. That would mean a possible total pay-off of as much as $220 million, though the company could negotiate lower fees because the Facebook deal is such a trophy.”
Data compiled by Bloomberg shows that the value of internet flotations could reach $11 billion next year, which would only be second to the $18.5 billion raised at the height of a tech bubble in 1999.
Fourteen such companies are considering flotations next year. While surging sales growth may lure investors to Facebook, the biggest social-networking site, heightened stock volatility and Europe’s sovereign debt crisis could temper the pace of global IPOs after a 38 per cent decline in 2011.
Even internet companies may cut valuations for their offerings after Zynga, the largest developer of games for Facebook, and online radio company Pandora slumped following share sales this year, according to research firm Morningstar.
“Technology is still a place where you can get outperformance in terms of growth against a tepid market backdrop,” said David Erickson of Barclays. “You might see more IPOs emerge if we get resolution in Europe or stability that makes investors more comfortable with the overall market.”
IPOs raised $155.8 billion in 2011, compared with $252 billion a year earlier, and US initial offerings generated $38.8 billion, about 10 per cent less than in 2010. In Asia, IPOs this year have raised $79.2 billion, less than half the $176.5 billion last year.
While funds raised in Europe rose for the year, they sank more than 95 per cent since August from a year earlier. – (Additional reporting: Bloomberg)
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