Industry News

New York, NY, Dec. 18, 2019 – Palladium Equity Partners, LLC (along with its affiliates, “Palladium”), a middle market private equity firm with approximately $3 billion in assets under management, today announced the sale of Raben Tire Company (“Raben”) to The Goodyear Tire & Rubber Company (“Goodyear”). Terms of the transaction were not disclosed. Founded in 1952 and headquartered in Evansville, Indiana, Raben is one of the largest tire and service companies in the Midwest. Its operations include more than 30 commercial and consumer tire and service locations and retread production plants. Palladium invested in the company in partnership with the Raben family in 2014. “As Raben joins the Goodyear family of industry-leading products and services, we thank Palladium for their strong partnership with our team over the past five years,” said Scott Cisney, CEO of Raben. “Together with Palladium, we executed a range of initiatives, including increasing the number of services
CHICAGO, December 10, 2019 – GCM Grosvenor, a global alternative asset manager, announced today that it completed the final close for Multi-Asset Class Fund II at the high end of its targeted capital raise with $983 million in committed capital. Multi-Asset Class Fund II pursues investment opportunities sourced from GCM Grosvenor’s $57 billion alternative investment platform, with investment capabilities across hedge fund strategies, private equity and debt, infrastructure, and real estate. The platform has 160 investment professionals and relationships with 600 alternative asset managers. “This successful fundraise reflects the strong value proposition of an opportunistic multi-asset class investment approach,” said Fred Pollock, GCM Grosvenor’s Chief Investment Officer. “In constructing the fund, the team leverages GCM Grosvenor’s open-architecture platform to access a rich opportunity set. We are grateful for our investors’ support.” Investors in Multi-Asset Class Fund II include public, corporate and Taft-Hartley pension plans, insurance companies and financial institutions based in
MIDLAND, Texas, December 10, 2019 — Gravity, a leading water and energy infrastructure company backed by affiliates of Clearlake Capital Group, L.P. (“Clearlake”), today announced it has completed the acquisition of On Point Oilfield Holdings, LLC (“On Point”), creating the largest commercial produced water disposal company by injection volumes in the Midland Basin. Gravity now owns and manages more than 50 active saltwater disposal wells with more than 1 million barrels per day of permitted disposal capacity. Trace Hight, founder and CEO of On Point, has joined Gravity as its Chief Commercial Officer of Water Infrastructure, reporting to Rob Rice, Gravity’s President and Chief Executive Officer. Financial terms of the transaction were not disclosed. Vinson & Elkins served as legal counsel to Gravity and Barclays acted as Gravity’s financial advisor and arranged debt financing for the transaction.
As the year winds down, we would like to take a moment to wish everyone a healthy, happy and prosperous holiday season and express our sincere appreciation for your continued support. For us, 2019 was an incredible year by every metric with many milestone achievements, exciting new initiatives launched, and a growing suite of services we are proud to offer our member firms and the market. Below is a quick snapshot of what the NAIC team accomplished in 2019 and underscores the dedication and commitment to assisting diverse-owned private equity firms and hedge funds: Grew membership by 42% to reach a modern era high of 78 firms that collectively manage more than $155 billion in assets Expanded our team with several new hires who allow us to grow existing and develop future initiatives that will bring great value to our members. Hosted five Institutional Investors Roadshows (Washington State Investment Board,
WASHINGTON (December 16, 2019) – The National Association of Investment Companies (NAIC), the largest network of diverse-owned private equity firms and hedge funds, and Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, announced a partnership that will provide diverse-owned private equity firms access to advisory services that will help them better mitigate risk and reduce transaction costs. “We are excited to work closely with Aon to expand access to industry-leading M&A insurance and capital management products and advisory services,” said Robert L. Greene, President and CEO of the NAIC. “Aon’s unique insights and services will undoubtedly lead to even greater value and lower transaction risk for our member firms and their portfolio companies.” NAIC member firms are expected to increasingly pursue innovative and complex transactions as the private equity industry expands and evolves. Aon’s insights, data & analytics capabilities, and
FRANKLIN, WI – November 22, 2019 – Pioneer Transformers L.P. (“Pioneer Transformers”), a portfolio company of Mill Point Capital, announced today that it has acquired Power Partners, LLC (“Power Partners” or the “Company”) from OpenGate Capital, a Los Angeles-based private equity firm. Power Partners is a leading designer and manufacturer of high-quality pole-mount and pad-mount power transformers. Power Partners manufactures a range of high-quality custom, semi-custom and standard transformer products for investor-owned utility, public power, industrial and commercial OEMs and international customers. Products include single-phase and three-phase pole-mount transformers, large-format pole-mount transformers and single-phase pad-mount transformers. The Company is headquartered in Athens, GA, and has been a reliable partner to its customers since its founding in 1958. Dustin Smith, Partner at Mill Point, commented, “The acquisition of Power Partners is highly complementary to Pioneer as it dramatically diversifies Pioneer’s customer base, adds a natural extension to Pioneer’s existing product suite
NEW YORK, November 4, 2019ICV Partners, LLC, a leading investment firm focused on middle market companies, announced today that it has made a significant investment in JK&T Wings, a leading franchisee of Buffalo Wild Wings (“BWW”), in partnership with management. Buffalo Wild Wings, founded in 1982, is the largest sports bar brand in the United States. Globally, Buffalo Wild Wings has more than 1,200 restaurants in 10 countries. BWW was acquired in February of 2018 by Inspire Brands (which also owns Arby’s, Sonic and Jimmy John’s). JK&T owns 42 BWW restaurants located primarily in Michigan, with additional locations in Massachusetts and Louisiana. Visit BuffaloWildWings.com. Kent Ward, Chief Executive Officer of JK&T and Brian Carmody, President will continue as investors in JK&T. Mr. Ward said, “ICV has the financial and operational resources to help us grow the company and, importantly, they understand and share our passion for the BWW brand whose quality
Rita SpitzCFA, Partner, Global Research Analyst, William Blair Investment Management William Blair partner Rita Spitz has seen a lot of changes over more than three decades at the firm and in the financial industry. But solid goals and hard work are still keys to success. “I was the only woman analyst when I came to William Blair and I don’t remember anybody laying out a plan for me,” she says. “But my personal goal was to become an equity owner as opposed to an employee and that made a huge difference in my career.” Active first as a sell-side analyst when she came over from Northern Trust in the 1980s, Spitz later moved to the buy-side as an analyst and subsequently became a research director. As an entrepreneur inside the firm, she made her mark as an analyst spotting trends, evaluating companies for success, and creating teams and tools within
The American Institute of CPAs (AICPA) recently issued guidance for investment companies on how to fair value their portfolio company investments. The accounting and valuation guide titled Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies is described by the AICPA as providing nonauthoritative guidance and illustrations regarding the accounting for and valuation of portfolio company investments held by investment companies within the scope of FASB ASC 946, Financial Services-Investment Companies. The guide provides nonauthoritative guidance and examples regarding the accounting for and valuation of portfolio company investments held by investment companies within the scope of FASB ASC 946, Financial Services—Investment Companies (including private equity funds, venture capital funds, hedge funds, and business development companies). Though intended for preparers of financial statements, independent auditors, and valuation specialists, it is important that investment advisors to these funds understand the accounting and valuation of their
In an effort to enhance the diversity practices within the State of New Jersey’s public retirement plans, Robert L. Greene, President & Chief Executive Officer of the National Association of Investment Companies (NAIC), provided testimony at a hearing for the Joint Committee on Economic Justice and Equal Employment Opportunity on November 12th in Trenton. The objective of the hearing, called by Democratic state Senator Ronald Rice and Assemblyman Benjie E. Wimberly was to better understand what steps the state could take to increase its diverse manager pool and what options were available. Greene’s statement to the committee focused on how the state could increase its exposure with high-performing diverse investment management firms. Other testimony came from Hester Agudosi, Chief Diversity Officer, New Jersey Office of Diversity and Inclusion; and John Harmon, Founder, President, and CEO of the African American Chamber of Commerce of New Jersey. While public pension plans in