|Bid||0.00 x 800|
|Ask||0.00 x 800|
|Day's Range||27.03 - 27.77|
|52 Week Range||15.09 - 27.77|
|Beta (3Y Monthly)||1.57|
|PE Ratio (TTM)||11.24|
|Earnings Date||Oct 31, 2019|
|Forward Dividend & Yield||1.47 (5.34%)|
|1y Target Est||27.96|
Moody's Investors Service has today downgraded Praesidiad Group Limited's (Praesidiad, company) corporate family rating (CFR) to Caa1 from B3 and the company's probability of default rating (PDR) to Caa1-PD from B3-PD. The downgrade primarily reflects the continued weakened profitability in the first half, particularly the second quarter, and the resulting rise in Moody's-adjusted debt/EBITDA to above 10x. Moody's also views the cash flow profile as weak given the reduction in profitability, but Moody's also notes that the company generated marginally positive free cash flow after interest and capex in the first half of 2019 and liquidity remains currently adequate although a turnaround in profitability is required in Moody's view to avoid a weakening in the company's liquidity profile.
The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We at Insider Monkey have gone over 730 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F […]
-- Team Drive-Away (TDA) moves 20,000-plus Class 8 used and new trucks annually via 500 independent contractors. -- Together, United Road and TDA will move over 4 million vehicles in 2019. ROMULUS, Mich. ...
Carlyle Group said on Friday it had dropped out as a stakeholder in Lone Star Ports LLC, which proposed a $1 billion crude oil export terminal near Corpus Christi, Texas. Sean Strawbridge, chief executive of the Port of Corpus Christi, said Carlyle notified the port on Oct. 8 it would no longer proceed with its investment. Carlyle said in a statement Berry Group was "now the sole owner of Lone Star," but did not comment on why it dropped out of the project, which it said continues to be actively developed.
Investing.com - Goya Foods reportedly is in late-stage talks to sell a majority stake to The Carlyle Group (NASDAQ:CG) in a deal that would value the canned-foods giant at about $3.5 billion, The New York Post reported.
The Zacks Analyst Blog Highlights: Asbury Automotive, Agree Realty, Veoneer, Hawaiian Holdings and The Carlyle Group
Investment in mid-cap stocks is often recognized as a good portfolio diversification strategy combining attractive attributes of both small and large-cap stocks.
SALT LAKE CITY , Oct. 15, 2019 /PRNewswire/ -- HireVue , provider of the most comprehensive suite of AI-driven talent assessment and video interviewing solutions, today announced the completion of The ...
Carlyle has instructed advisers to sell taxi business Addison Lee by early next year as the private equity firm seeks to avoid a debt restructuring or extension. Addison Lee confirmed on Monday that banks were carrying out an “evaluation of our future capital structure”, focused on an “ongoing sales process”. Bank of America Merrill Lynch and Rothschild are advising.
Moody's Investors Service, ("Moody's") today upgraded the rating assigned to Neptune Energy Bondco Plc's $550 million senior unsecured notes due 2025 to B1 from B2 and assigned a B1 rating to its proposed issuance of $500 million senior unsecured notes due 2026. Concurrently, Moody's affirmed the Ba3 Corporate Family Rating (CFR) and Ba3-PD Probability of Default Rating (PDR) of Neptune Energy Group Midco Limited (Neptune).
Japan's Hitachi Ltd has narrowed suitors for its $6.8 billion chemical unit to a handful of companies including Bain Capital, Japan Industrial Partners and Nitto Denko Corp, four people with knowledge of the deal said. Shortlisted bidders for Hitachi Chemical Co also include U.S. private equity fund Carlyle Group L.P., three of the people said. Bain, the U.S. buyout fund, is teaming up with Tokyo-based private equity firm Japan Industrial Partners, the three said.
(Bloomberg) -- Carlyle Group LP’s newest credit fund is looking to capitalize on an opening in the market by lending to midsize companies that are privately held or family-owned.“Our focus is on borrowers and businesses that for one reason or another cannot access the traditional credit markets and they do not want private equity,” Alex Popov, head of Carlyle Credit Opportunities, said in an interview.As competition rises in pockets of private credit, compressing yields, Carlyle is looking for overlooked opportunities ahead of a long-anticipated downturn. The company, which has $47 billion of credit assets under management, is hunting for borrowers less exposed to recessionary forces in sectors where others don’t lend, Popov said.“The level of competition reduces very quickly,” he said. “The type of risk we see in this fund is really focused on complexity, lack of institutionalization and niche industries -- and those are not cyclical problems.”Corporate TransitionThe fund is looking to lend to more developed companies with at least $500 million of enterprise value. About 40% of the businesses the fund invests in have at least $1.5 billion of value, Popov said. These are often companies going through a transition such as those looking to expand, boost capital expenditures or buying out a legacy minority shareholder, he said.Carlyle said in July its Credit Opportunities Fund had raked in $2.4 billion of equity commitments. At that point the fund had already invested in a founder-owned home builder and a publicly traded media company. This month the fund was one of three lenders to provide financing for AVALT’s purchase of home service company Ned Stevens.That transaction is an example of how the fund wants to leverage Carlyle’s existing network of investment professionals. When the private equity group didn’t end up acquiring Ned Stevens it arranged an introduction, which led to the fund playing a part in the debt financing, Popov said.Roughly 85% of the deals the fund has done so far have come through Carlyle’s proprietary channels.“That network is very powerful in terms of sourcing opportunities,” Popov said.To contact the reporter on this story: Kelsey Butler in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Natalie Harrison at email@example.com, Adam Cataldo, Sally BakewellFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Apollo Global Management Inc. and Carlyle Group LP are the two remaining bidders competing to acquire Deutsche Bahn AG’s European transport business Arriva, people familiar with the matter said.The buyout firms are proceeding in the final stages to make binding bids for the U.K.-based unit, which could be valued at about 3 billion euros ($3.3 billion), the people said. Deutsche Bahn is exploring all options for Arriva and continues to also weigh an initial public offering of the business, the people said, asking not to be identified as the matter is private.Deutsche Bahn, Germany’s state-owned rail operator, announced plans in March to divest Arriva to help pay off debt and is exploring a sale as well as an IPO in Amsterdam. Arriva employs more than 53,000 people in 14 European countries for its bus and rail operations and Deutsche Bahn acquired the company for 1.6 billion pounds ($1.9 billion) in 2010.While Apollo and Carlyle are the only remaining bidders pursuing Arriva’s entire business, other suitors may still be interested in parts of its operations, according to the people. No final decisions have been made, and Deutsche Bahn could still opt for a different buyer or decide to list the unit, the people said.Representatives for Deutsche Bahn, Apollo and Carlyle declined to comment.Arriva has benefited from acquisitions and higher demand for bus and rail from Hungary in the east to Spain in the south. That has helped offset challenges for its U.K. rail business, which faces a political and client backlash, as well as uncertainties amid negotiations for the U.K. to exit the European Union.\--With assistance from Stephan Kahl.To contact the reporters on this story: Eyk Henning in Frankfurt at firstname.lastname@example.org;Dinesh Nair in London at email@example.com;Sarah Syed in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Aaron Kirchfeld at email@example.com, ;Kenneth Wong at firstname.lastname@example.org, Ben Scent, Tara PatelFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- It was “Barbarians at the Gate,” Washington-style.As Republicans set out to overhaul the federal tax code in 2017, the private equity world leveraged its influence. The mission: protect the wildly lucrative tax break that’s helped mint more billionaires than almost any other industry.Read more: Everything Is Private Equity NowThe original Barbarian -- KKR & Co. -- had none other than a former head of the Republican National Committee rounding up lawmakers on Capitol Hill to fight for private equity’s cause.Quietly meeting with Treasury Secretary Steven Mnuchin and top economic advisers was industry mogul Jonathan Gray, the No. 2 at Blackstone Group Inc. who’s famous for devising the $26 billion takeover of the Hilton hotel chain.As lobbyists worked toward a compromise that would keep the tax benefit alive, Blackstone co-founder Steve Schwarzman was enjoying direct access to President Donald Trump. Worth $16.1 billion, Schwarzman happens to be the president’s Palm Beach neighbor, a regular guest at his Mar-a-Lago resort and one of his most generous donors.And so went private equity’s latest feat in Washington: Despite dozens of attempts to close that crucial loophole -- a multibillion-dollar giveaway on so-called carried interest that Trump himself had pledged to junk -- the idea simply went away. Congress kept the existing system with a stipulation that money managers must hold their positions for three years. They usually do anyway.The day the Senate passed the law preserving the tax break, Schwarzman hosted a fundraiser at his Manhattan apartment for the president. Guests paid $100,000 a plate.An industry that’s reshaped the American economy now appears to be heading into an even bigger war to preserve the generous tax breaks and loose oversight that helped it amass more than $4 trillion in assets and launch a new Gilded Age. Senator Elizabeth Warren, climbing in polls as she seeks the Democratic presidential nomination, has laid out proposals that would dramatically rein in its profits if she’s elected next year.She and some of her fellow candidates are picking a fight with a group of Wall Street firms more powerful than ever. They’ve evolved from mere buyout funds that use debt to acquire companies like RJR Nabisco, featured in the 1990s book “Barbarians at the Gate,” into major players in real estate, credit and other businesses. They hold sway in virtually every corner of the economy, as well as with millions of employees who will vote in 2020.Major DonorsOver the past decade, private equity and investment firms -- not including hedge funds -- have dropped $400 million into federal campaign coffers, according the Center for Responsive Politics. That’s more than commercial banks or the insurance industry.Leading private equity’s charge in Washington is the prosaically named American Investment Council. Headquartered about 2 miles from the Capitol, it’s backed by outfits such as Carlyle Group LP, Apollo Global Management Inc. and Blackstone, giving it the resources to cast a message nationally. The AIC regularly places opinion pieces in local newspapers to burnish the industry’s reputation, often noting that the firms control companies employing thousands of area residents.“Businesses backed by private equity employ over 11,800 workers in the Hawkeye state,” AIC president Drew Maloney, who served as a liaison between the Treasury Department and Congress earlier in the Trump administration, wrote in Iowa’s Des Moines Register in July. “Real jobs. Real lives.”The industry has shown a knack for hiring Beltway insiders who can navigate both Republican and Democratic circles. This month, the AIC plans to bring CEOs of private-equity-owned companies to Washington to chat with lawmakers across the spectrum. “They have managed to have influence with both parties,” said John Coffee, a law professor at Columbia University.Republican SupportTake Ken Mehlman, KKR’s political whiz who held various positions in the George W. Bush administration, managing his 2004 re-election campaign and then chairing the RNC.In mid-2017, as Republicans were racing to come up with a tax overhaul for Trump, Mehlman helped persuade House Republicans to protect the carried interest loophole that makes it possible for wealthy executives to pay lower tax rates than their secretaries.The money managers get paid in two ways: an annual management fee and a share of investment profits. While the fee is taxed as ordinary income, the profit share is treated like a capital gain and taxed less. Critics say this doesn’t make sense because the profit share is essentially just another fee paid by clients.After an effort spearheaded by Mehlman, 22 Republican congressmen signed a letter to the powerful House Ways and Means Committee arguing the break is good for the country. “Now, more than ever, we need a tax reform package that bolsters long-term investment in American companies,” they wrote. “Carried interest does exactly that.”‘Almost No’ RegulationTop private equity firms now wield assets that dwarf those of regional banks such as Fifth Third Bancorp and Citizens Financial Group Inc. But unlike banks, they mostly fall through the regulatory cracks.Congress tried to tighten one of the industry’s favorite loopholes after the 2008 financial crisis. The aim was to force private equity firms to abide by many of the routine requirements -- compliance programs, inspections, disclosures on assets -- that other investment companies have faced since the 1940s.By 2014, officials at the Securities and Exchange Commission had taken up the cause, talking about the need for more transparency, or as they called it, “spreading sunshine.” Yet behind the scenes, congressional staffers close to the industry were encouraging the SEC to focus elsewhere.“Private equity is subject to almost no direct regulation beyond some very basic transparency,” said Jonah Crane, a senior official at Treasury Department official during the Obama administration.Easing RulesRecently, SEC Chairman Jay Clayton, who was picked for the job by Trump, has considered developing an inexpensive way for everyday investors to participate in private equity. They’ve long been barred on the grounds they aren’t sophisticated enough to take such risks.In an April interview on Bloomberg TV’s “The David Rubenstein Show,” the SEC chairman said many people might benefit from having a slice of their retirement money in private equity. The host, a co-founder of Carlyle, agreed. “Probably wouldn’t be that damaging if 5% of it was lost or didn’t do as well,” Rubenstein said, speaking of retiree nest eggs. “So some percentage maybe should be allowed.”The SEC has since solicited public comments on whether it should ease the rules. The aim is to “reduce cost and complexity, and increase opportunities” while enhancing protections, said Natalie Strom, a spokeswoman for Clayton.Representatives for KKR, Blackstone and Carlyle declined to comment.Limiting DisclosuresSensing an opening, private equity is pushing back on other requirements, too.Among the few windows the government has into private equity and the risks that firms take is a form filed with the SEC known as PF. Its Section 4 can reveal the amount of debt piled onto the companies in buyouts, as well as where firms are investing. Years ago, private equity firms successfully lobbied to limit access to the information, saying it’s proprietary. Only about a dozen of the SEC’s 4,400 employees can easily see it.Now, the industry is criticizing the disclosures, calling them a security risk. It argues so few people have access to the data that it can’t be of much use, anyway.The SEC takes “data protection very seriously,” Clayton’s spokeswoman said. His office said in a statement that officials met with industry and investor groups about Form PF and that there’s no plan to cut out sections of the document.Warren’s ProposalsSenator Warren, for one, is outraged about the industry’s clout. Her plan is called the “Stop Wall Street Looting Act.” Unveiled in July, her measures would close the carried interest loophole, put firms on the hook for the debts of companies they buy and eliminate certain fees.Then this week she and other progressive Democrats sent letters to private equity firms invested in prison services, demanding information about stakes, revenue and whether facilities have been investigated for violating laws.“For far too long, the private equity industry -- with its armies of lobbyists and lawyers -- has rigged the rules in Washington, allowing private investment firms to line their pockets by sucking the value out of American businesses and leaving employees, pensioners, and communities behind,” the Massachusetts Democrat said. “This legalized looting is costing our economy, and it’s time we put an end to it.”\--With assistance from Robert Schmidt and Austin Weinstein.To contact the reporters on this story: Heather Perlberg in Washington at email@example.com;Ben Bain in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: David Gillen at email@example.com, ;Alan Mirabella at firstname.lastname@example.org, ;Jesse Westbrook at email@example.com, David Scheer, Josh FriedmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Toll Brothers, Inc. (TOL) (www.TollBrothers.com), the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living® rental subsidiary, and an affiliate of global investment firm The Carlyle Group (CG), have announced the formation of a new joint venture to develop Osprey, a 320-unit luxury apartment community in Atlanta’s West Midtown neighborhood. The joint venture has secured a construction loan facility from BB&T Real Estate Funding LLC, serving as administrative agent, and Comerica Bank.
Tech specialists Raghav Maliah and Jung Min have been appointed co-heads of Goldman Sachs' mergers and acquisitions in Asia Pacific excluding Japan as former head John Kim moves to global private equity giant Carlyle Group. Kim, a 19-year veteran of the bank's Asia business, joins Carlyle as a managing director of its Asian buyout team, and will lead its activities in Korea, according to a press release from the private equity group. Goldman told staff that Kim was retiring from the bank and praised his role as a "trusted advisor to many of our clients" and his involvement in several industry-leading transactions, according to an internal memo seen by Reuters.
(Bloomberg) -- Goldman Sachs Group Inc. named Raghav Maliah and Jung Min as new leaders for its mergers and acquisitions business in Asia ex-Japan as John Kim joined buyout firm Carlyle Group.As part of the reshuffle, Sushil Bathija, co-head of Southeast Asia, will also be part of the bank’s M&A team for Asia ex-Japan, according to an internal memo seen by Bloomberg News. The contents of the memo were confirmed by a spokeswoman for the bank. Pierre Chu and Weigang Li will remain as co-heads of China M&A.Kim, who was most recently head of M&A for Asia ex-Japan and has held various other roles, is retiring from Goldman Sachs after 19 years at the firm. He is joining Carlyle as a managing director of its Asia buyout team and will start in March, according to a separate press release. He will lead Carlyle’s investment activities in Korea.Maliah, who joined Goldman Sachs in 2000, is global vice chairman of the firm’s investment banking division and co-head of the technology, media and telecom group in Asia Pacific ex-Japan. Min is co-head of TMT in Asia Pacific ex-Japan and has recently been named co-chief operating officer of global TMT. He joined the firm in 2005. Bathija, who joined in 2007, will maintain coverage of regional consumer retail clients.(Updates with background on the bankers in fourth paragraph)To contact the reporter on this story: Manuel Baigorri in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Fion Li at email@example.com, Ville HeiskanenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Carlyle Group LP is partnering with Tullow Oil Plc former CEO Aidan Heavey and ex-CFO Tom Hickey to form a venture that will target up to $1 billion of acquisitions in sub-Saharan Africa.
(Bloomberg Opinion) -- Bain Capital has put shareholders in Osram Licht AG, a German LED light maker, on the spot.The U.S. private equity firm is dangling a half-baked takeover bid that would top the 3.7 billion euro ($4 billion) offer tabled by Austria’s AMS AG, a manufacturer of sensors. But there are good reasons to doubt its credibility: Bain has simultaneously lost the support of fellow buyout titan Carlyle Group, which had backed a joint 3.4 billion euro deal in July. Bain has had to pull in another private equity firm, Advent International, as a last-minute substitute.The original Bain-Carlyle transaction had Osram’s support until AMS bid more. Carlyle’s reluctance to help its former partner get back into the auction says a lot about the risks of this acquisition. Osram is not in good health. Some analysts think AMS has overreached. And a private equity consortium wouldn’t even benefit from the cost savings that an industrial buyer such as AMS could extract from a merger. It needs a very good reason to write a bigger check.In fairness, the world has changed slightly in recent months, making a higher Bain bid a bit easier to justify. The autos sector served by Osram has rallied since mid-August. And financing conditions for this deal have improved, as AMS has demonstrated with its own offer. A buyout now might be able to raise more debt, and more cheaply, than Bain first envisaged.Such factors evidently didn’t persuade Carlyle, though. The snag for shareholders is that Bain and Advent aren’t yet good for the money. Indeed, it’s not even clear at what price they may bid. If the duo was ready to move now, it could probably get away with just matching AMS. Its bid would face fewer obstacles than the one from AMS, which needs a big rights offer to get done.With a big heave, Bain and Advent might just get something on the table before AMS’s offer expires. They need to get clearance from the German financial regulator while Advent needs to do some due diligence of its own. If they can’t move quickly, Osram shareholders will be loath to let the AMS offer lapse, though there are two reasons why they might.The first is that Osram’s board thinks the AMS offer and strategy is less good for stakeholders than a Bain-led private equity deal. If investors are serious about their responsibilities as good corporate stewards, they will weigh that seriously alongside the financial value they would receive by taking the Austrian offer. The second reason is that Bain and Advent are unlikely to want to damage their credibility by doing anything than coming back with a strong and generous offer.It would help investors if they could at least have an indication of the number Bain and Advent have in mind. The duo is talking about a price that is “meaningfully” higher. It’s time now to come clean on the meaning of meaningful, and demonstrate that any such proposal would have solid financing. Otherwise Osram shareholders are being asked to take a massive punt that Carlyle is wrong.To contact the author of this story: Chris Hughes at firstname.lastname@example.orgTo contact the editor responsible for this story: James Boxell at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
An unprecedented bidding war has erupted over German lighting group Osram , with private equity group Bain swapping partners to team up with Advent to prepare to outbid Austria's AMS . The Austrian sensor specialist made a 4.3 billion euro ($4.7 billion) bid for the larger Osram earlier this month. AMS had itself surpassed a 4 billion euro offer that Bain had made, that time in combination with Carlyle Group.