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Thursday, July 29th, 2010

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PitchBook 3Q 2010 Private Equity Breakdown

During the first half of 2010, U.S. private equity investment, exit and fundraising activity all increased, putting private equity on the path to recovery from its lows a year ago. For the first half of 2010, there were 655 completed PE deals, totaling over $48 billion, an improvement over both 2H 2009 and 1H 2009, but still far from the levels seen during the years before the credit crisis. During the second quarter, over $30 billion was invested by private equity investors in 295 PE deals, a decrease in deal flow of 18% from 1Q 2010 but an increase of $12 billion in capital invested. The middle-market ($50 million to $1 billion) continues to represent the majority of private equity investment, accounting for over half of the deals so far in 2010. One interesting trend developing in the middle market is an increase in larger deals and a falloff in smaller deals. Those between $500 million and $1 billion doubled their share of deal flow from an average of 4.5% to almost 11% so far in 2010. Small-cap and lower middle-market deals dropped during 1H 2010 to about 41% of PE deal flow, compared to 60% in 2009 and a long term average of 52%.

ACG members may download the report here.

Featured Member Benefit

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Community Commentary

Hey, Where's My Gulfstream?!

Five observations from the IPO process
By Erik Birkerts, Partner, Evergreen Growth Advisors

The initial public offering of stock-the-IPO-holds a mythical place in American Business. Employees consider the IPO to be synonymous with windfall riches. Company founders envision the IPO as the ultimate validation of their genius after years toiling on their ideas.

Click here to read more.

Something's Cooking

Private label food products, ingredients and institutional foodservice plays seem to be driving M&A activity in the food space
By Glenn Burtcheff, Managing director, Harris Williams & Co.

A hot deal is a lot like the old adage...it's very difficult to define, but we sure know it when we see it. Or do we? New evidence from the deal front suggests that the most recent downturn we all endured may have changed byers'' perceptions regarding "hot" or "sexy" - at least with respect to what constitutes an attractive acquisition candidate.

Click here to read more.

ACG JobSource Search Results


Middle Market, Marketing-Oriented M&A Dealmakers \| Allegiance Capital Corporation - 1 week ago
Relationship Manager - Commercial and Industrial \| Regions Bank - 3 weeks ago
ASSOCIATE \| Curtis Financial Group, LLC - 4 weeks ago
VP, Business Development \| Retained Client of Crosswicks Consulting Group - 4 weeks ago

Capitol Views and News

PUBLIC POLICY INFORMATION ALERTS!

To locate and contact your elected representatives, visit the Middle Market Growth Action Center by clicking here.

Carried Interest Tax Increase

On May 28, 2010, the US House passed H.R. 4213, "The American Jobs and Closing Tax Loopholes Act of 2010." This legislation will raise taxes on carried interest by 157% over the next three years. The start date of the tax change in the House bill is Jan 1, 2011.

The Senate has been unable to pass similar legislation and is not expected to consider the issue before they recess for the summer. That does not mean, however, that there won't be an attempt to pass a bill in September or after the elections in a "lame duck" session in November.

New "Enterprise Value Tax"

The Senate has also debated a proposal that would tax most of the proceeds that a general partner receives from selling his or her partnership interest as Ordinary Income. Called the "Enterprise Value Tax," this provision, if enacted into law, would make investment partnerships the only businesses in the US where the goodwill value inherent in the enterprise would be ineligible for long-term capital gains tax rates, if the overall enterprise or any part of it were sold.

Like the carried interest tax change, the Senate has been unable to secure the 60 necessary votes to pass this legislation.

Let Your Voice be Heard

Many ACG members have used the Middle-Market Growth Action Center to contact their elected officials and express their views on the proposed tax changes. In addition, ACG members have invited Representatives and Senators to visit their portfolio companies and clients to learn first-hand how middle-market private equity is powering the American economy and keeping people employed. These visits have proven to be very effective in demonstrating the positive impact of middle-market M&A and you are encouraged to reach out and invite your elected representatives for a visit.

Should you wish to invite your representatives to tour a plant or facility, you can use the "Take Action" section of the Action Center to locate and contact members of Congress. Congressional activity will increase again in the fall and the summer recess is a great time to put a face on the middle-market M&A community.

Learn more, view sample letters or contact your Senator click here.

For more information on how you can become engaged in ACG’s public policy efforts, please contact Greg Fine, vice president of marketing & communications at gfine@acg.org or 312.957.4277.

You may also visit the Middle-Market Growth Action Center.

Featured Events

July 29- ACG New York - Long Island Event- What keeps the CEO/CFO up at night?

July 29- ACG Seattle - Northwest Growth Financing Conference

August 4- ACG South Florida - Florida Marlins Baseball Game

August 4- ACG 101 Corridor - Evening Wine Tasting August 4

August 10- ACG St. Louis - CDS Seminar

August 10 - ACG Western Michigan - Concert & Networking with FEI at Meijer Gardens

August 11- ACG Portland - 12th Annual Golf Tournament

August 18- ACG Los Angeles-3rd Annual Members Only Summer Beach Party

August 19- ACG Chicago - Third Thursdays Summer Rooftop Happy Hour Series

August 19- ACG Indiana-2010 Golf Outing

August 20- ACG Wisconsin - ACG WI - Member Golf Outing

August 23 - ACG Kansas City - Annual Golf Tournament

August 23- ACG Kentucky - ACG Kentucky 2nd Annual Golf Outing

September 13-14- ACG Minnesota - 2010 Upper Midwest Capital Connection

September 29-30- ACG Richmond Virginia Capital Day Conference

October 2- ACG Pittsburgh-Wine Tasting

A Year in Review