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Thursday, September 2nd, 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.

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Community Commentary

Retail Growth:
Looking Outside the Box

As cash flows once again becomes predictable, look for more transactions to occur
By Mark Lenz

After bleak years in 2008 and 2009, many expected retail industry M&A market to be more robust in 2010 than it has turned out to be. The few true acquisitions that have occurred are, as one might expect, a mix of strategic and defensive. In many cases, however, companies have found ways to expand their businesses through strategic transactions, even if such transactions fall short of true M&A.

Click here to read more.

M&A Brand Strategies

Getting the name right can help a transaction stay on focus post close
By Denise Lee Yohn

It's looking like the recent uptick in mergers and acquisitions will continue through 2010. As business leaders reinvigorate their growth strategies, many are using the precious nuts they squirreled away during the long winter of 2009 to acquire less resourced companies. Others are revisiting the line that separates their core business from non-core and determining what they are going to divest in order to focus on their strategies.

Click here to read more.

ACG JobSource Search Results


Associate-Speical Situations Investment Banking \| Phoenix Capital Resources - 3 days ago
Vice President, Corporate Development \| Catalent - 3 days ago
Vice President, Business Development \| Lake Capital - 4 weeks ago
Seeking partner-level corporate attorney \| Rimon Law Group - 2 weeks ago
Investment Banking \| Lexbridge International Mergers & Acquisitions Group, LLC - 3 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.