Wednesday, November 08, 2006
Wasserstein Realigning Portfolio?
The Telegraph (UK) reports that Bruce Wassserstein's US Equity Partners may sell its ALM (American Lawyer Media) assets.
Grab:
US Equity has been working with investment bank Credit Suisse on the possible sale of the business, which it acquired in 1997, according to banking sources. The company, which is understood to make profits of around $55m, could fetch between $600m and $700m.
I don't whether the Telegraph story is accurate--consider the following grab:
Asked about a possible sale of ALM, Anup Bagaria, vice chairman of Wasserstein & Co, said: "We are not sending a book out on ALM and we are not running an auction process. We have talked to people about the company. If the right price came along, we could sell".
However, a sale of ALM wouldn't be terribly surprising, given that it resides in a fund that's about 9 years old--a fairly long hold for a PE firm.
ALM is part of US Equity Partners I, "which invested approximately $425 million of equity capital (including co-investments), was raised in 1997-98, and is currently in its harvest stage," according to Wasserstein & Co's website. Wasserstein's excellent The Deal (one of my favorite reads) and its Real Estate Media, are also part of EP I.
US Equity Partners II--a separate fund--holds investments in Prism, Hanley Wood, and presumably Penton (should that deal close successfully). Wasserstein's website characterizes that fund as "early in its investment phase."
UPDATE: BtoB has Wasserstein & Co. denying that ALM is for sale.
Comments
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Grab:
US Equity has been working with investment bank Credit Suisse on the possible sale of the business, which it acquired in 1997, according to banking sources. The company, which is understood to make profits of around $55m, could fetch between $600m and $700m.
I don't whether the Telegraph story is accurate--consider the following grab:
Asked about a possible sale of ALM, Anup Bagaria, vice chairman of Wasserstein & Co, said: "We are not sending a book out on ALM and we are not running an auction process. We have talked to people about the company. If the right price came along, we could sell".
However, a sale of ALM wouldn't be terribly surprising, given that it resides in a fund that's about 9 years old--a fairly long hold for a PE firm.
ALM is part of US Equity Partners I, "which invested approximately $425 million of equity capital (including co-investments), was raised in 1997-98, and is currently in its harvest stage," according to Wasserstein & Co's website. Wasserstein's excellent The Deal (one of my favorite reads) and its Real Estate Media, are also part of EP I.
US Equity Partners II--a separate fund--holds investments in Prism, Hanley Wood, and presumably Penton (should that deal close successfully). Wasserstein's website characterizes that fund as "early in its investment phase."
UPDATE: BtoB has Wasserstein & Co. denying that ALM is for sale.
