Financial Services Industry
Industry: Email Alert RSS FeedPrivate-equity buyouts gathering steam; Investment funds seek higher returns in lackluster market.(News)
Investment News, September, 2005
Byline: Sally Duros CNS CHICAGO - Last year, Insurance Auto Auctions Inc., a salvage company, started looking for a buyer to take the then-public company private. Chicago-based William Blair & Co. LLC was on board. It wasn't an unusual arrangement - investment banks make it their business to advise private sales - but in this case, the buyer wasn't another company.
It was a New York private-equity fund. "It's not just the strategic acquirers that will pay high prices in today's world. It's also the private-equity firms,'' said Mark Brady, head of mergers and acquisitions for William Blair, which negotiated a deal that gave Westchester, Ill.-based Insurance Auto Auctions shareholders $28 a pop on shares that previously traded around $22. ...
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