Business Services Industry
Private-equity buyouts gather steam; Investment funds looking for higher returns in an otherwise lackluster market.(Focus: Finance)(William Blair and Company L.L.C. buyout)
Crain's Chicago Business, August, 2005 by DUROS, SALLY
Byline: SALLY DUROS Last year, Insurance Auto Auctions Inc., a Westchester salvage company, started looking for a buyer to take the then-public company private. Chicago's 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,'' says Mark Brady, head of mergers and acquisitions for William Blair, which negotiated a deal that gave Insurance Auto Auctions shareholders $28 a pop on shares that previously traded around $22. The private-equity fund, Kelso & Co. L.P., bought...
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