PE Firms With Complex/Hairy Deals
Hoping to gather a list of companies that are known for liking to take on more complicated deal structures (deep value, distressed, special sits., etc.)
Seems like some of the obvious ones are Apollo, Centerbridge, and maybe KPS, Clearlake, and Blackstone Tactical Opportunities.
Are there any others that come to mind? Doesn't just have to be MFs.
Cheers,
bumper
HIG, Sycamore, and Cerberus come to mind. CD&R and Onex look at carve outs.
Apollo Hybrid Value and Blackstone Credit are additional well-known names in that space that can do hairy deals. BainCap PE and Credit do lots of the more hairy deals. As you will know, the distressed market has not been the most active in the last couple years given the state of the economy - will be interesting to see flexibility of some of the large funds in terms of providing capital across the cap stack / situations once that should change.
Would add Veritas and Francisco Partners as well - both do a fair bit of carve outs.
Can confirm Francisco will buy flaming hot garbage for low low prices when the opportunity arises
Beach Point, Varde, Atalaya, Victory Park, Fortress, HPS, Sixth Street, etc.
Are you close from Beach Point? I would like to know more about the firm and the deals they do.
Few more names to add to the list: Littlejohn Partners, One Rock Capital (carve-out specialists)
Question will be what kind of hairy? Note that the below is for Europe primarily (a lot of good names on here already), cannot really comment on the US.
- Financially? i.e. distressed / special sits / complex capital structures (Preferred Equity, PIK) ? Mix of HFs (will often have a liquid and more longer term capital sleeve), debt funds that diversified from Direct Lending and PE funds - these will include SVP, Fortress, Monarch, Anchorage, King Street, Apollo Hybrid Value, BX Tacc Ops, Carlyle Special Sits, HPS, Arcmont, HayFin, Albacore and much more but you shoudl have a view on what kind of players can go there.
- Operationally? i.e. Carve outs, turnarounds? This is most often done by more "value" PE funds that tend to bid in the 8x multiple area names that come into mind are Onex, CD&R, Apollo PE, TDR, Brookfield, Triton, Carlyle
Vestar surprisingly has a couple
Searchlight Capital too
Oaktree (special situations PE fund), Sun Capital Partners, Monomoy, Wynnchurch to name a few not mentioned above.
Honestly a great / easy way of doing this is obtaining the DQ list for any of the funds mentioned above. You’ll get a very quick idea as to who they buck horns with / have had a fallout with
What's DQ?
HIG does a lot of deep value. Comvest used to but I think they stopped.
Fortress
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