August 20 - Crain's Cleveland Business - A focus on smaller deals has helped insulate Northeast Ohio’s private equity firms from a sudden chill in buyout activity felt at the high end of the acquisition market.
Officials at these middle-market buyout firms, which specialize in acquiring companies with $500 million or less in annual revenue, report healthy deal pipelines. Their ongoing flow of deals contrasts sharply with the recent drying up of transactions involving big buyout firms that as late as this spring routinely were pulling off billion-dollar deals, such as the $7.4 billion acquisition announced in May of a controlling interest in automaker Chrysler Group by Cerberus Capital Management.
“So far, from what we’ve seen, there hasn’t been any appreciable slowdown in the activity of our clients, which are middle-market buyout funds,” said Ira Kaplan, associate managing partner and chairman of the private equity group at Cleveland law firm Benesch, Friedlander, Coplan & Aronoff LLP. Read More.
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