Lower Middle Market Weekly Outlook

Last week, Yves Smith changed the ongoing fee debate when she released 12 LPAs. While some have declared it the “Snowden moment” for the PE industry, Christopher Witkowksy reported, “many of the firms didn’t care very much that the information was out there” and “the information in the documents was not shocking stuff.” Whether the documents were threatening or not, it confirms the growing demand for transparency in the industry.

In other news, Mary Meeker delivered her famous presentation on internet trends. Here are the slides. Also, the Emerging Market Investors Association has launched, providing a central hub for new information, jobs, & media relevant to Emerging Market Investment.

Transactions:

• Murphy Business receives growth investment from Greybull Stewardship
• Sentintal Capital Partners acquires PlayCore
• Blue Point recaps The Hilsinger Company
• Palladium acquires Q’Max Solutions
• Roche to pay up to $350 million for Genia Technologies
• Unitrends acquires Yuruware
• GTCR acquires VOCUS
• Salt Creek Capital acquires LM Foods
• Leeds Equity sells SeatonCorp for $310 million
• Winchester Electronics Corporation to acquire TRU Corporation
• Lockheed Martin acquires Astrotech Corporation business
• Boeing picks up AerData
• Applied Industrial Technologies to acquire Knox Oil Field Supply
• Vubiquity acquires FilmFlex Movies
• CapStreet Group closes fourth fund at $340 million
• Magnetic acquires Cognitive Match
• Farmland Partners acquires Hudye Farms
• Morningstar to acquire HelloWallet Holdings

Events:

• Wednesday Roundtable: Driving Financial Return with Non-Financial Performance Metrics
• All Week: IBBA Spring Conference in Las Vegas

Opinions:

• M&A reaches highest level since 2007
• Is mezzanine poised for a revival?
• Food industry mergers concern some ag analysts
• Despite returning cash, PE firms still forced to find new investors
• The affluent have an increasing interest in private equity
• How to grow a marijuana portfolio company
• How the Dow wins from mergers and acquisitions
• At private equity firms, controversial fees are growing
• The man behind Apple’s post-Jobs acquisition spree
• Nixed mergers slow to pre-recession pace
• The IPO window was pried open in May. Will it stay open in June?
• Family offices team up taking page from PE playbook

Private Fund Update: PE Q1 Activity Report – JOBS Act 2.0 Legislation – Congressional Middle Market Growth Caucus

This week in history… R.J Reynolds makes $4.9 billion offer to buy Nabisco (1985).