Hold the congrats

9 October 2009 By Lauren Silva

IPOs are returning and private equity firms are selling assets too including Warburg Pincus and Blackstone making four times their money selling oil interests. But with exits still running at only 15% of 2007 levels, buyout barons won’t yet be rubbing their hands.

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Privateequity backed companies that have filed or completed inital public offerings include Birds Eye Foods owned by Vestar, Dollarama owned by Bain, Fortressbacked RailAmerica, KKR's Dollar General, and Avago Technologies owned by KKR and Silver Lake. Blackstone recently said in a letter to investors that eight of its portfolio companies may file for initial public offerings in the next twelve months. They include Merlin Entertainment and Team Health, which has already filed.

Private equity firms are also trying to sell assets to strategic buyers. Kosmos Energy, heavily invested by Warburg Pincus and Blackstone recently entered into an agreement to sell stakes in West African oil fields to ExxonMobil. Corning Inc recently bought Axygen Bioscience from American Capital, and Suntory Holdings recently bought Orangina Schweppes from Blackstone.

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