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PE HUB Wire Highlights, 10.25.18

Vista Equity looks to sell Mediaocean; Roark racks up $6.5 bln for funds; Is the stock selloff a cause for concern?

The week’s nearly over and the stock market is in a rout. The Nasdaq plunged yesterday by 4.4 percent, its biggest slide since August 2011, and now there’s mention of a correction.

We’ve written several times about fears that another credit crisis may finally be upon us. Hubsters, are you worried about the stock sell-off? Why or why not? Let me know at

There’s news this morning that Neiman Marcus is trying to avoid becoming a victim of the retail apocalypse. The Wall Street Journal is reporting that the Dallas luxury department store chain is in talks with its creditors to restructure its debt to avoid a bankruptcy. Nearly all of Neiman’s $4.7 billion comes due in 2020 and 2021, the story said.

Amidst all this bad news, KKR this morning is reporting its second-highest distributable earnings in its history, Reuterssaid. KKR’s after-tax distributable earnings – the actual cash available for paying dividends – totaled $496.7 million for the three months to end-September, the story said.

DealsVista Equity Partners is looking to sell Mediaocean, an advertising software provider, the WSJ said. Vista has hired Morgan Stanley and Macquarie and a sale could fetch more than $1.5 billion, the story said. Read our brief here

Here’s a secondary. Comvest is selling Red Hawk Fire & Security to ADT for $317.5 million. Comvest invested in Red Hawk back in 2012. Interestingly, ADT is backed by Apollo Global Management, which took the company private in January. See our brief here.

Roark Capital raised a total of $6.5 billion for its two newest funds. Roark Capital Partners V LP collected $5 billion, beating its $4 billion target while Roark Capital Partners II Sidecar LP closed on $1.5 billion. See our brief here.


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