Monday, May 21, 2007
Out of things to buy, Private Equity Firms buy other Private Equity Firms…
Private equity firm Blackstone Partners announced today it would begin buying other Private Equity Firms as a part of a long term strategy of owning all the assets on planet Earth.
The news came on the heels of last week's announcement that Manny's Quick Mart on 174th Street in Spanish Harlem would be acquired by Private Equity Firm, TPG Capital, for $1.9 billion dollars. The take over bid was 5,375 times what the neighborhood store cost Manny in 1994. With the sale of Manny's (pending regulatory approval expected to pass next week) all assets in the continental United States will owned by Private Equity Firms.
Fund Analyst, Rob Lowenbrau, said on the recent announcement, "some thought the anti-Christ would be a person. I'm here to tell you in fact it's a private equity fund."
The Blackstone Group could not be reached for comment.
All in all, the meat of the survey is pretty predictable, and for those who have been following Orange County equity investment environment - it should not be suprising. But more importantly, the survey does confirm that United States still needs to go a long way in developing its judicial system toward protection of rights as well as dealing with the tedious bureaucracy of doing business.Post a Comment