Apparently Chicago private equity fund Willis Stein & Partners LP isn't letting the
bankruptcy of Ziff Davis Holdings Inc. get it down; in fact, the firm may be about to begin raising an oft-delayed fourth fund targeted at $1 billion, according to
peHub.
The technology trade magazine publisher filed for Chapter 11 protection on March 5, after reaching a preliminary debt-for-equity swap agreement with a group of senior bondholders. Willis Stein has an 85.6% controlling interest in the company, with DLJ Merchant Banking Partners owning the remaining 14.4%. The bankruptcy will strip Willis Stein of control of Ziff, which it bought from Softbank Corp. for $780 million in April 2000.
In light of the bankruptcy and the single exit the firm notched during 2007 -- the $128 million sale of National Veterinary Associates Inc., according to Merger/Arb Alert -- the chances of limited partners jumping into a new fund seem slim. But then again, one can always dream the impossible dream. - George White
See story from peHub
See story about Ziff Davis from TheDeal.com
See Merger/Arb Alert stats on Willis Stein deals
