The debut of The Daily Deal was also a good day for Leon Black. As we reported that day, his PE firm Apollo Management
LP secured about a $200 million profit from the sale of Alliance Imaging Inc., a provider of diagnostic imaging services, to Kohlberg Kravis Roberts & Co. in an $850 million leveraged recapitalization. (
Read the complete story in The Deal Pipeline; subscription required).
Apollo, which had acquired Alliance in December
1997, merged the company with SMT Health Services Inc. in May 1999.KKR eventually took Alliance public in late July 2001. It was the third IPO for Alliance, and the markets were not kind:
Deutsche Banc Alex. Brown had to price the offering at $13, or 13% below the range of $15 to $17.
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