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 Wednesday was a good day for private equity-backed IPOs as two different portfolio companies made their debut on U.S. exchanges and another buyout shop was able to sell down its stake in a secondary offering. But whether or not it was a particularly profitable day for the equity sponsors remains to be seen. VS Holdings Inc. (NYSE:VSI), the parent of retailer the Vitamin Shoppe, priced 9.1 million common shares at $17 per share, providing an exit for Irving Place Capital Management (the old Bear Stearns Merchant Banking). Eos Partners' sent portfolio company Addus Homecare Corp. (NASDAQ:ADUS) public as well, with the company pricing 5.4 million shares at $10 each. Meanwhile Warburg Pincus netted about $83 million from a $104 million offering by specialty pharmaceutical company Eurand NV (NASDAQ:EURX). Down under TPG Capital and Blum Capital Partners LP made a bundle after selling their stakes in Australia's largest department stores operator Myer Pty. Ltd. have sold their stake in an initial public offering Thursday that valued the business at A$2.4 billion ($2.2 billion). (Deal Pipeline subscribers can read the full story here.) And earlier this week, Advent International Corp. divested its 30% stake in Brazil's Cetip SA Balcão Organizado de Ativos e Derivativos, in a Monday IPO on the Sao Paulo exchange. (The Deal Pipeline subscribers can read that story here.) The after-market performance for all was a mixed bag. Shares of Vitamin Shoppe took off out of the gate while Addus priced low and went south from there. Eurand's stock also sank by market close Wednesday. (Deal Pipeline subscribers can read the full stories on Vitamin Shoppe here; Addus here; and Eurand here.) And unfortunately for many PE-backed companies this year, after-market performance has been more in the vein of Addus and Eurand than Vitamin Shoppe. (See the chart below.) Of the eight other PE-backed companies to go public in the U.S. this year, only two -- Bridgepoint Education Inc. (NYSE:BPI) and Education Management (NASDAQ:EDMC) -- can boast of positive returns. Others such as Avago Technologies Ltd. (NASDAQ:AVGO), Emdeon Inc. (NYSE:EM), RailAmerica Inc. (NYSE:RA), Select Medical Holding Corp. (NYSE:SEM), Talecris Biotherapeutics Inc. (NASDAQ:TLCR) and even the much heralded Rosetta Stone Inc. (NYSE:RST) are all now in the red. And with buyout shops usually holding onto significant stakes in their companies until long after the date of the IPO, the PE firms have shared the pain with other investors as the share prices have -- for the most part -- sunk. - George White Also see: In search of IPOs Cracking open the window
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