CMA-CGM Finds Public Buyers in Marathon

Private equity funds have long had a glamorous reputation as the real movers and shakers in the financial world, buying and selling companies at will and making tremendous returns for their partners and investors. While they are under some pressure now as the easy access to capital they rely upon has been hampered, this was not so in 2006. And it is the 2006 crop of SPACs that is just now coming to maturity, driving the volume of acquisitions by SPACs to $3.9 billion so far this year, more than six times the comparable period in 2007, according to Dealogic.

It was in just this time period, in August 2006 to be precise, that Marathon Acquisition Corp came to the public markets, backed by Michael Gross, a founding partner of private equity powerhouse Apollo. Fast forward to February 2008, however, and Mr. Gross’s SPAC was quickly closing in on its deadline to announce an acquisition target or risk being liquidated. Continue Reading

K-Sea GP: Slice and Dice

How many ways can you take a company public? When it comes to an MLP, there are at least two, as evidenced last week by K-Sea GP Holdings LP’s (“GP Holdings”) announcement that it plans an ini­tial public offering of common units.

Formed in December 2007, GP Holdings’ sole cash generating assets are partnership interests in K-Sea Transportation Partners L.P. (“KSP”). KSP is a publicly traded limited partnership that pro­vides marine transportation, distribution and logistical services for refined petroleum products in the United States. KSP currently operates a fleet of 73 tank barges, one tanker, and 59 tugboats that serves major oil companies, oil traders and refiners.

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