Before this fall’s stock market crash, mergers-and-acquisitions activity remained steady among private equity firms that focus on middle-market and small-market companies. Although the giant private equity firms-think The Blackstone Group and Kohlberg Kravis Roberts & Co.-may have slowed their activity this summer, midsized players like Arcapita Bank of Bahrain and Navigation Capital Partners and VVS Capital, both of Atlanta, continued to swing deals. Arcapita acquired CEPL, a European warehouse logistics service in August, while Navigation and VVS teamed up in May to purchase Brown Trucking Co.
Now even that segment of the M&A world has dried up. King & Spalding partner Raymond E. Baltz Jr. in Atlanta, who co-chairs the firm’s private equity practice, discussed the factors that have forced private equity firms to sit on billions of dollars of capital, with nowhere to place the money. Baltz represents Arcapita.
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