“The Blackstone Group: Merlin Entertainment” The Blackstone group‚ founded in New York‚ is one of the largest private equity firms in the world with offices in USA‚ UK‚ Germany‚ France and India. The Blackstone model of investment operation is to invest out of a singel global equity fund so all its investments around the world tap into the same capital pools. One of the most attractive industries to invest for the Blackstone is theme parks and there are a number of reasons for that. The first
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The Blackstone Group’s decision to file an initial public offering (IPO) involved the development of the compensation system‚ protection of the limited partners (LP)‚ structure of the public ownership‚ and an accounting transition in order to alleviate problems that would arise. Blackstone was required to establish a new compensation package that addressed partners carried interests as well as compensation for investment professionals and staff members that allowed each party to be no worse off
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Merlin Entertainments Group Limited – Brief Notes Ownership In December 1998‚ Nick Varney and the senior management team of Vardon Attractions completed a management buyout of the company to form Merlin Entertainments Group Ltd. Incorporated in 2004‚[1] Merlin Entertainments is majority owned by private equity company Blackstone Group. Tussauds In March 2007‚ Merlin Entertainments agreed to buy The Tussauds Group for £1 billion. Merlin Entertainments and Tussauds together attracted
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1. Why go public for Blackstone Blackstone’s IPO reflect some of public private equity company’s advantage and also the special need for itself. 2. What are the built-in tensions with a public private equity? How does Blackstone’s attempt to reconcile them? Brief Introduction The Blackstone Group is an American multinational private equity‚ investment banking‚ alternative asset management and financial services corporation based in New York City. Blackstone specializes in private equity‚ creditand
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Employer: Blackstone Job Title: 2014 Summer Associate – Advisory London Office Business Unit: Blackstone Advisory Partners Position: Full-Time Location: London‚ UK Start Date: Summer 2014 Firm Profile: Blackstone is one of the world’s leading investment and advisory firms. We seek to create positive economic impact and long-term value for our investors‚ the companies we invest in‚ the companies we advise and the broader global economy. We do this through the commitment of our extraordinary
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[pic] Case: Marvel Entertainment Group Corporate Finance 1 Marvel’s bankruptcy In December 1996‚ Marvel Entertainment Group and the three holding companies entered bankruptcy. Why did they file for it and why were the problems caused; bad luck‚ bad strategy or bad execution? And did Perelman’s pre 1997 decisions contributed to Marvel’s downfall? In our opinion‚ the bankruptcy of Marvel was caused by a variation of problems. These problems can be divided
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Introduction In December 1996 Marvel Entertainment Group filed for bankruptcy. Marvel came up with a reorganization plan that meant that Perelman‚ Marvel’s largest shareholder‚ would invest $365 million in exchange for 427 million newly issued shares. Carl Icahn‚ one of the main bondholders‚ did not support this plan. On March 7‚ 1997‚ a confirmation hearing was scheduled at which both parties would vote on the proposed reorganization plan. In this case study‚ we will first look at why Marvel
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Marvel Entertainment Group Question 1 Filling Chapter 11 could help Marvel to commence the restructuring plan in a more smoothing pattern. As Marvel was a highly leveraged company with a significant number of dissenters‚ bondholders and vulture investor including Carl Icahn would not easily agree on the restructuring plan. Under Chapter 11‚ reorganization plan will bind dissenting creditors and shareholders to arrive at an agreement easier. In fact‚ upon the filing of a Chapter 11‚ an
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Case (1)：The Blackstone Group’s IPO 1. What are the built-in tensions with a public private equity firm? How does Blackstone’s structure attempt to reconcile them? 2. If you were an LP in Blackstone‚ how would you view the structure Blackstone has put in place to go public? 3. Would you rather be a unitholder in Blackstone or an LP? 4. As a potential employee‚ how you evaluate the Blackstone compensation package against a commensurate offer from a similar large-scale private equity firm that
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The Blackstone IPO 1. If you were a fund LP how would you view the structure Blackstone has put in place to go public? IPO offered Blackstone certain advantages: - Access to the capital markets‚ as a new source of funds. - Blackstone could also use its own stock for the acquisitions. - It changed compensation structure and provided more incentives to junior management and help to keep top employees motivated long-term. Blackstone decided to adopt the MLP
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