Companies backed by private-equity firms got $5 billion in Covid relief

companies backed by private equity firms got 5 billion in covid relief

Sumary of Companies backed by private-equity firms got $5 billion in Covid relief:

  • PPP loans were aimed at companies that didn’t have access to other funding, such as money potentially available in stock or bond markets or from well-heeled backers.
  • Ramaco appeared to have both: Its shares are publicly traded on Nasdaq and it has backing from two prosperous private-equity firms, Yorktown Partners of New York City and Energy Capital Partners of Summit, N.
  • Together, the firms hold 57 percent of Ramaco’s stock, its most recent proxy filing shows.
  • During spring 2020, the federal government moved quickly to provide financial aid to individuals and businesses hammered by Covid-related shutdowns.
  • Targeted business recipients included hard-hit airlines, health-care providers, hospitality concerns and Mom-and-Pop companies with no other access to funding.
  • But a comprehensive new report on CARES Act funding estimates that companies like Ramaco, backed by wealthy investment firms in the private-equity industry, received at least $5 billion.
  • At the time these companies received the government funding, their large private-equity owners, a group of more than 100 firms that includes Energy Capital Partners, Apollo Global Management and Ares Management Corp.
  • March 30, 202101:29Some private-equity-backed companies that took federal CARES Act funding are now yielding significant profits for their investors.

Want to know more click here go to source.

From -

Generic selectors
Exact matches only
Search in title
Search in content

Site Language

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.