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.

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