Sumary of Bonanzas in private equity world spark call for tax relief limit:
- Welcome to the world of private equity, also known as the “billionaire factory”, where already super-rich firms have used low interest rates and their considerable financial firepower to embark on a multi-billion dollar buying spree this year.
- Mere mortals were this week given a rare glimpse inside the money-spinning and highly secretive private equity industry – which buys up companies, often using more debt than stockmarket investors would tolerate, then floats or sells them on again – as the London firm Bridgepoint floated on the stock market.
- Spencer, received a £1.75m fee to become senior independent director (on top of his annual £200,000 fee for serving on the board).
- Spencer, Archie Norman, has received a fee of £1.75m to join the board of private equity firm Bridgepoint.
- ”Lord Sikka said private equity firms had “devoured Debenhams, Maplins, Toys R Us, Bernard Matthews, care homes and much more”, adding that high leverage and aggressive tax planning were the industry’s prime tools.
- “The great lockdown crisis toppled many industry forecasts and trends whilst reinforcing and accelerating others, including private equity, which arguably has never seen a more favourable environment for deal making,” said Dominick Mondesir, a senior European private capital analyst at the private equity research firm Pitchbook.
- “Deal activity has propelled to unseen levels, due to a combination of strong leveraged lending markets and an accelerating European economic recovery powered by the rising vaccination rate.
- ”Private equity firms have struck a record 6,298 deals worth $513bn (£373bn) so far this year – the most since records began in 1980, according figures from the data provider Refinitiv.