6 posts categorized "Private equity"


Alice Walton, Basses prominent on Forbes list of richest Americans

Alice Walton, daughter of the late Wal-Mart founder Sam Walton, ranks No. 8 on the new Forbes 400 list of the wealthiest Americans. She's also the richest Texan by the magazine's estimate, with a net worth of $33.5 billion. Walton has a home in Fort Worth and a ranch in Millsap. The magazine, in a story focused on her art collecting, describes her living arrangements like this:

"She spends the majority of her time at her Rocking W Ranch an hour west of Fort Worth, Tex., in tiny Millsap (pop. 409), where she breeds cutting horses and cooks her famous beans and rice for her ranch family, as she calls her live-in staff. She’s never had any kids, but speaks fondly of her 23-year-old horse trainer, Jesse Lennox, and loves watching him compete."

Every other Fort Worth name on the Forbes list has a direct tie to the city's Bass family. Those include brothers Robert M. Bass (No. 193, $2.8 billion); Edward and Lee Bass (No. 260, $2.1 billion); and Sid R. Bass (No. 314, $1.8 billion). Tied for No. 209 at $2.6 billion each are Richard Rainwater, who was the family's longtime financial advisor until 1986, and David Bonderman, who was Robert Bass' financial advisor and since 1992 has been a private equity investor.

Also on the list are brothers Dan and Farris Wilks, who founded and sold Fort Worth-based FTS International, formerly Frac Tech. They live in Cisco, where FTS started, and have an estimated net worth of $1.5 billion each, ranking No. 352. FTS moved its headquarters to Fort Worth in 2011.

Prominent Dallas residents on the list are topped by investor Harold Simmons at No. 40 with $10 billion. Dallas Cowboys owner Jerry Jones is tied at No. 166 with Herbert Hunt with $3 billion, Dallas Mavericks owner Mark Cuban checks in at No. 222 with $2.5 billion; and Texas Rangers co-owner Ray Davis is No. 296 with $1.9 billion. H. Ross Perot Sr. is No. 134 with $3.5 billion, and son H. Ross Perot Jr. is No. 314 with $1.8 billion.

-- Jim Fuquay


Southlake real estate firm buys eight shopping centers in Texas

Southlake-based N3 Real Estate has paid Dallas-based St. Ives Realty $25 million for its Texas retail portfolio, the firm announced.

The portfolio includes eight properties totaling 172,329 square feet and are all centers located next to Walmart Supercenters in Alamo, Dumas, Hereford, Weatherford, Red Oak and Sweetwater. Shopping center tenants include Verizon, GameStop, Dollar Tree, Rent-a-Center, and Beall’s, among others.

N3 paid for the portfolio through its $250 million Retail Development Investment Fund.

N3 has bought and developed more than 200 single and multi-tenant retail projects for national and local retailers across the U. S. since it was founded in 2004.

_ Sandra Baker


Familiar Fort Worth names on Forbes 400 wealthiest Americans list

With the exception of relocating Wal-Mart heiress Alice Walton's residence from Parker County to Fort Worth (mistakenly, as far as we know), the Tarrant area members of Forbes magazine's annual list of the wealthiest Americans are pretty much unchanged this year. Walton is No. 8 on the 2012 list, with a net worth of $26.3 billion. (She listed her residence as 11500 Interstate 20, the address of her 3,200-acre Rocking W Ranch outside of Millsap, in October 2011 when she was charged with DUI on her way home from her 62nd birthday party in Fort Worth.) She's followed by investor Robert Bass (tied at No. 151 with Dallas Cowboys owner Jerry Jones at $2.7 billion), investor David Bonderman (No. 170, $2.6 billion), investor Richard Rainwater (No. 206, $2.3 billion), brothers Ed and Lee Bass (tied at No. 239, $2 billion), and Sid Bass (No. 271, $1.8 billion). All have been on the list for years.

Dallas area residents on the list, in addition to Jones, include banker Andrew Beal, investor Harold Simmons, oilman and real estate developer Ray Lee Hunt, investor Robert Rowling, oilman Trevor Rees-Jones, investor H. Ross Perot Sr., oilman Timothy Headington, Dallas Mavericks owner Mark Cuban, pipeline operator Kelcy Warren, banker Gerald J. Ford, Texas Rangers co-owner Ray Davis, real estate developer H. Ross Perot Jr., investor T. Boone Pickens, telecommunications operator Kenny Troutt, and online media developer Todd Wagner.

The complete list is here.

-- Jim Fuquay



Del Frisco's sets IPO price at $14 to $16

Southlake-based Del Frisco's Restaurant Group, which in January said it plans to go public, on Tuesday filed disclosures showing it hopes to issue up to 8.05 million shares at $14 to $16 each. The company will sell 4.33 million of the shares, raising an estimated $57.2 million after expenses, while its largest shareholder, Lone Star Fund, plans to sell at least 2.67 million shares, or up to 3.7 million shares if the demand exists. (Lone Star bought a predecessor corporation in 2006.) An issue date has not been announced, but the shares will trade under the ticker DFRG on the Nasdaq. Del Frisco's said it will use $50 million to pay down outstanding debt.

According to its filing with the Securities and Exchange Commission, Del Frisco's last year reported $9 million in net income on $201.6 million in sales. That compared to $8.7 million in earnings on $165.6 million in revenues in 2010. It operates 32 restaurants in 18 states under three names: Del Frisco's Double Eagle Steak House, Sullivan's Steakhouse, and Del Frisco's Grille.

-- Jim Fuquay


TPG Growth, SurveyMonkey team for acquisition

TPG Growth, with offices in Fort Worth, said today that together with web-based survey firm SurveyMonkey it has agreed to buy MarketTools Inc., which provides software for market research. Terms were not disclosed. TPG, part of the big TPG Capital  private equity firm, will retain San Francisco-based MarketTools' lines of business that focuses on custom market research and customer feedback. SurveyMonkey will take MarketTools' operations that include online surveying, sampling and data quality. TPG Growth says it has $3 billion under management.

-- Jim Fuquay


Private equity firms put nearly $8 billion into Texas deals in 2010, firm says

Private equity firms invested $7.8 billion in 136 Texas companies in 2010, making the state fourth behind California, Illinois, and New York in deals, the Private Equity Growth Capital Council reports today.

Nationally, equity firms invested $148 billion in 1,234 companies last year, representing 51 percent of private equity deals worldwide, the council said.

The top three states in equity deal value:

  1. California: $16.2 billion, 195 companies, 14.9 percent of U.S. deal value
  2. Illinois: $10.7 billion, 61 companies, 9.9 percent.
  3. New York: $10.1 billion, 95 companies, 9.3 percent

Texas’ equity deals accounted for 7.2 percent of deal value.

Click here to view the report.

- Scott Nishimura


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