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During the private equity boom years, one of the most common criticisms of the private equity kingpins went like this: "All they do is buy companies at a discount, leverage up the balance sheet, and use the cash flow to pay off the debt -- extracting millions in fees in the process."
Well now that access to cheap, covenant-lite debt has dried up, buyout shops are turning to the other option for making money: operational improvements. A new white paper released by Grant Thornton and the Association for Corporate Growth -- admittedly a private equity trade group -- found that 42% of private equity firms are devoting between 51% and 75% of their time on the management of companies they already control.
Goldman Earnings Sink After Buffett Dividend
Johnson & Johnson's Income Falls 23%
Burberry Shares Leap on Sales Update
