The spokesman at private-equity firm Thomas H Lee says he's very
sorry, but all the general partners are too busy to talk to
Euromoney. After not having done a deal for 18 months, they're now
working on two at the same time. Meanwhile, Stephen Schwarzman, CEO
and co-founder of the Blackstone Group, speaking from his holiday
home in France, is spending less time than he'd hoped by the pool
this year because of lengthy telephone negotiations on an impending
deal.
After a period of near starvation, private-equity firms are
coming back to the markets with voracious appetites. Kohlberg
Kravis Roberts, Texas Pacific Group or Clayton Dubilier Rice - all
have recently completed their first acquisitions for well over a
year.
Sitting on the sidelines has been frustrating for them. "Every
time we held an investor conference we were saying valuations are
just too high," says William Price, one of three...
