JULY 14, 2004
Hellman & Friedman close new equity fund
Hellman & Friedman, the private equity fund that bought part of the Formula One group some years ago and made a sensible profit on the deal, has just closed a new $3.5bn investment fund and is looking for businesses in which to invest. The firm says that it will follow the same approach as before and will make large-scale investments up to $750m in the developed markets. The company has just opened an office in London in order to invest in European firms and monitor the investments made. It is interesting to note that Bernie Ecclestone is talking about buying out the F1 banks with a payment of around $800m and that Brian Powers, the boss of Hellman & Friedman, is also a trustee of the Ecclestone family trusts and a close friend of Ecclestone.
We believe it is entirely possible that Hellman & Friedman could supply the finance needed to buy out the banks and put Ecclestone back in full control of the Formula One group of companies, working on the principle that the business will evntually grow to be worth considerably more than the investment necessary.
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