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Club deals have their pros and cons, and they aren't going away.

Recent club deals

Target Deal size Firms involved Notes
UICI (US) $1.6bn The Blackstone Group, Take-private deal involving a
Goldman Sachs Capital Texas-based insurance out-
Partners, DLJ Merchant fit, completed in April 2006.
Banking Partners
General Healthcare £2.2bn Apax Partners, London and Acquisition of a UK private
Group Regional Properties, Brock- hospital operator from BC
ton Partners, Netcare Partners in April 2006.
GMAC $14bn Cerberus Capital Manage- Acquisition of Detroit, Michi-
ment, Citigroup gan-based automaker Gen-
eral Motors' financing arm,
announced in April 2006.
Seves Group €375m Vestar Capital, Ergon Capi- Acquisition of an Italian
tal Partners, Athena Private glass insulator manufacturer
Equity from shareholders 3i,
Athena, Fidia, Intek and
Interbanca, agreed upon in
April 2006.
Kerzner International $3.6bn Istithmar PJSC, Whitehall Take-private of a Bahamas-
Street Global Real Estate, based operator of hotels,
Colony Capital, The Related casinos and resorts,
Companies, Providence announced in March 2006.
Equity Partners
GMAC Commercial $9bn Kohlberg Kravis Roberts, Purchase of the commercial
Holding Corp Goldman Sachs, Five Mile mortgage division of GMAC,
Capital completed in March 2006.