classhandicapper
08-20-2007, 09:52 AM
Despite a slowdown in the credit markets, the Daily Racing Form sale is crossing the finish line, sources said.
Arlington Capital Partners, a Washington buyout shop, is acquiring the newspaper for just shy of $200 million, two knowledgeable persons said.
GE Antares Capital is providing the debt, according to sources.
New York private equity firm Wicks Group of Cos. LLC owns the Daily Racing Form, a 112-year-old national publication that focuses on thoroughbred horse racing.
Wicks had been seeking more than $200 million, several sources told The Deal. In June, the auction had been considered hot, with bids coming from several midsized private equity firms, including Quadrangle Group LLC and Falconhead Capital LLC.
The deal was very difficult to get done, one source said.
"Virtually every investment bank has shut down for new commitments," the person said.
Both Credit Suisse Group and GE Antares Capital were prepared to fund the buyers.
"It's a good asset, and a number of people wanted to buy it," the source said.
Calls to Wicks and Arlington Capital were not returned.
The Daily Racing Form has been the bible of horse players for more than a century. It has no real competition. It offers details on each of the more than 50 tracks in the U.S. and lists specifics about each horse in a race.
The newspaper has changed hands a few times. In 2004, Wicks paid about $60 million to $70 million for it. The sellers at that time were Alpine Equity Partners LP and racing journalist Steven Crist. They had bought it in 1998 from Primedia Inc.
In April, Wicks hired Credit Suisse to explore strategic alternatives.
Arlington Capital Partners, a Washington buyout shop, is acquiring the newspaper for just shy of $200 million, two knowledgeable persons said.
GE Antares Capital is providing the debt, according to sources.
New York private equity firm Wicks Group of Cos. LLC owns the Daily Racing Form, a 112-year-old national publication that focuses on thoroughbred horse racing.
Wicks had been seeking more than $200 million, several sources told The Deal. In June, the auction had been considered hot, with bids coming from several midsized private equity firms, including Quadrangle Group LLC and Falconhead Capital LLC.
The deal was very difficult to get done, one source said.
"Virtually every investment bank has shut down for new commitments," the person said.
Both Credit Suisse Group and GE Antares Capital were prepared to fund the buyers.
"It's a good asset, and a number of people wanted to buy it," the source said.
Calls to Wicks and Arlington Capital were not returned.
The Daily Racing Form has been the bible of horse players for more than a century. It has no real competition. It offers details on each of the more than 50 tracks in the U.S. and lists specifics about each horse in a race.
The newspaper has changed hands a few times. In 2004, Wicks paid about $60 million to $70 million for it. The sellers at that time were Alpine Equity Partners LP and racing journalist Steven Crist. They had bought it in 1998 from Primedia Inc.
In April, Wicks hired Credit Suisse to explore strategic alternatives.