Investment Advisors Limited, Carlyle Australia Market Strategies Euro CLO 2016-1 Designated Activity Investment Advisors Limited. © 2020 Forbes Media LLC. Market Strategies CLO 2012-2, LLC. European Mezzanine Investments B.V. AlpInvest Partners It also had a reputation for going the extra mile to ensure that its customers got premium placement at retailers. Carlyle isn’t the only offender in this tale of financial engineering gone wrong. Carlyle Global (Co-investors like the California Public Employees’ Retirement System ponied up the other $280 million.).
Revenues doubled every three years from 1974 to 1996. Market Strategies Euro CLO 2013-1 B.V. Carlyle Global

Carlyle Holdings Real Estate Master Coinvestment, L.P. Carlyle Europe Walmart was on the rise, and supermarkets were combining to compete against the giant retailer’s “everyday low prices.” Those bigger supermarket chains didn’t want to deal with dozens of brokers either, so Acosta, too, went national. In 2016 Acosta attempted to shore up operations by laying off both salaried and hourly employees as part of a cost-cutting program that stripped $265 million of expenses. Carlyle Nigeria AGRIBUSINESS HOLDINGS, L.L.C. Last year, Moody’s cut the rating on its debt deep into junk territory, citing “elevated financial risk associated with its high debt level of $3.2 billion.” Then a week ago, Leonard Green and CVC decided to pump another $200 million of equity into the company as part of a refinancing package.

Real Estate Partners II, L.P. Carlyle Europe Its sales had grown to about $600 million. Follow The Carlyle Group on Twitter @OneCarlyle. Direct Investments B.V. AlpInvest Partners Infrastructure General Partner, L.P. Carlyle Carlyle Equity In December, Matthew Laurie, the interim chief financial officer of Acosta Inc., said in a court document that the debt itself had become an operational issue: “Acosta’s competitors have pointed to the company’s significant indebtedness, contrasting their own de-levered balance sheets, to entice clients away.”. Carlyle Perú Every July 4th, for example, Acosta reps would visit hundreds of supermarkets to erect “Grillin’ and Chillin’” displays at the front of stores, featuring Kingsford charcoal (a Clorox brand), Bush’s baked beans, Vlasic pickles, Heinz ketchup, KC Masterpiece barbecue sauce, Dixie cups and plates, Sargento cheese and Ken’s salad dressing, all on behalf of Acosta clients.

8 - Subsidiaries List - Accession Number 0001193125-14-070322 - Filing - SEC SEC Info uses JavaScript! Equity Program GP, LLC. Holdings (Cayman), Ltd. Carlyle Mauritius Leverage your professional network, and get hired. Get Forbes’ daily top headlines straight to your inbox for news on the world's most important entrepreneurs and superstars, expert career advice and success secrets. Investment Advisors Limited, Carlyle Australia Over the last few years, revenues at Acosta have been hit hard as grocery marketing budgets have shrunk while at the same time consumers have gravitated toward fresh and organic foods over the canned and dry goods that have made up the bulk of Acosta’s brokerage business. The deal resulted in $1.7 billion in debt on Catalina’s balance sheet. The turmoil cost Acosta longtime clients. I also focus on the intersection of business and the law. Co-Investments 2016 I B.V. AlpInvest Partners Carlyle Group Third Quarter 2019 Earnings Call. Timeline . In July 2019 Warburg lost its entire $100 million investment in the firm after it needed to be restructured. Direct Investments 2003 B.V. AlpInvest Partners Brazil Opportunity GP AIV III, L.P. Carlyle Equity

Fund of Funds Management IIA B.V. AlpInvest Partners Still, Acosta was unable to make a principal debt payment in September 2019, leading to Carlyle’s decision to push the company into bankruptcy. “It was just out of their control.”. Opportunities GP, L.P. Carlyle GMS
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“I don’t blame Carlyle; the industry turned down and they did everything they could—they had a big equity check in there,” says Gary Chartrand, who was Acosta’s CEO for 13 years and chairman prior to its filing. Fund Investments 2012 I B.V. AlpInvest Partners [])). 4,110 . Fund Investments B.V. AlpInvest Partners The Jacksonville, Florida-based company was once the nation’s largest and most venerable food broker, known for working behind the scenes helping behemoths like Procter & Gamble and Kellogg secure shelf space in the aisles of America’s supermarkets. As a broker, young Acosta represented a few manufacturers like Clorox and La Choy Chinese Foods, earning commissions for arranging prime shelf space at local grocers. This process is automatic. Carlyle Capital The Carlyle Group Reports Third Quarter 2019 Financial Results 2.8 MB.

Market Strategies CLO 2016-1, Ltd. Carlyle Global The firm operates four fund families, focusing on leveraged buyouts, venture & growth capital, real estate, and leveraged finance investments. Carlyle Global

Market Strategies CLO 2016-1, LLC. Investment Management L.L.C. 3G’s Kraft Heinz zero-based budgeting model initially seemed like a success, so other consumer packaged goods companies copied it, taking food brokerage services in-house or slashing the expenses associated with them. Investment Advisors, Ltd, Carlyle MENA (GCC) Later Stage Co-Investments Management IIA B.V. AlpInvest Partners Acosta’s new owners also injected a fresh $325 million of cash.

The only way out from under its debt cloud, according to Acosta’s management, was a quick bankruptcy filing that would allow it to emerge from the process in January effectively wiping clean its balance sheet and allowing its remaining employees to keep working. The Jacksonville, Florida, company was founded just before the Great Depression in 1927 by an ambitious grocery buyer named Louis T. Acosta and his younger brother Daniel. Five years later AEA flipped the company to Thomas H. Lee Partners for $2 billion. Within two years, Matthesen was out and replaced by Alejandro Rodriguez Bas, who had worked in the food business as a vice president at C&S Wholesale Grocers. The Carlyle Group . By the time Carlyle invested $1.1 billion in the food brokerage, Acosta was forced to take on $3 billion in debt to close the deal. (Reporting) Carlyle Holdings II L.L.C. Last year St. Petersburg, Florida-based Catalina Marketing emerged from a year in bankruptcy court. Fund Investments 2011 B.V. AlpInvest Partners The Carlyle Group is a company involved in the private equity industry primarily. Who can forget KKR’s $31 billion battle over RJR Nabisco in 1988? Burdened with $3 billion in high-yield debt, Acosta had trouble meeting payments, creating a downward spiral that the marketing services company tried to cope with by firing some 3,000 of its 37,000 employees. Over the next 22 years he expanded regionally, opening up offices in Tampa, Miami and Birmingham, Alabama, in an effort to keep up with expanding regional supermarkets like Publix and Winn-Dixie. Market Strategies Euro CLO 2015-1 Limited, Carlyle Global David Rubenstein is cofounder and co-executive chairman of Carlyle Group, whose firm lost big on Acosta. Mezzanine Investments 2005/2006 B.V. AlpInvest Partners Incorporation or Organization. Please enable Cookies and reload the page. Later Stage Co-Investments Management II B.V. AlpInvest Partners

Clorox, which had been the firm’s most important client since 1933, abandoned ship. Consultoria em Investimentos Ltda. International Partners III, L.P. Carlyle Investment About Piramal Enterprises Limited: Carlyle’s Acosta train wreck, in fact, is not an isolated event. Co-Investment Access GP, LLC. It was then that a former Procter & Gamble salesman (who happened to handle its Clorox account) named Delmar Dallas took over Acosta. US Mezzanine Investments B.V. AlpInvest Private Organization Name . Carlyle (Beijing) Clean Technology Investments 2007-2009 B.V. AlpInvest Partners Boutique stores emphasizing organic foods, like Trader Joe’s and Whole Foods, were also growing in popularity. Carlyle Hong Kong [])), +((!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+[])+(!+[]+(!![])+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]-(!![]))+(!+[]+(!![])+!![]+!![])+(+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]))/+((!+[]+(!![])+!![]+[])+(!+[]+(!![])+!![]+!![])+(!+[]+(!![])+!![])+(!+[]+(!![])+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![])+(!+[]+(!![])+!![]+!![]+!! Investment Advisors Limited. Fund Investments 2009 B.V. AlpInvest Partners It didn’t help that 30-year Acosta veteran and CEO, Robert Hill, decided to step down in 2016 and Carlyle, together with Acosta’s board, chose to replace him with two outsiders. Real Estate St. Lazare GP, L.L.C. Real Estate Advisors PTY Limited. Sadly, that’s not an abnormal fate for a food company that has become a private equity pawn. Then there were the once formidable supermarket chains—A&P, Pathmark, Fresh & Easy—all now resting in a graveyard of companies financially reengineered out of existence. Acosta rose in parallel with the two of the 20th century’s great innovations: supermarkets and prepackaged food. On December 1, 2019, Acosta filed for bankruptcy protection in Wilmington, Delaware. A few years later, Borden, maker of everything from condensed milk to Elmer’s Glue, was consumed by an ill-fated leveraged buyout. Clean Technology Investments 2010-2011 B.V. AlpInvest Partners They operate more than $81.1 billion of equity capital under management. Consumer products companies like Minute Maid, Clorox and Purina were transforming into national brands. In 2013, private equity firm 3G Capital, together with Warren Buffett, bought H.J. Partners Investment Holdings, L.L.C. The Jacksonville, Florida, headquarters of food broker Acosta. Carlyle Europe

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