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	<title>as·si·du·i·ty </title>
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	<link>http://assiduity.wordpress.com</link>
	<description>Persistent application or diligence; unflagging effort.</description>
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		<title>as·si·du·i·ty </title>
		<link>http://assiduity.wordpress.com</link>
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		<item>
		<title>El Arbol</title>
		<link>http://assiduity.wordpress.com/2007/01/20/el-arbol/</link>
		<comments>http://assiduity.wordpress.com/2007/01/20/el-arbol/#comments</comments>
		<pubDate>Sat, 20 Jan 2007 23:03:52 +0000</pubDate>
		<dc:creator>not(Knuth)</dc:creator>
				<category><![CDATA[Food & Staples Retailing]]></category>

		<guid isPermaLink="false">http://assiduity.wordpress.com/2007/01/20/el-arbol/</guid>
		<description><![CDATA[On 17-Oct-02 CVC Capital Partners (‘CVC’) acquired Laurus NV’s (‘Laurus’) troubled Spanish supermarket subsidiary Grupo El Arbol Distribucion y Supermercados S.A. (‘El Arbol’). The Laurus 2002 annual report provides some insight into the transaction. El Arbol had €401m in total borrowings (including inter-company funding) at 31-Dec-01 and saw an additional €47m in cash outflow from [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=assiduity.wordpress.com&amp;blog=665028&amp;post=46&amp;subd=assiduity&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">not(Knuth)</media:title>
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		<item>
		<title>Dex Media</title>
		<link>http://assiduity.wordpress.com/2007/01/20/dex-media/</link>
		<comments>http://assiduity.wordpress.com/2007/01/20/dex-media/#comments</comments>
		<pubDate>Sat, 20 Jan 2007 23:03:02 +0000</pubDate>
		<dc:creator>not(Knuth)</dc:creator>
				<category><![CDATA[Media]]></category>

		<guid isPermaLink="false">http://assiduity.wordpress.com/2007/01/20/dex-media/</guid>
		<description><![CDATA[In Aug-02 The Carlyle Group and Welsh, Carson, Anderson &#38; Stowe agreed to acquire Qwest Communication International’s directory publishing business: Qwest Dex for a total amount of US$7.05bn (excluding fees and expenses). This implied a multiple of 451% of restated 2001 revenues (US$1,53bn), 7.1 times restated 2001 EBITDA (US$993m, 65% margin!), 7.3 times restated EBITA [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=assiduity.wordpress.com&amp;blog=665028&amp;post=45&amp;subd=assiduity&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">not(Knuth)</media:title>
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		<title>Debenhams</title>
		<link>http://assiduity.wordpress.com/2007/01/20/debenhams/</link>
		<comments>http://assiduity.wordpress.com/2007/01/20/debenhams/#comments</comments>
		<pubDate>Sat, 20 Jan 2007 23:02:24 +0000</pubDate>
		<dc:creator>not(Knuth)</dc:creator>
				<category><![CDATA[Multiline Retail]]></category>

		<guid isPermaLink="false">http://assiduity.wordpress.com/2007/01/20/debenhams/</guid>
		<description><![CDATA[In Dec-03 Baroness Retail (CVC Capital Partners, Texas Pacific Group, Merrill Lynch Global Private Equity) acquired UK department store company Debenhams plc in a scheme of arrangement for 470p per share valuing the equity at £1.67bn. Including £128m net debt at 30-Aug-03 and deducting £33m in investments total consideration amounted to £1.76bn. This implied the [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=assiduity.wordpress.com&amp;blog=665028&amp;post=44&amp;subd=assiduity&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">not(Knuth)</media:title>
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		<title>Danske Traelast</title>
		<link>http://assiduity.wordpress.com/2007/01/20/danske-traelast/</link>
		<comments>http://assiduity.wordpress.com/2007/01/20/danske-traelast/#comments</comments>
		<pubDate>Sat, 20 Jan 2007 22:43:56 +0000</pubDate>
		<dc:creator>not(Knuth)</dc:creator>
				<category><![CDATA[Construction Materials]]></category>
		<category><![CDATA[Specialty Retail]]></category>

		<guid isPermaLink="false">http://assiduity.wordpress.com/2007/01/20/danske-traelast/</guid>
		<description><![CDATA[In Jun-03 affiliates of CVC Capital Partners (‘CVC’) acquired Danish building materials and DIY products retailer and distributor Danske Traelast A/S in a public tender offer at DKK 171 per share valuing the equity at DKK 4.04bn, including DKK 2.08bn in net debt at 31-Mar-03 the total consideration amounted to DKK 6.12bn. This implied the [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=assiduity.wordpress.com&amp;blog=665028&amp;post=43&amp;subd=assiduity&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">not(Knuth)</media:title>
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		<title>CTB International</title>
		<link>http://assiduity.wordpress.com/2007/01/20/ctb-international/</link>
		<comments>http://assiduity.wordpress.com/2007/01/20/ctb-international/#comments</comments>
		<pubDate>Sat, 20 Jan 2007 22:42:49 +0000</pubDate>
		<dc:creator>not(Knuth)</dc:creator>
				<category><![CDATA[Machinery]]></category>

		<guid isPermaLink="false">http://assiduity.wordpress.com/2007/01/20/ctb-international/</guid>
		<description><![CDATA[In Aug-02 Berkshire agreed to buy CTB International, a manufacturer of equipment for the poultry, hog, egg production and grain industries. The $12.75 per share offer implied a equity valuation of $140m (6x EBT) plus the assumption of $40m in debt for a total consideration of 7x EBITA.<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=assiduity.wordpress.com&amp;blog=665028&amp;post=42&amp;subd=assiduity&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">not(Knuth)</media:title>
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		<title>Cort Business Services</title>
		<link>http://assiduity.wordpress.com/2007/01/20/cort-business-services/</link>
		<comments>http://assiduity.wordpress.com/2007/01/20/cort-business-services/#comments</comments>
		<pubDate>Sat, 20 Jan 2007 22:42:04 +0000</pubDate>
		<dc:creator>not(Knuth)</dc:creator>
				<category><![CDATA[Commercial Services & Supplies]]></category>
		<category><![CDATA[Household Durables]]></category>

		<guid isPermaLink="false">http://assiduity.wordpress.com/2007/01/20/cort-business-services/</guid>
		<description><![CDATA[In Feb-00 Berkshire Hathaway (‘Berkshire’) through its subsidiary acquired all of the outstanding of U.S. rental furniture provider Cort Business Services Corporation (‘Cort’) for US$28 per share or an aggregate of US$395m. Including US$83m in net debt the total consideration amounted to US$477m. This implied the following multiples: 114% of LTM  revenue (US$347m, 2.1x net [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=assiduity.wordpress.com&amp;blog=665028&amp;post=41&amp;subd=assiduity&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">not(Knuth)</media:title>
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		<item>
		<title>Collins &amp; Aikman</title>
		<link>http://assiduity.wordpress.com/2007/01/20/collins-aikman/</link>
		<comments>http://assiduity.wordpress.com/2007/01/20/collins-aikman/#comments</comments>
		<pubDate>Sat, 20 Jan 2007 22:38:45 +0000</pubDate>
		<dc:creator>not(Knuth)</dc:creator>
				<category><![CDATA[Auto components]]></category>

		<guid isPermaLink="false">http://assiduity.wordpress.com/2007/01/20/collins-aikman/</guid>
		<description><![CDATA[In Feb-01 Heartland Industrial Partners (‘Heartland’) purchased 27m shares of the common stock of U.S. Collins &#38; Aikman Corp. (‘Collins &#38; Aikman’) for US$135m from The Blackstone Group and Wasserstein Perella Partners (reducing their holding by half). At the same time it purchased 25m newly issued shares of common stock from the company itself. This [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=assiduity.wordpress.com&amp;blog=665028&amp;post=40&amp;subd=assiduity&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">not(Knuth)</media:title>
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		<item>
		<title>Clondalkin</title>
		<link>http://assiduity.wordpress.com/2007/01/20/clondalkin/</link>
		<comments>http://assiduity.wordpress.com/2007/01/20/clondalkin/#comments</comments>
		<pubDate>Sat, 20 Jan 2007 22:37:59 +0000</pubDate>
		<dc:creator>not(Knuth)</dc:creator>
				<category><![CDATA[Containers & Packaging]]></category>

		<guid isPermaLink="false">http://assiduity.wordpress.com/2007/01/20/clondalkin/</guid>
		<description><![CDATA[In Feb-04 Warburg Pincus bought the majority stake in the Irish packaging company Clondalkin Group Plc held by Candover. Acording to Clondalkin the deal valued the company at €630m although no further details were disclosed. This would imply the following mutliples: 89% of sales for 2002 (€710m), 6.7x EBITDA for 2002 (€93.8m. 13.2% margin). No [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=assiduity.wordpress.com&amp;blog=665028&amp;post=39&amp;subd=assiduity&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">not(Knuth)</media:title>
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		<item>
		<title>Clayton Homes</title>
		<link>http://assiduity.wordpress.com/2007/01/20/clayton-homes/</link>
		<comments>http://assiduity.wordpress.com/2007/01/20/clayton-homes/#comments</comments>
		<pubDate>Sat, 20 Jan 2007 22:36:57 +0000</pubDate>
		<dc:creator>not(Knuth)</dc:creator>
				<category><![CDATA[Construction & Engineering]]></category>

		<guid isPermaLink="false">http://assiduity.wordpress.com/2007/01/20/clayton-homes/</guid>
		<description><![CDATA[In Aug-03 Berkshire Hathway paid US$12.50 per common share in a public tender offer for Clayton Homes&#8217; ordinary shares. With 136.7m common shares outstanding this implies a valuation of US$1.7bn. Including US$429m assumed debt the total consideration amounted to US$2.13bn.This implied the following multiples: 177% of sales for 2002 (US$1.2bn, 0.7x tangible capital turn), 9.4x [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=assiduity.wordpress.com&amp;blog=665028&amp;post=38&amp;subd=assiduity&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">not(Knuth)</media:title>
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		<item>
		<title>Celestica</title>
		<link>http://assiduity.wordpress.com/2007/01/20/celestica/</link>
		<comments>http://assiduity.wordpress.com/2007/01/20/celestica/#comments</comments>
		<pubDate>Sat, 20 Jan 2007 22:34:37 +0000</pubDate>
		<dc:creator>not(Knuth)</dc:creator>
				<category><![CDATA[Electrical Equipment]]></category>
		<category><![CDATA[Electronic Equipment & Instruments]]></category>
		<category><![CDATA[Office Electronics]]></category>

		<guid isPermaLink="false">http://assiduity.wordpress.com/2007/01/20/celestica/</guid>
		<description><![CDATA[In Oct-96 Onex Corporation and affiliates acquired all of the outstanding shares of IBM’s canadian electronics manufacturing subsidiary Celestica International Inc. (‘Celestica’) for C$750m (US$540m). This implied the following multiples for the year ended 31-Dec-96: 27% of revenue (US$2,017m), 7.6x EBITA (US$70.6m, 3.5% margin). The acquisition was financed with US$325m in debt and US$200m in [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=assiduity.wordpress.com&amp;blog=665028&amp;post=37&amp;subd=assiduity&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">not(Knuth)</media:title>
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