PE A Rising Force In Corporate Carve-Outs

It is a testimony to the still battered state of the private equity (PE) industry that PE firms are looking at the spoils from a Kraft-Cadbury carve-out rather than making a bid for Cadbury themselves. Indeed, PE firms are still handicapped in terms of leverage and in no position to enter the bid race for a company valued at GBP9.8bn. Instead, although the Kraft-Cadbury deal looks far from cooked, PE firms are positioning themselves to take advantage of the deal's aftermath. Indeed, the combined company is likely to sell assets following the acquisition and PE firms will be ready to

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