What's New
As you have likely read in the press, Starbucks recently
announced its agreement to acquire our portfolio company,
Teavana (NYSE: TEA), for $620 million in cash. This highly
strategic transaction represents a terrific outcome for
Teavana’s shareholders, founders Andy and Nancy Mack,
Teavana’s management team, and investors in SKM Equity
Fund III.
Read more...
Despite the widely-noted sluggishness of the overall
economic recovery, the second quarter of 2012 was another
exciting and productive period at Parallel. Our portfolio
companies in our most recent fund continued to achieve
strong year-over-year performance, delivering over 15%
growth in revenue and approximately 40% growth in EBITDA on
a year-to-date basis. We believe this strong performance
trajectory bodes well for continued value creation and
future liquidity events within the portfolio over the next
several quarters.
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Through the first quarter of 2012, we added considerably to
our track record of completing successful exit events with
the sale of a controlling interest in Trilogy Production
Equipment, the sale of Quartermaster, and a successful
initial public offering for Regional Management Corp (NYSE:
RM). In total, over the last three quarters we have sold two
portfolio companies and taken two companies public on the
NYSE, including Teavana's IPO (NYSE: TEA) completed in Q3
2011.
Read more...
We continue to be pleased by our portfolio's strong results
in contrast to the lackluster broader economy. Through the
second quarter ended June 30, 2011, our portfolio companies'
aggregate *revenues and EBITDA both increased over 20%*
versus prior year. In the latter half of the summer, we
successfully executed the "blowout" *initial public offering
of Teavana* (NYSE: TEA), generating another truly "breakout"
result for our investors. We remain excited by TEA's
potential for long-term equity value creation as we continue
to own approximately 75% of our interest in this exciting
growth company. Across the board, we believe our portfolio
companies are well managed and generally well positioned for
continued growth through new unit expansion, selective
acquisitions and other strategic growth initiatives.
Read more...
