A P.E. Disaster & The St. Barts Clubhouse
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PREVIEW VERSION
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Welcome back to Dry Powder. I’m Bill Cohan.
In the several decades I’ve spent around private equity firms—first as a banker, and then as a journalist covering them—I have never come across a legal ruling as scathing as the one issued early last month by a Delaware judge against VitalCaring Group, a private equity-backed health and hospice care provider. Of course, competition among P.E. firms has never been as ruthless as it is today, and this
lawsuit, which is the subject of today’s issue, captures just how cutthroat the industry has become.
But first, here’s Marion Maneker with the St. Barts N.Y.E. roll call…
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Marion Maneker
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- St. Barts’ billionaire boat show: The holiday break always sends denizens of the art world scattering to a variety of destinations, whether humble or remote and exotic. On Instagram, I spotted some British art dealers and their families in France. Another American dealer, whose wife has her own gallery with partners, started in Paris before decamping to Morocco. Meanwhile, half the world seemed to be in…
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A talmudic reading of the underappreciated saga surrounding
VitalCaring Group, a private equity concoction that a Delaware judge has branded a hallmark of modern duplicity.
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Private equity has become such an astoundingly lucrative business that I guess it
is no surprise that the temptation of ever greater fortune sometimes leads its practitioners astray. On December 4, the Delaware Court of Chancery’s Judge Lori Will wrote a notably damning opinion involving VitalCaring Group, which had been created by two mid-market P.E. firms—The Vistria Group, based in Chicago, and Nautic Partners, based in Providence—to buy companies in the home healthcare industry. According to the judge, Vistria and Nautic aided and abetted the “egregious
breaches of the duty of loyalty” owed by three executives that the firms had poached from…
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