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American Securities completes hurried NEP buyout as tax rise looms

28 Dec 2012

US private equity firm American Securities has reportedly sold media production company NEP Broadcasting to Crestview Partners in an $800m deal.

The Pittsburgh-based company provides mobile TV production units to US networks such as ABC, Fox and ESPN.

Crestview partner Jeff Marcus told Reuters the deal was a “40-day sprint to the finish line” in order to ensure American Securities closed the transaction before the end of the year.

That haste has been inspired by a potential jump in capital gains tax which could hit at the start of the year if politicians cannot agree on a series of other tax rises and spending cuts.

Fund managers pay capital gains on profits from any deals they make, leading many firms to attempt to get deals closed by the end of the year.

Two weeks ago American Securities bought car parts maker Metaldyne from Carlyle, marking a three-year turnaround investment for the latter.

American agreed to buy NEP from Apax Partners and Spectrum Equity for an undisclosed amount in January 2007.

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