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The ravenous expansion of private equity firms and hedge funds is not only making headlines, it's creating unprecedented business for accounting and law firms.
The string of acquisitions and expansions on Wall Street is good news for professionals called in for due diligence, business valuations and audits. In the biggest deal nationwide, one sure to spin off tons of work, Cerberus Capital Management is buying Chrysler Group from DaimlerChrysler AG.
And this private equity boom is also fueling takeovers on Long Island as companies go - or contemplate going - private, and hedge funds look for private industry investment opportunities. The board of Clear Channel Communications Inc., parent of 97.5 WALK-FM, approved a $19.45 billion ($39.20-per-share) offer by investors Thomas H. Lee Partners LP and Bain Capital Partners LLC; Bethpage- based Cablevision's board approved a $2 billion management-led buyout; and Plainview-based Aeroflex is a target of various private equity funds.
Syosset-based Northwood Ventures President Peter Schiff said the boom is clearly hitting home on Long Island.
"Overall, the private equity market is very active," Schiff said. "Our marketplace is very active. We're working with smaller companies."
In March, Northwood acquired Mineola-based Interboro Mutual, just a month after acquiring Nashville,...