Lbo Hot Rodders Retool

A few years back, Wall Street investment firm Blackstone Group was playing the leveraged buyout game like everyone else. Among its big acquisitions were Chicago & North Western Transportation Co. and the Six Flags theme-park chain. But after Blackstone raised a new $1.3 billion war chest late last year, its first deal wasn't a buyout at all. Instead, Blackstone shelled out $50 million for a majority stake in a startup reinsurance company, La Salle Re Ltd.

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