By Emily Thornton
As the Continent's economy slows, American distressed-debt and workout funds go on a hunt for wounded businesses.
American vulture investors are swooping down on Europe. Attracted by the scent of rotting valuations, such high-profile players as Wilbur L. Ross Jr. in New York and Lone Star Funds in Dallas are starting to do deals across the Continent. On Aug. 18, Ross spent $70 million to acquire an 86 percent stake in struggling British auto supplier Wagon. Days later, Lone Star took over IKB Deutsche Industriebank, a troubled German bank, for $150 million. And such heavyweights as Oaktree Capital Management and Avenue Capital Group are raising billions to invest in European assets in coming months.
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