CHICAGOBUSINESS.COM I MARCH 11, 2024
Motorola Solutions’ Silver Lake deal paid off for both The company finally wound down a billion-dollar transaction with the private-equity giant By John Pletz
Chicago Cut Steakhouse, overlooking the Chicago River, is in a prime position to capitalize on the Democratic National Convention. The restaurant is expanding to the second floor at 300 N. LaSalle St., adding about 4,500 square feet of private dining. | ALAMY
Chicago restaurants jockeying for business from the DNC About 50,000 people are expected to descend on the city for the Democratic National Convention in August, and the local dining scene is aflutter trying to prepare | By Ally Marotti
W
ith six months to go until the Democratic National Convention and its thousands of attendees descend on Chicago, the city’s restaurant scene is aflutter with preparations. The Chicago 2024 Host Committee expects 50,000 delegates and other visitors to attend the DNC, which is scheduled for Aug. 19-22. While the DNC itself will be held at McCormick Place and the United
“It’s going to be unbelievable business for Chicago.”
See RESTAURANTS on Page 22
— David Flom, managing partner at Chicago Cut Steakhouse
Nearly nine years ago, Silicon Valley private-equity giant Silver Lake lent Motorola Solutions $1 billion, betting it would come up a winner if it helped the maker of police radios and dispatch equipment make a bigger push into software and other technologies. The deal paid off handsomely for Silver Lake, which let the money ride when the initial term of the convertible-debt deal expired in 2019. By the time Motorola wound down the deal on Feb. 14, Silver Lake made $2 billion on its money. Motorola shareholders did even better, earning a nearly sixfold return as the company’s stock price soared from $55.34 to $324.82. “The Silver Lake partnership has been very successful, and we’ve transformed significantly since we entered into our initial agreement,” CEO Greg Brown said in a statement. “We’ve substantially grown revenue and earnings, significantly improved operating cash flow, completed dozens of acquisitions and quadrupled our addressable market.” During Silver Lake's invest-
Greg Brown
ment, Motorola's revenue increased 75% to about $10 billion last year. It doubled operating cash flow to $2 billion. One of the biggest acquisitions was Motorola’s $1 billion purchase of Canadian videosurveillance company Avigilon in 2018. Video is now one of the company’s fastest-growing businesses. At the time the Silver Lake partnership was announced, many questioned the rationale. “I think it was a good deal for Motorola. When they entered the relationship with Silver Lake See MOTOROLA on Page 23
NASCAR offers up a post-mortem on the Chicago Street Race In interviews from Daytona Beach, executives proclaimed there’s ‘unfinished business’ with the inaugural event that took place in July Few sporting events are more at the mercy of mother nature than racing. Even light rain can render the treadless stock car tires all but useless. That weather vulnerability is what forced NASCAR to postpone its flag-
ship Daytona 500 race on Feb. 18. It's also what race officials say tainted the success of the first-ever Chicago Street Race in July. In interviews from Daytona Beach in Florida, dubbed the "world center of racing," NASCAR executives reflected
on that inaugural Chicago race and teased what 2024 will entail — if weather allows them to be at their best. "Our work is incomplete," said Julie Giese, president of the Chicago Street Race. After more than See NASCAR on Page 19
JOHN R. BOEHM
By Jack Grieve
Rain caused NASCAR to shorten last year’s inaugural Cup Series race in Chicago.
VOL. 47, NO. 10 l COPYRIGHT 2024 CRAIN COMMUNICATIONS INC. l ALL RIGHTS RESERVED
CRAIN’S LIST See our ranking of the Chicago area’s largest physician groups.
FAMILY FEUD At Loeber Motors, two generations of leaders are locked in a legal battle.
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