Google announced this morning that it would acquire DoubleClick for $3.1B. This is quite a windfall for Hellman & Friedman who took the company private in 2005 for $1.1B. DoubleClick has always been one of the premier assets on the internet and after it went public, saw its fortunes decline due to poor management. I always thought that it would be a classic buyout opportunity given its franchise and cash flow combined with a need for rational management to take over. Well, H&F righted the ship and enjoyed an online advertising bonanza which lead to a very nice exit for them. These days, while their bubble inflates, the buyout guys have it coming and going (even in the tech world).