PEI Staff
Kohlberg & Company LLC and PPG Industries Inc agreed to sell Pittsburgh Glass Works LLC, an automotive glass and services business, to LKQ Corp for an enterprise value of $635 million. PPG sold a majority stake in Pittsburgh Glass Works to Kohlberg & Co in 2008. Jefferies LLC and Nomura Securities International served as financial advisor, and Ropes and Gray LLP acted as legal counsel, to Pittsburgh Glass Works. K&L Gates LLP served as legal counsel to LKQ.
Actis sold its minority stake in Plateno Hotel Group to Shanghai JinJiang International Hotels Development Co Ltd, a Shanghai A share listed subsidiary of the Chinese state-owned enterprise JinJiang Group. Plateno, formerly known as 7 Days Inn Group, is a Chinese budget and mid-range hotel chain. JinJiang Hotels has acquired an 81 perecent stake in Plateno at an enterprise value exceeding 10 billion yuan (approximately $1.53 billion) in a transaction including other selling shareholders.
MNX Global Logistics acquired Singapore-based third-party logistics provider Aero Express Logistics. Financial terms of the deal were not disclosed. MNX is owned by The Riverside Company.
NRD Capital Management, a franchisee-sponsored and managed equity investment fund, purchased a majority position in Fuzzy’s Taco Shop, a 90-unit Fort Worth, Texas-based brand. Financial terms of the deal were not disclosed.
In Friday's Second Opinion, Dow Chemical settles a lawsuit for $835 million, saying Justice Scalia’s death hurt its chances of success at appeal, Chris Christie endorses Donald Trump for president, and Google unveils a neural network with a “superhuman” ability to determine the location of almost any image.
BB&T Corp agreed to acquire Swett & Crawford, a wholesale insurance broker, from private equity-backed Cooper Gay Swett & Crawford, a U.K.-based insurance brokerage firm, for $500 million in cash. Lightyear Capital acquired a controlling interest in Cooper Gay in 2013, according to a statement. The transaction excludes Swett & Crawford's non-U.S. business, which accounts for less than five percent of its total revenue.
Overseas Private Investment Corporation led a $5 million third round of financing for Greenlight Planet, a Chicago-based company that distributes solar energy products for off-grid homes in emerging markets. Greenlight Planet has received funding from Prabhat Sinha, a co-founder of ZS Associates, Bamboo Finance and Fidelity Investments.
Global Infrastructure Partners agreed to sell its 75 percent interest in London City Airport to a consortium comprised of AIMCo, OMERS, Ontario Teachers' Pension Plan and Wren House Infrastructure Management Ltd, the infrastructure investing arm of the Kuwait Investment Authority. Highstar Capital also agreed to sell its 25 percent stake in the airport as part of the transaction. GIP acquired its interest in the airport through two successive transactions in 2006 and 2008. Terms of the transaction were not disclosed.
To close out your week, First Read has news a judge clears the way for SunEdison’s $1.9 bln Vivint deal, a study shows smaller college endowment outperformed bigger ones and scientists trace 'alien signals' to distant galaxy!
Axiall Corp agreed to sell its window and door profiles business, a unit of Royal Building Products, to OpenGate Capital. Axiall is a chemicals and building products company based in Atlanta. Financial terms were not disclosed