Lextron Inc., the Colorado-based animal health product distributor, has acquired Animal Health International from Charlesbank Capital Partners. The exit comes after a six-year hold for the Massachusetts-based private equity firm. Charlesbank Capital Managing Director Brandon White worked on the investment in Animal Health International for the private equity firm.
Deal volume dropped in the first five months of the year but overall values are up, according to data from PwC. There were 1,276 announced transactions through the end of May with a total value of $454 billion. This compares to the 1336 deals for the same time period in 2010 that raised $327 billion. The number of deals this year dropped 4.4% but valuations rose nearly 39%, PwC says. Tim Hartnett, U.S. PE leader of PWC’s transaction services practice, says that it’s currently a “sellers market” and there’s more activity than deals actually getting done. “Every sale has a lot more buyers chasing it,” he says. “From where we sit there is a lot more activity.”
CIT Vendor Finance is backing MAGE SOLAR USA, and together, the two businesses will operate a financing program for the MAGE GROUP that will make more accessible the alternative energy provider’s panels for commercial users. MAGE SOLAR is based in Georgia.
Houston-based Sidewinder Drilling Inc. has sealed a commitment for up to $125 million in funding from buyout shop Avista Capital Partners. The money will be used to build a fleet of newly constructed, fast-moving, highly efficient land drilling rigs, the company said Monday. Avista manages $4 billion in committed capital, and has offices in New York, Houston and London.
Buyout shop Vector Capital said Monday that it would buy publicly traded Gerber Scientific Inc. for $281.8 million. At $11 per share, the cash consideration represents a 24% premium to Gerber's average closing price over the last 30 days. Fortress Credit Corporation is providing debt financing. Based in Tolland, Conn., Gerber provides automated manufacturing systems for the sign making, specialty graphics, packaging, apparel and industrial industries.
Huron Capital Partners has acquired Lot 26 Studio Inc., a designer and marketer of adhesive wall décor, the firm announced Monday. Terms of the deal were not released. Huron Capital currently manages over $600 million in committed equity through three private equity funds, and has offices based in Detroit and Toronto.
CHICAGO, June 13 (Reuters) – Wendy’s/Arby’s Group Inc said it would sell most of struggling roast beef sandwich chain Arby’s Restaurant Group Inc to private equity firm Roark Capital Group for about $130 million in cash. Roark, whose portfolio already includes the Auntie Anne’s, Carvel Ice Cream and Cinnabon chains, will also assume about $190 […]
Atlanta-based buyout shop Roark Capital Group is buying Il Fornaio Corp., the owner of Corner Bakery Cafe and Il Fornaio restaurants and bakeries. Terms of the deal were not released. However, The combined proceeds from the sale of Il Fornaio Corp. and an earlier recapitalization represented a gross multiple of invested capital of approximately 5.7x and generated a gross IRR in excess of 22%. Based in Dallas, Il Fornaio has 119 restaurants across the U.S. Roark has more than $1.5 billion of equity capital under management.
The Jordan Company, through its Resolute Fund II, L.P., said Monday that it would buy Pro Mach Inc. from Odyssey Investment Partners. Financial terms of the deal were not released. Pro Mach provides packaging machinery products and services to multinational clients in the food, beverage, household goods and pharmaceutical industries. Barclays Capital is arranging debt financing for the transaction, and Mayer Brown is legal advisor to The Jordan Company. Barclays Capital is acting as financial advisor to Pro Mach and Latham & Watkins is acting as legal advisor.
(Reuters) – Private equity funds are shrinking as investors become choosier and funds that have fallen behind in performance could drop off the radar when they return to the market, executives and investors said at a major conference this week. Data from London-based private equity research firm Preqin in April showed that $46.1 billion was […]