A consortium of investors, led by investor Jack Petchey, has approached British car dealership and parts supplier Lookers with a potential buyout offer, Reuters reported. Petchey's Trefick vehicle, along with real estate private equity investment advisory firm Moor Park Capital Partners, and venture capitalist Brett Palos made a joint approach to Lookers' board in writing regarding a possible cash offer, Reuters wrote. Lookers, however, has not allowed the suitors access to its books, Reuters said.
Insight Communications Co., which is owned by The Carlyle Group, is expecting a first round of bids in the next two weeks, as the company gears up to sell itself, Reuters reported. Insight Communications is the ninth-largest cable operator in the U.S., and an auction is expected to fetch between $3.5 billion and $4 billion. Blackstone Group, BC Partners, CVC Capital Partners, Hellman & Friedman and KKR are widely expected to participate, Reuters wrote.
HOV Services completed its merger with SOURCECORP, a portfolio company of Apollo Management. The combined company will be called SourceHOV Inc. Morgan Stanley advised HOVS.
Bibliotheca Inc. is merging with Integrated Technology Group to form Bibliotheca ITG. One Equity Partners, the PE unit of JP Morgan Chase, is backing the new company. Atlanta-based Bibliotheca supplies flow management technology solutions for library materials. The deal will close in the next few weeks, according to a statement.
NEW YORK, May 2 (Reuters) - Insight Communications Co, controlled by The Carlyle Group, is expected to receive first-round bids over the next two weeks as part of its sale process, three sources familiar with the situation said. The country's ninth-largest cable operator in the United States had hired Bank of America Merrill Lynch and UBS AG in March to run the company sale process.
Lot18 said Monday that it has completed a $10 million series B financing round led by NEA Ventures. Tom Grossi, a New Enterprise principal, will join Lot18's board along with Amish Jani, a FirstMark Capital MD. Lot18 is a membership by invitation website for wine and epicurean products.
Today, we have yet another secondary deal between private equity firms. Castle Harlan is buying Securus Technologies from H.I.G. Capital, according to my companeros at Thomson Reuters Loan Pricing Corp. Castle Harlan is currently in the market for a $365 million loan to back the deal. BNP Paribas and GE Capital are leading the financing. In April, Securus also applied with the FCC to transfer control of the company to "Connect Acquisition Corp." which is owned by Castle Harlan.
KPS Capital Partners’ HHI Group Holdings LLC, maker of forged automotive parts, will enter into a joint venture with Zhejiang 8+1 Precision Machinery Co. and C&U Americas, LLC to form Mapleland Precision Forge Co. Ltd. HHI Group, formerly named Hephaestus Holdings, has completed numerous deals and recaps since KPS’ initial investment.
NEW YORK, May 2 (Reuters) – JPMorgan Chase & Co. lost two West Coast technology investment bankers to competing firms last week, according to a source familiar with the matter. Mark Solomons, a managing director who was responsible for technology mergers and acquisitions at JPMorgan, will be joining Morgan Stanley’s technology group in Menlo Park, […]
SRA International said Monday that a 30-day go-shop has ended. On March 31, SRA agreed to be sold to Providence Equity Partners for $31.25 a share cash. The parties, at that time, agreed to a go-shop where SRA could solicit interest from third parties. Fairfax, Va.-based SRA, which provides technology and strategic consulting services, said it contacted 50 parties, including 29 strategics and 21 financial sponsors, but didn't receive any alternative bids during the time period.