Middle-market private equity firm Sentinel Capital Partners has acquired Chromalox Inc., a manufacturer of commercial and industrial electric heating products and solutions. Financial terms of the deal were not disclosed. Chromalox is based in Pittsburgh, and was advised by Harris Williams & Co..
Thanks to everyone who helped the editors of Buyouts Magazine pick the winners of our four individual "Deal of the Year" categories−Alpine Equity Management for European Deal of the Year (for Amann Girrbach), Irving Place Capital for Middle Market Deal of the Year (Vitamin Shoppe), Arbor Investments for Small Market Deal of the Year (Great Kitchens), and North Castle Partners for Turnaround of the Year (Atkins Nutritional Holdings). Now comes the biggest vote of all−for overall Deal of the Year, selected from the the above four winners. Please take a careful read of the descriptions of these truly lucrative transactions, these multiple monsters, these eye-opening IRR thrillers. The editors of Buyouts will use your votes to help decide the overall Deal of the Year. The winner will be announced at Buyouts NY, a conference we're hosting on April 26-27. Cast your vote here.
Publicly traded LJ International Inc. will sell a stake in its subsidiary, Enzo Jewelry, to private equity firms FountainVest Partners and Spring Capital Asia. Under the terms of the agreement, the private equity firms will make an initial investment of $41.38 million, including an investment of $31.40 million in newly issued Enzo shares and an acquisition of existing shares of Enzo from LJ International in the amount of $9.98 million. Following the deal, the firms will own 28.27% of Enzo.
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Millennium Technology Value Partners, the New York-based secondary shares investor, has led a consortium to buy a $70 million stake in ETF Securities Ltd., the UK-based provider of exchange traded products. The deal puts the company in the position to conduct a later funding round and possibly poises it for later deals, peHUB has confirmed […]
Texas-based energy company Dynegy Inc., after seeing a pair of sales—first to Blackstone, then to Carl Icahn—fall apart, has also hired a pair of firms to assist it in its restructuring. White & Case, the law firm, and Lazard Frères & Co., the financial advisor, were hired by Dynegy to help it consider debt restructuring options.
Best Erectors Inc., the Wisconsin-based commercial and residential properties installation and contracting services firm, has established a credit facility with Associated Bank, a Wisconsin bank. Madison Street Capital was financial advisor and placement agent. Specifics were not disclosed.
Stephen Cummings is joining UBS Investment Bank as an MD and chairman of Americas investment banking. He will be based in New York and report to the joint global heads of IBD, Jimmy Neissa, Matthew Grounds and Simon Warshaw. Cummings, previously senior EVP and head of corporate and investment banking at Wachovia Bank, joins UBS on April 18.
The Blackstone Group, after a 13 year hold, appears to be finally selling Graham Packaging. Today, Silgan Holdings agreed to buy Graham for about $1.3 billion in cash and stock. Including debt, the transaction is valued at about $4.1 billion. York, Pa.-based Graham makes plastic containers that are used for various products including sports drinks, nutritional supplements and beer. The company has been up for sale for some time, one banker told me. Ardagh Group, of Ireland, was reportedly interested at one point.
Permira is buying BakerCorp, a provider of equipment rental services for liquid and solid containment applications. The deal, which is expected to close by July, is valued at $960 million. The seller is Lightyear Capital. Morgan Stanley and Deutsche Bank advised Permira. Goldman Sachs advised BakerCorp.