CHICAGO, Sept 21 (Reuters) - Clorox Co. has struck a deal to sell STP and other auto-care brands to private equity firm Avista Capital Partners for $780 million so it can focus more on lucrative businesses like hospital disinfectants and beauty products. The household products company in recent years has acquired U.S. brands including Burt's Bees skin-care products. Clorox does most of its business in North America, but should look at opportunities to grow in Latin America and Asia after the sale, said RBC Capital Markets analyst Jason Gere.
Quantum Energy Partners has formed Quantum Utility Generation, which will buy and develop conventional and alternative energy projects in North America. The Houston company will be capitalized with $1 billion of equity, $500 million of which has been committed by Quantum. Another $500 million in equity will come from other co-investing financial and strategic partners. Quantum is a buyout shop w iht more than $5.7 billion of assets under management.
(Reuters) - Restoration Hardware plans to raise as much as $300 million in an initial public offering that would allow its private equity backers to cash in on part of their investment in the U.S. furniture retailer, a source familiar with the situation told Reuters. Bank of America Merrill Lynch and Goldman Sachs would lead the IPO, which is planned for the first half of next year, the source said.
(Reuters) - Private equity firms TPG CapitalLP and Silver Lake Partners held early stage talks about buying Seagate Technology Plc, but it is unlikely that it will result in a deal, a source familiar with the situation said on Tuesday. Hard-drive company Seagate Technology has a market capitalization of about $5.3 billion. News of the talks was earlier reported by Bloomberg.
President Obama finally responded to Stephen A. Schwarzman’s infamous Nazi comments. Obama was speaking yesterday at a town hall meeting broadcast live on CNBC. Early in the video, Anthony Scaramucci, a managing partner with SkyBridge, a New York hedge fund, complained that Obama was treating Wall Street like a piñata. Later, CNBC correspondent John Harwood specifically asked Obama about the Forbes magazine cover story that accuses the president of adopting "the cause of anti-colonialism" of his Kenyan father. Harwood then mentioned the infamous Nazi comments from Schwarzman. Schwarzman, Blackstone Group’s chairman and CEO, in August compared the Obama administration’s proposed tax changes to Adolf Hitler’s invasion of Poland.
General Atlantic and Sequoia Capital have bought MedExpress Urgent Care from Excellere Partners. Financial terms of the deal, which closed today, were not announced. General Atlantic is lead investor, a GA spokeswoman says. News of the deal was reported by peHUB yesterday. Excellere, a private investment firm, acquired a majority stake in MedExpress via a recap in 2007. Company management owned the balance. Excellere has sold its stake, a source says. MedExpress's management will continue in their positions and will continue to own a stake, says Erich Lipphardt, the company's vice president of development and marketing. One banker valued the sale at roughly $450 million.
It's been a while since I've posted anything on UniCredit's (possible) sale of Pioneer Investments. Today, Alessandro Profumo, UniCredit's CEO, is expected to step down due to a power struggle at Italy's largest bank. It looks like Libya has increased its stake in UniCredit and that's causing problems with some banking foundations that also own UniCredit shares, according to Bloomberg. Libya's combined interest total about 7.6%. (Here's a Q&A from my compadres at Reuters explaining why the Libyan investments are causing such a stink).
KPS Capital Partners LP acquired a controlling stake in Motor Coach Industries International Inc., which is a Schaumburg, Ill.-based maker of buses. Financial terms were not disclosed.
Rosetta, which is backed by Lindsay Goldberg, has acquired LEVEL Studios, a digital market and technology services agency. Financial terms were not announced. Rosetta is a large digital ad agency. News of the deal was disclosed by AdMedia Partners, which acted as financial advisor to LEVEL Studios.
Accuvant, a portfolio company of Sverica International, has bought Ciphent, which provides cyber security services. Financial terms were not announced. Sverica is a PE shop with more than $425 million in assets under management.