Brockway Moran & Partners has bought Turning Technologies, which provides response systems used by educators and presenters. The seller is Talisman Capital Partners, a PE shop in Columbus. peHUB reported the sale to Brockway Moran last week. Now we have confirmation but no deal value. Turning Technologies’ management appears to be retaining a stake, according to a press release.
A private equity consortium is in talks to buy Saks, according to the Daily Mail. The group, comprised of both U.S. and U.K. buyout shops, has been stalking Saks for months. Due diligence is near completed and a cash bid of $1.7 billion, or $11 a share, could be tabled soon, the Daily Mail said. Shares of Saks closed Monday at $6.60. In after-hours trading they gained more than 19% to $7.87.
Irving Place Capital looks to be closing in on another deal. The former Bear Stearns Merchant Banking is buying Alpha Packaging. Stonebridge Partners, which invested in Alpha in 2005, is the seller. Last week, Bank of Ireland, GE Capital and BMO Capital Markets launched a $120 million loan to back the acquisition from Irving, a source says. The loan is split between a $20 million revolver and a $100 million term loan, according to Standard & Poor’s Leveraged Commentary and Data.
The asset management sector continues to look for the next big deal and this time Legg Mason is the topic of takeover rumors. Last week, sale speculation drove up Legg Mason’s option trading to five times the normal levels. But there was no mention of details or who might buy Legg Mason. Is Legg up for sale? I’m hearing that the money manager isn’t currently on the block. But Legg, which had $659 billion AUM as of July 31, is vulnerable. In May, the firm unveiled a restructuring that included 350 layoffs and a $1 billion stock buyback plan.
Everstone Capital Management may raise up to $350 million, Bloomberg said on Monday. The fund will make investments in warehouses in India. The shop was co-founded by Atul Kapur and Sameer Sain, who both previously worked for Goldman Sachs.
New Mountain Capital LLC bought Mallinckrodt Baker Inc. from Covidien for about $280 million through an affiliate. Raj Gupta will serve as chairman of Mallinckrodt Baker, a New Jersey-based chemicals maker and marketer that generated sales of $414 million for fiscal 2009. Gupta, a senior advisor at New Mountain, was chairman and CEO of Rohm and Haas.
Darby Overseas Investments Ltd., which is Franklin Templeton Investments’ private equity arm, purchased a substantial minority stake in Controladora Vertice, S.A. de C.V. The investment increases Controladora Vertice's capital base by about 50 percent. The deal was completed by Darby-ProBanco Fund II LP.
(Reuters) Private equity firm Blackstone Group LP (BX.N) paid a $3 million ‘clawback’ to investors on a real estate fund, according to a recent filing. A clawback is paid when a fund performs worse than hoped and the private equity executives, or “general partners,” have to refund to investors profit that may have been taken […]
(Reuters) – Chinese retailer GOME Electrical Appliances Holding Ltd (0493.HK) said it had received a letter from a firm owned by its jailed founder and biggest shareholder, seeking to terminate several agreements with the company. In a statement to the Hong Kong stock exchange, GOME said on Monday that Beijing GOME, a company owned by […]
(Reuters) - Private equity fund Carlyle Group concluded the purchase of a 51 percent stake in Brazil's Scalina, the owner of a pantyhose maker, Folha de S. Paulo reported on Sunday. The funds for the 280 million reais-deal ($159.7 mln) will come from South America Buyout, a Carlyle fund, and a fund Carlyle has in partnership with state-run Banco do Brasil, Folha said. "The rise of the middle class, the increase in consumption and investments in infrastructure, which will eliminate bottlenecks in the sector, are some of the reasons for the investment in Scalina," Juan Carlos Felix, director of Carlyle in Brazil told Folha.