Saw Mill Capital Partners has acquired Gateway Packaging, a Granite City, Ill.-based provider of flexible packaging for the pet food and human food markets. No financial terms were disclosed.
(Reuters) – IT security company SonicWall Inc (SNWL.O) said in a filing it had been approached by a privately held company to be acquired for $12 a share, trumping an earlier offer from private equity firm Thoma Bravo. Earlier this month, the New York-based private equity firm had offered to acquire the company for $11.50 […]
DLJ Merchant Banking Partners is prepping portfolio company Total Safety U.S. for a sale, multiple sources tell peHUB. Before continuing, it is important to note that those sources do not include either DLJMB or Total Safety CEO David Fanta, who strenuously denied sale plans. "We're owned by private equity, so obviously there will a deal at some point," Fanta said. "But it's not happening right now." So we have a case of "they said, they said." Pretty typical, although on-the-record denials about such things are fairly unusual (we considered spiking the story, but then got independent confirmation from an additional source).
Aurora Diagnostics LLC, a Palm Beach Gardens, Fla.-based diagnostic lab and anatomic pathology company in registration for a $150 million IPO, has secured a $335 million credit facility from Barclays Bank. The loan is partially designed to retire other debt, and includes a $225 million senior secured term loan facility and a $110 million senior secured revolving credit facility.
(Reuters) – Dubai International Capital (DIC) is in talks with lenders over an urgent cash injection for Alliance Medical to stop the business breaching its banking covenants, the Times reported in its Tuesday edition. DIC, an investment unit of conglomerate Dubai Holding, is holding negotiations with its lending syndicate to inject up to 150 million […]
PARIS (Reuters) – French certification company Bureau Veritas (BVI.PA) is to buy British commodities testing and inspection firm Inspectorate for 450 million pounds ($667 million) in a deal it said would boost earnings from this year. The purchase from British-based Inspicio, majority owned by private equity firm 3i Group (III.L), will put Bureau Veritas among […]
Booz Allen Hamilton today filed for a $300 million IPO, and could be a public market dream. Sure it has lots of leverage, but it also has rising revenue and a primary customer -- the U.S. government -- that never seems to run out of needs or cash. The defense contractor's revenue has nearly doubled in the past four years, climbing to $5.1 billion for the fiscal year ended March 31, 2010, from $2.9 billion in 2006. Booz's net income was $25.4 million in 2010, up from $8.5 million four years ago. The long-term debtload is $1.5 billion. Since being acquired by The Carlyle Group in 2008 -- when Booz Allen’s U.S. government business was separated from its global commercial business -- revenue has jumped nearly 42% while net income was up nearly 43 percent.
There's still a few more salvos to go in the $3.5 billion battle for RBS WorldPay, but a banking source tells peHUB that Advent International and Bain Capital could have the upper hand. The auction, run by UBS, has attracted interest from numerous players, including Permira, Welsh Carson Anderson & Stowe, American Express and Moneris Solutions. But most suitors have since moved on, leaving the final showdown between two PE firm pairings: Advent with Bain, and TPG Capital with Clayton Dubilier & Rice. RBS will ultimately choose based on price, but give Advent-Bain an edge if the offers are close. In 2009, Advent paid $561 million to acquire a 51% stake in the payment processing business of Fifth Third Bancorp. That unit processes over $292 billion in debt and credit card sales, and our source says: "RBS will take comfort in fact that Advent did this successfully with Fifth Third last year and they’re just trying to redo same structure."
(Reuters) – Booz Allen Hamilton, a consultant backed by Carlyle Group, filed on Monday to raise up to $300 million in an initial public offering, the latest private equity-backed firm to do so. Booz Allen, which provides management and technology consulting services to the U.S. government in the defense, intelligence and civil markets, said it […]
LONDON (Reuters) – Creditors of Gala Coral took control of the British gambling business on Monday to end one of Europe’s longest-running restructurings and wrest control from the firm’s private equity backers. The new deal will see mezzanine debt holders, led by Apollo Management [APOLO.UL], convert their 558 million pounds ($828 million) holding to equity […]