Golden Gate Capital has agreed to acquire up to a 25% equity stake in jeweler Zale Corp. (NYSE: ZLC), via the purchase of common stock warrants. Golden Gate also is provided Zale with a new $150 million, five-year senior secured term loan.
HONG KONG (Reuters) – Chinese coking coal logistics company Winsway, partly owned by Hopu Investments, has appointed two banks for its up to $800 million initial public share offering in Hong Kong, sources close to the deal said on Tuesday. Winsway had hired Goldman Sachs (GS.N) and Deutsche Bank (DBKGn.DE) to finalise plans for its […]
NEW YORK (Reuters) – Interest in bankrupt hotel chain Extended Stay America has been high and bidding is expected to be robust, financial and legal advisers said on Monday. Bids for the largest owner and operator of mid-priced extended-stay hotels in the United States are due on May 17 and an auction is scheduled for […]
NEW YORK, May 10 (Reuters) – HCA Inc’s planned initial public offering is likely to be positive for the hospital operator’s credit spreads and ratings, as the company plans to use proceeds to pay down debt, though the road to investment grade will take more time. HCA, which is backed by buyout firms Bain Capital […]
Good afternoon, fine readers of peHUB. My name is Heidi N. Moore, and I'll be one of your cruise directors for the next two weeks. If you look out the windows on your left side, you'll see a massive crisis surrounding European sovereign debt. Those on the right side of the ship will see unprecedented lack of faith in our national stock markets. Crisis, crisis everywhere, and not a moment to think. So here's the question: How and why did private equity somehow avoid its own massive crash? Consider how the industry has come roaring back in recent weeks. Financing is looking pretty good; the junk bond markets are booming to record volume and pricing levels not seen since 2007. Leverage multiples are lofty, to say
Award-winning poet Sophie Cabot Black has some verse featured in an upcoming issue of The New Yorker, but her subject matter isn't love, grief or epiphany. Instead, she takes an odd turn toward private equity. Her conclusion:
Used. To draw out more than what is put in.
Everyone wants beyond; even with the one last page
As exit plan it is the return that is watched and how We will be known. To end up where we start
Again, and to look as if we gained.
Read the entire poem here
The Riverside Company just announced that its Microcap Fund has bought Mansell Group, an Atlanta-based email marketing company. No financial terms were disclosed, except that fifth Fifth Street Capital provided debt financing. Not the sort of thing that typically gets a stand-alone blog post, but Mansell isn't just any virtual postmaster. For the past five years, it's been responsible for sending out peHUB Wire each morning (58k subscribers and counting... join here).
(Reuters) – Mexican restaurant chain Rubio’s Restaurants Inc (RUBO.O) said it agreed to be acquired by private equity firm Mill Road Capital LP for about $91 million in cash. The offer of $8.70 a share represents a premium of about 14 percent to Rubio’s Friday closing price of $7.66. Ralph Rubio, Dan Pittard and Rosewood […]
Apax Partners has agreed to acquire a 54.25% interest in TIVIT, a provider of IT and BPO services in Latin Americal, at an enterprise value of approximately $1 billion. Sellers include Votorantim Novos Negócios and Pátria Investimentos.
HONG KONG (Reuters) – Private equity fund CVC Asia Pacific won the auction for Acument Global Technologies Asian assets, a deal estimated to be worth more than $300 million, sources with knowledge of the matter told Reuters. CVC beat buyout funds Unitas and Kohlberg Kravis Roberts & Co for the assets, which Platinum Equity, a […]