(Reuters) – Creditors of bankrupt hotel chain Extended Stay America may block a buyout proposal submitted by private equity firm Starwood Capital Group, the New York Post said, citing a source close to the situation. Starwood, led by real estate developer Barry Sternlicht, made a binding proposal to Extended Stay on March 17 and offered […]
Energy Capital Partners has agreed to buy three gas-fired power plants in Connecticut and Massachusetts from BG Group. The deal is valued at $450 million, with ECP operating partner Curt Morgan to run the newly-formed company.
Platinum Group has acquired the assets of Tiziani Golf Car of Minnesota Tiziani Golf Car of Minnesota, which will be renamed Superior Golf Cars. The company will sell, service and lease new and used Club Car brand golf cars in eastern Minnesota and western Wisconsin.
Atlantic Street Capital Management today announced the sale of Fleetgistics, an Orlando-based delivery services company, to Harbour Group, a St. Louis private equity firm. The sale, previously reported by peHUB, earned Atlantic Street a 7.7x return and 156.4% IRR on its initial $10.4 million equity investment. Lazard Middle Market and BB&T Capital markets advised the sell side. The deal marks Atlantic Street's first exit from a $45 million fund backed solely by Morgan Stanley Alternative Investments. According to Buyouts magazine, the firm is planning to raise a $100 million follow-up fund. I spoke with Partner Peter Shabecoff on the thesis behind the roll-up, how a $10 million company became a national leader, and why the sale was "painful and bittersweet. peHUB: So you made 7.7 times your money on a $10 million equity investment. What was the total deal value here? Is it safe to say more than $70 million? Peter Shabecoff: We aren't disclosing the total deal value but its safe to say it the value exceeded $70 million.
LONDON (Reuters) – French private equity firm PAI Partners is likely to pick Credit Suisse, J.P.Morgan and Morgan Stanley to handle Chr.Hansen’s $1 billion initial public offering, sources familiar with the matter said. PAI has yet to make a final call, but a pre-marketing of the Danish bioscience company could kick start as early as […]
AMSTERDAM (Reuters) – TNT NV (TNT.AS), Europe’s second-largest mail and delivery group, said speculation it planned to sell its mail unit was “interpretation”, after comments from ING analysts sent its shares up 4.8 percent. “Rumours of sales in mail are interpretations. We have communicated to investors what we have also told the market,” a TNT […]
NEW YORK (Reuters) – Private equity firm Apax Partners is no longer in talks to buy U.S. videoconferencing company Polycom Inc (PLCM), a source with knowledge of the matter told Reuters on Tuesday. Shares of Polycom fell nearly 7 percent on the news, erasing gains made last week, when the Financial Times reported that Apax […]
Golden Gate Capital is in talks to make an investment in Clover Technologies, a company that recycles and remanufactures imaging supplies like ink cartridges and cell phones. The deal was first disclosed yesterday by the Federal Trade Commission, in a list of transactions granted early termination of the HSR waiting period. There were no financing details, including whether or not Golden Gate is planning to take a majority stake (the San Francisco-based firm makes both buyout and growth equity investments).
BAML Capital Partners has acquired a majority stake in Provo Craft & Novelty Inc. Seller Sorenson Capital will retain a minority equity stake, as will company management. No financial terms were disclosed. Robert W. Baird & Co. served as advisor to Provo Craft.
(Reuters) – U.S. jeweler Zale Corp (ZLC.N), which expected to have secured funds to steady its finances by late May, is considering a financing proposal from Sun Capital Partners Inc, the Wall Street Journal reported. Sun Capital has submitted a proposal to invest between $50 million and $100 million in Zale’s preferred stock that could […]