Today, I was reading the wires, and my competitors, when I spotted something familiar. There’s a story in the New York Post about the sale of Aspen Dental and how the company could be sold for $500 million. But wait. Didn’t I—meaning peHUB—report last week that Leonard Green & Partners was buying the company for $500 million? I believe so. Without thinking, I did what I always do. I started writing a snarky email to my boss, where I giggled about my competitors. I was nearly done before I realized that Dan is gone. Heavy sigh. And that’s one of my biggest losses here with how things are changing. I’ve only been at peHUB three months, but I’ve been a reporter for over 10 years. Some of you know me pretty well, some a little bit and some wonder why my avatar is so goofy. But let me tell you this. Rarely, have I found a boss who can talk scoops with me, what’s going on in the PE world, and how my cat is doing, all rolled into one person. Dan might be too busy with his new job to talk to me.
Doughty Hanson Technology Ventures has bought 50,000 First Preferred Shares and roughly 5.2 million warrants of Sustainable Energy Technologies Ltd. for $500,000. Doughty Hanson, a European PE shop, currently holds 100% of the Series 9 Shares of Sustainable Energy. Alberta, Canada-based Sustainable Energy makes solar inverters. Doughty has previously committed to providing up to $3 million in new equity to Sustainable Energy over the next 6 months .
(Reuters) – Private equity firm Bain Capital LLC has reached a deal to buy Air Medical Group Holdings, the largest independent U.S. provider of emergency air medical services, for around $1 billion, a source familiar with the matter said on Thursday. It is the latest in a string of deals which has seen private equity […]
(Reuters) - A Calpers investment officer named in a fraud lawsuit by California Attorney General Jerry Brown's office against the pension fund's former chief executive and a placement agent has resigned from the fund, The Sacramento Bee said on Thursday. Malcolm Segal, a lawyer in Sacramento, told the newspaper that Leon Shahinian has stepped down as a senior investment officer at Calpers, the $205 billion California Public Employees' Retirement System. Shahinian had been on paid administrative leave from the largest U.S. public pension fund since May, the Bee said.
Sterling Financial Corp. said Thursday that its completed its previously announced $730 million recapitalization. The deal includes investments from Warburg Pincus and Thomas H. Lee. Each PE firm agreed to invest $170 million each.
Talisman Capital Partners is in talks to sell Turning Technologies to Brockway Moran & Partners. News of the deal was disclosed on the FTC website, which lists the transaction as having received early approval. In 2006, Columbus, Ohio-based Talisman acquired Turning Technologies via a recapitalization. It’s not clear how much Talisman owns of Turning Tech. Turning Tech, of Youngstown, Ohio, makes polling software, handheld response devices and response receivers. The company sells its products to schools, universities, government agencies, as well as small and large businesses, according to the company website.
Another day, another exit for Nautic Partners. Today, Nautic announced it was selling Fibertech Networks, which builds and operates fiber-optic networks, to Court Square Capital Partners. The deal is valued at north of $500 million, a Fibertech spokesman said. Nautic invested in Fibertech in 2000, the spokesman said. The Providence, R.I. –based PE firm made the investment when it was known as Navis Partners, which is also the former Fleet Equity Partners before it was spun out by the bank in 2000 (Got it? Nautic was Navis which was Fleet Equity).
Leonard Green & Partners has acquired a $125 million piece of Fiesta Palms’ $380 million revolving credit line, according to FT Debtwire. The deal is in anticipation of a restructuring at Fiesta Palms, the parent company of the Palms Resort & Casino.
Mill Road Capital has completed its take-private acquisition of Mexican restaurant chain Rubio’s Restaurants Inc. The $8.70 per share deal valued Rubio's at around $91 million. Sellers included Rosewood Capital. Last October, Rubio’s rejected an $80 million buyout offer from Levine Leichtman Capital Partners.
(Reuters) – Oriental Trading Co, owned primarily by private equity firms Carlyle Group and Brentwood Associates, filed for bankruptcy on Wednesday, citing a heavy debt load and declining sales. The retailer of party and hobby supplies has reached a prearranged plan with some lenders which would help it cut debt by 70 percent. Oriental Trading […]