Companies that make rockets, airplanes and machine guns continue to be a draw for private equity firms. So far this year there have been 31 announced M&A deals in the U.S. aerospace and defense sector, worth about $2.4 billion. Through August 19, 2009, there were the same number of deals, 31, but the transactions were valued roughly $1.9 billion, according to data from Thomson Reuters. Of the 31 aerospace and defense mergers this year, seven have involved private equity firms and totaled $485 million. In the year-ago time period, only five deals involved buyout shops (for the same time period), raising a meager $20 million.
KPS Capital Partners has recapitalized portfolio company Global Brass and Copper Inc. The addition of $465 million in new debt will refinance existing debt, provide a $102 million cash distribution to shareholders and be used for working capital.
Welsh, Carson, Anderson & Stowe has completed its acquisition of a majority stake in K2M Inc., a Leesburg, Va.-based provider of solutions for the treatment of complex spinal pathologies. No financial terms were disclosed. Existing K2M backer Ferrer Freeman & Co. retained an ownership percentage.
NGP Energy Technology Partners has invested an undisclosed amount of "growth capital" into Managed Pressure Operations International Ltd., an oilfield services company with locations in Singapore, Texas and Indonesia.
Morgan Stanley Private Equity has agreed to acquire a 60% stake in Zenith Vehicle Contracts Group Ltd., a provider of vehicle outsourcing and management services to the UK corporate sector. Sellers include Barclays Private Equity and Zenith management (which will hold the remaining 40% stake). No financial terms were disclosed.
Slate Capital Group has acquired Wythe-Will Distributing from JPB Capital Partners. No financial terms were disclosed. Wythe-Will is a Williamsburg, Va.-based distributor of gourmet specialty food and confections.
Arsenal Capital Partners is sponsoring the formation of KGS-Alpha Capital Markets, an institutional fixed income broker-dealer, focusing on mortgage-backed, asset-backed and agency debt securities. The New York-based company begins with around $100 million in equity capital, and is being led by former Salomon Brothers/Citigroup pros Levent Kahraman and Dan Goldman.
HONG KONG/MANILA (Reuters) – Philippine conglomerate San Miguel Corp (SMC.PS) effectively scrapped a planned minority stake sale in its unit San Miguel Pure Foods Co Inc (PF.PS) after talks with bidders hit a deadlock over the amount of shares being sold. The sale of a 100 percent stake in Pure Foods, with a market value […]
(Reuters) – Private Equity firm Avista Capital Partners and Ontario Teachers’ Pension Plan have agreed to buy INC Research Inc, a drug development services provider, for about $600 million, Bloomberg said. The deal may be announced as soon as tomorrow, a person with direct knowledge to the matter told Bloomberg. INC Research provides a […]
Leonard Green & Partners has agreed to purchase Aspen Dental from Ares Management for around $500 million, peHUB has learned. The deal is expected to close shortly. Aspen Dental specializes in dentures but also provides dental services, like checkups and filings, to customers. It has 240 locations spread through 20 states, with headquarters in Syracuse, New York.