Summer Street Capital Partners has acquired an equity stake in Action Environmental Services, a provider of waste management services for New York City businesses. No financial terms were disclosed for the deal, which will help AES purchase select New York City assets from Republic Services, Inc. (NYSE: RSG). PRESS RELEASE Summer Street Capital Partners LLC […]
(Reuters) – Investment fund Advent International could invest some $49 million into Mexico‘s Mexicana de Aviacion to keep the airline flying, local media and a union said on Wednesday. Pilots from Mexicana de Aviacion reached a preliminary deal this week that calls for wage cuts and staff reduction in a desperate bid to keep the […]
Private equity firms are notorious for shrouding their acquisitions in secrecy, regularly refusing to disclose purchase prices. But credit rating agencies sometimes are more forthcoming. Earlier this month, GI Partners sponsored a management buyout of Softlayer Technologies, a Dallas-based provider of on-demand data center services. No other information, except why GI felt it made a sparkling addition to its portfolio. Yesterday, however, Moody's Investors Service reported that GI and other "private equity investors" acquired more than 70% of SoftLayer at a $500 million enterprise value. Company management will hold the remainder. The buyers also increased the amount of equity they are investing to $250 million, up from the initial $195 million. The deal for Softlayer also reduces a term loan from $190 million to $150 million and eliminates both a $20 million revolving credit loan and a $20 million delayed draw term loan.
(Reuters) – Ireland’s EBS Building Society [EBSBS.UL] will receive bids from private equity groups and bancassurer Irish Life & Permanent (IPM.I)(IPM.L) in the next few days, sources familiar with the process told Reuters on Wednesday. The state-run building society has set a deadline of Aug. 20 for offers and one source said three private equity […]
Heartland Dental Care Inc., an Effingham, Ill.-based chain of affiliated dental practices, last quarter acquired nine practices and opened three new facilities, bringing its total number of practices to 263. Code Hennessey & Simmons acquired an undisclosed stake in Heartland Dental in 2008.
Marlin Equity Partners has agreed to acquire Phoenix Technologies Ltd. (Nasdaq: PTEC), a maker of core systems software. The $3.85 per share deal values Phoenix at around $139 million, and represents a 27% premium to yesterday's closing price.
(Reuters) – Private equity firm JER Partners is exploring a possible bankruptcy filing for the debt-ridden Highland Hospitality Corp after the hotel owner failed to repay about $868 million in debt due earlier this month, the Wall Street Journal said. The debt default has given certain creditors the right to seek foreclosure, and a bankruptcy […]
Revelry Brands has acquired a minority stake in Data Garden, a New York-based provider of data analytics to natural food brands. No financial terms were disclosed.
(Reuters) – EMI’s parent company said on Wednesday further equity injections may be needed, particularly in 2011, as the music group continues to struggle under the weight of its debt in spite of an improved trading performance. The music business, controlled by Guy Hands’s buyout firm, Terra Firma [TERA.UL], generates enough cash to cover interest […]
(Reuters) – Private equity funds Permira, Providence Equity Partners, Bain Capital and Australian investment bank Macquarie Group Ltd (MQG.AX) have been shortlisted for second-round bids to buy Taiwan cable company China Network Systems (CNS), IFR reported on Wednesday. The deadline for submission of second-round bids was Sept. 20, the report said. North Asia-focused private equity […]