AMSTERDAM (Reuters) – HSBC (HSBA.L) has launched the 2 billion pound ($3.1 billion) sale of its British rolling stock leasing company, with financial investors seen as the most likely buyers, several people familiar with the matter said. HSBC is assuming the asset has an enterprise value of 2 billion pounds based on a staple debt […]
NEW YORK (Reuters) – A number of private equity firms put in second round bids for Dow Chemical’s (DOW.N) Styron unit a week ago, including buyout firms TPG and Apollo, several sources said. Dow, the largest U.S. chemical company, put Styron up for sale in July and said at the time the unit could fetch […]
Navigation Capital, a lower mid-market firm based in Atlanta, today acquired the first of what it hopes to be a handful of smart grid infrastructure services companies. The firm purchased Specialized Technical Services for an all-equity deal value in the range of $15 million to $30 million. Navigation Capital hopes to add several more companies to the platform, bringing STS to between $100 million and $200 million in revenue in three years. The firm used capital from its fourth fund, which, after eight deals over the past year, is 80% deployed. Navigation will likely return to market this year with a new fund targeting $150 million to $250 million in commitments. I spoke with Managing Partner and Co-Founder Larry Mock about building an industry leader in a fragmented market, turning owners into sellers, a "tsunami of demand" and ever-expanding pies.
Yesterday AMICAS Inc. responded to Merge Healthcare’s rival bid to Thoma Bravo, recommending that shareholders vote for the company’s previously agreed-upon Thoma Bravo merger instead of Merge’s higher offer. This is the second time in a year that Thoma Bravo has been outbid on an agreed-upon deal with a publicly traded tech company. Is it […]
If you can get past the annoying hedge fund mischaracterization, there are a few tidbits of useful info in this Defamer post about MGM. Author Edward Jay Epstein got his hands on the company’s sale memorandum and explains where its buyout barons (TPG, Providence Equity Partners, DLJ Merchant Banking Partners and Quadrangle Group) went wrong. The main flaw in the LBO firms’ investment thesis, apparently, was its big bet on Blu-Ray. The firms took the gamble that DVD revenue would spike as people replaced their DVD players, and DVD collections, with high definition Blu-Ray players and collections. That simply hasn’t happened, and MGM’s DVD revenues actually fell thanks to fewer new releases from the studio, a worldwide decrease in DVD sales, and “price erosion” caused by video piracy and services like Netflix and Redbox. In other words, TPG, Providence, and the others missed the macro-trend boat, big time.
Bankrupt lodging chain Extended Stay America Inc [ESAIN.UL] said investment firms Centerbridge Partners LP and Paulson & Co Inc agreed to invest up to $450 million in the company once it exits Chapter 11. In a filing on Friday, Extended Stay said Centerbridge and Paulson would invest $225 million in equity and will backstop a $225 million rights offering.
Morgan Stanley is in late stage talks to sell its stake in China International Capital Corp to Kohlberg Kravis Roberts & Co and TPG Capital for more than $1 billion, according to three sources familiar with the situation. Morgan Stanley has been exploring a sale of its 34.3 percent stake in CICC, one of China's leading investment banks. The bank paid just $37 million for its piece of CICC when the Chinese bank was founded 13 years ago.
Navigation Capital Partners, an Atlanta-based middle market private equity firm, has acquired Specialized Technical Services, Inc., a provider of infrastructure upgrades and services to utilities. STS is the first in a series of acquisitions planned by the firm on this platform. Press release: Navigation Capital Partners (NCP), an Atlanta-based middle market private equity firm, has […]
Nasdaq-listed AMICAS, Inc. an image and information management solutions company, responded Merge Healthcare Inc.'s acquisition proposal. AMICAS Board of Directors has considered and publicly rejected Merge's acquisition proposal, and the company restated its support its previously agreed-upon deal to sell to Thoma Bravo for $217 million.
RedPrairie Holding, Inc., a logistics consultancy company based in Milwaukee, has agreed to be acquired by New Mountain Capital, L.L.C., a New York-based private equity firm, for an undisclosed amount. The company, owned by Francisco Partners, filed for a $172.5 million IPO in November 2009. The company had approximately $194 million in revenue for the first nine months of 2009, and net income of $12.45 million. Francisco Partners acquired RedPrairie in 2005, and currently holds an 89.7% equity position.