Platinum Equity has completed its $70 million acquisition of several brands and related assets of bankrupt Minneapolis-based boat manufacturer Genmar Holdings.
MUMBAI (Reuters) – Privately-held telecom tower manager Tower Vision India Pvt Ltd said on Wednesday it had secured equity financing from eight international investors led by private equity firm Quadrangle Capital Partners. Gurgaon-based Tower Vision did not disclose the size of the transaction, but said the equity financing and concurrent debt financing would provide it […]
MUMBAI (Reuters) – Citigroup’s (C.N) Mauritius arm is selling its 5 percent stake in Multi Commodity Exchange of India Ltd (MCX) to Ashmore Group Plc for $40 million, the Mint newspaper reported on Wednesday, citing two people familiar with the deal. The deal values the Indian commodity exchange at about $800 million, less than the […]
ABRY Partners has sponsored a minority recap of HealthTran LLC, a Greenwood Village, Colo.-based provider of healthcare transaction management IT solutions. No financial terms were disclosed. SDR Ventures advised HealthTran on the deal.
NEW YORK (Reuters) – Troubled U.S. bond insurer Ambac Financial Group Inc (ABK.N) has hired Blackstone Group (BX.N) to help it restructure, according to sources familiar with the matter. Ambac has said in public filings that it is working on a strategy to address liquidity concerns. The company, like its larger rival MBIA Inc (MBI.N), […]
LONDON (Reuters) – Indebted Dutch reality television producer Endemol is fighting to stave off a loan covenant breach and a wider debt restructuring as it struggles to manage its 2.3 billion euro ($3.20 billion) debt, investors said on Tuesday. Three investors in Endemol’s leveraged loan — GoldenTree, Sankaty and Centerbridge — queried the company’s use […]
Happy Groundhog Day! Or rather, not... Dual Track: IPOs become juicy targets for buyout groups (FT) Investigation: Is Peter Orszag's hair really a toupé? (Gawker) Citi Pig at the Bailout Trough: Some pro-Obama groups have really gone after Wall Streeters with their new ads. (HuffPo) Out of Dry Powder? This story argues that private equity firms are not going to do deals because they're out of money! That may be the case for the handful of firms who truly are out of capital and unable to raise ANY more, but actually buyout firms are more flush with cash than ever before, and the problem is that they don't have enough deals (either valuation-wise, or financing wise) to spend it on. I believe the slowdown in the pace of fundraising, is still lower than the slowdown in the pace of deals, not to mention, buyout firms came off a record fundraising year in 2007, and 2008 was only slightly slower ($260 billion in '08, compared with $64 billion in ‘09). (IDD, sub only) Porn at the SEC: More than two dozen employees of the SEC have been investigated over the past two years for viewing porn on their computers at work. (Cityfile)
Cressey & Co. has acquired a majority stake in VetCor Professional Practices, an owner and operaror of 41 full-service animal hospitals in the U.S. No financial terms were disclosed for the deal, which included leveraged financing and an equity co-investment from Golub Capital.
Another month, another allegation of massive fraud at a company that recently switched private equity sponsors. This one is Israeli investment house Psagot, which is under investigation for alleged trading impoprieties by former executives David Edry and Shai Ben-David. In a statement, the Israel Securities Authority said: "Edry and Ben David are suspected of having committed fraud in their dealings with securities in a systematic manner that stretched over a long period of time." That time period was 2007 to 2009, when Psagot was controlled by York Capital Management. Late last year, York agreed to sell its 76% stake to Apax Partners for approximately $822 million, with minority shareholder Markstone Capital Partners retaining its 24% position. The deal would
Here are some potential M&A ideas, rumored or official, to jumpstart your deal pipeline. Our sources are various news reports and the Buyouts "Seeking Buyers" list. For prior lists, see below. IntriCon Corp. (Nasdaq: IIN) plans to divest its non-core electronics business unit, RTI Electronics Inc. The Arden Hills, Minn.-based company's board approved the move to liquidate the assets and expects to complete the sale by mid-year. The maker of body-worn medical and electronic devices will book a charge of $1.4 million to $1.8 million for the divestiture. For the first nine months of 2009, IntriCon's sales fell to $41.5 million from $50.1 million a year earlier. Its RTI Electronics unit generated sales of $4 million for the latest quarter, down about 30 percent from a year earlier. Argyce LLC was seeking a buyer for the drug development program assets of Genaera Corp.