Clayton, Dubilier & Rice has agreed to buy British Car Auction from Montagu Private Equity. No pricing terms were disclosed, although earlier reports said that the deal would be worth between £350 million pounds and £400 million. Other bidders included Cinven and Bridgepoint.
SEOUL (Reuters) – Creditors of South Korea’s Daewoo Electronics have chosen five candidates including Electrolux (ELUXb.ST) and Ripplewood to buy the appliance maker in a preliminary bidding, a local media report said on Thursday. It is the fourth attempt to sell creditors-owned Daewoo Electronics, once a flagship of the failed Daewoo Group. MoneyToday said that […]
Vestar Capital Partners has completed its sale of frozen vegetable producer Birds Eye Foods to Pinnacle Brands Corp., a portfolio company of The Blackstone Group, for approximately $1.3 billion. Birds Eye last month pulled registration for a $350 million IPO. It had reported around $935 million in revenue for the year ending June 30, 2009.
(Reuters) – Loss-making lender Pacific Capital Bancorp (PCBC.O) signed a letter of intent to sell its tax division to a private equity fund, as the company seeks to improve its depressed capital levels. The tax division, or the e-filing financial services division, offers refund anticipation loans and refund transfer tax products, the Santa Barbara, California-based […]
LONDON (Reuters) – U.S. private equity firm Carlyle Group said it has talked to British waste management company Shanks Group (SKS.L) about a possible takeover offer. Earlier this month, Shanks said it had received a 536 million pound ($855 million) approach worth 135 pence per share, but its board and key shareholders were looking for […]
NEW YORK(Reuters) – Erickson Retirement Communities LLC, a bankrupt U.S. retirement community developer, said on Wednesday that Redwood Capital Investments, won an auction to acquire substantially all of its assets. Terms were not disclosed. The company had filed for bankruptcy protection in October, as tight credit markets and falling home prices took a toll on […]
MILAN (Reuters) – Italy’s Valentino Fashion Group (VFG), bought by private equity investor Permira two years ago, has agreed a recapitalisation deal, reducing debt by one third to 1.5 billion euros ($2.2 billion), it said on Wednesday. In a statement, VFG said Permira and Italian investor the Marzotto family, who control VFG via the Red […]
(Reuters) – Bankrupt U.S. chemicals maker Chemtura Corp (CEMJQ.PK) said on Wednesday it has agreed to sell its PVC Additives business to New York-based private equity firm SK Capital Partners. “The sale will include certain assets, the stock of a European subsidiary and the assumption of certain liabilities,” the company said in a statement. In […]
(Reuters) – Canadian ski resort operator Intrawest ULC, which owns some 2010 Winter Olympics venues, may default on a $1.4 billion loan and is in talks with its lenders about debt repayment, Bloomberg reported, citing people familiar with the matter. “Intrawest is current on all its obligations and we are in active dialogue with our […]
Genband, a Plano, Texas-based provider of IP infrastructure solutions, has agreed to buy most of the assets of Nortel Networks' carrier VoIP and applications solutions businesses, for approximately $282 million. Genband is being backed on the deal by existing shareholder One Equity Partners.