Golden Gate Capital is in talks to make an investment in Clover Technologies, a company that recycles and remanufactures imaging supplies like ink cartridges and cell phones. The deal was first disclosed yesterday by the Federal Trade Commission, in a list of transactions granted early termination of the HSR waiting period. There were no financing details, including whether or not Golden Gate is planning to take a majority stake (the San Francisco-based firm makes both buyout and growth equity investments).
BAML Capital Partners has acquired a majority stake in Provo Craft & Novelty Inc. Seller Sorenson Capital will retain a minority equity stake, as will company management. No financial terms were disclosed. Robert W. Baird & Co. served as advisor to Provo Craft.
(Reuters) – U.S. jeweler Zale Corp (ZLC.N), which expected to have secured funds to steady its finances by late May, is considering a financing proposal from Sun Capital Partners Inc, the Wall Street Journal reported. Sun Capital has submitted a proposal to invest between $50 million and $100 million in Zale’s preferred stock that could […]
NEW YORK (Reuters) – Time Warner Inc (TWX.N) joined Lions Gate Entertainment (LGF.N) and Access Industries in bidding for MGM, a source said, adding that the three bids range from $1.2 billion to $1.5 billion. The deadline for a second round of bids for MGM was unofficially extended after Time Warner, the most likely buyer […]
MADRID (Reuters) – Travel reservations firm Amadeus said it was pushing ahead with an inital public offering in the first half to raise 910 million euros ($1.23 billion) and end a two-year IPO drought in Spain. Existing shareholders will also tender a chunk of their shares to comprise a total offering representing a minimum of […]
I recently spoke with Philip Canfield, a principal at GTCR, on M&A bullishness, GTCR's pipeline, why the fundraising market isn't so bad for everyone, GTCR's next fund equity checks on its recent deals, and the healthcare reform bill. What's your outlook for M&A in 2010? We think the year will be robust for M&A activity. It will be fueled by a few things. Number one: a rebound in valuations. A year ago all the buyers wanted to buy cheap, but no sellers were willing to sell. Now it's an environment where buyers think prices are reasonable and sellers agree and there's a crossroad to transact. Number two, you have a fair bit of liquidity in the market. On the financing side, starting early last summer you saw a big rebound in high yield markets. That has continued and led to a rebound in other credit markets, like the bank loan and CLO markets. The other component is that you have a trillion dollars of cash on the balance sheets of S&P 500 companies, and in private equity, you have half a trillion of committed but uncalled capital. That money starts going away by next year and is gone by 2013-- Can you clarify that? It expires. Most funds have a five year commitment period for new investments, and much of that half a trillion of committed, uncalled capital was raised in '06 and ‘07. So once you get out to 2014, that money will have to be invested or sent back to investors. There's a tremendous incentive for private equity firms to do deals.
NEW YORK (Reuters) – Lions Gate Entertainment (LGF.N) and billionaire Len Blavatnik’s industrial holding company Access Industries have put in second-round bids for Metro-Goldwyn-Mayer, but Time Warner Inc (TWX.N) is still considering a bid, sources told Reuters on Monday. The deadline for a second round of bids for MGM was unofficially extended after Time Warner, […]
Here are some potential target ideas, rumored or official, to jumpstart your deal pipeline. Our sources are various news reports and the Buyouts “Seeking Buyers” list. The Golden State Warriors basketball team said it is for sale. (Reuters) The FDIC is seeking buyers for three small Puerto Rican banks which need capital. The FDIC hired a bank to help is sell the assets. (WSJ) Novell Inc. has rejected a takeover offer from Elliott Associates LP. The company, an IT management software and Linux producer, will explore strategic alternatives on its own. Spark Networks, an online personals services company, retained Piper Jaffray & Co. to advice it on its strategic alternatives following an offer from Great Hill Partners.
Grano Retail Investments has acquired tailored menswear brand Samuelsohn. No financial terms were disclosed, except that BDC provided leveraged financing.
LONDON (Reuters) – EMI Group is talking to rivals about licensing its music in North America but could fall foul of a requirement that Citigroup (C.N) approves any deal, sources familiar with the situation said. EMI, owned by Guy Hands’ buyout house Terra Firma, has been talking to Universal (VIV.PA), and a couple of other […]