FRANKFURT/MUNICH (Reuters) – German industrial group Siemens (SIEGn.DE) is considering alternatives to disposal for its hearing aid unit because of low bids and may look at a tie-up or even growing it on its own. Board member Hermann Requardt told a general staff meeting on Tuesday Siemens was ready to explore distribution partnerships with retailers, […]
Hammond, Kennedy, Whitney & Co. has sponsored a recapitalization of NaturMed Inc., a Camp Verde, Ariz.-based developer and distributor of nutritional and health supplements. No financial terms were disclosed.
Berlin Packaging, a portfolio company of Investcorp, has completed its acquisition of All-Pak, a Pittsburgh-based packaging supplier. No financial terms were disclosed. The combined company is expected to have annual revenue of nearly $500 million.
Eureka Growth Capital and Shore Points Capital have recapitalized Commercial Carpets of America Inc., the largest commercial floor coverings dealer in the metropolitan Washington, D.C. area. No financial terms were disclosed. SC&H Capital advised CCA on the deal.
Dow Chemical Co. has agreed to sell its Styron plastics unit to Bain Capital for $1.63 billion. As part of the transaction, Dow has an option to retain up to a 15% stake in the company. No details on leveraged financing have been disclosed.
Force10 Networks Inc., a San Jose, Calif.-based provider of network routing and switching equipment, has filed for a $143.75 million IPO. It plans to trade on the NYSE under ticker symbol FTEN, with J.P. Morgan, Deutsche Bank Securities and Barclays Capital serving as co-lead underwriters. The company, which early last year merged with Turin Networks, […]
FRANKFURT (Reuters) – WestLB has received a raft of non-binding offers for its real estate finance unit but the offers are below book value, sources said, stoking fears that a fire sale could spoil real estate asset valuations. German property lender Aareal Bank (ARLG.DE) is one of a handful of potential bidders that have submitted […]
NEW YORK (Reuters) – Intrawest Holdings, the Canadian ski resort operator which owns stakes in the Whistler Blackcomb site of Olympic downhill events, is still in discussions with its lenders regarding refinancing options, a company spokesman said on Monday. The company, which is owned by private equity firm Fortress Investment Group LLC (FIG.N), has been […]
Tricky TXU: The New York Times tackles KKR's TXU in a long story which opens with Henry Kravis negotiating with Jamie Dimon in 2007. Story ends with the phrase "debtholders are getting hosed." You get the drift. (NYT) Servicey: How to avoid getting burned in China and India. (BusinessWeek) Lehman's Desperate Housewives: There's a book out about what it was like "being married to Lehman." Deal Journal thinks it reminds him of Goodfellas. (DJ) Golden Era Rusting: We've been saying it for awhile-that whole bit about how PE firms are going to have amazing vintages in 2009 and this is the golden era for PE bargains is simply not the case. Prices just haven't come down low enough. (Bloomberg) However: The Credit Crunch is easing for private equity. (FT)
In late 2008, CCMP Capital was hired by J.P. Morgan to manage the legacy portfolio of Bear Growth Capital Partners. Today, CCMP announced that it had acquired one of those portfolio companies: Francesca’s Collections Inc., a Houston-based women's fashion retailer that had sold a minority stake to BGCP for around $57 million three years ago. The all-equity deal was valued at between $200 million and $400 million, with a percentage of the proceeds being used to buy out BGCP and certain company founders. "We could have put debt on this, but chose not to," says CCMP chairman Greg Brenneman, who will join Francesca’s board of directors. "The most natural exit, eventually, would be an IPO, because Francesca’s numbers are better than anything comparable on the public markets."