Lime Rock Partners has paid $49.7 million to acquire approximately 19.89 million shares of common stock in Allis-Chalmers Energy Inc. (NYSE: ALY), which represents around a 27.9% ownership position. The position could rise to 39.8%, based on a backstop agreement and preferred stock purchase commitment.
LONDON (Reuters) – Junior lenders to French roofing company Monier have launched a late bid to block one of Europe’s biggest restructuring deals days before a crucial vote, according to a letter seen by Reuters. Senior lenders say that a rescue package to be presented on Monday will be approved, and say they already have […]
COPENHAGEN (Reuters) – Denmark’s Danske Bank (DANSKE.CO) said on Friday it would take over a Swedish facility management business from private equity investors to protect outstanding loans of 628 million Swedish crowns ($79 million). Danske Bank said in a statement it had agreed to take over Addici from Argan Capital and intended to continue operating […]
Per usual, we have a week’s worth of ratings actions on buyout-backed companies from Standard & Poor’s and Moody’s Investor Services. Not too much action, with just a trio of downgrades and one rating on a new issuance: Company: EuroFresh Inc.
Sponsors: Bruckmann Rosser Sherrill & Co., Banc of America Capital Investors
Downgrade: S&P withdrew its ratings
Comment: S&P: “Withdrew its 'D' corporate credit rating and 'D' issue ratings on Eurofresh's $170 million 11.5% senior notes due 2013 and $44.174 million step up senior subdiscount notes due 2014 because EuroFresh filed for Chapter 11 bankruptcy protection on April 21, 2009.”
HONG KONG (Reuters) – PCCW’s (0008.HK) controlling shareholders will no longer pursue a buyout and will move on to focus on growth in the company’s core business and expanding into new areas, a PCCW executive said on Friday. “There is no privatisation. That’s all finished. We’re moving on,” Group Managing Director Alex Arena said on […]
Riverstone Holdings has acquired the wind development portfolio of Babcock & Brown LP, in partnership with the management of B&B's North American energy group. The carved-out company will be known as Pattern Energy Group LP, while Riverstone's equity commitment is $400 million.
(Reuters) – Dealmakers saw business pick up again in the second quarter as they helped companies raise cash in capital markets, but lucrative mergers and acquisitions (M&A) languished. Worldwide combined capital markets and M&A fees rose for the first time in a year, Thomson Reuters data showed on Friday, up 29 percent from the first […]
There are cleantech bulls. And then there is Steve Westly. The former eBay marketing director and onetime California state controller, who currently runs Silicon Valley venture firm The Westly Group, is predicting that the moribund market for new public offerings is about to wake up. In the next 12 months, Westly told participants today at VCJ's Financing the Cleantech Vision conference, there will be a dozen clean technology IPOs. Some of them, he predicted, will be blockbusters. It’s a remarkably optimistic outlook, given that so far this year there have been only been 13 U.S. IPOs priced in any industry – down from 35 during the same period last year, which was also a subdued period for new offerings. On the new filings front, the situation compares even more poorly – with just 12 IPOs filed this year, down 89% from last year, according to Renaissance Capital.
Reader's Digest Association Inc., a portfolio company of Ripplewood Holdings, has agreed to sell the assets of K-12 educational publisher Gareth Stevens Inc. to Roger Rosen (CEO of Rosen Publishing) and Gary Spears (co-founder of Gareth Stevens). No financial terms were disclosed.
Healthy Directions LLC, a newsletter publisher and provider of physician-branded nutritional supplements, has acquired InnoVision Health Media, publisher of a magazine named Natural Solutions: Vibrant Health, Balanced Living magazine. No financial terms were disclosed for the purchase, which was made out of bankruptcy. Healthy Directions is a portfolio company of ACI Capital and American Securities Capital Partners.