First Avago Technologies sets its IPO terms. Then came S-1 filings from Vitamin Shoppe, Emdeon and Bayview Mortgage Capital. Then comes today's news that discount retailer Dollar General has its registration on standby. A storm after months of calm, and we're left wondering about what tomorrow might bring. It's entirely possible that we'll see a growing number of PE-backed companies gearing up for public market listings. Look no further than the likes of Rosetta Stone, backed by ABS Capital, and Bridgepoint Education, backed by Warburg Pincus, to see that this year's small handful of buyout-backed IPOs have performed relatively well (on the venture side, it's even more hopeful). If Dollar General sees a warm reception even with its approximate 4x leverage, it may break the seal for more mega-buyouts to test the waters. So cheer up, mega-buyout investors! Even though your stakes are worth next to nothing on the secondary market, some realizations may be heading your way. Even the
TORONTO (Reuters) – A joint venture of private equity firm Gores Group and Germany’s Siemens AG said on Wednesday it is pushing to submit a bid to acquire the enterprise solutions business of bankrupt Canadian telecom equipment maker Nortel Networks. The venture, called Enterprise Networks Holdings (ENH), said it is expending considerable resources, time and […]
Now that the weather has finally warmed up, plenty of M&A bankers are hoping the market for deals will as well. We’ve noticed a few more targets coming to market in recent weeks and have compiled a list of some of those we’ve come across. Our sources are various news reports and the Buyouts “Seeking Buyers” list. The following companies (among many others) are either formally considering “strategic alternatives,” reported to be on the block or are rumored to be in sales talks. For prior lists, see below, and send any additions my way. Coinmach Services Corp., backed by Babcock & Brown, may end up undergoing a debt-for-equity swap with its underwriters due to its heavy debt load, Debtwire reports. Aetna Inc has hired Bank of America and Credit Suisse Group to help it sell its pharmacy-benefit management business, Reuters reported. ... Friends, Britain's sixth-biggest life insurer by market value, also said it had rejected as "wholly inadequate" a new takeover proposal from Resolution, Reuters reported.
HONG KONG/SHANGHAI (Reuters) – China Pacific Insurance (Group) Co Ltd, part-owned by the Carlyle Group, has hired China International Capital Corp (CICC) and three other investment banks to arrange its Hong Kong initial public offering, two people with direct knowledge of the situation said on Wednesday. China’s third-largest life insurer, reviving its plans for an […]
Thoma Bravo has completed its take-private acquisition of Entrust, a Dallas–based company that secures digital identities and information for consumers. The deal was valued at $124 million, or $2 per Entrust share.
Vista Equity Partners has agreed to buy MicroEdge, a New York-based provider of sofware and services to the charitable giving industry, from Advent Software Inc. (Nasdaq: ADVS). The deal is valued at approximately $30 million in cash.
Transom Capital Group has acquired Cinder BLock Inc., an Oakland-based entertainment merchandising company. No financial terms were disclosed.
Stant Corp., a Connersville, Ind.-based maker of fuel system and vapor emission control products for automotive and industrial applications, has filed for Chapter 11 bankruptcy protection. The 111 year-old company said that it had between $50 million and $100 million in assets and debts. H.I.G. Capital acquired Stant Corp. last year from Tompkins PLC for an undisclosed amount.
LOS ANGELES (Reuters) – Station Casinos filed for bankruptcy in Nevada on Tuesday, becoming another gambling operator felled by the recession. The company, which operates casinos catering to Las Vegas residents rather than tourists, had been seeking for months to restructure its debt. As part of an agreement with senior secured lenders, none of the […]
NEW YORK, July 28 (Reuters) – Private equity firm Apollo Management LP and the other firms planning to invest $1.6 billion in bankrupt Charter Communications Inc., are not trying to take control of the company, a senior partner at Apollo testified on Tuesday. Charter was in U.S. bankruptcy court in Manhattan on Tuesday beginning the […]