Multi Packaging Solutions, a portfolio company of Irving Place Capital, has acquired certain assets of Ivy Hill Corp., a New York-based supplier of packaging solutions to the multi-media and consumer markets. No financial terms were disclosed.
Current Media Inc., a San Francisco-based television news and information network for young adults, has withdrawn registration for a $100 million IPO. It cited "current market conditions." The company had planned to trade on the Nasdaq, with JPMorgan and Lehman Brothers serving as co-lead underwriters (the last ammended filing was in May 2008, before Lehman collapsed). Shareholders include Blum Capital Partners, Yucaipa Cos., DirectTV, Comcast and former Vice President Al Gore. www.current.tv
NEW YORK (Reuters) – Standard & Poor’s Rating Services on Friday lowered its debt ratings on Chrysler loans due in 2013 and 2014, citing a lower potential recovery by debtors in the event of payment defaults by the carmaker. Standard & Poor’s said it lowered by two notches its issue-level ratings on Chrysler’s senior secured first-lien […]
Quarry Capital has acquired Royal Pet Supplies Inc., a pet supplies distributor founded more than 60 years ago. No financial terms were disclosed.
NEW YORK (Reuters) – Colony Capital LLC and MGM Mirage (MGM.N) are no longer in talks over a potential investment in the struggling casino company, a source close to the discussions said on Thursday. The source said while there were no talks going on now, the situation could change. The source did not want to […]
NEW YORK (Reuters) – Rental car company Hertz Global (HTZ.N) expects to further cut costs and boost cashflow in 2009, and sees opportunities for acquisitions, according to a letter from private equity firm Clayton, Dubilier & Rice, a large shareholder of Hertz. The letter, obtained by Reuters, gave highlights of a March 19 conference call […]
Fabrinet Inc., a Thailand-based provider of foundry services to optical component, module/subsystem and optics OEMs, has canceled a proposed $250 million IPO, due to "market conditions." The company had planned to trade on the NYSE, with Morgan Stanley and Deutsche Bank Securities serving as co-lead underwriters. Shareholders include H&Q Asia Pacific (60.4% pre-IPO stake), JDS Uniphase Corp. (6.7%) and J.F. Shea Co. (6.7%). www.fabrinet.th.com
As usual, we have a week’s worth of downgrades PE-backed company debt from Moody’s and Standard and Poor’s. (It’s a day early this week as tomorrow is a holiday.) This week there are only four, two of which were followed by withdrawals. As these withdrawals -- which happen “at the company’s request” -- increase, I'm starting to wonder about the ratings agencies (which naturally take their fair share of the blame for the credit crunch). I don’t like the idea that if a company doesn’t like what’s being said about its debt, it can make one phone call to silence the critics. It’d be like a public company dropping an analyst that rates it a “sell.” It’s unfair to debt holders.
Swander Pace Capital has invested an undisclosed amount in Applegate Farms LLC, a brand of organic and antibiotic-free natural deli meats, hot dogs, sausage and bacon. The company was founded in 1987 by its current CEO, Stephen McDonnell. www.applegatefarms.com
LONDON (Reuters) – Barclays Plc has agreed to sell its iShares asset management business to private equity firm CVC Capital Partners for 3 billion pounds ($4.4 billion), but kept the right to hunt for a better deal for two months. The deal, which will be 70 percent financed by Barclays, will land a windfall […]