LONDON (Reuters) – Private equity house CVC Partners will pick up a rare commodity if it pulls off a purchase of Barclays’ iShares exchange traded fund (ETF) unit, which analysts say has strong growth potential. A clear leader both in the U.S. and European markets, the unit saw record net inflows of $89 billion last […]
(Reuters) – Jane & Co, a cosmetics brand with annual revenue of about $25 million, filed for Chapter 11 bankruptcy protection on Monday, court documents show, citing cash liquidity issues arising from the economic crisis that affected retail customers nationwide. The Baltimore company said in the April 6 filing it has assets of between zero […]
Winona Capital Management has acquired a majority stake in Peter Millar, a maker of premium lifestyle apparel. No financial terms were disclosed.
Savana Partners has acquired the assets of Epitome Systems, a Wayne, Penn.-based provider of business process automation solutions. No financial terms were disclosed. Michael Sanchez, managing partner of Savana, will serve as Epitome’s chairman and CEO.
PHILADELPHIA (Reuters) – Wireless telephone assets being divested by Verizon Communications have attracted bids from at least three private equity firms, sources familiar with the situation said on Tuesday. Private equity firm Blackstone Group LP (BX.N) submitted a bid by last week’s deadline, while Carlyle Group [CYL.UL] and Kohlberg Kravis Roberts & Co [KKR.UL] made […]
Bankruptcy-related M&A surged in March with 34 acquisitions ($698mln), a level not seen in five years, since August 2004 (38), according to Thomson Reuters. “In the previous economic cycle bankruptcy-related M&A peaked in July 02 with 86 transactions announced and 8 months before equity markets reached the bottom and started their recovery,” a report from this morning stated. Meanwhile, according to data from Bankruptcy Week, the number of public companies that filed for Chapter 11 bankruptcy protection was almost as much as the two prior months combined. March saw 31 public companies go bankrupt. Add that to the respective 18 and 19 from January and February, and the total for public companies in Q1 is 68. That’s quite a few more than the private equity-backed company total of 25 (although some of them, like KKR’s Masonite, count as both). Follow the jump for charts.
You may remember Goldman Sachs Liquidity Partners III LP. The group, part of Goldman's hedge fund group, raised $1.8 billion in late 2007, including $100 million from Goldman itself. Levering it 3x, the fund invested in distressed debt, including leveraged loans, mortgages and asset-backed securities. Well, they were juuuust a bit early. The fund was down more than 55% as of last fall. In fact, the effort proved so disastrous that Goldman decided last November to waive the fund’s lock-up period, allowing investors to recoup their money. The fund has a 1/20 fee structure, but with the redemptions it has received, its managers are basically working for free. Reading through yesterday’s Bloomberg article on the problems of Apollo Management, I have to wonder when that firm is going to do the same for its Apollo Credit Opportunities Fund, considering at least $2 billion worth of loans it bought have lost half their value. According to Bloomberg:
EQT Infrastructure Fund and Fortistar have agreed to buy Midland Cogeneration Venture from Rockland Capital and GSO Capital Partners. No financial terms were disclosed for the deal, which is expected to close within the next two months. MCV is a 1,500 MW natural gas-fired cogeneration facility located in Midland, Michigan. It was acquired by Rockland and GSO in 2006.
Signature Aluminum Inc., a Greenville, Penn.-based aluminum extrusion supplier, has filed for Chapter 11 bankruptcy protection. It is a portfolio company of H.I.G. Capital. www.signaturealuminum.com
F.T. Silfies Inc., a hauler of dry haul cement in Pennsylvania’s Lehigh Valley, has filed for Chapter 11 bankruptcy protection. It is a portfolio company of Quantum Equity Partners. The company plans to remain in business during the reorganization. www.silfies.com