FRANKFURT (Reuters) – Deutsche Post (DPWGn.DE), Europe’s biggest mail company, is bidding for a stake in British state-owned postal company Royal Mail along with Dutch TNT (TNT.AS) and private equity firm CVC, a German weekly reported. A team of twelve Deutsche Post managers, headed by finance chief John Allan, had met with the advisory board […]
FRANKFURT (Reuters) – Private equity firms and sovereign wealth funds have shown interest in the European business of General Motors (GM.N), the US carmaker’s European head told a German magazine. “We are speaking — for example — with interested parties from the private equity sector and with sovereign wealth funds,” Carl-Peter Forster told Der Spiegel […]
WASHINGTON (Reuters) – Banks that have loaned Chrysler LLC $6.8 billion are resisting government pressure to swap more than $5 billion of that debt for stock, the Wall Street Journal reported on Saturday. The banks’ reluctance is slowing Chrysler’s attempt to cement an alliance with Fiat SpA (FIA.MI) of Italy by May 1 as well […]
NEW YORK (Reuters) – Creditors objected on Friday to the results of the auction sale of bankrupt Polaroid Corp, won by private equity firm Patriarch Partners, saying a joint offer by two liquidation companies should have prevailed. Earlier this week, Patriarch Partners won the auction with a bid valued at $59.1 million, including cash and […]
As usual, we have a week of ratings downgrades on the debt of LBO-backed companies, via ratings agencies Moody’s and Standard & Poor’s. This week we have thirteen. One Note: This list excludes downgrades to ‘D’ for ‘default’ on companies that have filed for Chapter 11 bankruptcy protection. Check the quarterly LBO-backed bankruptcy list for those. However, it does include defaults and ‘SD,’ or ‘selective defaults’ on companies that have not yet filed for bankruptcy. I say this because this list is becoming just as much a way to track distressed debt exchanges as it is to track ratings downgrades. We also have a rebellious ratings agency first (at least in my experience). The story is this: Similar to public company analysts, debt-laden companies pay ratings agencies to examine and report on their debt. Sometimes, when a company’s ratings get too ugly, a company will ask the agency to withdraw its rating, and S&P or Moody’s will oblige. Such is the case with Six Flags, except instead of hiding its analysis from the public, S&P issued its first ever (to my knowledge) “unsolicited” rating on the company. Way to take on the man, S&P.
EduK Group, a post-secondary educational institution in Puerto Rico, has acquired Florida Technical College, which offers associate’s degrees and diplomas in the Orlando area. No financial terms were disclosed. EduK Group is a portfolio company of Leeds Equity Partners. www.leedsequity.com
DuBois Chemicals Inc., a Racine, Wis.–based maker of specialty chemicals and solutions for manufacturing problems and lean initiatives, has acquired Blendco Systems LLC, a Bristol, Penn.-based maker of car wash detergents, waxes and other specialty cleaning products. No financial terms were disclosed, except that leverage was provided by TriState, KeyBank and US Bank. DuBois Chemicals […]
(Reuters) – TMD Friction, a bankrupt German maker of brake pads for the auto industry, has been bought by private equity firm Pamplona Capital Management, TMD said on Friday. Both sides declined to comment on the sale price. The acquisition will safeguard 3,800 jobs worldwide, TMD said. “I’m delighted to be partnering with Pamplona who […]
LONDON (Reuters) – Energy consultancy Wood Mackenzie, owned by buyout firm Candover, has hired Goldman Sachs (GS.N) to sell its business for at least 650 million pounds ($953 million), the Financial Times said on Friday without citing sources. Wood Mackenzie was not available for comment when contacted by Reuters. The firm has received more than […]
Deltek Inc. (Nasdaq: PROJ), a Herndon, Va.–based provider of enterprise applications software for project-focused businesses, has filed for a $60 million rights offering. New Mountain Capital, the company’s largest shareholder, has said it intends to participate.