DETROIT (Reuters) – Auto parts maker Delphi Corp has reached an agreement with its bankruptcy financing lenders and former parent General Motors for a plan to emerge from court protection, The New York Times reported on Thursday. Delphi reached a tentative agreement early Thursday for a deal that would supersede one set with private equity […]
LONDON (Reuters) – Lenders to directories firm Truvo are looking to appoint an adviser, two sources close to the situation said on Thursday, after the company appointed a financial adviser earlier this week. Truvo, a poster child for the debt-fuelled private equity boom, was formerly known as VNU World Directories and was the first European […]
NEW YORK (Reuters) – Fashion clothing maker Kellwood Co [KWD.UL], owned by private equity firm Sun Capital, said on Thursday it failed to renegotiate and extend a crucial $140 million bond issue before it matured. Kellwood, whose brands include Phat Farm and Sag Harbor, has been trying to forestall a looming debt deadline with an […]
Now that the weather has finally warmed up, plenty of M&A bankers are hoping the market for deals will as well (look no further than Goldman Sachs, where YOY M&A fees were down 54% this quarter, for proof). 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. Platinum Group Metals, based in Vancouver, is pursuing strategic alternatives. The business holds a 74% interest in large scale Platinum Group Metals reserve and resource in South Africa. Athabasca Potash Inc., a Canadian business, is using CIBC World Markets Corp. and Genuity Capital Markets to help it look at a potential sale.
GTCR isn’t swayed by the Obama administration’s recent spate of consumer finance protection regulations. In fact, the Chicago-based private equity firm plans to enter the sector with full force. Yesterday the firm announced it will dedicate $300 million to create a consumer credit platform led by Michael Rhodes, the former Vice Chairman of MBNA, which […]
Water Street Healthcare Partners has acquired the Pharmaceutical Development unit of AAIPharma Inc. The company will be called AAIPharma Services Corp., and will retain its Wilmington, N.C. headquarters. The deal is valued at $75 million, including expansion capital commitments. No purchase price was disclosed.
GTCR has formed Palladian Financial Holdings, a Wilmington, Del.-based acquisition platform focused on the credit, payments and loyalty/rewards market. The firm has committed up to $300 million in equity. Palladian will be run by Michael Rhodes, former vice chairman at MBNA.
TORONTO (Reuters) – MatlinPatterson is open to working with strategic partners in putting forward a comprehensive proposal to reorganize the businesses of bankrupt Canadian telecom equipment maker Nortel Networks, the U.S. private equity firm said on Wednesday. MatlinPatterson, a major bondholder and Nortel creditor, has stated that it does not believe that the proposed sale […]
NEW YORK (Reuters) – The Travel Channel is up for sale in an auction expected to draw interest from media companies such as Scripps Networks Interactive Inc (SNI.N) and Time Warner Inc (TWX.N) and fetch $600 million to $1 billion, two sources familiar with the matter said. Scripps Networks and Time Warner have expressed interest […]
(Reuters) – A Kohlberg Kravis Roberts & Co.-led consortium is near a deal to invest between $150 million and $200 million in International Far Eastern Leasing Co, a Chinese lender to small and medium-size businesses, the Wall Street Journal said, citing people familiar with the matter. Private equity firm KKR is investing in the deal […]