Yesterday I talked to a few PE pros about the big news: Private equity is finally getting its chance to help assuage the economic crisis, after months of complaining that it has "massive pools of capital that could be put to good use." Setting aside any conversation on logistics, or any debate over whether it's smart for private equity firms to gobble up toxic mortgage-backed securities willy-nilly, or whether LPs want them to, or whether they even want to... let's look, for a minute, at the potential positive effect this decision could have on perceptions of the private equity community. Those I spoke with were both interested and delighted at the inclusion of private equity in the plan for bailing out our banks. Said one PE pro: "The government is finally acknowledging that private equity firms are an important source of capital for companies."
NEW YORK (Reuters) – Bob Marley’s family has teamed up with private equity group Hilco Consumer Capital to handle licensing of the late reggae legend’s likeness, trademarks and themes on retail products ranging from apparel to video games. Hilco will license products including, shoes, food, collectibles, luggage, musical instruments, and stationery, with the Bob Marley […]
Kosmos Energy LLC, a Dallas-based energy company backed by The Blackstone Group and Warburg Pincus, is soliciting buyers for its stakes in two West African oil fields, according to Dow Jones. The deal could be worth up to $3 billion. www.kosmosenergy.com
Mill Road Capital is participating in a cash tender offer to purchase all outstanding shares of Galaxy Nutritional Foods Inc. (OTC BB: GXFY) for $0.36 per share.
Don’t miss your chance to vote for this year’s Deal of the Year awards! The editors of Buyouts Magazine are putting three categories up for online voting this year. The categories and their nominees are: Large-market Deal
**DoubleClick (Hellman & Friedman and JMI Equity)
**Intelsat (Apax Partners, Apollo Management, Madison Dearborn Partners, Permira)
**Norcross Safety Products Corp. (Odyssey Investment Partners) Mid-market Deal
**American Public Education Group (ABS Capital)
**AmeriCast Technologies Inc (Castle Harlan)
**Anchor Drilling Fluids USA (American Capital)
**The Cortland Companies (Cortec Group)
**Wellness Pet Food (Catterton Partners) Small-market Deal
**Specialty Coating Systems Inc (Bunker Hill)
**Sterling Foods International (ICV Capital)
**WCI Cable Inc. (Carlyle Group) You can find more details including return multiples, revenue growth and IRRs on each deal at the online voting site. Go ahead and cast your ballot right here.
H. Lundbeck AS has agreed to acquire Ovation Pharmaceuticals Inc. for up to $900 million in cash. The deal includes a $600 million up-front payment that is expected to come next month, with the remaining $300 million contingent on Ovation reaching certain clinical milestones within one year of closing. Ovation Pharmaceuticals is a Deerfield, Ill.-based company formed in 2000, to develop specialty compounds for the US market and for niche indications with high unmet medical needs. GTCR-Golder Rauner acquired a majority stake in Ovation in 2002 for approximately $150 million.
Crane & Co. Inc., a provider of counterfeit-deterrent banknote papers, has acquired Nanoventions Holdings LLC from Visual Physics LLC. No financial terms were disclosed for the deal, which was facilitated by Brown Gibbons Lang & Co. Crane & Co. is a portfolio company of Lindsay Goldberg LLC. PRESS RELEASE Brown Gibbons Lang & Company […]
Kensington Capital Partners and Orchard Plainfield LLC have sponsored a recapitalization of Polymer Plainfield Holdings Inc., a Plainfield, Ill.-based maker of metal and injection molding components. No financial terms were disclosed.
(Reuters) – Billionaire investor Wilbur Ross and the Carlyle private equity group are considering a joint bid for BankUnited Financial Corp (BKUNA.O), the Financial Times said, citing people familiar with the matter. The two investors were conducting due diligence as Tim Geithner, U.S. Treasury secretary, prepared a financial sector rescue plan that would seek to […]
TOKYO (Reuters) – Japan’s Aozora Bank (8304.T) is expected to report an annual net loss of nearly 200 billion yen ($2.2 billion) and its president may quit as early as Tuesday, the Nikkei business daily said. A source familiar with the matter said the bank is planning to announce a revision to its earnings and […]