Colonial BancGroup Inc (CNB.N) posted its third straight quarterly loss, which was much wider than market estimates, as the financial services firm recorded a massive goodwill impairment charge and loan loss provision. Colonial, which has received about half a billion dollars in funds from the U.S. Treasury, said the funds were subject to its increasing […]
Insituform Technologies Inc. (Nasdaq: INSU) has agreed to acquire Corrpro Companies Inc. (OTYC BB: CRRP) for approximately $91 million. Corrpro is a Medina, Ohio-based maker of corrosion control engineering services, systems and equipment. Its shareholders include American Capital and Wingate Partners.
GMT Communications Partners has refinanced the senior debt facilities of portfolio company Redext, a company formed in 2005 to acquire three independent outdoor advertising groups in Spain.
HD Supply and The Home Depot have reached an agreement related to post-closing purchase price adjustments resulting from the $8.5 billion buyout of HD Supply in August 2007. Under terms of the deal, HD Supply will receive a $22 million payment from Home Depot, plus other non-cash considerations. HD Supply was bought by Bain Capital, The Carlyle Group and Clayton, Dubilier and Rice. Home Depot retained a 12.5% equity stake.
Michigan Orthopedic Services, a portfolio company of Huron Capital Partners, has acquired Lansing, Mich.-based O&P Professional Care. No financial terms were disclosed.
Angelo Gordon & Co. has acquired the Bridgeview, Ill.-based headquarters and principal processing and distribution facility of Stampede Meat Inc. The $14 million deal was structured as a sale-leaseback, and was closed simultaneously to a recap of Stampede Meat’s balance sheet. Stampede Meat is a portfolio company of Fairmont Capital, PNC Mezzanine Capital and Sankaty Advisors.
Insight Equity has completed its take-private acquisition of Meadow Valley Corp., a Phoenix-based construction contractor and construction material supplier. The deal's total equity value was around $61.3 million, with Meadow Valley stockholders to receive $11.25 per share. Alvarez & Marsal Securities advised Meadow Valley on the deal.
BS Private Equty, a Milan-based private equity firm, has partnered with BS Investimenti to acquire Tiscali’s international network business for €47m (US$60m). Tiscali International Network supplies internet connectivity on three continents and had EBITDA of €10m on sales of €35m in 2008. Parent group Tiscali has been in play for much of the last year, […]
MILAN (Reuters) – Italian carmaker Fiat SpA (FIA.MI) is still analysing Chrysler LLC for its intended alliance with the company but will conclude so Chrysler meets a Feb. 17 U.S. government deadline, Fiat’s CEO told the Wall Street Journal. Under the terms of the federal loans Chrysler [CBS.UL] has received, it must present a plan […]
3i, the London-listed global private equity firm, has sold its 48% stake in Diab, a Swedish core materials manufacturer, to local investor Ratos. Ratos already held a 48% interest in Diab prior to the transaction, which will generate proceeds of Skr400m (US$48m) for 3i. Management hold the balance of Diab. Laholm, Sweden-based Diab manufactures materials […]