NEW YORK (Reuters) – Private equity firm KPS Capital Partners is among the final bidders for Anheuser-Busch InBev’s (INTB.BR) Labatt USA unit, the Wall Street Journal reported on Sunday, citing people familiar with the matter. InBev reached a deal with U.S. anti-trust regulators last year to sell the Labatt USA business and associated licenses in […]
Puget Energy (NYSE: PSD), a regulated utility providing electric and natural gas service to the growing Puget Sound region of western Washington, has been taken private for $30 per share. The total deal was valued at $7.4 billion, including $3.2 billion in equity, $1.6 billion in leveraged financing and $2.6 billion in assumed debt. The […]
Private equities still outperform public equities, according to new data from Thomson Reuters (publisher of peHUB). On the other hand, that's a bit like saying that you only lost three fingers instead of five, or that at least your house fire didn't spread to the toolshed. The numbers are through Q3 '08, so take them with a giant grain of anachrony (PE returns will drop like stones in the next report): Buyout performance fell from both the prior quarter and the prior year, but still came in at positive 12.2% for the five-year horizon. This dropped to 8.3% for the three-year horizon and -8.2% for the one-year horizon. Each of these figures compares favorably to the S&P 500 and NASDAQ over the same period. This is even true once venture capital performance is thrown into the mix. Get more data after the jump...
NEW YORK (Reuters) – The government could ease scarce bankruptcy financing by guaranteeing the loans companies take to restructure their operations, Blackstone Group (BX.N) co-restructuring head Arthur Newman suggested on Friday. Bankruptcy financing, called debtor-in-possession or DIP financing, has been difficult for companies to find since the global credit crisis has caused lenders to pull […]
Aleris, the aerospace supplier backed by TPG Capital, is preparing to file for Chapter 11 bankruptcy protection, according to Debtwire. The company reportedly is looking for $400 million in DIP financing, has warned its lenders that it would be restructuring, and has hired advisors for the filing. TPG purchased Aleris in December of 2006 for $1.7 billion, plus the assuming of $1.6 billion in debt. The equity check was not disclosed, but it came from fund TPG Partners V, a $15 billion pool that closed shortly after the deal. The fund includes such investments as Petco, Univision, Freescale
This week Insight Equity closed its $61.3 million take-private of Meadow Valley, a Phoenix-based construction contractor and construction material supplier. The firm struck the deal back in July, and even after the disaster that was Q4, Insight Equity and its lenders managed to close the deal at its original price, terms and conditions. Not to say Insight Equity didn't cry "MAC." Connor Searcy, Partner with Insight Equity, said, "We felt that there was a material adverse change in the business, but we still closed on the original terms and conditions from July. When we commit to a deal we get it done." Capital One and LBC provided financing for the deal. Insight Equity's new mezzanine fund contributed as well. Which leads me to the following cluster of fundraising updates.
Right Start, a Calabasas, Calif.-based specialty retailer for the prenatal to preschool years, on Tuesday filed for bankruptcy protection. Right Start is a portfolio company of Hancock Park Associates. www.rightstart.com
(Reuters) – Bruno’s Supermarkets LLC filed for Chapter 11 bankruptcy protection in an Alabama court on Thursday to restructure business operations, and said it may pursue a sale of all its assets. The company, which owns and operates Bruno’s and Food World grocery stores, also named Jim Grady as Chief Restructuring Officer to replace former […]
Granite Equity has acquired a majority stake in GEOTEK Inc., a Stewartville, Minn.-based maker of reinforced fiberglass pultrusion products for the electric utility and animal containment markets. No financial terms were disclosed. GEOTEK co-founders Conrad Fingerson and Amy Donahoe will retire from daily operations and join the company’s board, while Derek Mazula, who assisted Granite Equity on the deal, will join GEOTEK as its new president.
Green Courte Partners has extended its previously-announced cash tender offer for all outstanding shares of American Land Lease Inc. (NYSE: ANL) until 5pm on Tuesday, February 17. Green Courte is offering $14.20 per share.