Buzznet Inc., a Los Angeles-based social media community focused on music and pop culture, has acquired Washington, DC-based social music company Qloud, according to Mashable. No financial terms were reported. Buzznet last year raised a $6 million Series B round, and PaidContent reports that it's added another $25 million from investors like Interscope Records. Backers […]
As an LP with broad exposure to alternative investments, I’ve previously lamented owning entire capital structures. In mega-buyouts, we often find ourselves owning the equity and the debt, and paying 2-and-20 on each. If you took that approach to public companies, you wouldn’t be in the investment field very long. For LPs with exposure to […]
Glam Media, a female-focused online advertising network, has acquired StyleMob, a San Francisco-based ocial media company focused on fashion. No financial terms were disclosed. Glam has raised over $87 million in VC funding from firms like Draper Fisher Jurvetson, Accel Partners, DAG Ventures and Walden Venture Capital. www.glammedia.com
Clear Channel today warned in an SEC filing that its buyout may not close, which is generating headlines despite the manifest obviousness of such a statement. Had the company said that the deal will certainly close, then that would be news. So let’s move on to what may actually be happening with some of the banks: […]
Lakeside Energy LLC, a Chicago-based energy company backed by American Securities, has acquired a 150 MW natural gas-fired power plant in Hazleton, Pa. from an affiliate of Williams (NYSE: WMB). No financial terms were disclosed for the deal, which included new equity provided by American Capital. PRESS RELEASE Lakeside Energy LLC (Lakeside), a Chicago-based energy […]
In case you haven’t heard, Clear Channel and its prospective buyers – Bain Capital and Thomas H. Lee Partners – late yesterday sued six banks for refusing to fund the protracted $19.5 billion deal. The suits were filed in New York and Texas, with the primary difference being that the plaintiffs asked for the death […]
Expocrete Concrete Products Ltd., an Alberta, Canada-based concrete products maker owned by Tricor Pacific Capital, has acquired Weldon's Concrete Products Ltd., a Saskatchewan-based masonry, hollow core and concrete pipe manufacturer. No financial terms were disclosed. www.expocrete.com
The $19.5 billion Clear Channel Communications (CCU) buyout is going to court, in what may be the first ever case of buyout firms suing bankers for failing to consummate a transaction. Clear Channel and its two prospective buyers — Bain Capital and Thomas H. Lee Partners — late this afternoon filed complaints in both New York […]
Lovejuice, a UK-based smoothie and juice bar operator, has acquired Barefruit Juice, a juice bar chain operating in Northern England. No financial terms were disclosed. Lovejuice is a portfolio company of Smedvig Capital. PRESS RELEASE Smedvig Capital, the London-based private equity company active in development capital for growth businesses, is pleased to announce that […]
Lots of reports out there about how the $19.5 billion Clear Channel buyout is on the verge of collapse. Seems the bankers just won’t pull the trigger. Well, unless you mean the trigger to a gun that would kill the deal – which they apparently are threatening to do. The result, of course, would be […]