I’ve spent an ungodly portion of my day discussing the Chryslerus deal with various reporters — the majority of whom know fairly little about private equity. This is not a knock on them, but just a point of fact. The result has been numerous questions about how many people Cerberus plans to layoff (answer: check […]
Varel Holdings Inc., a maker of drill bits for the oil & gas and mining industries, has acquired Pendemak Industries Ltd., Canadian distributor of Varel oil field drill bits for the past 26 years. The only financial terms disclosed were that Varel minority shareholder American Capital Strategies provided $16 million in the form of a […]
Firth Rixon Ltd., a Sheffield, UK
This morning’s big news is that Cerberus has agreed to buy Chrysler (or at least most of Chrysler) for approximately $7.4 billion. Of equal import, the deal has gotten the Good Autoworkers seal of approval from the UAW, so any sort of post-agreement battle is highly unlikely. Three very quick observations, which will certainly be […]
Canon Communications LLC of Los Angeles has acquired four manufacturing technology events from UK-based Trident Exhibitions Ltd. The shows are: IPOT; Machine Vision and Displays Technology; MTEC; Machine Building, Drives & Automation; and Practical Vacuum. No financial terms were disclosed. Canon is controlled by Spectrum Equity Investors. www.cancom.com
GMAC Insurance, a business unit of GMAC Financial Services, has agreed to acquire Provident Insurance, the UK-based automotive insurance division of Provident Financial PLC. The deal is valued at approximately
Last month, KKR and GS Capital Partners agreed to acquire audio equipment maker Harman International for approximately $8 billion. As a sweetener for skeptical Harman stockholders the buyers offered to let approximately 8.3 million shares be swapped for equity in the private edition of Harman. That works out to around $1 billion, or a 27% […]
Insider trading has become the ugly stepchild of take-private buyouts, as small-market scammers have infiltrated the big kids table. Nobody involved will admit their wrongdoing, of course, but the breadcrumbs can often be found in the options trading market, where unusual activity may well reflect that some deal info was leaked by a sponsor, banker, […]
Endurance International, a portfolio company of Audax Partners, has acquired IPower Inc., in order to form a single provider of web hosting services to the SME market. LBOWire reports that the deal is valued at more than $100 million, and is structured as a recap that includes new equity and debt commitments from Cerberus Capital […]
Remember when Dow Chemical fired two executives last month for allegedly trying to stoke buyout interest in the company? Well there are now a pair of competing lawsuits about the matter, with one of the fired execs suing Dow, and Dow suing both of its former charges. Here is the digruntled exec’s suit: Dow_Suit.pdf Here […]