Private equity firms Affinity Equity Partners and CVC Capital Partners are among potential bidders for South Korea's No. 1 car rental company, KT Rental, in a sale expected to fetch around 800 billion won ($786 million), sources told Reuters.
ONCAP, the mid-market private equity arm of Onex, has closed its sale of Mister Car Wash to Leonard Green & Partners. Onex received net proceeds of $153 million from the sale. Mister Car Wash is a U.S.-based car wash chain.
Clayton Dubilier & Rice has agreed to invest $500 million in CHC Group, which provides offshore flying services to the oil and gas industry. CD&R will purchase convertible preferred shares to be issued in a private placement. CD&R has also committed to buy any convertible preferred shares not sold in a $100 million rights offering to existing shareholders, which could bring CD&R's total investment to $600 million.
Quantum Energy Partners has formed a partnership with oil and gas operating company Tug Hill to buy and develop oil and gas assets in North America. The partnership will be capitalized with an initial $450 million commitment from Tug Hill and Quantum.
Olympus Partners has acquired Innovative XCessories & Services, which provides accessories to the automotive aftermarket and equipment manufacturers. The acquisition is Olympus' second from its sixth fund. Details of the transaction were not disclosed.
The Riverside Company has acquired Aliso Viejo, California-based Lexipol, which provides policy management and training for public safety organizations. PNC Bank provided financing for the deal.
Tate’s Bake Shop, which is known for its gluten-free cookies, is up for sale, according to three sources.
Resilience Capital Partners has invested in Hynes Industries and Hynes Kokomo. Financial terms weren’t announced. Youngstown, Ohio-based Hynes is a North American manufacturer of rolled formed shapes, strip steel and flat wire. The Bresnahan family, which is the seller, will retain a minority ownership stake.
Struggling department store chain Sears Canada Inc reported its ninth loss in 14 quarters as sales continued to decline, Reuters reported. Same-store sales fell 6.8 percent in the second quarter ended August 2nd. Same-store sales at Sears's home and hardlines business dropped 9.3 percent. Earlier this month, it was reported that U.S. private equity firm Sycamore Partners was considering a bid for Sears Canada. A possible deal could fetch up to US$2 billion.
BluEarth Renewables Inc has bought Good Light, a 10 megawatt AC solar power plant located in Ontario's Kawartha Lakes region, for more than $66 million. The seller in the transaction was Canadian Solar Inc, which earlier this year also sold its Little Creek solar power plant to BluEarth for $53 million. Good Light and Little Creek are two of four planned solar power asset acquisitions from Canadian Solar. Based in Calgary, BluEarth is a renewable power producer focused on North American wind, water and solar projects. It has been a portfolio company of Canadian private equity firms ARC Financial Corp and Teachers’ Private Capital and other investors since 2010.