Taiwan's Wei family has agreed to buy majority control of China Network Systems (CNS), the island's biggest cable TV operator, for about $2.4 billion including debt from private equity firm MBK Partners, sources told Reuters.
An activist investor urged women's apparel retailer Ann Inc to sell itself, saying it could fetch as much as $2.52 billion, failing which each of the company's board members should buy back stock as a "sign of confidence," Reuters reported.
Oak Hill Capital Partners has agreed to acquire Berlin Packaging, which supplies packaging products in North America, for $1.43 billion. Oak Hill has agreed to buy the company from Investcorp. The deal, subject to closing conditions, is expected to close in the third quarter.
Audax Group has completed the sale of TriMark USA to Warburg Pincus. South Attleboro, Massachusetts-based TriMark provides equipment to the food services industry. TriMark completed six add-ons during Audax's ownership and increased revenue from $260 million to more than $1 billion since Audax first invested in 2006.
The Carlyle Group has completed the acquisition of a majority interest in the Traxys Group, a metal and minerals commodity merchant, logistics and trading firm. Carlyle made the deal along with affiliates of Louis M. Bacon, founder, chairman and chief executive officer of Moore Capital Management. Traxys' management has increased its stake in the business as part of the deal. The Carlyle-led investor group bought its stake in Traxys from Pegasus Capital Advisors, Kelso & Company and Resource Capital Funds.
Grenada's St. George’s University (SGU) was a couple of weeks ago the focus of a US$750 million control-stake transaction involving an investor group led by Canadian private equity firm Altas Partners and a fund advised by Baring Private Equity Asia. Altas partnered with OPTrust Private Markets Group in the SGU deal, which is its second since the firm's launch in 2012 by former Onex Corp managing director Andrew Sheiner. It marks an important step for an investor that has sought to blaze a new path in PE dealmaking.
U.S. private equity firm Clayton Dubilier & Rice has agreed to buy $500 million in convertible preferred shares in CHC Group Ltd (NYSE: HELI), a Vancouver provider of offshore flying services to the oil and gas industry. CHC also will pursue a $100 million rights offering of the shares to existing investors, with the aim of raising $600 million in total. Prior to the rights offering, Clayton Dubilier will take a 45 percent ownership stake in the company. U.S. private equity firm First Reserve Corp, which bought CHC in 2008 for around $1.5 billion, will retain an interest of around 29 percent. The company, which went public in early 2014, said it would use the new funds primarily to reduce debt.
Canadian private equity firm Mosaic Capital Corp has announced that its two subsidiaries First West Properties LP and First West Developments LP have agreed to partner with Harbour Equity Capital Corp on the development of the Parker Industrial Park near Regina, Saskatchewan. As part of the deal, Harbour Equity will commit $6 million for a 50 percent interest in the development project. Based in Toronto, Harbour Equity is a dedicated real estate private equity firm that provides financing to Canadian developers.
Changepoint, a Canadian software company recently bought by U.S. private equity firm Marlin Equity Partners, has acquired Daptiv Solutions LLC, a provider of pure SaaS-based PPM software. The seller in the transaction was U.S. private equity firm Parallax Capital Partners, which acquired the Seattle, Washington-based Daptiv in 2010. Financial terms on the latest deal were not disclosed. Toronto's Changepoint, which specializes in professional services automation and project portfolio management software, was bought by Marlin in January from Compuware Corp. Compuware paid US$100 million in 2004 for its acquisition of the previously venture-backed company.
Aperion Management and Falcon Investment Advisors, along with company management, are acquiring Ontario Drive & Gear Ltd. Financial terms weren’t announced. Stone Arch Capital is the seller. Ontario Drive & Gear, of Ontario, makes amphibious utility/extreme terrain vehicles for commercial and recreational use under the Argo brand. ORIX Corporate Capital and Ocean Avenue Capital Partners are also investing in the deal. The Bank of Montreal’s Corporate Finance Division is providing financing. Greene Holcomb & Fisher advised Stone Arch Capital/ODG.