The euro zone's biggest bank Santander said on Thursday it had agreed to sell a 50 percent stake in its securities custody business to a holding led by U.S. buyout firm Warburg Pincus, Reuters reported.
Private investment firm Starwood Capital has agreed to acquire TMI Hospitality. No financial terms were disclosed. BofA Merrill Lynch and Barclays provided financial advice to Starwood while Citigroup Global Markets was lead financial advisor to TMI. Based in Fargo, North Dakota, TMI is a developer and operator of more than 180 select service and extended stay hotels across 26 states.
Warburg Pincus has completed its acquisition of Wencor from Odyssey Investment Partners. No financial terms were disclosed. Harris Williams & Co advised Wencor on the transaction. Based in Springville, Utah, Wencor is a provider and distributor of aftermarket aerospace components.
Energy Investors Funds has acquired an additional 50 percent stake in the Newark Energy Center from Hess Corporation. Two EIF-managed funds used a $590 million loan from Crédit Agricole, GE Energy Financial Services and Mitsubishi UFJ Financial Group. With the acquisition, EIF-NEC, a joint venture owned by two EIF funds, now holds 100 percent of the equity in the Newark Energy Center.
Genstar Capital has agreed to acquire Asset International, Inc., which provides data and marketing solutions to the global asset management industry. The deal is expected to close in July.
Standard Chartered Private Equity has invested $60 million in AJ Networks, an equipment rental company in Korea. AJ Networks was established in 2000.
NGP Natural Resources X and NGP Energy Technology Partners II have invested in Oilfield Water Logistics, a new company formed to acquire, develop and manage water-related and other oilfield fluids infrastructure and services. In May, Oilfield Water Logistics bought a portfolio of saltwater disposal wells and entered into surface use agreements in New Mexico to serve oil and gas producers in the Permian Basin.
U.S. energy-focused private equity firm Riverstone Holdings has increased its ownership interest in Canadian International Oil Corp. This occurred as a result of Riverstone's participation in a secondary sale of shares sold by a group of the company's existing institutional investors. The value of the transaction was undisclosed. In March, Riverstone made a $200 million commitment to Canadian International Oil's property development program. Founded in 2010, the Calgary-based company has operations in the Alberta Deep Basin, where it is developing a multi-zone, liquids rich gas and oil play.
Portfolio companies of large buyout shops, which typically carried huge amounts of debt during the so-called bubble years, actually fared no worse in terms of default rates than big debt issuers without financial sponsors, Moody’s Investors Service said
Surprise! Large buyout shops, which typically shoveled huge amounts of debt onto their portfolio companies during the so-called bubble years, actually did OK in terms of default rates.