At least six major private equity groups are competing to buy the industrial packaging segment of Illinois Tool Works Inc, in a deal that could fetch more than US$3 billion, people familiar with the matter told Reuters. Carlyle Group LP, Blackstone Group LP, Apollo Global Management LLC, Bain Capital LLC, Ares Management LLC and a consortium of Onex Corp and the Canada Pension Plan Investment Board (CPPIB) are among the firms that advanced to the second round of bidding, the people said. Illinois Tool Works announced in September it was initiating a process to sell the industrial packaging unit, as the conglomerate continues to streamline its diversified business lines.
Penfund, a Toronto-based provider of junior capital to mid-market companies, has extended a US$60 million second lien loan to Caliber Collision Centers Inc, a Lewisville, Texas-based operator of non-franchised collision repair service facilities in the United States. The announcement came on the heels of last week's acquisition of Caliber by OMERS Private Equity for an estimated US$425 million. The company was bought by OMERS from ONCAP, which had owned Caliber since leading its management buyout in 2008. Penfund at the time of the management buyout invested US$34 million in the business.
Salt Creek Capital has teamed up with Blue & Gray Enterprises to acquire Roman Decorating Products. No financial terms were disclosed. Based in Calumet City, Illinois, Roman Decorating Products is a maker of wallcovering adhesives, primers, removers and sundries.
Silverback Exploration said Tuesday that it has closed $350 million in funding from EnCap Investments. Based in San Antonio, Texas, Silverback is a newly formed oil and gas exploration company.
Hellman & Friedman has inked an agreement to buy Applied Systems from Bain Capital for approximately $1.8 billion. JMI Equity will also be investing alongside H&F. Ropes & Gray advised Bain Capital in the sale. According to terms of the deal, Applied Systems' senior management will continue to maintain a "significant ownership position" in the company. The transaction is expected to close in early 2014. Headquartered in University Park, Illinois, Applied Systems is a provider of insurance software.
Teen clothing retailer Aeropostale Inc said it has adopted a poison pill that will be triggered if a stockholder buys 10 percent of the company, Reuters reported.
Take-Two Interactive Software Inc on Tuesday said it is buying back all of Carl Icahn's shares in the company, and three directors nominated by the activist investor have resigned, Reuters reported.
Private equity firm Bain Capital LLC is in talks with other private equity firms to sell its insurance software provider Applied Systems Inc for more than $1 billion, sources told Reuters.
Morgenthaler Private Equity has sold Satellite Logistics Group to JF Hillebrand Group AG. Financial terms weren't announced. Houston-based Satellite Logistics provides reverse beverage logistics and supply chain management solutions. William Blair & Company served as financial advisor to MPE.
Penfund has completed a $60 million 2nd lien loan to Caliber Collision Centers, a portfolio company of OMERS Private Equity. Lewisville, Texas-based Caliber operates collision repair centers in the United States.