Milestone Scientific said Thursday that it has sold $150,000 of its common stock at $1.50 per share in a private placement to WDM Capital USA, an affiliate of Dom Maklerski WDM. WDM USA provides access to CEE financing and investment opportunities for North American clients.
Private equity group KKR has struck a deal to restructure the debt of loss-making German car repair chain Auto-Teile Unger (ATU), drawing a line under an ill-fated investment.
LeapFrog Investments has exited from Ghanaian insurer Express Life, selling its majority stake to Prudential for an undisclosed sum. Express Life was founded by Mr. Obed Danquah and provides savings and insurance products, including life and hospitalization cover, for emerging consumers in both urban and rural areas.
French private equity firm Wendel said on Thursday that its building materials business Materis is in exclusive talks to sell calcium aluminates maker Kerneos to buyout firm Astorg Partners for 610 million euros ($827 million), writes Reuters. The deal, which represents a multiple of 8.4 times earnings before interest, tax, depreciation and amortisation over the 12 months to Sept. 30, could be finalised in 2014 after consultation with employee representative bodies and subject to regulatory approvals.
Private equity group KKR has struck a deal to restructure the debt of loss-making car repair chain Auto-Teile Unger, writes Reuters. KKR and ATU's management have agreed on the main points of a debt-for-equity swap with the repair firm's main creditors, credit investment groups Centerbridge and Babson Capital as well as funds managed by Goldman Sachs, writes Reuters.
The shareholders of Ottawa-based cloud and communications software solutions provider Mitel Networks Corp (TSX:MNW) (Nasdaq:MITL) have given official approval of the company's previously-announced $400 million buy of Aastra Technologies Ltd (TSX:AAH), an enterprise communications company based in Concord, Ontario. TSX and NASDAQ have accepted the written consents of U.S. private equity firm Francisco Partners and Dr. Terence Matthews, the controllers of around 60% of Mitel's shares, as evidence of investor approval. Mitel also obtained the consent of Kanata Research Park Corp and Arsenal. The merger must be approved by Aastra shareholders at a special meeting expected to take place in January 2014. Update: Osler, Hoskin & Harcourt LLP is acting for Mitel in the transaction.
Canadian industrial chemicals and services provider Chemtrade Logistics Income Fund (TSX: CHE.UN) has agreed to purchase General Chemical Holding Co for US$860 million. The transaction, which was last month anticipated in a report by Reuters, will see Chemtrade buy the Parsippany, New Jersey-based manufacturer of sulphuric acid and other chemicals from its current owner, U.S. private equity firm American Securities. American Securities took General Chemical private in 2009 for US$673 million. Chemtrade, which said the acquisition will strengthen and expand its existing platform, will finance the deal with US$1 billion in credit facilities and a $300 million equity raise.
American Securities has agreed to sell General Chemical Corp. to Chemtrade Logistics Income Fund for $860 million. The deal is expected to close in December or January. Parsippany, N.J.-based General Chemical makes a portfolio of inorganic chemical products, which operates three business units: Water Treatment Chemicals, Sulphuric Acid, and Specialty Chemicals. Barclays and Key Bank acted as financial advisors to American Securities and General Chemical. UPDATE: David Bradley and Richard Burke of Jefferies, along with BMO Capital Markets, provided financial advice to Chemtrade.
Shannon Capital Management, a small to middle-market corporate debt manager, has refinanced Calumet Photographic. No financial terms were disclosed. Livingstone served as the financial advisor to Calumet in the transaction. Headquartered in Chicago, Calumet is a specialty retailer of high-end photographic and video equipment.
Sentinel Capital Partners said Wednesday that it has sold Engineered Controls International to Windjammer Capital Investors. No financial terms were disclosed. Based in Elon, NC, ECI is a provider of specialized pressure regulators, valves and other control equipment used in the transportation, delivery, and storage of propane, liquefied natural gas, and other cryogenic gases.