The LongRiver Partners consortium, comprised of Borealis Infrastructure Management, the infrastructure investment arm of Ontario Municipal Employees Retirement System, Kuwait Investment Office and the British Universities Superannuation Scheme, "walked away empty handed" in its bid to acquire U.K.-based water company Severn Trent PLC, reports Reuters. The consortium's third proposal, which was estimated to value US$8.2 billion, was recently turned down by Severn Trent. The deal's deadline, established by British regulators, was on June 11th.
Kensington Global Private Equity Fund, which is managed by Toronto's Kensington Capital Partners, has made a $1.6 million direct investment in CGL Manufacturing Inc., a Guelph, Ontario-based supplier of machined castings and components, fabrications and assemblies. The Kensington fund was created as a mutual trust fund to give Canadian individuals and other investors access to a diversified portfolio of global private equity investments.
Rochester, New York-based Carestream Health Inc., a medical imaging systems provider, and portfolio company of Onex Corp., has raised US$2.4 billion of debt to fund a US$725 million distribution to shareholders. The new debt will also help refinance existing debt facilities and pay recapitalization expenses. Combined with prior distributions, Onex will have received approximately US$1.2 billion in total, representing a 2.6X gross multiple of invested capital and a 22% cash-on-cash rate of return, and will continue to own approximately 91% of Carestream.
Brampton, Ontario-based Par-Pak Ltd., a designer and manufacturer of plastic packaging with manufacturing facilities in Canada, the United States and the United Kingdom, has been acquired by U.S. private equity firm Olympus Partners and its portfolio company The Waddington Group Inc. of Covington, Kentucky. While the transaction value was not disclosed, estimates cited by peHUB in May have put it at over US$300 million. Waddington was acquired by Olympus Partners in October 2012.
Gladstone Investment Corp. said Wednesday it has acquired Star Seed and invested $9 million debt and equity. Broadgate Capital, Highline Equity and company management also participated. Osborne, Kan.-based Star Seed provides specialty seeds.
For any one company there's more than one way to calculate EBITDA. Do you prefer pro-forma, adjusted or run-rate?
EG Capital is selling Water Pik to MidOcean Partners, sources tell peHUB.
The board of directors of U.K.-based water company Severn Trent PLC has turned down a pre-conditional possible offer by LongRiver Partners, according to a new statement issued by the company, noting that this third proposal fails to reflect the company's long-term value and potential. LongRiver is a consortium comprised of Borealis Infrastructure Management, the infrastructure investment arm of Ontario Municipal Employees Retirement System, Kuwait Investment Office and the British Universities Superannuation Scheme. The latest acquisition bid, which is based on a 2,200 pounds per share cash proposal, is valued at US$8.2 billion, reports Reuters.
Babson Capital Management LLC said on Wednesday that it has made an equity co-investment to support One Rock Capital Partners’ buy of Summit Research Labs. No financial terms were disclosed. Based in Huguenot, New York, Summit is a producer of ingredients used in antiperspirants.
ClearLight Partners, LLC said on Wednesday that it has agreed to sell The Outsource Group to Parallon Business Solutions, a subsidiary of HCA Holdings. No financial terms were disclosed. The transaction is expected to close by the end of this month. Cain Brothers & Company, LLC and Armstrong Teasdale, LLP advised ClearLight during this transaction. Based in St. Louis, Missouri, The Outsource Group is a provider of revenue management services in the healthcare sector.