Carlton Chairman, Howard L. Michaels has announced the closing of a 250 million euro ($321.3 million) recapitalization and discounted loan payoff at the Four Seasons Hotel in Milan, Italy. The Four Seasons Milan is comprised of 114 luxury rooms with 51 suites, two five-star restaurants, a high-end spa and a prime high-street retail store in the heart of the Montenapoleone district of Milan.
Tredegar Corporation has sold its mitigation banking business, Falling Springs for approximately $16 million to Arc Ventures. MidSpan Partners acted as exclusive adviser to Tredegar in this transaction.
Hostess Brands Inc has received a "flood of inquiries" from a range of parties interested in buying several of its brands, the snack cake maker's lawyer said on Wednesday. At a hearing in the U.S. bankruptcy court in White Plains, New York, the lawyer Heather Lennox of Jones Day said Hostess expects to find "stalking horse" bidders for some brands within a few weeks, with court-supervised auctions to follow.
The Blackstone Group said Monday that it has closed its more than $2 billion buy of Vivint. Provo, Utah-based Vivint provides home technology and automation services. The investment came from Blackstone Capital Partners VI L.P, which raised $16 billion earlier this year.
NextMedia Group said late Tuesday that it has sold NextMedia Outdoor, its outdoor advertising unit, to Lamar Advertising Co. for $145 million. Englewood, Colo.-based NextMedia, which is backed by Strategic Value Partners and Angelo, Gordon & Co., operates 33 stations across eight markets in the U.S. With the sale of Outdoor, NextMedia says it will focus on the radio broadcasting business.
BC Partners and CPP Investment Board have completed the previously announced purchase of the Cequel Communications Holdings for $6.6 billion. Cequel Communications does business as Suddenlink Communications.
Terra Firma's planned ABS-style Payment-In-Kind bond may be easier to sell to investors than some market experts anticipate due to stricter rules on cash payouts to equity investors, writes Reuters/IFR. Guy Hands' Terra Firma buyout group this week agreed to buy Annington Homes from Nomura in a deal worth 3.2 billion pounds ($5.1 billion), which will be financed by 1 billion pounds of new equity, debt financing in the form of the PIK, and the assumption of existing securitised debt of 2.2 billion pounds.
Salus Capital Partners has provided a $10 million senior-secured working capital facility to Bluefly, an online retailer of designer brands. The financing will be used to provide working capital for general corporate purposes.
Silverback Enterprise Group, an Austin-based company that rolls up enterprise software concerns, has acquired EPM Live, a maker of work management software. Terms of the transaction were not disclosed.
Hostess Brands may not be done yet. The maker of Twinkies and Ding Dongs is expected to meet with its lenders and one of its bigger unions later today as it attempts to avoid liquidation. Private equity also appears interested in Hostess. C. Dean Metropoulos & Co., the PE firm that owns Pabst Brewing, said last week that it was considering making an offer for Hostess, according to press reports. Sun Capital Partners also confirmed it wants to buy Hostess.