Advance Auto Parts Inc. has hired investment bank Blackstone Advisory to explore a potential sale to private equity, two people familiar with the matter said on Thursday, in a deal that could top $6 billion, Reuters wrote. The auto parts retailer, which sells parts, accessories, batteries and maintenance items to both do-it-yourself and commercial customers, has attracted initial interest from several private equity firms, one of the people said.
Wind Point Partners and Ontario Teachers' Pension Plan has completed the acquisition of Shearer's Foods. Terms of the deal were not released. Based in Massillon, Ohio, Shearer’s makes private label salty snacks and kettle cooked potato chips.
A $1.7 billion bid for Malaysia's two main KFC fast food franchisees faces a growing chorus of opposition from investors challenging the terms of the offer that is nearly a year old and now looks to them badly undervalued, Reuters reported Friday. A showdown is looming on Nov. 5 and 6, when shareholders vote on the deal. Some investors contacted by Reuters said they planned to vote against the bid but it was not clear if they had enough firepower to do so. The bid for KFC Holdings (Malaysia) and QSR Brands Bhd was made last December by the investment arm of Malaysia's Johor state and CVC Capital Partners. The Employee Provident Fund joined the consortium in May.
Chicago-based buyout shop Wind Point Partners has acquired a new platform company: Hilex Poly Co., a maker of plastic retail bags. Wind Point has added Mike Fitzpatrick, Mike Riordan, Steve Hochhauser and Steve Humphrey to the company’s board. Terms of the deal were not released. Senior debt was provided by GE Antares, Fifth Third Bank, Bank of Montreal and KeyBanc. DLA Piper acted as legal advisor to Wind Point.
Warren Buffett's Berkshire Hathaway Inc. said it would buy direct marketing toy and party supplies company Oriental Trading Co. for an undisclosed sum. Berkshire will pay $500 million, the Wall Street Journal reported on Friday, citing a person involved in the deal. Oriental Trading, which filed for Chapter 11 bankruptcy protection in August 2010, is owned by more than a dozen financial institutions.
FTV Capital is out fundraising, looking to collect $500 million for its fourth private equity fund, according to a late October regulatory filing.
M&A’s on the backburner. Fundraising is still tough. But one thing has gotten easier for private equity firms: recruiting.
Julie Richardson, considered one of the most powerful women in private equity, has stepped down as a full-time managing director at Providence Equity Partners to become a senior adviser.
Bahrain-based investment firm Arcapita has withdrawn a planned London listing of its PointPark Properties (P3) unit, highlighting valuation gaps still exist between sellers and investors despite renewed life in the European IPO market.
GTCR, which is midway through its tenth buyout fund, has acquired Premium Credit. The transaction closed yesterday, says Collin Roche, a GTCR MD. The seller is MBNA Europe, a unit of Bank of America Corp., a statement says. Premium's management is also investing, Roche says.