Spain's Telefonica has clinched a 1 billion euro ($1.3 billion) deal to sell its Atento call centre business to U.S. private equity firm Bain Capital as part of a drive to cut debt. The telecoms group is trying to raise funds to reduce a 57 billion euro debt pile and preserve a coveted investment grade credit rating, at a time when its crisis-hit home country faces pressure to seek an international bailout, Reuters reported. The deal includes a 110-million-euro deferred payment by Bain, which was co-founded by U.S. Republican presidential candidate Mitt Romney, as well as 110 million euros in financing provided by Telefonica, the Spanish group said on Friday.
Frank & Oak, a personalized online clothing retailer for men, has closed $5 million in Series A financing. Lightbank led the round. Bertelsmann Digital Media Investment and Rho Canada Ventures and Real Ventures also contributed to the round. Frank & Oak is based in Montreal.
Carlyle Group has been granted more time by the UK Takeover Panel to hammer out a deal to buy Chemring Group Plc, which makes defense equipment such as flares and explosive device detectors, Reuters reported. Carlyle now has until Nov. 9 to either bid for Chemring or walk away. This is the second time that Carlyle has been granted an extension after having secured an extension in September.
Private equity firm TPG has withdrawn a A$694 million ($713 million) takeover bid for Australian surfwear retailer Billabong International Ltd., the second bidder to exit after inspecting its books, knocking the stock to a record low. Neither TPG nor Billabong gave a reason for the withdrawal, but the move caps a tumultuous year for Billabong. Three takeover bids have failed, the company dumped its chief executive in May after several profit warnings and it revealed its first annual loss since listing a decade ago, Reuters wrote.
Private equity firm TPG has withdrawn a A$694 million ($713 million) takeover bid for Australian surfwear retailer Billabong International Ltd , the second bidder to exit after inspecting its books, knocking the stock to a record low.
The middle market financing firm Golub Capital has provided a $25 million second lien term loan to support the acquisition of SourceMedical Solutions by the private equity firm ABRY Partners. SourceMedical provides outpatient information and revenue cycle management services for ambulatory surgery centers, specialty hospitals, and rehabilitation clinics nationwide.
Northwestern Management Services (NMS), which provides management and administrative services and facilities for the Gentle Dental Group, has been sold to Linden Capital Partners, a healthcare focused middle market private equity firm. NMS was majority owned by the Beekman Group and its founder David Willens. Gentle Dental Group, another portfolio company of the Beekman Group, has also been sold to Dental services business Gentle Dental has been sold to Linden Capital Partners. Terms of both deals were not disclosed.
Sverica, a San Francisco-based middle market private equity firm, has completed a recapitalization and growth investment in Inpatient Medical Services, an Akron, Oh.-based medical services company. Terms of the deal were not disclosed.
Ares Management has agreed to buy a majority stake in Smart & Final Holdings in a deal valued at $975 million. Senior management is retaining a minority stake. The seller was Apollo Global Management. Commerce, Calif.-based Smart & Final is smaller store, warehouse-style, “no membership fee,” multi-format retailer that serves both households and smaller businesses. Morgan Stanley, Bank of America Merrill Lynch, Credit Suisse, and Deutsche Bank Securities are providing debt financing. UPDATE: Robert Robison, R. Alec Dawson, Juan Damian Guzman and Andrew Milano of Morgan Lewis provided legal advice to Smart & Final. Dan Mandel, Dan Fetters and Thomas Amster of Morgan Stanley acted as financial advisor to Smart & Final. Michael Woronoff and Daniel Ganitsky of Proskauer Rose supplied legal advice to Ares.
Today's large dividend news comes from NBTY, which makes vitamins and nutritional supplements. Ronkonkoma, N.Y.-based NBTY said its parent company, Alphabet Holding Co., plans to issue and sell $500 million in notes. NBTY said it expects to use proceeds from the notes, plus cash on hand, to pay a cash dividend to shareholders of about $672 million.