Roark Capital is paying about $130 million in cash to buy roast beef sandwich chain Arby's Restaurant Group Inc., Reuters reported. Current owners Wendy's/Arby's Group Inc. will retain 18.5% ownership of Arby's valued at about $30 million, the company said in a statement. Atlanta-based buyout shop Roark will assume about $190 million in Arby’s debt.
A Bold Call: 247wallst says Microsoft will whip Apple in the next four years Sacre Bleu! IMF gets whacked by cyber attack Tweeting Too Hard: Biotech execs will need to start keeping an eye on Twitter Theyyyyyy Are the Champions! Mavs smack Heat down for NBA title
Permira has bought a 61% stake in drip irrigation company Netafim Ltd., Reuters reported. The firm bought the stake from Kibbutz Yiftah, Kibbutz Magal, Tene Investments and Markstone Capital. The deal valued Netafim at $900 million, Reuters said, citing a report in the Globes news website.
The Carlyle Group is closing in on a 25% stake in Indonesian consumer firm GarudaFood, Reuters said. The $200 million stake will mark the firms first direct investment in Indonesia. GarudaFood sells instant food, peanuts and other snacks globally. The proposed deal values the company at about $800 million, Reuters said.
Lately, new investors have been popping up from coast to coast in professional sports teams deals. As entrepreneurs’ companies and PE and VC portfolios rebound, some of the boldface names in charge of them are loosening purse strings to make the mega-ego purchases of professional ballclubs. That means that, possibly, PE pros Josh Harris and Steve Pagliuca could find themselves in a dispute not over how the carry is split in a club deal, but over who carried the ball the previous night in the Celts-76ers game. Although these investors are savvy when it comes to LBOs, IPOs and dividend recaps, things haven’t always panned out the way they’ve wanted on the diamond/gridiron/hardwood/ice....
Internet companies are pushing smaller portions of their equity onto public markets at a volatile time and still seeing stock values increase almost instantaneously. For now, the practice is helping tack bigger price tags onto VCs’ assets, but if and when a major market disruption occurs, these newly-listed darlings may later see secondary offering attempts flounder. Low-float IPOs are all the rage right now....
The results of this week's poll were surprising (to me). Yesterday, I asked you whether PE execs are overpaid. This was in response to reports that PE firms are raiding investment banks for relatively inexperienced analysts. I also mentioned the Blackstone Group, where named executives get a $350,000 base annual salary plus a possible chunk of the carry.
RAE Systems shareholders have voted to approve its merger agreement with Vector Capital. Over 75% of holders of RAE's outstanding shares voted for the sale to Vector and more than 95% of shares voted at the Special Meeting were tallied for the deal. The sale to Vector is expected to close on or about June 16. Vector Capital is paying $2.25 a share, or $134 million, for RAE, which makes instruments to detect gas and hazardous materials. UBS advised RAE's special committee. Silicon Valley Bank is providing financing for the deal. Vector was locked in a bidding war with Battery Ventures-SFW Capital Partners for RAE.
Huntington Capital Fund II, the San Diego-based lower middle market private equity mezzanine fund, has invested in Vertical Management Systems Inc., a California-based technology company working with financial services companies. Madison Street Capital, LLC acted as the exclusive financial advisor in arranging the financing. Specifics were not publicized.
(Reuters) – Private equity-backed Avaya Holdings Corp, a telecom equipment maker, on Thursday became the latest in a rush of IPOs and filings by technology sector companies. The Basking Ridge, New Jersey-based company was taken private by Silver Lake Partners and TPG in 2007 for just over $8 billion. On Thursday, it filed to raise […]