(Reuters) – President Barack Obama said on Tuesday he will nominate former Edison International chief executive John Bryson to be Commerce secretary, filling a top trade job with an energy expert and seasoned businessman. Bryson would replace Gary Locke, whom Obama has chosen to become U.S. ambassador to China. His nomination could be thwarted by […]
The Wicks Group of Companies, a prior owner of Vibe magazine, is making headway on its fourth fund. The New York-based media specialist has raised about $278.4 million, according to a form D filing. The PE firm is targeting $559.9 million for Wicks Capital Partners IV, L.P., the May 12 filing said. Credit Suisse is the placement agent. The pool has received a $40 million commitment from the Arkansas Teacher Retirement System. Wicks Capital Partners IV, L.P. has proposed "an annual management fee of 2.0% per annum of commitments during the commitment period and, after the commitment period, 2.0% per annum on net invested capital," according to February board minutes from ATRS.
Morgan Stanley Private Equity Asia has put $50 million into publicly traded Chinese agricultural nutrient company Yongye International. The cash infusion will be used for capacity expansion, repayment of commercial bank debt, working capital, and general corporate purposes. Homer Sun, managing director of MSPE Asia, will join the company’s board as a result of the funding.
The Bank of Jerusalem has bid 515 million shekels ($150 million) for the Israeli unit of Franco-Belgian retail bank Dexia SA, the company said Tuesday. Bank of Jerusalem plans to turn Dexia Israel into a wholly owned subsidiary, Reuters reported.
Buyout giant the Carlyle Group and Japanese brewer Suntory are leading a race to buy a 30% stake in Indonesian consumer firm GarudaFood, Reuters reported, adding that the stake is worth more than $200 million. If Carlyle wins the bid it would be the firm’s first direct investment in Southeast Asia's biggest economy, Reuters wrote. The sale had attracted interest from private equity firms 3i Group Plc and Unitas Capital, but only Carlyle and Suntory made it to the final bidding.
Thomas H. Lee Partners has agreed to buy about $180 million of First BanCorp common stock at $3.50 a share. The deal is part of a $500 to $500 million capital raise by First BanCorp, according to a statement. Once the capital raise is completed, and the bank converts about $425 million of Series G preferred stock, held by the U.S. Department of Treasury, into common stock, THL would own about 24.9% of First BanCorp. San Juan-based First BanCorp is the bank holding company for FirstBank Puerto Rico.
Kohlberg Kravis Roberts & Co. will acquire Academy Sports + Outdoors, a sports, outdoor and lifestyle retailer, the company announced Tuesday. As part of the deal, the company’s owners, the Gochman family, will retain a minority stake. Financial terms were not disclosed. Academy Sports + Outdoors is based in Katy, Texas, and owns 131 locations across 11 states in the southeast United States.
Private equity-owned REDGroup Retail, which was once Australia’s largest bookstore owner, is urgently looking for a buyer, and will close shop if one is not found, Reuters reported. Administrators for the company began looking for a buyer after they were unable to reach a deal with creditors. REDGroup is owned by Pacific Equity Partners.
Chinese, Indian and Latin American companies are increasingly on PE and VC firms’ radar and can offer intriguing opportunities to expand investment horizons and achieve strong ROIs. Experienced cross-border investors know there are issues that can arise, from situations as simple as language barriers and differing social customs to the more complex problems, like bribery, […]
A consortium including private equity firm Clayton Dubilier & Rice, Axa Private Equity and Canada's Caisse des Depots du Quebec will acquire French engineering group Spie in a deal valuing it at 2.1 billion euros ($3 billion), Reuters reported. The group is buying the electrical and mechanical engineering firm from French private equity group PAI Partners.