Buyout shop Bain Capital will buy Rotterdam-based chemical distributor IMCD, Reuters reported. The deal values the Dutch company 650 million euros ($857.5 million), Reuters said. Bain was reportedly in the second round of bidding for IMCD. Other bidders, including New Mountain Capital and Cinven, dropped out of the running. IMCD is owned by AAC Capital, the former private equity arm of ABN Amro, Reuters said.
Pharmaceutical giant GlaxoSmithKline has agreed to pay 162 million pounds ($255 million) for private equity-backed Maxinutrition Group Holdings. GlaxoSmithKline will acquire 100% of the shares, providing an exit for Darwin Private Equity. UK-based Maxinutrition manufactures protein-enhanced nutrition products. London-based Darwin Private Equity acquired Maxinutrition in 2007.
A buyout fund run by Korea Development Bank has agreed to pay $1.9 billion for a controlling stake in Daewoo Engineering & Construction, Reuters reported. The Seoul-based fund will buy 37.16% of Daewoo from investors who held an option to sell the stake back to the cash-strapped Kumbo Asiana Group at a price much higher that current market value, Reuters said. Korea Development Bank is the lead creditor for Kumbo.
Reckitt Benckiser will pay 32.6 billion rupees ($726 million) for private equity-backed Paras Pharmaceuticals, Reuters reported. Buyout shop Actis owns 63% of India’s Paras. Other shareholders include Silicon Valley-based venture firm Sequoia Capital. UK-based Reckitt Benckiser produces a wide range of household, health and personal care products. Actis has $4.7 billion under management.
A slew of buyout shops, including Blackstone Group, Apollo Global Management, Kohlberg Kravis Roberts & Co., TPG Capital and Bain Capital, are all interested in buying diagnostics and medical instruments company Beckman Coulter, Reuters reported. Beckman Coulter is considering selling itself, Reuters reported, adding that the company hired Goldman Sachs to help it weigh options. Beckman Coulter is based in Brea, Calif., and has a market capitalization of roughly $4 billion.
Buyout shops are expected to be all over the Fortune Brands break-up, according to two senior bankers. Firms that have had Fortune Brands on its radar for some time include The Blackstone Group, Carlyle Group, Kohlberg Kravis Roberts & Co and TPG Capital, said the head of financial sponsors at one bank. "Private equity firms are like hawks," he said. "They're motivated by movement, and there's something happening here that makes this attractive." The Deerfield, Ill.-based company announced Dec. 8 that it plans to continue as a pure-play, publicly traded spirits business, while spinning off its home and security business to become an independent, publicly traded company; and selling or spinning off its golf business. The company made the move after pressure from hedge fund investor William Ackman.
Charlesbank Capital Partners has acquired OnCore Manufacturing Services. Financial terms weren't disclosed. Springfield, Mass.-based OnCore designs and makes complex electronic assemblies and system integration for defense, industrial, and medical companies. Charlesbank is PE firm with offices in Boston and New York.
MidCap Financial said Friday that one of its financing units has closed a $400 million credit facility with a bank group led by Wells Fargo Capital Finance. SunTrust Bank, Goldman Sachs Bank USA, and Key Equipment Finance provided commitments. The loan is an increase from an earlier facility that MidCap had in place with Wells fargo. Bethesda, Md.-based MidCap, a commercial financing company, focuses on healthcare companies.
Today, I was shocked by the following deal news: North Castle Partners has sold Atkins Nutritional Holdings to Roark Capital. Was this the same Atkins that nearly took down Parthenon Capital several years ago? Wasn’t North Castle widely ridiculed for buying Atkins? Yes and yes. But North Castle is making a 5x return on their […]
Private equity firm CapMan and other owners of OneMed Group will sell their stakes to private equity firm 3i Group and OneMed's management. CapMan owned roughly 66% of OneMed Group prior to the deal, which is expected to close in February 2011. OneMed is a medical supplies company based in Northern Europe. The company has offices in Finland, Sweden, Norway, Denmark and Poland.