Beverage company Diageco is in early talks to buy Turkish spirits company Mey Icki, Reuters reported. The value of the deal could reach as high as $2.5 billion, Reuters said. Mey Icki is owned by private equity firm TPG Capital, which had been exploring an initial public offering for the company. An acquisition could provide an alternative to the IPO. The private equity firm bought Mey Icki for about $800 million in 2006, Reuters said.
Bain Capital, CVC Capital Partners, and financial firm Orix Corp. have been short-listed as bidders for Japanese supermarket chain Seijo Ishii Ltd, Reuters reported. The company, which has been valued at roughly 30 billion yen ($358 million), is owned by buyout shop Advantage Partners. Final bids are due early next year, Reuters said.
A consortium of private equity firms is the preferred bidder for Nigeria’s Afribank, Reuters reported. Names of the buyout shops were not released, though Reuters said Fidelity Bank was the reserve bidder. Afribank was one of nine lenders rescued in a $4 billion bailout last year, Reuters said.
Private equity firm Roark Capital Group will buy nutrition company Atkins Nutritionals Holdings, the company behind the popular low-carbohydrate diet program, for an undisclosed amount. No terms of the deal were released. Roark is buying the company from North Castle Partners, a private equity shop specializing on health-focused consumer companies. Atkins was formed in 1989, and is based in Denver, Colo. Roark Capital is based in Atlanta.
Sunny Delight Beverage Co., which is backed by J.W. Childs Associates, is selling its Western European Sunny Delight juice drink business to Orangina Schweppes. Financial terms of the deal weren't disclosed. Sunny Delight Beverage Co. has also agreed to buy the J.M. Smucker Co.'s plant in Sherman, Texas. Sunny Delight also said that it's investing more than $70 million to upgrade its five North American plants and data systems to buy the plant in Texas. J.W. Childs, a Boston PE firm, owns a majority of Sunny Delight.
Global celebrity Madonna, in partnership with her manager Guy Oseary and Mark Mastrov, the founder of 24 Hour Fitness and now chair of a New Evolution Ventures — a private equity firm focused on the acquisition, development, management and operation of fitness, media and sports entities both domestically and internationally — are expanding their new […]
U.S. specialty chemicals company Omnova Solutions announced today it has completely its purchase of Eliokem International, based in France, from AXA Private Equity. The company paid nearly 230 million euros for the company, which gives Omnova a global footprint. In connection with the acquisition, Omnova, based in Fairlawn Park, Ohio, issued $250 million in senior notes […]
Marlin Equity Partners has bought Renzulli Learning Systems. Financial terms weren't announced. Renzulli, of Avon, Conn., provides interactive, online programming for students. Renzulli will be integrated with CompassLearning, a Marlin Equity portfolio company, a statement said. Marlin is a Los Angeles PE firm.
First Republic, which is backed by Colony Capital and General Atlantic, is flourishing in its first day as a public company. On Thursday, shares of First Republic surged more than 8%, or $2.14, to $27.62 in early afternoon trading. First Republic priced 11 million shares Wednesday at $25.50 via joint book runners BofA Merrill Lynch, Morgan Stanley and J.P. Morgan. Other underwriters include Barclays Capital, Jefferies & Co., Keefe, Bruyette & Woods, Sandler O’Neill & Partners and Stifel Nicolaus Weisel. San Francisco-based First Republic, which caters to wealthy investors, has $22 billion in assets as of Sept. 30. The bank isn’t selling all the shares in the IPO. First Republic is offering about 4.1 million shares while stockholders are providing the remaining 6.9 million, a statement said. First Republic said it plans to use the $95.2 million in net proceeds from the IPO for general corporate purposes, which could include funding loans and buying stock for its portfolio.
There’s only a few weeks left until the end of the year and the payout parade continues. Yesterday, Wise Foods said it had completed a $48 million credit facility to pay a dividend to its shareholders and to refinance existing debt. Wise Foods is owned by Palladium Equity Partners, a New York buyout shop. The dividend recap comes as Wise Foods apparently couldn’t find a buyer. Earlier this year, Palladium put Wise Foods up for sale. Piper Jaffray was advising. In August, I was told that the auction wasn’t progressing well. Palladium was seeking a high price for Wise but competitive concerns were hampering the process. It looks like the auction failed since Wise Foods has instead opted for a dividend recap.