With all the deals last month−Del Monte, J. Crew and even Seagate−I felt that for a moment I was transported back to 2007. And then the Seagate deal crashed and I was back to reality. But really, November was a great month for LBOs. In fact, it was the best month for leveraged buyouts by monthly volume since July 2007, according to Thomson Reuters. There were 76 leveraged buyouts in November with total volume hitting $21.3 billion. Two of the largest LBOs last month included the $5.21 billion offer to buy Exco Resources from CEO Doug Miller, Texas energy investor T. Boone Pickens and PE firms Oaktree Capital Management and Ares Management. The other big deal was the $5.15 billion proposal to acquire Del Monte Foods by a KKR-led group. Barclays, which advised Del Monte Foods, came in as the top LBO adviser so far this year with 31 deals valued at $51.2 billion, Thomson Reuters said.
It's the first day of December and we've got more news on the dividend parade. Behrman Capital said Wednesday that it has completed a $435 million recap of Pelican Products. In a release, Behrman said the recap was comprised of a $405 million term loan and $30 million revolving credit facility. However, Behrman doesn't mention that the new loan was used to fund a dividend for company shareholders. In November, I reported that Pelican was seeking a $435 million loan to fund a payout to Behrman. Right now, it's unclear how big the dividend was to Behrman. A spokesman for the PE firm declined comment.
Middle-market private equity firm MidOcean Partners has bought an undisclosed stake in outdoor advertising billboard company Olympus Holdings Group. The investment helped support Olympus’ recent acquisition of another billboard company, Collins Outdoor Advertising. Olympus is also backed by Goldman Sachs. MidOcean Partners has offices in New York and London. Olympus is based in Alpharetta, Ga.
The private equity owners of U.K.-based payment processing company WorldPay will pour 200 million pounds ($311 million) into the company, adding 250 new jobs, Reuters reported. The Royal Bank of Scotland sold all but 20% of the company to Advent International and Bain Capital in a buyout that closed on Wednesday. The two firms aim to beef up the company’s management team and add the new jobs over the next six months, Reuters said.
Greenwich, Conn.-based Littlejohn & Co. has acquired Henniges Automotive Holdings from Wynnchurch Capital Partners. Financial terms of the deal were not released. Henniges, based in Farmington Hills, Mich., manufactures automotive sealing systems for doors, windows and trunks. Wynnchurch Capital is based in Rosemont, Illinois, and has more than $1 billion under management.
Partners Group, along with investment partner Alothon Group, has invested an undisclosed sum in Brazilian powdered drink maker Casadoce Industria e Comercio des Alimentos. No terms of the deal were released. Casadoce produces powdered soft drinks, chocolate drink mixes and sports drinks. The financing will help Casadoce expand its operations.
UK-based Clyde Process Solutions agreed to be acquired by European private equity firm IK Investment Partners for 33.3 million pounds ($51.8 million), Reuters reported. The cash offer represents a 13.8% premium over the company’s closing price Tuesday, Reuters said. Clyde Process Solutions produces technology to process raw materials used in the production of commodities such as metals, cement, chemicals and ethanol.
Greenbriar Equity Group has increased its offer for Dynamex to $24 per share, or roughly $234 million, Reuters reported. By upping its offer, Greenbriar outbid a third party who recently bid $23.50 per share for the Dallas-based logicistcs company. Greenbriar Equity is based in Rye, New York. Dynamex provides same-day delivery and logistics services.
The New York-based private equity firm Clayton, Dubilier & Rice announced today that it has completed its transaction to acquire a 42.5% stake in Univar, a San Jose, Calif.-based chemicals distributor, in a deal that values the company at $4.2 billion. PRESS RELEASE: Clayton, Dubilier & Rice, LLC today completed a transaction in which CD&R-managed […]
The Vineyard Gazette, a family-owned weekly newspaper that's covered Martha’s Vineyard for 164 years, has been sold to Jerome and Nancy Kohlberg. The deal includes Martha’s Vineyard Magazine, Martha’s Vineyard Magazine Home and Garden, Island Weddings magazine and Best Read Guide. The sellers are the Reston Family which have owned and run the paper for 42 years. Financial terms were not announced. Jerome Kohlberg was formerly a partner with KKR. His wife, Nancy, owns an organic restaurant in Westchester County. The Kohlberg's are seasonal residents of Martha's Vineyard. DeSilva+Philips advised the Vineyard Gazette on its sale.