TPG Capital and Leonard Green & Partners are close to an agreement to buy the clothing retailer J Crew Group for $2.8 billion, Reuters reported, citing sources familiar with the deal. The deal would value J Crew at $43.50 per share – a 15% premium over the company’s closing price Monday. Reuters said an agreement could be announced as early as Tuesday, when J Crew is expected to report quarterly earnings.
Paris-based buyout shop PAI Partners will buy the Hunkenmoeller lingerie chain from Maxeda Retail Group, Reuters reported. Financial terms of the deal were not released. Hunkemoeller has roughly 500 stores in the Benelux, France and Germany.
Buyout firms Advent and The Carlyle Group are planning a joint bid for 63% of Indian software exporter Patni Computer Systems, Reuters reported, valuing the deal at nearly $1 billion. Reuters said that private equity firm Apax and the technology company Hitachi are also likely to place a joint bid.
Dutch pension fund APG and the Canada Pension Plan Investment Board have acquired a stake in London’s Stratford City development for roughly 871.5 million pounds ($1.39 billion), Reuters reported. The funds are buying the 50% stake in the retail development, which will be built next to the site of the 2012 Olympics, from Australian shopping-mall owner Westfield Group.
Humana said Monday that it has signed a deal to buy Concentra for about $790 million cash. The seller is Welsh Carson, a New York PE firm, that bought Concentra in 1998. Addison, Texas-based Concentra provides occupational medicine, urgent care, physical therapy and wellness services to workers and customers from more than 300 medical centers in 42 states. The sale is expected to close in December. News of the Concentra auction was reported by peHUB in September.
The Boston-based private equity firm Riverside Partners has invested $34 million in Welocalize, a 13-year-old, Frederick, Md.-based startup that sells consulting, translation, localization, testing solutions and enterprise translation management tools and employs 400 people in 9 offices around the world. PRESS RELEASE: Riverside Partners, a Boston-based private equity firm announced today that it has invested […]
Just shy of four years after investing in the Miami-based deli meats manufacturer National Deli, the Chicago-based private equity firm Arbor Investments has sold its stake to Chattanooga, Tenn.-based River Associates Investments for 2.7x its investment. The parties withheld terms of the sale. PRESS RELEASE: Chicago, Illinois-based Arbor Investments announced that it has sold its portfolio company […]
Last week, I was in Dallas for the Buyouts conference and there was much talk about all the dividend recaps companies are taking. Some think all the recaps means there's a bubble in the high yield market while others believe PE firms are being smart about the payouts they're getting. There have been several dividend recaps recently, including HCA's plans to pay a $2 billion dividend to its shareholders (KKR and Bain Capital). Dunkin' Brands is also raising $2 billion to fund a $500 million dividend to its PE backers (Bain, Carlyle and Thomas H. Lee). Still, not all deals gets done. Consider Burlington Coat Factory, which is owned by Bain Capital. Burlington was planning to raise $1.5 billion in new debt, which included $500 million in notes and a $1 billion term loan. About $300 million was expected to go to Bain via dividend.
Hovde Private Equity Advisors said Monday that it has invested $11 million in FirstAtlantic Financial Holdings, which owns FirstAtlantic Bank, of Jacksonville, Fla. Hovde, a Washington D.C. PE firm, said its investment could go up to $25 million over time but will not exceed 24.9% ownership in the bank. Joseph James, of Hovde Private Equity, was elected to the bank's board.
Riverside Co. said Monday that it has completed the sale of Hardware Resources, a Bossier City, La.-based maker of cabinet and vanity supplies, to Harbour Group. Financial terms weren't announced. The deal produced a 24% gross IRR and 3.8x gross on cash-on-cash return, Riverside said. Harbour Group, of St. Louis, is a privately owned company. Riverside Co. is a PE firm. Harris Williams provided financial advice to Hardware Resources.