The Chicago-based fund-of-funds, RCP Advisors, has just hired David McCoy to manage RCPDirect, one of the firm’s co-investment funds. McCoy comes from National City Equity Partners, the mezzanine arm of PNC Financial Services Group, where he was a partner. PRESS RELEASE: RCP Advisors, LLC, a leading private equity fund-of-funds sponsor focused on North American lower middle […]
KKR plans to kick-off marketing for its next mega fund sometime in 2011 but don't expect the pool to reach $18 billion, says Alex Navab, co-head of the firm's North American private equity practice. Navab, who was speaking with me Thursday at the Buyout Conference in Dallas, says the firm is seeing "enthusiastic support" for KKR's planned fundraising.
When we last left off, our valiant private equity firm had just signed a letter of intent to buy their favored widget company for 7.0x EBITDA and was off trying to find the financing. The company, with $300.0 million in sales and $20.0 million of EBITDA, did have a few blemishes. It had some customer concentration, 2009 was a down year (but who didn’t after the throes of a recession), and 2010 earnings were after $3.0 million in adjustments for the elimination of some unprofitable business lines and a plant closing. But with a substantial equity contribution and a good backlog heading in to 2011, the PEG was confident that obtaining 3.0x senior debt and 4.0x total debt was a cake walk. Or so they thought!!
Levine Leichtman Capital Partners acquired Santa Cruz Nutritionals. The deal was completed in partnership with the management of the California-based maker of nutritional and dietary supplements. Financial terms were not disclosed. Swander Pace Capital was the seller.
Tennenbaum Capital Partners, an L.A. based firm that focuses mostly on distressed credit, has hired Lee Landrum as a managing director. Landrum has worked for the Carlyle Group and Babson Capital Management previously. PRESS RELEASE: Tennenbaum Capital Partners, LLC (“TCP”), a leading distressed credit private investment firm, today announced that Lee R. Landrum has joined […]
Hythiam Inc. raised $6.9 million in gross proceeds through a private placement of common shares and senior secured convertible debt. Socius Capital Group LLC of Colorado, which is an affiliate of Hythiam’s Chairman and CEO Terren S. Peizer, participated in the placement. The funds will provide Hythiam with working capital to deliver services under existing agreements and contracts currently in negotiation.
Cascade Bancorp signed several Securities Purchase Agreements to sell about $177 million of its shares. The Bend, Ore.-based company reached agreements with David F. Bolger, an affiliate of Leonard Green & Partners LP 's, an affiliate of Lightyear Fund II LP, and private equity funds affiliated with WL Ross & Co. LLC. After the close, Leonard Green, Lightyear, and WL Ross will each own 24.35 percent of Cascade Bancorp. Bolger will own 14.01 percent of the business.
Advent International of Boston, Mass., completed its purchase of Tinsa. Advent International took a 94.5 percent stake in the Spanish property valuation firm. The remaining stake will be held mainly by a management team. The transaction is valued at EUR100 million.
Ares Life Sciences AG plans to acquire the remaining 54.1 percent it does not already own in of allergy specialist Stallergenes for 59 euros ($79.70) a share, Reuters reported. Ares Life is a Switzerland-based health investment fund. The offer is mandatory after Ares Life bought a 45.9 percent stake of Stallergenes from Wendel Investissements SA.
CapMan Plc of Finland agreed to sell 30 percent of Paris, France-based Access Capital Partners Group SA to Pohjola Bank Plc. CapMan expects the transaction will impact its 2010 results by about EUR 23 million. The transactionis expected to close by the end of 2010. Access Capital has about EUR 2.9 billion in assets under management.