BJ's Wholesale Club Inc. is close to hiring an adviser to help explore strategic alternatives and it plans to consider the possible sale to a private equity firm, the New York Post reported citing a source close to the retailer. The newspaper added Leonard Green & Partners, a private equity firm in Los Angeles, is seen as the most likely acquirer. The Post also said BJ's Wholesale could fetch as much as $3 billion.
Dorchester Capital Advisors said Tuesday that Kyle McDaniel has joined as a partner of the firm and as Chief Strategy and Administrative Officer. Also, Jay Van Ert has joined Dorchester as a partner over portfolio construction, according to a statement. Dorchester, of Los Angeles, builds and manages portfolios for hedge funds and PE investments.
The Yahoo! deal talk just doesn’t seem to end. Today, my compadres at Reuters are reporting that an unnamed PE firm has approached Jack Ma, the founder of Alibaba, to see if he’ll join it in its bid for Yahoo! Ma hasn’t made any decision, the story says. Ma is also trying to raise funds to buy out Yahoo!’s 40% stake in Alibaba, in a separate story from Reuters. Ma is talking to PE firms to assemble a special purpose acquisition fund to buy the Yahoo! stake.
Huntsman Gay Global Capital, a middle market PE firm, has invested in iCongo, which provides a software portal that lets B2C and B2B companies transact business online. Huntsman Gay made the investment because it is betting that the next generation of growth in the business-to-consumer space will be multi-channel sales. And iCongo has software that […]
I'm trying to keep the dividend stories to a minimum but today's is too hard to resist. HCA Inc., which is owned by KKR and Bain Capital, is planning to pay a $2 billion dividend to its PE backers. Nashville-based HCA, a hospital operator, said Tuesday in its earnings release that it plans to make a $2 billion distribution in fourth quarter to the company's existing shareholders and holders of vested stock options. HCA said in a separate statement that it plans to sell $1.525 billion in notes, and use borrowings, to pay the dividend.
Chinese e-commerce company Alibaba Group is attempting a management-led buyout of the 40% of the company held by Yahoo Inc., Reuters reported, adding that Alibaba wants to end the relationship as Yahoo becomes a takeover target. Alibaba founder Jack Ma has reportedly been in talks with unnamed private equity firms to fund the deal. Yahoo bought its minority stake in the Chinese company in 2005, paying roughly $1 billion.
In advance of an initial public offering, Vietnam's state-owned Petro Vietnam Gas Corp. will auction a 15% to 20% stake in the company in effort to raise roughly $600 million, Reuters reported. Thailand's top energy company PTT has expressed interest in the auction. Other interested parties could include buyout shops Blackstone Group and Kohlberg Kravis Roberts, as well as oil and gas companies ConocoPhillips and India's Oil and Natural Gas Corp., Reuters reported
Private equity firm Clayton Dubilier & Rice will buy Tyco International’s electrical and metal products business in a deal valued at $720 million. Under the terms of the deal, a fund managed by Clayton Dubilier & Rice will pay $306 million for a 51% preferred interest in the business unit, which will operate as a standalone company called Atkore International. Atkore will obtain $465 million in third-party financing.
Buyout shop GB Merchant Partners, through its GB Merchant Partners' 1903 Equity Fund, said that it has acquired Ashley Stewart, a Secaucus, N.J.-based plus size fashion retailer. Financial terms of the deal were not released. Formed in 1991, Ashley Stewart has more than 200 stores, and plans to expand following the acquisition. GB Merchant Partners has offices in New York and Boston. It’s 1903 Equity fund has roughly $270 million in committed capital.
Backed by the private equity firm Actis, business process outsourcing company The ConJoin Group has acquired PHNS for $250 million. Dallas-based PHNS provides information technology and business process outsourcing services for the healthcare industry. The ConJoin group is based in Boston.