PETCO, which is owned by Leonard Green and TPG, has joined the payout parade. San Diego-based PETCO is in the market to raise about $1.7 billion, which includes a $1.1 billion term loan and $625 million in junior debt, according to Thomson Reuters Loan Pricing Corp. Proceeds will be used to pay a dividend to sponsors Leonard Green and TPG, LPC said. Credit Suisse is leading the sale of the term loan, LPC said.
Private equity giant Warburg Pincus will invest up to $250 million in Gulf Coast Energy Resources, a Houston-based company focused on onshore oil and gas exploration and production. Gulf Coast Energy Resources, which was formed this year, aims to identify and acquire and oil and gas fields across the coasts of Texas and Louisiana.
Just how hard was it to raise a mezzanine fund during the financial crisis? Just ask Kayne Anderson Capital Advisors, which closed its first middle market mezzanine fund with $600 million. Kayne Anderson Mezzanine Partners was oversubscribed by $100 million, says Dave Petrucco, co-managing partner of the fund. Investors include a mix of public and private pension funds, major insurance companies, foundations and endowments, high net worth individuals and family offices. Kayne Anderson, a Los Angeles based alternative asset manager known for its energy strategies and PE funds, did not use a placement agent. Its law firm was Weissman Wolff Bergman Coleman Grodin & Evall.
Fushi Copperweld has received a buyout offer from its chief executive, along with private equity shop Abax Global Capital, Reuters reported. The offer values the Chinese wiremaker at $433.8 million. Abax Global, along with chief executive Li Fu, offered $11.50 per share for the company – a 26% premium over the company’s closing price Tuesday. CEO Li Fu already owns 29.9% of the company, Reuters said.
NewStar Financial has acquired CORE Business Credit, the asset-based lending business of CORE Financial Holdings, for about $25 million cash. CORE Financial is a portfolio company of American Capital Strategies, a publicly traded PE firm based in Bethesda, MD. NewStar is a Boston commercial finance company.
AXA Private Equity has acquired an 11% stake in Arismore, a French IT company which specializes in the transformation and security of information systems. Financial terms were not disclosed. AXA Private Equity is a unit of AXA Investment Managers.
RoundTable Healthcare Partners said Tuesday that it has bought a majority stake in Salter Labs. Financial terms weren't disclosed. Salter, of Arvin, Calif., makes disposable respiratory and sleep diagnostic products used in the home medical and acute care markets. Lake Forest, Ill.-based RoundTable is a PE firm focused on the healthcare industry.
H.I.G. Capital said Tuesday that it has acquired Dent Wizard International Corp. from Manheim, a unit of Cox Enterprises. St. Louis-based Dent Wizard provides cosmetic reconditioning services and products to the automotive industry. H.I.G. Capital is a Miami PE firm.
Charlesbank Capital Partners has sold Blacksmith Brands Holdings to Prestige Brands for $190 million. The deal includes an additional working capital adjustment of $13.4 million. Charlesbank is a middle market PE firm. Prestige, of Irvington, N.Y., markets and sells consumer brands like Chloraseptic sore throat treatments, Clear Eyes eye care products and Compound wart removers. Blacksmith's brands include Efferdent denture cleanser, Effergrip denture adhesive and Luden's throat drops.
Green Bank has finished buying the Dallas branch of the former La Jolla Bank, which is now OneWest Bank. Financial terms were not announced. Houston-based Green Bank is a unit of Green Bancorp., which is backed by Friedman Fleischer & Lowe LLC, Harvest Partners LP and Pine Brook Road Partners LLC. La Jolla Bank, of California, was closed by the Office of Thrift Supervision in February.