Private equity firm Actis has sold its stake in Chinese paper packaging manufacturer Inpac International to Stora Enso, a paper and wood products company based in Helsinki and Stockholm. Financial terms of the deal were not released. Actis, which has offices in Beijing, bought its 30% stake in Inpac in 2007 for $17.71 million.
Last week, I reported that PE firms had rekindled their interest in banks. And now we have news that J. Christopher Flowers has gotten approval to buy Saddle River Valley Bank. Seven funds owned by Flowers are buying Saddle River, according to an Oct. 14 approval letter posted on the Office of Thrift Supervision web site. Terms of the deal were not announced.
Sun Life Assurance Co. said Wednesday it has agreed to sell its life reinsurance business to Warren Buffett's Berkshire Hathaway. Financial terms were not disclosed. Sun Life Assurance is owned by Sun Life Financial, a Canadian insurer.
H.I.G. Capital said Wednesday that an affiliate has made a "signficant" investment in 7(S) Personal GmbH, a temporary staffing firm in Germany. Financial terms weren't announced. H.I.G. is a PE firm.
The Carlyle Group is acquiring CommScope, a maker of infrastructure products for wireless carriers, in a $3.9 billion deal. The Washington, D.C.-based private equity firm will pay $31.50 per share for the Hickory, N.C.-based company, a 36% premium over CommScope’s closing price Friday, the last day of trading before buyout negotiations were announced. The deal is expected to close during the first quarter of 2011.
San Francisco-based private equity firm Francisco Partners has agreed to buy Source Photonics, a producer of optical communications components used in telecom systems, in a deal valued at $146 million. The deal will include $113 million in cash and about $33 million in assumed debt. Source Photonics is a business unit of network infrastructure company MRV Communications. MRV has headquarters in Los Angeles and Boston.
Kohlberg Kravis Roberts & Co. is partnering with New York-based RPM Energy, a privately owned oil and gas exploration company, to target “resource plays.” Financial terms of the partnership aren’t being disclosed. PRESS RELEASE: New York, NY, October 26, 2010 – Kohlberg Kravis Roberts & Co. (together with its affiliates, “KKR”) today announced the formation […]
Yesterday, longtime fund manager Maria Boyazny announced she’d be leaving Siguler Guff to launch her own multifund platform, MB Global Partners. Today, Siguler Guff appointed James Gereghty to fill her shoes as the head of the firm’s four distressed opportunities funds, which Gereghty previous co-managed with Boyazny. Details below. PRESS RELEASE: Siguler Guff & Company, […]
Glenn Hutchins believes that the Troubled Asset Relief Program in the U.S. was one of the most successful emergency measures taken by the government to address the recent financial crisis. But don’t expect the Silver Lake Partners co-founder and co-CEO to join the Obama administration. “TARP very clearly stabilized the financing sector,” said Hutchins, who was speaking Tuesday at the Quebec City conference. While he holds TARP in high regard, Hutchins, co-founder of Silver Lake, said he knows that the program is wildly unpopular in the U.S. He also noted, during a Q&A session, that a survey found that torture is more popular than TARP. “One of the most powerful tools is the most unpopular,” he said.
Maria Boyazny, who has long managed Siguler Guff’s Distressed Opportunities Funds (I, II, III and IV) is launching MB Global Partners, a multiplatform asset management firm that will focus on credit and distressed securities and that will both make direct investments and allocate capital to outside managers. PRESS RELEASE: Maria Boyazny announced today the launch of MB […]