Succession wasn’t the reason that Sam Beiler sold the pretzel provider to Roark Capital. Beiler has worked for Auntie Anne’s in various capacities since 1989. Currently Chairman and CEO, Beiler agreed last week to sell the company, which makes nine different types of hand-rolled pretzels, including some covered in cinnamon sugar or in pepperonis. Auntie Anne’s employees will roll, twist and bake the snacks in front of customers. Beiler, 45, bought Lancaster, Pa.-based-Auntie Anne’s in 2005 from then founders Anne and Jonas Beiler. Sam Beiler isn’t their son but a distant relative, says William Dunn, Auntie Ann’s president and COO.
Brass Ring Capital has sold Franklin Energy Services to the Cortec Group.The deal closed Oct. 7. Financial terms were not announced. Brass Ring, of Milwaukee, is a private investment firm while Cortec is a New York PE firm. Port Washington, Wis.-based Franklin Energy is an energy efficiency program management company. Harris Williams, which advised Franklin Energy, disclosed the sale Monday.
Savio Tung, Investcorp's founding partner and chairman of its technology investment committee, has joined WI Harper Group's advisory board. WI Harper is an early growth stage investment firm that focuses on Chinese companies. Investcorp, with offices in London, Bahrain and New York, aspecializes in alternative investments.
Thomson Reuters came out with its private equity fundraising numbers which, not surprisingly, show a decline compared to 2009. So far this year, 338 funds have raised $62.1 billion, according to data from Thomson Reuters. The total is down 16% from the 287 funds that raised $74 billion for the same time period in 2009. PE firms have been having a tough time with fundraising this year. PE firms raised $41.3 billion globally during the second quarter. This is the lowest total since 2003, according to data from Preqin. Some buyout execs have blamed liquidity and the over-commitment issue among LPs.
Merchant e-Solutions, a payment processor backed by Trident Capital, is up for sale, banking and PE sources say. Redwood City, Calif.-based Merchant e-Solutions has hired JP Morgan and BofA Merrill Lynch as its financial advisors. The company processes more than $14 billion in domestic and international payments for more than 65,000 merchants, according to the Merchant e-Solutions web site. Merchant e-Solutions has roughly $40 to $45 million EBITDA. The company is seeking bids of 15X, sources say.
Harbin Electric’s chief executive, Tianfu Yang, and Baring Private Equity Asia Group, have made a bid worth $745.7 million for the Chinese electric motor manufacturer. Yang already owns around 31.1 percent of the shares and is offering $24 per share for the rest. It represents a 20 percent premium on Friday’s closing price.
A consortium consisting of Centerbridge Partners, Paulson & Co, and Blackstone Real Estate Partners VI has bought 100 percent of Extended Stay Inc, the Spartanburg, S.C., hotel group. Extended Stay has recently emerged from Chapter 11 protection. The deal was worth $3.925 billion.
Bain Capital Partners LLC of Boston signed a definitive agreement for affiliates to acquire Gymboree Corp.’s outstanding stock for $65.40 per share, or $1.8 billion. The deal has the unanimous approval of Gymboree’s board of directors. The offer represents a 57.4 percent premium to the Gymboree’s share price on Sept. 30, before market rumors of deal and a 23.5 percent compared to Gymboree’s closing stock price on Oct. 8.
Vikram Lall, CBE (Commander of the Order of the British Empire), has joined the board of Elephant Capital, the India-focussed private equity fund. Lall previously worked at Brewin Dolphin Holdings PLC, where he was corporate finance director and a board member for ten years. He was also corporate finance director at Bell Lawrie and White & Co. He was appointed CBE in 2005 for services to business in Scotland.
Private equity group Cidron has failed to get 50 percent of owners to back its buyout of the Swedish humidity control firm Munters. Cidron, which is owned by private equity fund Nordic Capital VII Ltd, is now considering its position. Cidron had been in a bidding war with Alfa Laval, which offered 75 crowns per share, 5.55 billion Swedish crowns ($828.1 million), which beat Cidron’s first bid of 73 crowns.