High Road Capital Partners has completed a $22 million acquisition of New Jersey-based PANOS Brands. PANOS manufactures and markets specialty natural foods. Fifth Third Bank provided financing for the deal. Based in New York, private equity firm High Road Capital focuses on smaller middle-market deals.
After rebuffing advances from private equity firms, Sara Lee Corp. is in talks to sell itself to Brazilian meat producer JBS, Reuters reported. Sara Lee and JBS are currently at odds over the price of a potential sale, Reuters reported. Sara Lee has a market capitalization of roughly $11 billion, based on its closing price Friday. Private equity firm Apollo Global Management approached Sara Lee during the summer about a deal, Reuters said, adding that Sara Lee had reportedly turned away an earlier, unsolicited offer from KKR.
Private equity firm Kohlberg Kravis Roberts & Co. has ended discussions with Australia's Perpetual after the two companies failed to agree on terms for a potential $1.7 billion buyout, Reuters reported. KKR had previously offered between $37.50 and $39.50 per share for the company.
TPG Capital and Singapore sovereign wealth fund GIC have paid 2.99 trillion rupiah ($331 million) for a stake in an Indonesia coal contractor, Reuters reported. The two firms acquired a stake in the special purpose vehicle Northstar Tambang Persada, which owns 40% of coal contractor PT Delta Dunia Makmur, Reuters said.
ArcelorMittal, the world’s largest steelmaker, has upped its bid for Canadian miner Baffinland Iron Ore Mines, Reuters reported. The company raised its bid to 1.25 Canadian dollars ($1.23) per share, from 1.10 Canadian dollars ($1.08). ArcelorMittal increased its offer after Nunavut Iron Ore Acquisition, which is backed by private equity firm the Energy and Minerals Group, acquired more than 15 million shares in a rival, hostile takeover bid, Reuters said.
British buyout shop CVC Capital Partners is putting together a 12 billion euro ($16 billion) bid for Spanish toll-road operator Abertis, Reuters reported, citing a story in The Sunday Times. CVC bought a 15.5% stake in the company in August, and had this summer attempted a three-way takeover deal involving Spanish builder ACS and bank La Caixa, Reuters said. That deal fell apart in July.
Hellman & Friedman has completed its previously announced deal to buy Internet Brands. JMI Equity, a buyout shop, is also an investor in the deal. In September, Hellman, a PE firm, announced it was buying Internet Brands, an El Segundo, Calif.-based Internet media companies such as loan.com and carsdirect.com, for $13.35 a share or roughly $640 million.
Lightower Fiber Networks, the Boxborough, Mass.-based fiber network company backed by M/C Venture Partners, Pamlico Capital and Ridgemont Equity Partners, closed a $230 million senior secured credit facility with GE Capital Media. The facility, consisting of a $40 million revolver and a $190 million term loan, will go toward the company’s deal to buy Lexent Metro Connect. With PE backing, Lightower has made multiple acquisitions in recent years.
Consumer-centric private equity firm Levine Leichtman exited its Harlow’s Casino Resort & Hotel investment, selling the gaming business to listed, Kentucky-based Churchill Downs Inc. in a $138 million deal. Houlihan Lokey advised on the transaction. The sale netted the sponsor a 29% IRR and a 2.3x cash-on-cash return. The deal is the second of two exits for the private equity firms in the gaming space. Previously, Levine Leichtman also held a stake in Mikohn Gaming Group.
Buyout shop MBK Partners said it would invest up to 2 trillion won ($1.73 billion) in Hana Financial Group’s buyout of Korea Exchange Bank, Reuters said, citing a report in online news outlet MoneyToday. The fund said it would create a consortium of investors including National Pension Service to help fund the $4.1 billion acquisition of KEB.