AAC Capital is planning to sell IMCD, the Dutch chemical distributor with $1 billion ($1.4 billion) in revenue, according to Reuters. AAC has hired UBS as an adviser. AAC is the former private equity arm of Dutch bank ABN AMRO.
Private equity firm Blackstone Group will not increase its offer for Dynegy Inc, the Texas energy company, saying that the $4.7 billion bid represents a ‘full and fair’ price, according to a Reuters report. Blackstone is currently offering $4.50 a share, but the shares have been trading higher than the bid, suggesting that some expect Blackstone to raise its bid.
Chino, Calif.-based MegaMex Foods, jointly owned by Hormel Foods and Herdez Del Fuerte, S.A. de C.V., closed on its stock acquisition of Don Miguel Foods from private equity investors that include San Francisco-based TSG Consumer Partners, a fund focused solely on middle marketed branded consumer companies. Terms of the transaction weren’t disclosed. PRESS RELEASE: MegaMex […]
Olympus Partners, a private equity firm based in Stamford, Conn., has promoted five of its employees. Among those who received a promotion are Evan Eason, who joined Olympus in 2006 from American Capital Strategies, David Haddad, who joined Olympus from Cornerstone Equity Invesors in 2008, and Michael Horgan, who joined Olympus in 2008 from G.L. Ohrstrom. PRESS […]
Bruckmann, Rosser, Sherrill & Co. and Black Canyon Capital have completed the sale of Logan's Roadhouse to Kelso & Co. Financial terms of the deal, announced in August, were not disclsoed. Bruckmann, Rosser is a New York PE shop while Black Canon is a buyout shop in Los Angeles. Kelso, the buyer, is also a New York PE firm. Nashville-based Logan's Roadhouse, which offers mesquite-grilled steaks, has 180 company-operated and 26 franchised restaurants in 23 states.
As someone who grew up watching "Sabado Gigante," I was amazed (and happy!) when Televisa announced it would invest $1.2 billion in Univision. The two broadcasters have been bitter rivals for forever it seems. Televisa, with the deal, gets a 5% stake in Univision as well as debt that is convertible into another 30%. On Wednesday, Standard & Poor’s placed Univision’s "B-" rating on creditwatch with positive implications. The Televisa deal improves Univision’s financial flexibility and resolves uncertainty regarding Univision’s programming license with Televisa, its main program supplier, S&P said.
General Electric Co. has agreed to buy Dresser, a global energy infrastructure firm, for $3 billion. Addison, Texas-based Dresser is owned by Riverstone Holdings and First Reserve Corp. The deal includes all the Dresser businesses, a statement says. First Reserve is an energy industry investor, while Riverstone Holdings is a PE firm focused on the energy and power sectors.
Sverica International has agreed to buy the Center for Wound Healing for about $41 million. White Plains, N.Y.-based Center for Wound Healing manages wound care centers that provide hyperbaric oxygen therapy and traditional wound care treatment. Sverica International is a PE firm with offices in Boston and San Francisco.
Providence Equity Partners has closed a $150 million investment in ZeniMax Media. Providence, a PE firm, made a prior $300 million investment in ZeniMax in 2007. The current investment is in ZeniMax's convertible preferred stock. ZeniMax Media is a Rockville, Md.-based game publisher.
Sara Lee appears to want to remain independent, but the company is a perfect PE play and could succumb to a buyout. Earlier this week, various media reports said that KKR and Apollo had made bids to buy all of Sara Lee and were rejected. It seems obvious that Sara Lee, which has a $9.52 billion market cap, is in play. So why do buyout shops want Sara Lee? It’s the brands, say banking and buyout execs. Sara Lee has a treasure trove of products—including its Jimmy Dean sausages and Ball Park franks—that are known and loved by consumers. This makes sense to me, since I’ll always buy Sara Lee’s cheesecake no matter who owns it.