A buyout fund run by Korea Development Bank has agreed to pay $1.9 billion for a controlling stake in Daewoo Engineering & Construction, Reuters reported. The Seoul-based fund will buy 37.16% of Daewoo from investors who held an option to sell the stake back to the cash-strapped Kumbo Asiana Group at a price much higher that current market value, Reuters said. Korea Development Bank is the lead creditor for Kumbo.
Reckitt Benckiser will pay 32.6 billion rupees ($726 million) for private equity-backed Paras Pharmaceuticals, Reuters reported. Buyout shop Actis owns 63% of India’s Paras. Other shareholders include Silicon Valley-based venture firm Sequoia Capital. UK-based Reckitt Benckiser produces a wide range of household, health and personal care products. Actis has $4.7 billion under management.
A slew of buyout shops, including Blackstone Group, Apollo Global Management, Kohlberg Kravis Roberts & Co., TPG Capital and Bain Capital, are all interested in buying diagnostics and medical instruments company Beckman Coulter, Reuters reported. Beckman Coulter is considering selling itself, Reuters reported, adding that the company hired Goldman Sachs to help it weigh options. Beckman Coulter is based in Brea, Calif., and has a market capitalization of roughly $4 billion.
Buyout shops are expected to be all over the Fortune Brands break-up, according to two senior bankers. Firms that have had Fortune Brands on its radar for some time include The Blackstone Group, Carlyle Group, Kohlberg Kravis Roberts & Co and TPG Capital, said the head of financial sponsors at one bank. "Private equity firms are like hawks," he said. "They're motivated by movement, and there's something happening here that makes this attractive." The Deerfield, Ill.-based company announced Dec. 8 that it plans to continue as a pure-play, publicly traded spirits business, while spinning off its home and security business to become an independent, publicly traded company; and selling or spinning off its golf business. The company made the move after pressure from hedge fund investor William Ackman.
Charlesbank Capital Partners has acquired OnCore Manufacturing Services. Financial terms weren't disclosed. Springfield, Mass.-based OnCore designs and makes complex electronic assemblies and system integration for defense, industrial, and medical companies. Charlesbank is PE firm with offices in Boston and New York.
MidCap Financial said Friday that one of its financing units has closed a $400 million credit facility with a bank group led by Wells Fargo Capital Finance. SunTrust Bank, Goldman Sachs Bank USA, and Key Equipment Finance provided commitments. The loan is an increase from an earlier facility that MidCap had in place with Wells fargo. Bethesda, Md.-based MidCap, a commercial financing company, focuses on healthcare companies.
Today, I was shocked by the following deal news: North Castle Partners has sold Atkins Nutritional Holdings to Roark Capital. Was this the same Atkins that nearly took down Parthenon Capital several years ago? Wasn’t North Castle widely ridiculed for buying Atkins? Yes and yes. But North Castle is making a 5x return on their […]
Private equity firm CapMan and other owners of OneMed Group will sell their stakes to private equity firm 3i Group and OneMed's management. CapMan owned roughly 66% of OneMed Group prior to the deal, which is expected to close in February 2011. OneMed is a medical supplies company based in Northern Europe. The company has offices in Finland, Sweden, Norway, Denmark and Poland.
Buyout shop Kohlberg Kravis Roberts & Co. may increase its $1.7 billion bid for Australian fund manager Perpetual, Reuters reported, adding that the firm had recently received new financial data on the company. Any increase would be small, and “well below 10%,” Reuters said.
Beverage company Diageco is in early talks to buy Turkish spirits company Mey Icki, Reuters reported. The value of the deal could reach as high as $2.5 billion, Reuters said. Mey Icki is owned by private equity firm TPG Capital, which had been exploring an initial public offering for the company. An acquisition could provide an alternative to the IPO. The private equity firm bought Mey Icki for about $800 million in 2006, Reuters said.