Remember all those rumors about a conglomerate of PE firms looking to buy Saks? They're likely false, peHUB has learned. Late last month, the Daily Mail reported that a consortium of U.S. and British firms may make a cash offer of $11 a share, or $1.7 billion for the company. The story caused Saks stock to surge nearly 22%. The story didn't name any PE firms specifically but no matter. These reports are untrue, bankers and PE execs say.
(Reuters) – TPG Capital [TPG.UL], one of the world’s biggest private equity firms, is close to buying a 10 percent stake in bank VTB (VTBR.MM) from the Russian government for $2.4 billion-$3.1 billion, newspaper Kommersant reported on Tuesday. Russia plans to raise some $29 billion in asset sales over the next three years in its […]
Green Mountain Coffee Roasters Inc. agreed to acquire all the outstanding shares of LJVH Holdings Inc. (Van Houtte), from an affiliate of Littlejohn & Co. LLC for C$915 million, or $890 million, based on the exchange rate as of Sept. 13. The transaction is expected to close by the end of 2010. Van Houtte is […]
Evercore Partners Inc. agreed to acquire a 50 percent stake in G5 Advisors, a São Paulo-based investment banking boutique and investment management firm. Evercore agreed to pay $20 million in cash and securities at closing, with the potential for earn out payments based on performance through 2013. The transaction is expected to close in early October. Evercore will have an opportunity to acquire the remaining 50 percent stake in 2014.
Cryo-Cell has rejected a $17.63 million takeover bid from DW Healthcare Partners. DW Healthcare has offered to buy Cryo-Cell for $1.50 a share, representing a 67% premium to the company’s Friday closing stock price. Cryo-Cell's board has determined that the offer is "inadequate and believes that it significantly undervalues the company and its growth prospects," according to a statement. Oldsmar, Fla.-based Cryo-Cell operates a cord blood bank services. DW Healthcare, of Park City, Utah, is a healthcare focused PE firm.
Bill McLendon was promoted to president and CEO of CAV International, which is owned by Ranger International Services Group. McLendon was previously CAV's COO. Carroll Vaughan, CAV's founder, is now chairman. CAV, of Greenville, S.C., is a government outsourcing contractor with expertise in airfield services & logistics. Ranger International is a PE consolidator that specializes n aerospace and defense services.
TreeHouse Foods said Monday that it has agreed to buy S.T. Specialty Foods, which is owned by Windjammer Capital Investors, for about $180 million cash. S.T. Specialty Foods, of Brooklyn Park, M.N., provides private label macaroni and cheese, skillet diners and salads. It has sales of about $100 million. The deal includes an additional $15 million in cash if S.T. Specialty achieves certain earnings targets for the 12 months ended Dec.31, 2010. The transaction is expected to close in October. Windjammer, of Newport, Calif., invests in middle market buyouts.
(Reuters) - Private equity firm Apollo Management [APOLO.UL] has decided to merge its two specialty chemicals companies, Hexion Specialty Chemicals Inc And Momentive Performance Materials Inc, creating a company with more than $7.5 billion in sales. The companies said in a statement on Monday that they had agreed to the merger and that the new company will operate under the Momentive name. The combined company is expected to have around $1.24 billion of adjusted EBITDA per year, they said.
Defense seems to be the theme of the day. The latest deal involves EOD Technology, a defense company, which has received $65.4 million in funding. EOD--which stands for explosive ordinance disposal-- didn't disclose who made the investment, according to a Form D filed with the SEC on Sept. 13. EOD officials couldn't be reached for comment. Founded in 1987 by two U.S. marine sergeants, EOD is a private military contractor (sort of Blackwater Lite) that provides security services such as the defense of military installations and U.S. embassies and the protection of individuals in war zones. It also provides munitions management and disaster response.
Carlyle's failure to sell Arinc means that inflated multiples in the defense sector won't float right now. Carlyle, the politically connected PE firm, has pulled the plug on its sale of Arinc after six months on the block. Carlyle wanted more than $1 billion for Arinc but got bids that were lower. Arinc designs systems that help airline pilots communicate with the ground. Carlyle is now going to pursue an IPO of Arinc that may launch next year, according to our compadres at Reuters. The failed process means that the "natural buyers of this property aren't going to overpay for assets," says Tess Oxenstierna, head of the aerospace and defense group at Bank Street.