Stant Corp., a manufacturing company backed by private equity firm H.I.G. Capital, has acquired Romeo, Mich.-based Shelby Enterprises. Financial terms of the deal were not released. Shelby Enterprises is a supplier of filler pipe, vapor line and other products for the automotive industry. Connersville, Indiana-based Stant Corp. manufactures vapor and fluid control components.
Scandinavian private equity firm Nordic Capital paid 450 million pounds ($719.2 million) for Britax Childcare, a company owned by U.S. buyout shop the Carlyle Group, Reuters reported, citing an article in the Financial Times. Britax, a U.K.-based maker of child-safety car seats, was bought by the Carlyle Group five years ago for 230 million pounds.
South Korea’s Hana Financial Group has offered more than 4.5 trillion won ($3.98 billion) for a controlling stake in Korea Exchange Bank, Reuters reported. Hana will buy the stake from Dallas, Texas-based private equity firm Lone Star. The deal is expected to be announced later this week, and will make Hana South Korea’s third largest financial services company by assets.
The Palo Alto, Calif.-based private equity firm Symphony Technology Group has hired Salil Pitroda as principal. Pitroda joins from the New York office of New Silk Route Partners, an Asia-focused fund. PRESS RELEASE: Symphony Technology Group (STG), a leading private equity firm focused on investing in software and technology-enabled services companies, today announced that it […]
Covington Capital Corp. of Toronto agreed to pay $5 million toward termination costs associated with the acquisition of five VenGrowth Funds. Covington also agreed to honor the lower management fee structure it negotiated with VenGrowth Funds’ board.
Centerview Partners Holdings LLC of New York acquired Richelieu Foods Inc. together with the management of the private label food maker. Financial terms were not disclosed. The business was previously owned by Brynwood Partners LP of Greenwich, Conn.
The Chicago-based fund-of-funds, RCP Advisors, has just hired David McCoy to manage RCPDirect, one of the firm’s co-investment funds. McCoy comes from National City Equity Partners, the mezzanine arm of PNC Financial Services Group, where he was a partner. PRESS RELEASE: RCP Advisors, LLC, a leading private equity fund-of-funds sponsor focused on North American lower middle […]
KKR plans to kick-off marketing for its next mega fund sometime in 2011 but don't expect the pool to reach $18 billion, says Alex Navab, co-head of the firm's North American private equity practice. Navab, who was speaking with me Thursday at the Buyout Conference in Dallas, says the firm is seeing "enthusiastic support" for KKR's planned fundraising.
When we last left off, our valiant private equity firm had just signed a letter of intent to buy their favored widget company for 7.0x EBITDA and was off trying to find the financing. The company, with $300.0 million in sales and $20.0 million of EBITDA, did have a few blemishes. It had some customer concentration, 2009 was a down year (but who didn’t after the throes of a recession), and 2010 earnings were after $3.0 million in adjustments for the elimination of some unprofitable business lines and a plant closing. But with a substantial equity contribution and a good backlog heading in to 2011, the PEG was confident that obtaining 3.0x senior debt and 4.0x total debt was a cake walk. Or so they thought!!
Levine Leichtman Capital Partners acquired Santa Cruz Nutritionals. The deal was completed in partnership with the management of the California-based maker of nutritional and dietary supplements. Financial terms were not disclosed. Swander Pace Capital was the seller.