Tennenbaum Capital Partners, an L.A. based firm that focuses mostly on distressed credit, has hired Lee Landrum as a managing director. Landrum has worked for the Carlyle Group and Babson Capital Management previously. PRESS RELEASE: Tennenbaum Capital Partners, LLC (“TCP”), a leading distressed credit private investment firm, today announced that Lee R. Landrum has joined […]
Hythiam Inc. raised $6.9 million in gross proceeds through a private placement of common shares and senior secured convertible debt. Socius Capital Group LLC of Colorado, which is an affiliate of Hythiam’s Chairman and CEO Terren S. Peizer, participated in the placement. The funds will provide Hythiam with working capital to deliver services under existing agreements and contracts currently in negotiation.
Cascade Bancorp signed several Securities Purchase Agreements to sell about $177 million of its shares. The Bend, Ore.-based company reached agreements with David F. Bolger, an affiliate of Leonard Green & Partners LP 's, an affiliate of Lightyear Fund II LP, and private equity funds affiliated with WL Ross & Co. LLC. After the close, Leonard Green, Lightyear, and WL Ross will each own 24.35 percent of Cascade Bancorp. Bolger will own 14.01 percent of the business.
Advent International of Boston, Mass., completed its purchase of Tinsa. Advent International took a 94.5 percent stake in the Spanish property valuation firm. The remaining stake will be held mainly by a management team. The transaction is valued at EUR100 million.
Ares Life Sciences AG plans to acquire the remaining 54.1 percent it does not already own in of allergy specialist Stallergenes for 59 euros ($79.70) a share, Reuters reported. Ares Life is a Switzerland-based health investment fund. The offer is mandatory after Ares Life bought a 45.9 percent stake of Stallergenes from Wendel Investissements SA.
CapMan Plc of Finland agreed to sell 30 percent of Paris, France-based Access Capital Partners Group SA to Pohjola Bank Plc. CapMan expects the transaction will impact its 2010 results by about EUR 23 million. The transactionis expected to close by the end of 2010. Access Capital has about EUR 2.9 billion in assets under management.
Takko is expected to attract at least four buyout shops, people familiar with the matter told Reuters. Apax Partners, Bain Capital, EQT and TPG are preparing proposals to take one of the Garmany’s largest clothing chains from Advent International. A another source told Reuters an initial public offering is also being considered.
Resilience Capital Partners said Tuesday that it has acquired Indiana Limestone Co. Financial terms were not announced. Cleveland-based Resilience Capital is a PE firm. Limestone Co., of Bedford, Ind., provides Indiana Limestone in North America.
The Blackstone Group said Tuesday that it has raised its offer for Dynegy to $5 a share, up from its previously agreed upon price of $4.50 a share. The New York PE firm said in the statement that the $5 proposals remains its "best and final offer." The increase comes after two of Dynegy's largest shareholders have criticized Blackstone's bid as too low.
Now, for a bit of crowing. Centerbridge Capital Partners LP, a New York buyout shop, announced yesterday that it had acquired Rock Bottom Restaurants and Gordon Biersch Brewery Restaurant Group. The companies will operate as subsidiaries of CraftWorks Restaurants & Breweries, the holding company formed by Centerbridge. There are no plans to to rebrand or close any units, according to a statement. Financial terms weren't announced. Rock Bottom was owned by founder Frank Day and his investment goup while Gordon Biersch Brewery was majority owned by Hancock Park Associates. Both are selling. Day will serve as chairman of Craftworks. Allen Corey, an original investor of Gordon Biersch and the company's CEO, will become president and CEO of Craftworks. I reported in October that Centerbridge was in talks to acquire Rock Bottom, which operates 102 casual dining restaurants, including 38 Brewery restaurants and 64 Old Chicago restaurants.