I'm hearing that the Dickey Family paid around $20 to $25 million for Modern Luxury Media. Last week, Dickey Publishing announced it had acquired the assets of Modern Luxury, which includes 26 titles in 12 markets, like New York, L.A. and Chicago. The Dickey Family controls Cumulus Media, which will operate Modern Luxury through Cumulus' Structured Management Services division. Modern Luxury was expected to sell for $10 million but ended up going for $20 to $25 million. Some think that's too high. The magazine company, though operating in many markets, is losing money. Earlier this year, Modern Luxury ousted its CEO, Michael Kong, after defaulting on $120 million in debt.
Burger King is changing hands again. 3G Capital has agreed to buy the home of the Whopper for about $4 billion. 3G Capital is paying $24 a share, according to an announcement Thursday. The WSJ says that banks are financing about $2.8 billion of the deal. John Chidsey, BK’s Chairman and CEO, will stay through the transition in these roles and then become co-chairman. Alex Behring, a 3G managing partner, will also become co-chairman. TPG Capital, Goldman Sachs Capital Partners and Bain Capital currently own a combined 31% of BK. They are tendering their shares in the deal. So who is 3G Capital? The Financial Times says it’s a hedge fund based in New York that is backed by a group of Brazilian entrepreneurs, collectively known as “the Trio." The Trio are best known for building the Brazilian brewery that became InBev.
Satellite broadcaster BSkyB completed the sale of its Easynet business-to-business telecommunications unit for 100 million pounds ($153.9 million) to Lloyds Banking Group’s the private equity arm Lloyds Development Capital.
Clayton, Dubilier & Rice LLC agreed to acquire a 42.5 percent stake in Univar NV in a transaction that values the distributor of commodity and specialty chemicals at about $4.2 billion. CVC Capital Partners Ltd. plans to hold onto a 42.5 percent stake in the business. Univar’s management and other existing investors will own the remaining interest.
Great Atlantic & Pacific Tea Co. might sell its Food Emporium stores, the Wall Street Journal said. Great Atlantic & Pacific, which operates the A&P supermarket chain, is considering the move to boost liquidity, according to people familiar with the matter. A couple of PE shops identified as potential buyers are Angelo Gordon & Co. and Sterling Investment Partners.
(Reuters) -A consortium led by a Malaysia-based private equity firm has joined a slate of bidders including French retailer Casino (CASP.PA: Quote, Profile, Research, Stock Buzz) and Britain’s Tesco (TSCO.L: Quote, Profile, Research, Stock Buzz), in bidding for some of Carrefour’s (CARR.PA: Quote, Profile, Research, Stock Buzz) Southeast Asian assets, sources said. Malaysia’s Navis Capital […]
KA First Reserve, a partnership between First Reserve and Kayne Anderson Capital Advisors, has agreed to invest $100 million in K-Sea Transportation Partners L.P. KA First Reserve will receive 18.4 million convertible preferred units. The deal is expected to close, in two steps, in September. K-Sea will use proceeds to cut debt and pay fees and expenses related to the deal. K-Sea is a leading coastwise tank barge operators.
Crescent Financial Partners has bought a minority stake in IT Trading's proprietary quantitative trading software for $3.2 million. The software uses a trading model known as "statistical arbitrage." Crescent, of Beverly Hills, Calif., is a PE merchant banking firm.
Welsh, Carson, Anderson & Stowe has bought a majority stake of Peak 10, a Charlotte, N.C.-based data center operator and managed services provider. Peak 10's management will also have a stake. The sellers were Seaport Capital and McCarthy Capital. Financial terms were not disclosed. The deal is expected to close in early October.
After owning the company for more than a decade, Welsh, Carson, Anderson & Stowe has put Concentra on the block, peHUB has learned. Barclays is advising on the sale, sources say. In 1998, Welsh Carson acquired Concentra, which provides healthcare and wellness services to employers and general public, in a deal valued at $1.1 billion. It’s not clear how much Welsh invested. Concentra has $752 million in annual revenue, according to the Welsh Carson web site.