Sterling Financial Corp. said Thursday that its completed its previously announced $730 million recapitalization. The deal includes investments from Warburg Pincus and Thomas H. Lee. Each PE firm agreed to invest $170 million each.
Talisman Capital Partners is in talks to sell Turning Technologies to Brockway Moran & Partners. News of the deal was disclosed on the FTC website, which lists the transaction as having received early approval. In 2006, Columbus, Ohio-based Talisman acquired Turning Technologies via a recapitalization. It’s not clear how much Talisman owns of Turning Tech. Turning Tech, of Youngstown, Ohio, makes polling software, handheld response devices and response receivers. The company sells its products to schools, universities, government agencies, as well as small and large businesses, according to the company website.
Another day, another exit for Nautic Partners. Today, Nautic announced it was selling Fibertech Networks, which builds and operates fiber-optic networks, to Court Square Capital Partners. The deal is valued at north of $500 million, a Fibertech spokesman said. Nautic invested in Fibertech in 2000, the spokesman said. The Providence, R.I. –based PE firm made the investment when it was known as Navis Partners, which is also the former Fleet Equity Partners before it was spun out by the bank in 2000 (Got it? Nautic was Navis which was Fleet Equity).
Leonard Green & Partners has acquired a $125 million piece of Fiesta Palms’ $380 million revolving credit line, according to FT Debtwire. The deal is in anticipation of a restructuring at Fiesta Palms, the parent company of the Palms Resort & Casino.
Mill Road Capital has completed its take-private acquisition of Mexican restaurant chain Rubio’s Restaurants Inc. The $8.70 per share deal valued Rubio's at around $91 million. Sellers included Rosewood Capital. Last October, Rubio’s rejected an $80 million buyout offer from Levine Leichtman Capital Partners.
(Reuters) – Oriental Trading Co, owned primarily by private equity firms Carlyle Group and Brentwood Associates, filed for bankruptcy on Wednesday, citing a heavy debt load and declining sales. The retailer of party and hobby supplies has reached a prearranged plan with some lenders which would help it cut debt by 70 percent. Oriental Trading […]
(Reuters) – Private equity firm Court Square Capital Partners, formerly known as Citigroup Venture Capital, will buy broadband provider Fibertech Networks LLC for $500 million from another private equity firm, the Wall Street Journal said. Rochester, New York-based Fibertech is changing hands from Nautic Partners and Ridgemont Equity Partners, which was previously part of Bank […]
Blackstreet Capital has acquired Park Seed Co., a Greenwood, Colo.-based online and catalog retailer of plant seeds and other gardening supplies. The deal was valued at $13 million.
Webster Capital has acquired Epic MedStaff, a provider of home healthcare services to medically-fragile and chronically-ill infants and children in Texas. No financial terms were disclosed, except that Fifth Street Capital provided debt financing.
Unlike the Big Three carmakers, small auto parts suppliers didn’t crash and burn with the recent market downturn. In 2008, when GM had yet to file for bankruptcy and a merger of the Big Three automakers was still being discussed, many auto parts suppliers were expected to merge or file for bankruptcy. Some big ones went down, but smaller suppliers, like SRG Global, survived the downturn and are doing well. “People expected a lot of consolidation to happen where larger companies bought smaller ones or a lot of bankruptcies,” says Mike Benson, a managing director with Stout Risius Ross Advisors. “Neither of those happened. In fact, lots of smaller companies that people thought were washed out, just barely survived."