Kohlberg & Co. has sold U.S. Infrastructure Corp., a provider of outsourced sub-surface utility locating services in the U.S., to OMERS Private Equity. No financial terms were disclosed for the deal, which was managed by Harris Williams & Co.
LONDON (LONDN) – Private equity firm Cinven’s [CINV.UL] purchase of French medical diagnostics business Sebia is being financed with a 340 million euro loan provided by BNP Paribas, Citigroup and Commerzbank, the banks said on Wednesday.Cinven bought the business for around 800 million euros in mid-March from Montagu Private Equity using equity to finance the […]
CALGARY, Alberta (Reuters) – Marathon Oil Corp (MRO.N) said on Wednesday it will sell most of its refining and marketing assets in Minnesota to three private equity firms for more than $800 million as it streamlines operations during a period of weak profit margins at refineries. The integrated oil company has signed a nonbinding letter […]
It’s become reflexive: Whenever a take-private buyout is announced, class-action law firms begin “investigating” whether the company’s board breached fiduciary duty to shareholders. Never mind if it was a competitive process that produced a 60% premium – suggest bad faith first and ask questions later. But at least these vultures typically wait until the deal is actually announced. Not so with a law firm called Bower Piven, which yesterday announced that it has “commenced an investigation into potential breaches of fiduciary duty and other violations of state law by the Board of Directors of Pactiv Corp. in connection with the possible sale of Pactiv Corp. to Apollo Global Management LLC.” Note the operative word is “possible.” Neither Apollo nor Pactiv have announced anything! All we've got is a WSJ article saying that Apollo has offered to buy the company – at a price higher than where Pactiv has traded for the past several years. And today there are reports that strategic players are jumping into the fray.
Sun Capital Partners has acquired Captain D’s Seafood Kitchen, the nation's largest casual seafood restauirant chain. The seller was Sagittarius Brands, a portfolio company of Charlesbank Capital Partners. No financial terms were disclosed.
LONDON (Reuters) – Clayton, Dubilier & Rice (CD&R), the venerable U.S. buyout house, has entered the crowded field of suitors vying for Royal Bank of Scotland Group Plc’s (RBS.L) $4 billion payment-processing arm, people familiar with the matter said. CD&R’s emergence is unusual, because the sale of RBS’s Global Merchant Services (GMS) business is already […]
Montage Partners has acquired Cal-Sierra Pipe Inc., a Stockton, Calif.-based provider of steel pipes for use in agriculture and water infrastructure applications. No financial terms were disclosed. McGladrey Capital Markets managed the transaction.
H.I.G. Capital has acquired a control stake in First Capital, a Boca Raton, Fla.-based provider of asset-based lending and factoring to small and mid-sized companies. Participating alongside H.I.G. were affiliates of Morgan Stanley Alternative Investment Partners and JP Morgan Asset Management. No financial terms were disclosed.
PARIS (Reuters) – The board of French protective clothing maker Sperian Protection (SPEP.PA) plans to announce its choice of a rival bidder to Cinven on Wednesday, a source familiar with the matter told Reuters. The offer will be presented at a shareholders meeting later on Wednesday, the source said. French holding company Menelas, owned by […]
Aurora Capital Group has acquired four Midwestern steel service center facilities, and merged them into a single entity known as New Star Metals. No financial terms were disclosed.