NEW YORK (Reuters) – Private equity firm Blackstone (BX.N) is joining one of the teams bidding to buy Extended Stay, a source familiar with the situation said on Wednesday, upping the ante in the battle to control the mid-priced U.S. hotel chain. Blackstone is joining the team led by investment companies Centerbridge Partners and Paulson […]
NEW YORK (Reuters) – U.S. jeweler Zale Corp (ZLC.N) plans to sell a minority stake to Golden Gate Capital Corp, Bloomberg News reported on its website citing two people familiar with the decision. Golden Gate’s offer was chosen over proposals from Centerbridge Capital Partners LLC and TPG, the people — who declined to be identified […]
Sponsor-to-sponsor deals aren't always popular, but they're certainly in vogue right now. The first quarter of this year saw a surge in sponsor-to-sponsor, or secondary buyouts, in which one private equity firm sells a portfolio company to another private equity firm (or group of firms). Data provider Preqin reports 24 such transactions last quarter worth $7 billion in deal value, compared to just $5.1 billion for 43 deals in all of 2009. And this doesn't even include a rash of transactions announced today (see below). What's driving the activity? First, private equity pros are desperate to do deals. Despite everyone's peacocking that '08 and '09 were "the best investing opportunities of our lives," most buyout pros were all talk. The deal volume speaks for itself-PE pros were largely on the sidelines during
LONDON (Reuters) – Five bids, including four from private equity firms, have been selected to move through to the second round of the auction for Royal Bank of Scotland’s (RBS.L) payment processing business, people familiar with the matter said on Tuesday. Canada’s biggest card payment processor, Moneris Solutions, buyout firms CVC [CVC.UL], joint suitors Advent […]
AMSTERDAM (Reuters) - CVC Capital Partners and a consortium of Morgan Stanley (MS.N) Infrastructure, 3i Infrastructure (3IN.L) and Star Capital have made indicative offers in the 2 billion pound ($3.1 billion) auction of HSBC's (HSBA.L) rolling stock firm, several people familiar with the matter said. HSBC's (0005.HK) rail unit Evershot has a UK fleet of over 4,000 trains and its sale follows the rationale of the divestments of the other two UK train leasing companies, as banks look to raise cash by disposing assets not central to their businesses.
Oak Hill Capital Partners has agreed to acquire ViaWest Inc., a provider of mission-critical technology infrastructure services, from Trinity Equity Investors, Goldman Sachs and Quilvest. No financial terms were disclosed.
Lone Star Funds has completed its take-private acquisition of hotel owner and operator Lodgian Inc. (NYSE: LGN) for approximately $270 million (including assumed debt). Lodgian stockholders received $2.50 per share.
Stone Point Capital and Hellman & Friedman have agreed to acquire Sedgwick Claims Management Services Inc., a Temphis, Tenn.-based provider of claims and productivity management solutions to corporate and institutional clients. The deal is valued at $1.1 billion, with sellers including Fidelity National Financial, THL Partners and Evercore Capital Partners.
OMERS Private Equity has agreed to acquire U.S. Infrastructure Corp. from Kohlberg & Co. No financial terms were disclosed. USIC is an Indianapolis-based provider of outsourced sub-surface utility locating services, and was formed in 2008 via the merger of SM&P and CLS.
(Reuters) – CKE Restaurants Inc (CKR.N) said it received a superior proposal of $12.55 per share in cash from Western Acquisition Holdings and said it will terminate a previous merger agreement with private equity firm Thomas H. Lee Partners. CKE, owner of the Hardee’s and Carl’s Jr. hamburger chains, received the new proposal on April […]