Primary Capital has completed its $31 million purchase of stationary retailer Paperchase Products Ltd. from Borders Group (NYSE: BGP).
Pioneer Investments is seeing more departures as the fund firm's possible sale looms. Jack O'Connor, head of Pioneer's U.S. institutional business, is leaving. His last day at Pioneer is Friday and he will begin a new, more expanded role at a rival at the end of August, peHUB has learned.
The RadioShack auction appears to be short-circuiting. TPG Capital plans to opt out. The Blackstone Group, which had wanted to launch a joint bid with TPG, doesn’t want to make an offer by itself. Bain Capital has already bailed and Best Buy never got involved. "This is a classic case of an investment banker [Goldman Sachs] getting a sale mandate, it not going well, and thus reaching as far as [they] can to resuscitate it," says one banker.
Antoine Dréan, founder and CEO Triago, expects a shakeout in the PE world that could see as much as half of buyout funds disappear. There were roughly 250 U.S. focused private equity funds raised between 2005 and 2007, raising $222 billion, according to data from Preqin. This compares to only 38 U.S. focused funds raising $32.1 billion in 2009. Dréan says that many of the new entrants were "me too" operations raised by institutional investors with little direct investing experience, and whose returns have been dreadful. “Most of these funds will have a tough time going forward. It will be difficult as to their next fundraising,” he says.
GenNx360 Capital Partners has acquired Maine Machine Products Co., a South Paris, Maine-based maker of precision components and assemblies for the defense, oil & gas, and semiconductor industries. No financial terms were disclosed.
Harvest Partners has made a "major investment" in Seminole Energy Services LLC, a Tulsa-based provider of natural gas services. No financial terms were disclosed.
Sun Capital Partners has acquired Bar Louie Restaurants, a Chicago-based casual-to-upscale restaurant chain, from an affiliate of Restaurant America. No pricing terms were disclosed.
Navigation Capital Partners has acquire LEPService Inc., a provider of metering infrastructure-related services to electric utilities in the Southeastern U.S. No financial terms were disclosed.
Revelry Brands has acquired a minority stake in Siggi's, a New York-based maker of Icelandic-style thick yogurt. No financial terms were disclosed.
VIENNA (Reuters) – Buyout firm One Equity Partners has set the squeeze-out price for the remaining shareholders of Austria’s Constantia Packaging (CVER.VI) at 47 euros per share to conclude its full takeover of the group. One Equity, JPMorgan Chase’s (JPM.N) buyout arm, has already bought 91.5 percent of the group from key shareholders for an […]