MOSCOW (Reuters) – Private equity firm TPG Capital and the private equity arm of Russian state bank VTB (VTBR.MM) finalised the purchase of a 35.4 percent stake in Russian hypermarket chain Lenta, banking industry sources said. One of the sources on Wednesday said that the purchase price was $115 million. According to several sources, TPG […]
PHILADELPHIA (Reuters) – Clayton Dubilier & Rice Inc said on Wednesday it agreed to invest $477 million to get a 46 percent stake in commercial cleaning company JohnsonDiversey as part of a broader $2.6 billion recapitalization. JohnsonDiversey, which has annual sales of more than $3 billion, provides cleaning and sanitation services for the retail, healthcare […]
LONDON (Reuters) – Britain’s biggest bingo club operator Gala Coral may end up in the hands of lenders if a proposal from a group of debt holders is accepted, two people with knowledge of the situation told Reuters. The gaming company — owned by private equity firms Candover (CDI.L), Cinven and Permira — is in […]
LONDON (Reuters) – U.S. investment firm Blackstone (BX.N) took control of British laboratory company ALcontrol on Wednesday, after a restructuring that saw previous owner Candover (CDI.L) lose its investment in the soil testing firm. Investment funds managed by GSO Capital Partners LP — bought by Blackstone in 2008 — have become ALcontrol’s new majority shareholder […]
Here are some potential target ideas, rumored or official, to jumpstart your deal pipeline. Our sources are various news reports and the Buyouts "Seeking Buyers" list. For prior lists, see below, and send any additions my way. Sentry Select Primary Metals Corp., a Canadian metal exploration and production company, has retained independent legal counsel and is in the later stages of retaining independent financial advisors to review strategic alternatives. Salesforce.com, Compellent Tech, CommVault, Cerner Corp., Computer Program Systems, and Eclipsys Corp. were named as takeover targets. (Read more) Alexion, a Cheshire, Conn.-based biotechnology company, has been named as a takeover target. (Read more)
LONDON (Reuters) – British renewable energy company Novera Energy (NOEN.L) on Wednesday rejected a cash offer from private-equity backed peer and shareholder Infinis Energy, valuing it at 90.5 million pounds ($143.6 million). Novera, which operates landfill gas sites, hydro power stations and wind farms, said the offer from Terra Firma-backed Infinis of 62.5 pence per […]
LONDON (Reuters) – Park Resorts, Britain’s second-largest caravan parks company, said on Wednesday it had secured a 325 million pound ($516 million) debt deal with lenders that include Lloyds Banking Group (LLOY.L). Private equity-owned Park Resorts said the debt deal, which gives lenders a five percent stake in the company, had been restructured but headline […]
How Nonsense Sharpens the Intellect: A study suggests that a feeling of absurdity "may prime the brain to sense patterns it would otherwise miss - in mathematical equations, in language, in the world at large." (WSJ) Thank You: A UK woman is taking up George Carlin's torch, combating nonsensical corporate jargon, including at financial institutions. (WSJ) Continuing Debates: Is Michael Moore a fan of "Blue Bails"? (The Big Money) Grocery Sale: The unnamed PE bidder for grocery store Ukrop's has pulled out of its deal. (Supermarket News via Roanoke Times)
NEW YORK (Reuters) – Private equity firm OpenGate Capital has dropped out of the bidding for McGraw-Hill Cos Inc’s (MHP.N) BusinessWeek magazine, a person familiar with the matter said on Tuesday. OpenGate had put in a bid for the 80-year-old magazine last month, along with Bloomberg LP, investment firm ZelnickMedia and Boston Properties Inc (BXP.N) […]
Sage Holdings, a financial and stakeholder communications company backed by The Riverside Co., has acquired Donlin, Recano & Company Inc., a New York-based provider of bankruptcy administration services. No financial terms were disclosed.