Closet Holding Co., a portfolio company of Pfingsten Partners, has acquired Space-Metrics USA LLC, a Montello, Wisc.-based maker and wholesaler of closet and home organization systems. No financial terms were disclosed.
Boston-based private equity firm ABRY Partners is expected to close its leveraged buyout of Grande Communications on Monday, peHUB has learned. ABRY will take around a 75% stake in Grande, a San Marcos, Texas-based broadband services provider, at an enterprise value of approximately $270 million. The remaining 25% will be held by Grande's venture capital shareholders, who have invested more than $340 million since 2000. We're told that ABRY will finance around half of the transaction with debt, which was arranged by SunTrust Bank. The new facility would wipe out $200 million of existing Grande junk bonds that date back to 2004.
LONDON (Reuters) – Spain’s Cosmen family and private equity firm CVC Capital Partners moved a step closer to mounting a formal bid for British transport group National Express (NEX.L) on Friday by gaining access to its accounts. National Express said in a statement the board had agreed with advisers and major shareholders that the consortium […]
Chandler/May Inc., a Huntsville, Ala.-based provider of military ground control stations for command and control and unmanned aircraft, has acquired AeroMech Engineering Inc., a San Luis Obispo, Calif.-based provider of unmanned aircraft engineering services and manufacturing. No financial terms were disclosed. Chandler/May is a portfolio company of Arlington Capital Partners.
As usual, we have a week's worth of ratings actions on the debt of LBO-backed companies from ratings agencies Standard & Poor's Ratings Services and Moody's Investor Services. As has been the trend toward the end of summer, the number of downgrades has significantly fallen off. I noted last week that even the number of private equity-backed companies on S&P's "Weakest Links" list seems to have dwindled. The list represents companies that are most likely to default, and part of the reason it's shrunk may be because many of the companies have already defaulted. Is this the bottom of the default cycle? Company: Network Communications Inc.
Sponsor: Citigroup Private Equity
Downgrade: S&P lowered the bank loan issue-level ratings on Network Communications to 'CCC+' from 'B-'.
Highlights: "The recovery rating revision reflects a change to our estimated default EBITDA and emergence valuation under our simulated default scenario," said Standard & Poor's credit analyst Jeanne Mathewson.
The Outsource Group Inc., a St. Louis-based provider of receivables management services to the healthcare industry, has acquired Medstandard Inc., a Houston, Texas-based provider of patient screening and Medicaid eligibility services. No financial terms were disclosed. Outsource Group is owned by ClearLight Partners.
Update: IDFC is denying the Economic Times report MUMBAI (Reuters) – The private equity arm of India’s Infrastructure Development Finance Co (IDFC.BO) is buying energy giant BP’s (BP.L) wind power assets in India for 6.5 billion rupees ($134 million), the Economic Times reported on Friday. This signals BP’s exit from India’s renewable energy market and underscores […]
TOKYO (Reuters) – Japan’s Asahi Breweries (2502.T) said it was not in talks to buy soft drinks maker Orangina, denying a newspaper report it was competing with domestic rival Suntory Holdings in a $3.8 billion auction. Private equity firms Blackstone (BX.N) and Lion Capital, which bought Orangina in 2006, are considering an approach from Asahi […]
TOKYO (Reuters) – Japan’s Asahi Breweries (2502.T) is in talks to buy soft-drinks maker Orangina, competing with domestic rival Suntory Holdings in a $3.8 billion auction, the Financial Times said on Friday. Private equity firms Blackstone (BX.N) and Lion Capital, which acquired Orangina in 2006, are considering an approach from Asahi after an exclusive negotiation […]
NEW YORK (Reuters) – Hotel chain Extended Stay Inc agreed to an investigation into the buyout of the company in 2007 and its bankruptcy filing this year, according to court documents. Jacqueline Marcus, a lawyer with Weil, Gotshal & Manges representing Extended Stay, said during a bankruptcy court hearing that she expects the court to […]