Don't you just love a good "Background of the Offer" story? It's just like Days of Our Lives, only written by M&A lawyers. Exciting stuff. This week we got a peek at the action leading up to Advent International's agreement to purchase mall clothing retailer Charlotte Russe. We knew there would be some juicy details since buyout firm KarpReilly LLC had made a play for the company that went awry. This episode of Days of Our Private Equity Lives shows that once again, financing trumps price. Advent International won the auction with a lower bid because, according to the filing, "the greater certainty of closing under the Advent proposal outweighed the $0.25 per share difference in price between the two proposals." We saw the same phenomena earlier this year when Anheuser Busch sold KKR its Korean beer company, Oriental Brewery. Sources told peHUB that KKR's final bid was lower than two rival bids from local firms Affinity Equity Partners and MBK Partners, but KKR won the auction because its debt financing was guaranteed.
Pacific Plaza Health and Living, a Costa Rican private healthcare complex, has raised an undisclosed amount of funding from Aureos Capital’s Emerge Central America Growth Fund. PRESS RELEASE Aureos Capital’s Emerge Central America Growth Fund (EMERGE) has invested in Pacific Plaza Health and Living (“PPHL), a state-of-the-art private healthcare complex, designed to serve the growing […]
ABRY Partners has agreed to acquire a majority stake in Grande Communications Inc., a San Marcos, Texas-based telecom provider. No financial terms were disclosed, although a March VentureWire report said that ABRY was trying to secure more than $125 million in debt financing through SunTrust Bank. Grande has raised over $340 million in VC funding […]
WILMINGTON, Del. (Reuters) – The retailing business of Samsonite Corp, the world’s top luggage maker, filed for bankruptcy on Wednesday as part of a reorganization aimed at closing roughly half of its 173 U.S. stores. Samsonite Company Stores LLC said its Chapter 11 filing is aimed at focusing the business on its outlet stores, which […]
Regency Energy Partners (Nasdaq: RGNC) has raised $80 million in a private placement from Harvest Partners and MTP Energy Management.
Teakwood Capital, a Dallas-based private equity firm, has acquired MyOpenJobs, an operator of vertical career sites and Web-based recruiting management software. No financial terms were disclosed.
LONDON (Reuters) – Incisive Media, the business-to-business publisher, is splitting into two with Apax Partners, its private equity owner, to keep control of the American Lawyer Media business in the U.S., while banks take over the struggling UK arm, the Financial Times said on Thursday. The FT said Apax has agreed to inject $15 million […]
LONDON (Reuters) – National Express (NEX.L) has received a final proposed takeover offer from a consortium led by its largest investor for 500 pence a share, sending its shares up 13 percent. The consortium comprising Spanish shareholder the Cosmen family and CVC Capital Partners said in a statement it had raised its indicative cash offer […]
Just four additional sponsor-owned companies filed for Chapter 11 bankruptcy protection in August, bringing the total number to 59. That’s ten more filings than all of 2008. Notably, the four latest filings are among the year’s largest. We knew the bankruptcies would increase this year, but we weren’t sure if they’d creep into mega-buyout territory, […]
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. The owners of the New York Mets will be forced to sell the pro baseball team due to huge losses suffered in the Bernard Madoff swindle, the author of a book about the disgraced money manager said on Friday. (Read more) Management Energy, Inc. an OTC-traded exploration stage coal company based in California, announced the appointment of Brian McNiell to serve as a member of the Board of Advisors. Mr. McNiell will begin a study of Management Energy's reserve base to pursue strategic alternatives. Amer Sports, a Helsinki, Finland sporting goods company, is considering divesting Mavic, a bicycle brand.