Tricor Pacific Capital has agreed to buy FabPro Oriented Polymers LLC from Polymer Group Inc. (OTC BB: POLGE). No financial terms were disclosed for the deal, which is expected to close within the next 30 days. FabPro is a Kingman, Kan.-based maker of performance polymers and synthetic fibers for the agricultural, construction and commercial segments.
If you were a company with increasing year-over-year losses in the midst of a recession, would you choose to emerge from bankruptcy with 9.1x leverage or with 3x leverage? Might not sound like much of a choice, but that's because you're not U.S. Shipping Partners, the long-haul marine transportation business once bestowed with the cursed Buyouts Deal of the Year Award. The company, which filed for bankruptcy in May, has actually chosen the 9.1x leverage option. Former owner Sterling Investment Partners lost its entire $40 million equity investment and has removed itself from the situation entirely.
With its hiring of Debra Pederson, Carlyle Group is the latest in what's sure to be a trend of buyout houses bulking up their in-house fundraising teams. The move comes as the SEC has moved to ban venture and buyout funds from using placement agents to drum up commitments from public pension funds as a result of the recent "pay-to-play" scandal at the New York State Common Retirement. Carlyle Group became embroiled in the scandal through a fund it jointly operates with Riverstone LLC; as a result the firm announced it would cease to use placement agents as part of a code of conduct enforced by Andrew Cuomo. Even firms which are not fundraising may look to bulk up their investor relations team at a time when investors are cash-strapped and concerned about the performance of their investments in private
Weyerhaeuser Co. has sold its Trus Joint Commercial division to Atlas Holdings for an undisclosed amount. The unit makes engineered wood products and building systems, and has been renamed RedBuilt.
SINGAPORE (Reuters) – Sihuan Pharmaceutical (SIHP.SI) has received a takeover offer from investment firm China Pharma at S$0.975 a share, a deal valuing the company at S$458 million ($318 million), Sihuan said in a statement on Monday. The deal values Singapore-listed Sihuan, which develops cardiocerebral vascular drugs, at a premium versus its current market cap […]
LONDON (Reuters) – Creditors in British home improvements retailer Focus DIY backed a rescue plan on Monday that should safeguard around 4,500 jobs, as the company said trading was ahead of its expectations. Focus, owned by U.S. private equity group Cerberus, said its creditors, mostly landlords, had approved its proposed Company Voluntary Arrangement (CVA) by […]
NEW YORK (Reuters ) – The U.S. units of media company Reader’s Digest Association Inc filed for bankruptcy, marking a new chapter for the 87-year-old magazine as it carries out a plan to cut its debt and transfer ownership to a group of lenders. The company, named for its general-interest magazine packed with family-friendly humor […]
Stir Crazy Restaurants, a portfolio company of The Walnut Group, has merged with fellow Asian food restaurant chain FlatTop Grill, owned by Happy Valley Corp. No financial terms were disclosed
(Reuters) – Canpages Inc, a Canadian local search and directories publisher, said it agreed to acquire GigPark.com, an online social media platform, to beef up its local search website. GigPark, which allows users to find local businesses and service providers through recommendations from friends, will help Canpages incorporate user recommendations into its search platform canpages.ca, […]
Advent International has agreed to acquire women's clothing retailer Charlotte Russe Holding Inc. (Nasdaq: CHIC). The deal is valued at $17.50 per share, for a total transaction value of approximately $380 million. Charlotte Russe had received an earlier buyout offer from KarpReilly Capital Partners, which at the time held an 8.6% ownership stake.