Friedman Fleischer & Lowe has completed its acquisition of quick-service restuarant chain Church's Chicken from Arcapita. No financial terms were disclosed, but peHUB previously reported that the sale price was between $300 million and $390 million.
LONDON (Reuters) – Private equity fund Dubai International Capital (DIC) and distressed debt investor Oaktree Capital have abandoned plans to team up to restructure the almost $1 billion debt of German aluminium firm Almatis, the Financial Times reported on Tuesday. The FT cited people familiar with the situation as saying DIC and Oaktree suggested recapitalising […]
SYDNEY/HONG KONG (Reuters) – Fortescue Metals Group Ltd (FMG.AX) and China Investment Corp (CIC), China’s $200 billion sovereign wealth fund, are in advanced talks on a $1 billion-plus convertible bond investment to help the Australian iron ore miner fund its expansion, two sources said on Tuesday. The talks follow news on Monday that China’s Yanzhou […]
Throwdown! Investment banks aren't happy that firms like Apollo and KKR are stepping into their territory with their investment advisory services. (FT) When Is the Last Time You Heard an Entrepreneur Say This? "I receive a seemingly endless stream of calls from VCs and private equity firms eager to hand over some of their money," he said. (FT) Retail Therapy: Barney's, backed by Istithmar, is in a little trouble. The firm hired Perella Weinberg Partners to help it restructure its debt. Wonder what this means for Istithmar's other retail businesses (Loehmann's comes to mind) and other struggling PE-backed luxury retailers like Neiman Marcus (Leonard Green) and Lord & Taylor (NRDC)... (NY Post) News Lite: There's an event called Fashion Meets Finance, which, as the NY Times nicely puts it, "shamelessly" attempts to pair women in fashion with men in finance. And that event organization has declared the recession over. Not a self-serving declaration at all, eh guys? (NY Times) News Heavy: Is it now a crime to be poor? (Barbara Ehrenreich)
Just because private equity is seeing some renewed enthusiasm doesn’t mean its “back.” Call me a pessimist, but remember that near-half a trillion dollars in corporate debt? It’s due in three years and it hasn’t gone anywhere. None of the indicators being discussed today –exits, increased deal volume, rising stock markets leading to rising mark-to-market […]
NEW YORK (Reuters) – Dynegy Inc (DYN.N) said it will sell eight power plants to private equity firm LS Power for around $1.5 billion in cash and stock, basically ending a 2-1/2-year joint venture between the two companies. Dynegy also on Monday posted a wider second-quarter loss as lower power prices offset higher production. Dynegy […]
TAIPEI (Reuters) – Fubon Financial (2881.TW), parent of Taiwan’s No.2 insurer, said on Monday it plans to raise up to $900 million from an overseas stock sale in a bid to strengthen capital health. Fubon, which sources have said is teaming up with the Carlyle Group to bid for AIG’s (AIG.N) Taiwan insurance unit, would […]
Early posting this morning, as I have a 10:10am spot on CNBC (they don’t quite believe in my laundry room setup, which means I actually need to leave the house). Our scheduled topic: “Is private equity back?” The answer, of course, rests largely on how you define “back.” Or, for that matter, how you define “away.” So here are four different definitions, with corresponding answers. Really hoping I settle on one within the next hour or so, because multiple choice makes for bad television (save for game-shows). Back [bak], 1: The public is beginning to take positive notice of private equity again, due to a building trickle of IPOs and Blackstone’s rising stock price (a bogus, but pervasive, barometer). Narcissistic evidence for this can be seen in the Dan Primack CNBC Appearance Index, which spiked in 2007 and has been largely inactive until August 10, 2009. Many experts note that the DPCNBCA is predictive of PE market visibility, but utterly irrelevant in terms of PE market performance or health. Back [bak], 2: Private equity deal volume has significantly increased, particularly as a percentage of the overall M&A market. This is one of those things that is difficult to perceive, but which we’re told is real. Like string theory or
AnaCap Financial Partners has agreed to acquire UK invoice financer Cattles Invoice Finance from Cattles PLC, for £70 million.
PARIS (Reuters) – Shares in French media technology group Thomson (TMS.PA) gained more than 8 percent on Monday after a press report said it was close to clinching the sale of its digital film and broadcasting systems unit Grass Valley. French daily La Tribune said that pivate equity firm Platinum Equity was in exclusive talks […]