Excellere Partners has agreed to acquire MTS Medication Technologies Inc. (Nasdaq: MTSI), a -based provider of medication adherence packaging systems. The deal is valued at approximately $37 million, or $5.75 per share. Raymond James & Associates is serving as MTS' financial advisor.
Per usual, we have a week’s worth of ratings actions on LBO-backed companies from ratings agencies Standard & Poor’s and Moody’s Investor Services. It’s the third light collection in a row — the past two weeks have only see ratings actions on five companies total; this week there are three. Company: Energy Future Holdings Corp.
Sponsor: GS Capital, KKR, Morgan Stanley Private Equity, TPG, Citigroup Private Equity are sponsors.
Ratings Action: Moody's downgraded the company's corporate family rating and probability of default rating to Caa1 from B3.
Highlights: The rating action reflects the rating agency's view that the capital structure is untenable and will likely prompt the company to pursue some form of restructuring activity. "EFH's longer-term fundamentals remain weak. Fundamental concerns include: the magnitude of its debt ($44 billion) and significant looming maturities in 2014 (approximately $23 billion)."
Kelso & Co. has formed Delphin Shipping LLC, a Marshall Islands-based acquisition platform focused on the dry bulk and other shipping sectors. No financial terms were disclosed. Delphin also has signed an agreement with Eagle Bulk Shipping (Nasdaq: EGLE), whereby Eagle “will have the initial opportunity to acquire any dry bulk vessels being evaluated for […]
MUMBAI (Reuters) – Private-equity firm Warburg Pincus is looking to sell its 50.12 percent stake in back-office firm WNS Global Services (WNS.N), the Economic Times said on Friday. New York-listed WNS, India’s second-largest back-office firm, may fetch a valuation of around $800 million providing Warburg with an exit payout of $400 million, the report said […]
Only political junkies care about the polling business right now, but since I'm touched by that particular affliction... Rasmussen Reports, one of the nation's best-known polling outfits, today announced that it has raised an undisclosed amount of private equity funding from Noson Lawen Partners. The deal closed on Monday, and seems to technically be for a control position, although Noson Lawsen partner Ted Carroll took pains to say that existing management would remain firmly in charge. "We have very defined roles, and I've got no interest in interfering with polling methadology or anything like that," explains Carroll, a longtime media investor who once was the lead finance producer for The MacNeil/Lehrer NewsHour. "I was working on the program when AT&T wrote a $10 million check and became our sole sponsor, so realize that once big brands recognize credibility in an information source, they covet it. I sense Scott
Rasmussen Reports LLC, an Asbury Park, N.J.-based public opinion research firm, has raised an undisclosed amount of growth funding from Noson Lawen Partners. Boxwood Partners advised Rasmussen Reports on the transaction.
Roark Capital Group is poised to make an investment in Waste Pro USA Inc., a Longwood, Fla.-based trash and recycling collection company, according to a government filing. The filing identifies Waste Pro USA Inc. as the target and the seller, though the company is a portfolio company of Ares Capital Corp., a New York-based business […]
Now that the weather has finally warmed up, plenty of M&A bankers are hoping the market for deals will as well. We’ve noticed a few more targets coming to market in recent weeks and have compiled a list of some of those we’ve come across. Our sources are various news reports and the Buyouts “Seeking Buyers” list. The following companies (among many others) are either formally considering “strategic alternatives,” reported to be on the block or are rumored to be in sales talks. For prior lists, see below, and send any additions my way. Coinstar Inc., based in Bellevue, Wash., plans to evaluate strategic alternatives for noncore businesses that include its money-transfer and e-payment units. WPT Enterprises is rumored to be seeking a buyer for subsidiary World Poker Tour, based in Los Angeles. Publicly traded 4Kids Entertainment retained Montgomery & Co. to assist it in exploring strategic alternatives.
Need to refinance portfolio company debt? Well, it might help if your firm was founded by the former CEO and CFO of a bank that’s still in business. Yesterday, Falfurrias Capital Partners announced that it has secured a $70 million refinancing for quick-serve restaurant chain Bojangles (it of the famed chicken & biscuits). The refi was co-led by Bank of America and Wells Fargo, with BB&T and Regions Bank also participating. Not coincidentally, Falfurrias was launched in 2006 by ex BoA bigs Hugh McColl and Marc Oken. Oken told me yesterday that the relationship obviously helped facilitate the deal, but that it ultimately came down to the company’s growth. Not only did it have 7% sales growth over the first six months of 2009 (compared to first six of 2008), but also had 17% EBITDA growth over the same period.
AXA Private Equity has acquired Babcock & Brown’s wind assets in France for an undisclosed amount. The deal was transacted via Axa’s infrastructure fund, and includes 15 wind farms located within 300 kilometers of Paris. www.axaprivateequity.com