Ironshore Inc., a Bermuda-based insurance company founded in 2007, has revealed more information about a recent $300 million capital infusion. As previously reported new investor GTCR will contribute $200 million. We now also know that Wellington Management will invest $50 million, while return backer Calera Capital will invest the remaining $50 million. Ironshore was launched in late 2006 with a $1 billion capitalization, including $200 million in equity from Calera, Irving Place Capital, Corporate Partners, TowerBrook Capital Partners and Greenhill Capital Partners.
(Reuters) – Jewelry retailer Finlay Enterprises Inc (FNLY.OB) filed for Chapter 11 protection in a Manhattan court late on Wednesday and said it would sell its assets in an auction supervised by the bankruptcy court. In a statement, Finlay said Gordon Brothers Retail Partners LLC would act as the stalking horse bidder at the auction. […]
MultiPlan Inc., a portfolio company of The Carlyle Group, has agreed to acquire Viant Inc., a portfolio company of Welsh Carson Anderson & Stowe. No financial terms were disclosed for the merger, which will create a single provider of medical cost management services.
Cygnus Business Media, a Fort Atkinson, Wis.-based trade magazine publisher, has filed for Chapter 11 bankruptcy protection. Abry Partners acquired the company in 2000 for $275 million, and still held around 94% of the company’s equity and 42% of its subordinated secured notes. www.cygnusb2b.com
Golden Gate Capital has completed its acquisition of the assets of Eddie Bauer Holdings Inc. The deal was valued at $286 million in cash.
Bunker Hill Capital has acquired Nspro Inc., a Montreal-based provider of functional consulting services focused on SAP software architecture and configuration. No financial terms were disclosed.
HONG KONG (Reuters) – A consortium led by private equity firm FountainVest Partners plans to buy nearly $99 million worth of convertible bonds issued by Central China Real Estate (0832.HK), sending its shares up nearly 9 percent on Wednesday. Central China signed an agreement to issue HK$765 million ($98.72 million) worth of convertible bonds to […]
MILAN (Reuters) – Talks between Italian designer Roberto Cavalli and private equity fund Clessidra over a stake in the fashion house have been broken off, a source close to the matter said on Wednesday. Cavalli, known for his animal print designs and flowing long dresses, told an Italian newspaper in June he had signed a […]
This year the bonuses will be distributed in blood diamonds: I love it when satire becomes reality. Weeks ago the New Yorker published a mock internal letter from Lloyd Blankfein to Goldman Sachs employees, asking them to cut down on conspicuous consumption in light of the firms egregious bonuses. This week Blankfein does just that, according to the New York Post. At It Again: That eternal thorn in private equity's side, Andy Stern, has filed a big private equity diss in the Wall Street Journal's op-ed pages, focusing on bank investments.(WSJ) They're Already Longer Than Most: "Fundraising cycles for large private equity houses are likely to lengthen as the slow pace of investment leaves many with unspent capital from previous funds, said the head of HarbourVest's fund of funds business in Europe." (Reuters) Pundit War: Its blogger versus talking head. Charlie Gasparino of CNBC says Felix Salmon (of Reuters) has a "bizarre, on-again, off-again obsession" with him. Appalling that Salmon can't even be consistently obsessed with a CNBC anchor. (Business Insider)
Last month, The Treasury Department named nine managers for the PPIP, which is designed to help banks escape the toxic messes of their own making. It also said "over 100 unique applications... were received." It almost sounded like PPIP was so popular that Treasury had to beat off hopeful participants with a stick. To know for sure, though, we though it would be helpful to have a list of the rejected applicants. After all, what if my grandmother was one of them? I love her (and she is "unique"), but she's not quite as qualified for PPIP as, say, The Carlyle Group would be. Unfortunately, a Treasury Department spokesman declined to provide the list when I originally asked, so Thomson Reuters filed a Freedom of Information Act (FOIA) request on July 10. We asked only for the names of the applicants, not for any associated financials. We have since received a reply dated July 28 from Stephen A. Moffett, administrative officer for the Office of Financial Stability. It reads, in part: