Water Street Healthcare Partners has acquired the Pharmaceutical Development unit of AAIPharma Inc. The company will be called AAIPharma Services Corp., and will retain its Wilmington, N.C. headquarters. The deal is valued at $75 million, including expansion capital commitments. No purchase price was disclosed.
GTCR has formed Palladian Financial Holdings, a Wilmington, Del.-based acquisition platform focused on the credit, payments and loyalty/rewards market. The firm has committed up to $300 million in equity. Palladian will be run by Michael Rhodes, former vice chairman at MBNA.
TORONTO (Reuters) – MatlinPatterson is open to working with strategic partners in putting forward a comprehensive proposal to reorganize the businesses of bankrupt Canadian telecom equipment maker Nortel Networks, the U.S. private equity firm said on Wednesday. MatlinPatterson, a major bondholder and Nortel creditor, has stated that it does not believe that the proposed sale […]
NEW YORK (Reuters) – The Travel Channel is up for sale in an auction expected to draw interest from media companies such as Scripps Networks Interactive Inc (SNI.N) and Time Warner Inc (TWX.N) and fetch $600 million to $1 billion, two sources familiar with the matter said. Scripps Networks and Time Warner have expressed interest […]
(Reuters) – A Kohlberg Kravis Roberts & Co.-led consortium is near a deal to invest between $150 million and $200 million in International Far Eastern Leasing Co, a Chinese lender to small and medium-size businesses, the Wall Street Journal said, citing people familiar with the matter. Private equity firm KKR is investing in the deal […]
Well... Platinum Equity is not happy that the details of a sexual harassment case against it has been reported in the press. (San Diego Reader) How Bad Is CIT's Loan Portoflio? Bad, Michael Corkery writes. (Deal Journal) Is Wells Fargo Suing Itself? Technically, yes. Wall Street Folly has the details on the case of Wells Fargo vs. Wells Fargo. (WSF) Speaking of Wells Fargo: The San Francisco-based regional bank is rumored to be preparing to report second-quarter earnings well above market expectations. (dR)
UPDATE: CIT has said it will not receive a bailout from the government. The company is "evaluating alternatives." After trading on CIT was halted today, we have been on the edge of our seats waiting to hear whether the troubled lender will get a federal bailout. The debate over whether CIT is big enough to deserve a bailout or whether it's too far gone to be saved continues to rage, but rather than weigh in there, we decided to look at who will be affected by a collapse of the liquidity-starved lender. Buyouts Senior Editor Ari Nathanson and I compiled a list of buyout-backed companies which have used CIT as a lead arranger on its credit facility over the last three years, courtesy of Thomson Reuters data. We came up with 38 companies.* Of those 38, CIT provided a revolver loan to all but two. For companies that haven’t drawn down their revolver (including this week’s run, which has only added to the company’s demise), the sudden disappearance of CIT could mean the sudden disappearance of all liquidity. The interesting part is the amount of repeat business on the list. It brings new meaning to the “strong lender relationships” often touted by buyout pros. The one thing they don’t brag about is how a "strong relationship" with a failing lender could wind up being worse than no relationships!
In case anyone wondered if CCMP Capital was serious about retail investing after the firm's stalking horse bid for bankrupt Eddie Bauer, today's news reaffirms it: The firm has hired Richard Zannino, former Dow Jones CEO, Saks Fifth Avenue CFO and Liz Clairborne EVP. Zannino will be busy helping the firm identify targets as CCMP seeks to deploy the remaining 75% of its $3.4 billion fund, which closed in 2007. I spoke with Zannino and Managing Director Jonathan Lynch on CCMP's enthusiasm for distressed retail deals and why Zannino is "not a fan" of traditional media assets.
Navis Capital Partners, a Kuala Lumpur-based buyout fund, has closed on around half of the commitments it seeks for its sixth buyout fund, according to a source familiar with the situation. The firm seeks to raise between $1 billion to $1.25 billion for Navis Asia Fund VI, which follows the $1 billion Navis Asia Fund […]
(Reuters) – Buyout firms TPG Capital, EQT Partners and a consortium of The Carlyle Group and Providence Equity Partners have resubmitted their offers for a minority stake in Springer Science and Business Media, three people familiar with the matter said. Candover (CDI.L) and Cinven, owners of the German academic publisher, asked for the resubmission because […]