Zohar Waterworks LLC, a Columbus, Ohio–based maker of water coolers and drinking fountains, has filed for Chapter 11 bankruptcy protection. The company said that it hopes to auction off its assets on May 1. Zohar was formed by Patriarch Partners in 2005, via the acquisition of Oasis Corp.’s assets. www.patriarchpartners.com
NEW YORK (Reuters) – MGM Mirage (MGM.N) has hired Morgan Stanley (MS.N) to advise on selling a number of its casinos, and is talking to potential buyers about the assets, a source familiar with the situation said on Sunday. The No. 2 casino operator, controlled by billionaire Kirk Kerkorian, is grappling with weak consumer demand […]
Apollo Management has offered to acquire Legacy Reserves LP (Nasdaq: LGCY), a Midland, Texas-based oil and gas exploration company focused on the Permian Basin and mid-continent regions. Legacy unit-holders would receive $14 per unit (40% premium to Friday’s closing price), for a total equity value of $435 million. Legacy management has signaled that it would be retained, were the deal to be approved.
Emerging Capital Partners has acquired a “significant minority stake” in la Nouvelle Societe Interafricaine d'Assurance Participations SA, a Cote d'Ivoire-based insurance group in French-speaking Western and Central Africa. The deal is valued a $47.7 million.
Atlantic Street Capital has acquired EZE Trucking, a Los Angeles-based provider of specialty logistics services for the infrastructure market. No pricing terms were disclosed for the deal, which included senior debt from PNC Bank and subordinated notes from Prism Mezzanine Fund.
Vista Equity Partners has offered to acquire Sumtotal Systems Inc. (Nasdaq: SUMT), a Mountain View, Calif.-based provider of enterprise learning and performance management systems. Under terms of the offer, Sumtotal stockholders would receive $3.25 per share (62% premium to Friday’s closing price), which values the outstanding equity at approximately $103 million. Vista currently holds around a 13% stake in Sumtotal, and plans to nominate a slate of three directors to the company’s board, at an annual meeting on June 12.
FRANKFURT (Reuters) – Deutsche Post (DPWGn.DE), Europe’s biggest mail company, is bidding for a stake in British state-owned postal company Royal Mail along with Dutch TNT (TNT.AS) and private equity firm CVC, a German weekly reported. A team of twelve Deutsche Post managers, headed by finance chief John Allan, had met with the advisory board […]
FRANKFURT (Reuters) – Private equity firms and sovereign wealth funds have shown interest in the European business of General Motors (GM.N), the US carmaker’s European head told a German magazine. “We are speaking — for example — with interested parties from the private equity sector and with sovereign wealth funds,” Carl-Peter Forster told Der Spiegel […]
WASHINGTON (Reuters) – Banks that have loaned Chrysler LLC $6.8 billion are resisting government pressure to swap more than $5 billion of that debt for stock, the Wall Street Journal reported on Saturday. The banks’ reluctance is slowing Chrysler’s attempt to cement an alliance with Fiat SpA (FIA.MI) of Italy by May 1 as well […]
NEW YORK (Reuters) – Creditors objected on Friday to the results of the auction sale of bankrupt Polaroid Corp, won by private equity firm Patriarch Partners, saying a joint offer by two liquidation companies should have prevailed. Earlier this week, Patriarch Partners won the auction with a bid valued at $59.1 million, including cash and […]