As usual, we have a week of ratings downgrades on the debt of LBO-backed companies, via ratings agencies Moody’s and Standard & Poor’s. This week we have thirteen. One Note: This list excludes downgrades to ‘D’ for ‘default’ on companies that have filed for Chapter 11 bankruptcy protection. Check the quarterly LBO-backed bankruptcy list for those. However, it does include defaults and ‘SD,’ or ‘selective defaults’ on companies that have not yet filed for bankruptcy. I say this because this list is becoming just as much a way to track distressed debt exchanges as it is to track ratings downgrades. We also have a rebellious ratings agency first (at least in my experience). The story is this: Similar to public company analysts, debt-laden companies pay ratings agencies to examine and report on their debt. Sometimes, when a company’s ratings get too ugly, a company will ask the agency to withdraw its rating, and S&P or Moody’s will oblige. Such is the case with Six Flags, except instead of hiding its analysis from the public, S&P issued its first ever (to my knowledge) “unsolicited” rating on the company. Way to take on the man, S&P.
EduK Group, a post-secondary educational institution in Puerto Rico, has acquired Florida Technical College, which offers associate’s degrees and diplomas in the Orlando area. No financial terms were disclosed. EduK Group is a portfolio company of Leeds Equity Partners. www.leedsequity.com
DuBois Chemicals Inc., a Racine, Wis.–based maker of specialty chemicals and solutions for manufacturing problems and lean initiatives, has acquired Blendco Systems LLC, a Bristol, Penn.-based maker of car wash detergents, waxes and other specialty cleaning products. No financial terms were disclosed, except that leverage was provided by TriState, KeyBank and US Bank. DuBois Chemicals […]
(Reuters) – TMD Friction, a bankrupt German maker of brake pads for the auto industry, has been bought by private equity firm Pamplona Capital Management, TMD said on Friday. Both sides declined to comment on the sale price. The acquisition will safeguard 3,800 jobs worldwide, TMD said. “I’m delighted to be partnering with Pamplona who […]
LONDON (Reuters) – Energy consultancy Wood Mackenzie, owned by buyout firm Candover, has hired Goldman Sachs (GS.N) to sell its business for at least 650 million pounds ($953 million), the Financial Times said on Friday without citing sources. Wood Mackenzie was not available for comment when contacted by Reuters. The firm has received more than […]
Deltek Inc. (Nasdaq: PROJ), a Herndon, Va.–based provider of enterprise applications software for project-focused businesses, has filed for a $60 million rights offering. New Mountain Capital, the company’s largest shareholder, has said it intends to participate.
NEW YORK (Reuters) – New York-based private equity firm Patriarch Partners LLC won the auction for bankrupt Polaroid Corp’s assets, both companies said on Thursday, with Patriarch winning over three rival bidders. The result of the auction, which ended on Tuesday, is subject to court approval at an April 6 hearing. The assets Patriarch is […]
FleetCor Technologies, a Norcross, Ga.-based provider of branded fuel cards, has acquired CLC Group Inc., a Wichita, Kansas-based provider of lodging management programs to businesses. No financial terms were disclosed. The seller was Nautic Partners, while FleetCor is owned by Advent International, Bain Capital and Summit Partners.
Tri-County Petroleum Inc., a portfolio company of KRG Capital Partners, has acquired Loos & Dilworth Inc., a supplier of passenger car motor oils in the Philadelphia and Baltimore areas.
NEW YORK (Reuters) – Hertz Global Holdings Inc (HTZ.N) won a bankruptcy auction for the assets of Advantage Rent-A-Car, a lawyer representing Advantage said on Wednesday. Hertz won the auction with a $30.3 million bid for 25 leases and airport concession agreements held by Advantage, its website and some of its trademarks at an auction […]