Advent International has agreed to acquire a 51% stake in the payment processing business of Fifth Third Bancorp (Nasdaq: FITB). The deal values the unit at $2.35 billion, with Advent expected to contribute $561 million in equity.
CI Capital Partners has agreed to sell Valley National Gases, an Independence, Ohio-based distributor of industrial and medical gases and welding supplies, to Matheson Tri-Gas Inc., a subsidiary of Taiyo Nippon Sanso Corp. No financial terms were disclosed.
WASHINGTON/PARIS (Reuters) – The Obama administration seized the wheel of the failing U.S. auto industry on Monday, forcing out General Motors Corp’s CEO, pushing Chrysler LLC toward a merger and threatening bankruptcy for both. The moves came after Europe’s second-biggest carmaker by sales PSA Peugeot Citroen ousted CEO Christian Streiff, replacing him with former Corus […]
WASHINGTON (Reuters) – The Obama administration autos task force on Monday rejected the turnaround plans of General Motors Corp (GM.N) and Chrysler LLC and warned both could be put through bankruptcy to slash debts. The announcement by the White House autos panel headed by former investment banker Steve Rattner marked a stunning reversal for management […]
NEW YORK (Reuters) – Charter Communications (CHTR.O), the fourth largest-cable operator, filed for bankruptcy on Friday under pressure from a massive debt load built up over years of borrowing to pay for technology and acquisitions. Charter, controlled by Microsoft co-founder Paul Allen, labored for years to compete with satellite television and, more recently, with phone […]
As usual, we have a week's worth of downgraded LBO-backed companies from S&P and Moody's. Only four -- which is the same number of withdrawals due to Chapter 11 or default. That latter group includes Charter Communications, backed by Kelso & Co. and Oak Hill, BI-Lo, backed by Lone Star Funds, as well as Indalex, backed by Sun Capital Partners. Company: Network Communications Inc.
Sponsor: Citigroup Private Equity
Downgrade: S&P lowered the company's corporate credit rating from lowered to 'B-' from 'B'.
Highlights: "Revenue and EBITDA were down 20% and 38%, respectively, for the third fiscal quarter ended Dec. 7, 2008, largely due to a decline in ad pages at the company's largest publication, The Real Estate Book (TREB)."
Warburg Pincus has acquired a 5.45% stake in financial information provider Bankrate Inc. (Nasdaq: RATE) according to a regulatory filing. It said that it does not plan to seek a board seat. The position is currently worth approximately $25.75 million. www.warburgpincus.com
KPS Capital Partners has completed its acquisition of certain assets of luxury tableware maker Waterford Wedgwood. No financial terms were disclosed for the deal, which included assets within Waterford Crystal, the pottery business Wedgwood and fine china maker Royal Doulton. Not included were either German porcelain maker Rosenthal or the company’s production facilities at its Waterford crystal plant in Ireland.KPS also announced that the company would be led by Pierre de Villemejane, former CEO of Speedline Technologies -- a KPS portfolio company sold to Illinois Tool Works.
BRUSSEL (Reuters) – Belgian supermarket group Delhaize (DELB.BR) faces competition from investment group CVC Capital Partners in a battle to acquire some Carrefour (CARR.PA) stores in Belgium, newspaper De Standaard reported on Friday. Both parties are working intensively on the matter, the paper said. “At least one player has already made a bid,” De Standaard […]
Just for back from our 3rd Annual Buyouts Awards Dinner, as part of Buyouts East. I know such a spectacle sounds a bit perverse on first blush (given the times and all), but most of these awards were for exits (i.e., verifiable successes). Plus, there was a charity involved (St. Jude's). Anyway, here are the winners: Buyout Firm Of The Year
Advent International Deal of the Year
ABS Capital Partners for American Public Education (17.1x return multiple) Large Market Deal Of The Year:
Hellman & Friedman for DoubleClick (8x return multiple)