Oak Investment Partners has agreed to buy up to $50 million worth of convertible preferred stock in Clarient Inc. (Nasdaq: CLRT), a provider of anatomic pathology and molecular testing services. The first $40 million is split up into two tranches, with Clarient receiving $29.1 million today. The final $10 million is dependent on mutual agreement of Oak and Clariant, which is using the PIPE to pay off debt.
Reporting from the 21st Annual Buyouts East conference at the Grand Hyatt in New York, I bring you the highlights of this morning's LP panel. In a lightening round, panelists were asked if they would back a first-time fund this year. Here are their answers: Barry Gonder, Grove Street Advisors: Maybe. If it were a spin-out of a top tier manager who teamed up with some serial entrepreneurs, or a top decile manager.
Kevin Kester, Siguler Guff: Maybe. We have in the past, so if it it within out funds-of-funds strategies, such as BRIC or distressed, then yes.
Bill Walsh, Portfolio Advisors: Yes, we will probably do one or two. The host of those will be done through secondary deals, though.
Charlie Van Horne, Abbot Capital: No, unless it was a spin-out. Other highlights from the panel, including the panelists' thoughts on the New York pension pay-for-play scandal and GP/LP relations, after the jump.
Marlow Capital, a South African private equity firm, has led a buyout of South African waste management company Wasteman Group Ltd., from shareholders including Suez Environment. No financial terms were disclosed.
NEW YORK (Reuters) – Foamex International Inc (FMXLQ.PK) , a bankrupt maker of polyurethane foam for bedding and cushions, said on Wednesday that it has reached a deal to sell substantially all of its assets to an affiliate of debt investment firm MatlinPatterson. MatlinPatterson intends to purchase the company’s assets as a going concern, subject […]
NEW YORK (Reuters) – Gordon Brothers and an unspecified “group from China” are expected to make bids for the assets of bankrupt department store chain Gottschalks by Wednesday night or Thursday morning, the head of the department’s store’s creditor committee said on Wednesday. “We’re expecting a couple of bids today which we haven’t gotten yet,” […]
NEW YORK (Reuters) – Senior lenders who provided $150 million to Freescale Semiconductor have filed suit against the chip maker over its attempt to exchange about $4 billion in notes for up to $1 billion in a new term loan. The exchange has “unjustly enriched” noteholders because they have swapped nearly worthless notes for a […]
HONG KONG (Reuters) – China’s rejection of Coca-Cola’s (KO.N: Quote, Profile, Research, Stock Buzz) attempt to buy Huiyuan Juice (1886.HK: Quote, Profile, Research, Stock Buzz) should not deter global private equity firms from investing in the country, JPMorgan’s (JPM.N: Quote, Profile, Research, Stock Buzz) top Asia private equity banker said on Wednesday. Anand Narayan, the […]
NewPage Group Inc., a coated paper manufacturer owned by Cerberus Capital Management, has sold its Little Quinnesec hydroelectric facility in Niagara, Wisconsin to Northbrook Wisconsin LLC, a portfolio company of Energy Investors Funds and Northbrook Energy LLC. No financial terms were disclosed.
NEW YORK (Reuters) – American International Group Inc’s (AIG.N) aircraft leasing unit is likely to get bids from at least three private equity groups in the auction’s second round set for early April, two sources familiar with the matter said. The three groups seen bidding for International Lease Finance Corp (ILFC) include Thomas H. Lee […]
FRANKFURT (Reuters) – German specialty chemicals company Cognis narrowed its net loss to 63 million euros ($85.86 million) in 2008, after divestments lowered the burden of refinancing costs, it said on Wednesday. The private-equity controlled maker of ingredients for consumer goods shied away from providing an outlook, only saying it aims to cut 70 million […]