Wall Homes Inc., an Arlington, Texas-based homebuilder, has filed for Chapter 11 bankruptcy protection. According to the filing, Warburg Pincus holds 73.11% of Wall Homes' outstanding common stock, and 81.55% of its outstanding preferred stock. The company's largest unsecured creditor is AFCO Credit Co. Here is a downloadable copy of the filing.
Add one more to the list of first-time funds in the market. TPZ Group, a lower middle-market PE shop focused on business and consumer services companies. The New York-based firm recently made its first investment, sparking speculation that it it had held at least one close (i.e., saving it from fundraising purgatory). As it turns out, a source says that TPZ has held at least two closes toward an undisclosed target for an undisclosed amount. The anchor investor is a large university endowment. The firm's partners declined to comment on any details.
DFW Capital Partners has sponsored a recapitalization of Venio LLC, a New York-based provider of asset recovery services. No financial terms were disclosed, except that Praesidian Capital Investors provided approximately $16.5 million of debt. PRESS RELEASE Praesidian Capital Investors, a leading provider of mezzanine capital for small and mid-sized companies, has invested approximately $16.5 […]
Jon Moulton of Alchemy Partners got PE tongues wagging earlier today, by saying that "it really would not be surprising in this recession if 30% of portfolio companies in the mid-market buyout firms actually failed.” He then softened it a bit, by adding that mid-market funds would "still come out better than mega-funds, because they had less debt going in." The first part of Moulton's comment is obviously sobering, but the second part is a conventional wisdom that began forming while the good times were still rolling. Specifically, this notion of mid-market responsibility vs. mega-market irresponsibility -- as if mid-market firms were putting down 20% on 30-year fixed mortgages, while mega-market firms were buying up McMansions with no-money down option ARMs. There's some truth to it, but much less than you might think. Specifically, let's take a look at Standard & Poor's data for 2007, which played host to a record-busting $765 billion in private equity transactions. It shows that purchase price multiples for
LONDON (Reuters) – Care homes operator Four Seasons Health Care is unlikely to strike a deal over its debt before a deadline expires on Thursday, two sources familiar with the situation said on Tuesday. Lenders are expected to give the debt-ridden company more time to negotiate an agreement, the sources said. The talks have already […]
MILAN (Reuters) – Chrysler said on Tuesday it was forming an alliance with Fiat, following reports the Italian company was to take a stake in the U.S. carmaker. A deal would help Fiat gain the scale needed to survive the worst crisis in decades in the car industry, and help it return to the U.S. […]
Millennium Private Equity has invested AED 92 million (US$25m) into Kuwait Energy Co., an independent exploration and production company.
Zune Industries LLC, a water management subsidiary of Rexnord LLC, has agreed to acquire Fontaine-Alliance Inc. for C$30 million. Rexnord is a portfolio company of Apollo Management.
Simmons Bedding Co., a portfolio company of THL Partners, last week missed a $7.9 million interest payment on its $200 million 7.875% senior subordinated notes.
NEW YORK (Reuters) – Investor Wilbur Ross, who made a fortune snapping up distressed companies, announced on Friday the first of what is expected to be a series of bank acquisitions across the United States. Ross personally agreed to buy more than 68 percent of First Bank & Trust Co, a Indiantown community bank with […]