LONDON (Reuters) – Lenders to UK food retailer Iceland have rejected a waiver request to let it buy back some of its debt, but have allowed the company to buy additional stores, banking sources close to the deal said. The waiver asked banks to let Iceland use 75 million pounds ($109.6 million) of cash […]
MILAN (Reuters) – Italian designer Roberto Cavalli said he had agreed to sell a minority stake in his fashion house to private equity company Clessidra, a local business daily reported on Thursday. “I am close to signing a preliminary (agreement) for the sale of a minority stake to the Clessidra fund,” Cavalli was quoted as […]
LONDON (Reuters) – British fashion chain Fat Face posted a 3 percent rise in sales for the five weeks to Jan. 5 and said trading conditions were getting tougher. The privately-owned group, which sells clothes, footwear and accessories, said on Thursday earnings before interest, tax, depreciation and amortisation (EBITDA) fell 4.1 percent to 11.8 million […]
NEW YORK (Reuters) – Private equity firms will soon announce major year-end write-downs to their portfolios as recession bites, but some think the accounting cuts won’t go far enough. Private equity insiders are expecting write-downs of at least 20-30 percent as buyout firms revalue assets in a new world where unemployment is rising and […]
Emerging Capital Partners has sold its minority stake in SOMDIAA SA to the company’s majority shareholders for approximately $26 million. This represents a 2x return on ECP’s initial investment, which was made in September 2003. SOMDIAA produces sugar, flour and animal feed in Central Africa. PRESS RELEASE Emerging Capital Partners (ECP), an international private […]
Allied Carpets, Britain’s second-biggest flooring retailer, has held preliminary talks with turnaround specialist Hilco. Without citing its sources, The Independent reported that a prospectus has been sent out and first round bids for the privately held Allied Carpets are due this month. Neither Hilco nor Allied Carpets or its French owner Tapis Saint-Maclou were immediately […]
DETROIT/PARIS (Reuters) – Struggling U.S. automaker Chrysler is in talks to sell assets to Renault-Nissan and parts supplier Magna, sources with knowledge of the discussions have told Reuters, though the French automaker on Wednesday denied such talks were under way. The third-largest U.S. automaker is under pressure to restructure after accepting $4 billion in U.S. […]
Hanover Partners has acquired Handi Quilter LLC, a North Salt Lake City-based maker of branded quilting machines, portable frames/tables, computerized quilting systems and quilting accessories. Tuckerman Capital provided leveraged financing, while Handi Quilter senior management also participated. No pricing terms were disclosed.
Northern Lights Ventures has acquired a minority equity stake in Seizert Capital Partners, a Birmingham, Mich.-based investment management firm. No financial terms were disclosed.
DETROIT (Reuters) – Tennessee Sen. Bob Corker, who pushed for tough conditions on the U.S. government bailout for automakers, said on Tuesday he hoped that Chrysler LLC would merge to become a viable company. Corker, who was touring the Detroit auto show and scheduled to meet with U.S. auto executives, also said he was concerned […]