HONG KONG (Reuters) – Private equity investors in Asia are increasingly fearful of fraud within their portfolio companies as the global economic downturn puts mounting pressure on firms in the region. The global financial crisis has already caused significant damage to private equity-backed companies in Asia, with shares plunging and demand drying up for everything […]
DETROIT (Reuters) – Chrysler LLC’s recent cost cutting, including white collar layoffs and the exit of senior executives, was not done with the goal of positioning the company for sale, Chief Executive Bob Nardelli said on Sunday. Nardelli, speaking on the sidelines on the first day of the North American International Auto Show, said the […]
KANSAS CITY (Reuters) – Interstate Bakeries Corp, the bankrupt maker of Wonder Bread and Twinkies snack cakes, said on Friday that efforts to secure financing to exit bankruptcy were taking longer than expected. “As everyone knows, it is a difficult environment in these financial markets and reaching agreement is taking more time and is more […]
Polaris Venture Partners has made a significant equity investment” in National Electronic Attachment Inc., a provider of secure electronic data transmission, presentation and storage services for dental claims attachments. The deal also includes NEA sister company Medical Electronic Attachment Inc., which focuses on the medical claims market. Brokwood Associates advised NEA and MEA on the deal, which closed in late December.
Oliver Medical LLC, a portfolio company of Mason Wells, has acquired TOLAS Healthcare Packaging, a maker of sterile-grade packaging. No financial terms were disclosed.
Sunquest Information Systems Inc., a Tucson, Ariz.-based provider of laboratory and diagnostic information systems, has acquired the Outreach Advantage unit of Pathology Associates Medical Laboratories. No financial terms were disclosed. Sunquest is a portfolio company of Vista Equity Partners.
Terra-Gen Power LLC, a portfolio company of ArcLight Capital Partners, has acquired a portfolio of six wind projects from Airstream Energy LLC. No financial terms were disclosed. The projects are expected to generate approximately 2500MW of wind energy, and are based in Wyoming, Nebraska, Colorado, Kansas and New Mexico.
ABRY Partners has acquired a minority stake in Gateway EDI Inc., a St. Louis-based provider of healthcare billing services to healthcare companies, according to LBO Wire. No financial terms were reported. www.gatewayedi.com
Foxtons, a London estate agent owned by global private equity firm BC Partners, has breached its banking covenants. Andrew Newington, a partner at BC Partners, told a press briefing that Foxtons breached performance terms set by lenders in BC Partners’ reportedly £400m buyout of the upmarket London estate agency in May 2007, Bank of America and Japan’s Mizuho. “As housing markets fall, so do estate agents, so we got that wrong. In hindsight, we made the wrong assessment of the market.” The fate of the business is now believed to be in the hands of the banks, with BC Partners reportedly refusing to inject further cash until some
Author Solutions, a Bloomington, Ind.-based self-publishing company, has acquired Xlibris, a provider of print-on-demand self-publishing services. No financial terms were disclosed. Author Solutions is a portfolio company of Bertram Capital.