Yankee Hill Management has acquired a majority stake in Great Western Products Co., a Hollywood, Ala.-based maker of movie theater concessions and equipment, according to LBO Wire. No financial terms were disclosed, except that PNC Financial Services provided senior debt and South Franklin Street Partners provided mezzanine debt. www.gwproducts.com
Penda Corp., a Portage, Wis.-based maker of thermoformed solutions, has agreed to merge with Durakon Industries Inc., a provider of thermoformed automotive components. No financial terms were disclosed. Penda is a portfolio company of Resilience Capital Partners, while Durakon is a portfolio company of Littlejohn & Co. Both private equity firms will be the shareholders of the combined company.
UK private equity group, Key Capital Partners (KCP), announced on Tuesday that its portfolio company, Pandora Books, which supplies books to UK schools, has bought competitor, Badger Publishing, from EDCO, the Irish educational publishing division of Smurfit Kappa Group. Although no deal value was disclosed, the combined turnover of the new company will be […]
Three US-based parties are in talks to save china-maker Waterford Wedgwood after the Irish company called in receivers. The heavily indebted maker of Waterford crystal, one of Ireland’s most famous brands, failed to buy time from its creditors and on Monday asked for its shares to be suspended. A report in the Financial Times said […]
BANGALORE/MUMBAI (Reuters) – Shares in Satyam Computer Services (SATY.BO) rose more than 7 percent on Tuesday following a newspaper report one of its smaller rivals had approached the embattled Indian outsourcer for an all-share merger. Tech Mahindra (TEML.BO), a unit of tractor and utility vehicle maker Mahindra & Mahindra (MAHM.BO), is looking for a deal […]
Tonka Bay Equity Partners and Boulder Brook Partners have acquired NAI Cranes LLC, a Woburn, Mass.-based provider of custom overhead cranes and related services. No financial terms were disclosed.
Eureka Growth Capital has formed Toxicology Holdings Corp., a provider of substance abuse identification and services for private industry, local governments, law enforcement and medical examiners in the U.S. and Canada. No financial terms were disclosed, except that Sovereign Bank provided a working capital facility.
Verizon Wireless said that it will close its $28.1 billion acquisition of rural mobile service provider Alltel Corp. on January 9. The deal includes the assumption of approximately $22.2 billion in debt that was mostly incurred when Alltel was taken private in November 2007 by TPG Capital and GS Capital Partners. www.alltel.com
The final list of 2008 LBO-backed bankruptcies has 49 Chapter 11s. Download it after the jump. Repeat offenders include our turnaround investing friends at Sun Capital and Cerberus and our non-turnaround investing friends at Catterton Partners, Carlyle Group, Thomas H. Lee Partners, and Madison Dearborn Partners. The auto industry tops the list as worst-hit, claiming 11 of the Ch. 11's. Tied with automotive is retail, with 11 more of the 11's. Three of those are furniture retailers. Beyond that it's a toss-up with transportation + airlines claiming six, three media properties, three consumer products vendors, and two restaurants. Four of the companies have emerged from bankruptcy; several others have headed for Chapter 7 liquidation. For the record, it's nice to revisit the 2007 list, which included all of
What on earth is going on between Monitor Clipper Partners and Jude Rake, CEO of Monitor Clipper portfolio company Recycled Paper Greetings. To say they aren’t on the same page would be an understatement. Back in September, RPG and Rake seemed to believe they were under attack from larger rival American Greetings. Specifically, they were upset about American Greetings buying over 50% of Recycled Paper’s first-lien debt. Rake referred to the move as “predatory,” and Monitor Clipper filed suit against American Greetings, arguing that the purchase violated a confidentiality agreement between the two companies. Then last week it appeared that the chill had thawed. American Greetings announced that it had reached an agreement to acquire RPG, which would first file for Chapter 11 bankruptcy protection in order to restructure its debt. In a formal statement, Rake said: “This acquisition is good news for our company on many fronts.”