(Reuters) – Britain’s Barclays is considering selling its private equity arm to a management consortium in a move to raise capital for the bank, the Mail on Sunday newspaper reported. The group’s investment banking arm Barclays Capital could spin off the private equity division into a new company controlled by its current management, the report […]
Cerberus Capital today issued a statement regarding its investment in Chrysler LLC, following President Bush's authorization of $17.4 billion in emergency loans to U.S. automakers (although Ford said it won't need the help). It said that it would put $2 billion from Chrysler Financial into the troubled automaker, alongside the $4 billion in federal funds. It also reiterated its pledge to not take any profits that may emerge, which a spokesman says includes both carried interest and fees. Here is the statement, in its entirety:
Clayton, Dubilier & Rice this week sent out its annual letter to limited partners, and peHUB has gotten itself a copy. You can read it here. The first few pages lay out the private equity market's dire straights, and how CD&R can capitalize on the environment. Self-serving, to be sure, but standard for such letters. Then there also are a dfew newsworthy nuggets, including that partner Edward Liddy is expected to return once he's "completed his work" running AIG (a moving target to be sure). What did surprise, me however, was they way in which CD&R has been valuing its portfolio companies. All private equity firms are required to use mark-to-market for the Q4 period, and about half of them began doing so by Q3. CD&R was not among the early adopters
NEW YORK (Reuters) – Private equity firm Cerberus said on Friday it would use the first $2 billion of proceeds from Chrysler’s auto financing arm Chrysler Financial to backstop the government loan allocated to its struggling Chrysler car making unit. President George W. Bush on Friday offered a $17.4 billion government lifeline to ailing automakers […]
CHICAGO (Reuters) – Brinker International Inc (EAT.N) said on Friday it completed the sale of a majority stake in its Romano’s Macaroni Grill business, helping to send the restaurant operator’s shares up nearly 28 percent. The final sale price for buyer Golden Gate Capital was nearly 40 percent less than the figure first announced in […]
(Reuters) – Bond fund Pacific Investment Management (Pimco) has turned down a debt-exchange offer from GMAC LLC, threatening the auto and mortgage finance company’s bid to qualify for U.S. government funds, the Wall Street Journal reported. The newspaper quoted a person familiar with the matter. Pimco, the world’s biggest bond fund and a unit of […]
NPC International Inc., a Lenexa, Kan.-based franchisee and operator of Pizza Hut franchises, has agreed to buy a total of 97 restaurant units from Pizza Hut Inc. for $37.5 million. NPC was acquired in 2006 by Merrill Lynch Global Private Equity, and currently operates 1,098 Pizza Hut restaurants and delivery/carryout units in 27 states.
Sabre Holdings, a portfolio company of Silver Lake Partners and TPG Capital, has acquired EB2 International Ltd., a London-based provider of e-commerce enabling software, solutions, infrastructure and services to global airlines. No financial terms were disclosed.
One Equity Partners has agreed to buy the TV Guide Network from Macrovision (Nasdaq: MVSN). The deal is valued at $255 million, plus the possibility of another $45 million in earn-out payments through 2012. It is expected to close by April 1, 2009. One Equity is partnering on the deal with Allen Shapiro, former president of Mosaic Media Group and ex-CEO of Dick Clark Productions. UBS Investment Bank ran the process for Macrovision.
UK buyout firm CVC is planning on buying a sizeable minority stake through the part-privatization of the Royal Mail, it has emerged. The Wall Street Journal is reporting that the British government wants to sell at least 25% of Royal Mail Group while keeping control of the Post Office branches themselves. In April […]