Textron has agreed to sell its Fluid & Power division for $1 billion to UK engineering group Clyde Bowers, which is being sponsored on the deal by HarbourVest Partners and Pantheon Ventures. Leveraged financing has been committed by Bank of Scotland, Barclays, HSBC and RBS.
Evonik has agreed to sell its U.S. and Canadian cyanide activities to Oaktree Capital Management for an undisclosed amount. Publicly-traded Evonik recently received a €1.6 billion investment from CVC, while Oaktree recently agreed to buy Nevada Chemicals. www.oaktreecapital.com
Chevron Mining Inc. has agreed to sell its Mountain Pass rare earth mining operations to an acquisition company formed by Pegasus Partners, Goldman Sachs, Traxys North America and Carint Group. No financial terms were disclosed. The Englewood, Colo.-based company will be renamed Molycorp Minerals LLC. PRESS RELEASE Chevron Mining Inc. (“Chevron”) today announced that it […]
NEW YORK (Reuters) – McClatchy Co (MNI.N) Chief Executive Gary Pruitt’s resignation as a co-trustee of trusts held by the U.S. newspaper publisher’s controlling family should not be read as a prelude to the company going private or changing its capital structure, he said on Wednesday. Pruitt’s comments in a statement were a response to […]
Marwit Capital has sponsored a recapitalization of Granite Seed Co., a Lehi, Utah–based provider of conservation seed and erosion control solutions in the Western U.S. The deal was done in partnership with company founder Don Bermant, who will continue to serve as CEO. PRESS RELEASE Marwit Capital Partners II, L.P. (“Marwit”) announced today that […]
HONG KONG – Provisional liquidators have been appointed for Hong Kong-based watch retailer Peace Mark (0304.HK), nearly a month after the firm suspended its shares and sought a “white knight” suitor to shore up its balance sheet. Peace Mark, which sells watches for brands including Rolex, Omega, Rado and Tissot, said on Sept. 3 it […]
Waud Capital Partners has acquired Reimbursement Management LLC, a Phoenix-based provider of provider of revenue cycle management services focused on Medicaid receivables. No financial terms were disclosed.
Microsoft Corp. announced that it will sell Greenfield Online’s Internet survey business to an affiliate of ZM Capital for an undisclosed amount. The sale would come after Microsoft completes its acquisition of Greenfield Online in Q4, with ZM lining up leveraged financing from NewStar Financial, CIT and VSS Structured Capital. PRESS RELEASE Microsoft Corp. and […]
Mercapital and Merrill Lynch are reported to have made a joint €500m bid for Spanish dental clinic group Vital Dent. Spanish daily Expansion cited a source close to the deal saying that the two had teamed up and made the highest offer so far for the 430-strong dental clinic chain. French buyout firm PAI Partners […]
Once a limited process, the stake sale of apparel maker Tory Burch has been opened to a wider pool of private equity bidders, peHUB has learned. The company’s namesake, Tory Burch, and her ex-husband and business partner, Christopher Burch, had hired Goldman Sachs to shop the business, but disagreements over fees led the duo to move forward with Lehman Brothers as its sell-side adviser. (Goldman was connected to Christopher Burch; Lehman’s connections were with Tory Burch.) Women’s Wear Daily reported in July that bidding for the 30% stake had been narrowed to Bear Stearns Merchant Banking and TSG Consumer Partners, though the sale hinged on the firms’ willingness to pay Tory Burch’s steep asking price.