NEW YORK (Reuters) – Steve & Barry’s stores will be liquidated by early 2009 after the new owners concluded they would be unable to obtain financing to keep the casual clothing retailer in business amid disappointing sales. Steve & Barry’s had filed for bankruptcy protection in July, and in the following month it sold its […]
Glass Lewis & Co. LLC, a San Francisco-based proxy firm owned by The Ontario Teachers' Pension Plan, has agreed to acquire political and economic advisory firm Washington Analysis Corp. from Xinhua Finance. No financial terms were disclosed. OTPP originally bought Glass Lewis from Xinhua Finance last year for $46 million.
Buckeye GP Holdings LP (NYSE: BGH), a pipeline operator, has turned down a $17 per unit tender offer from ArcLight Capital Partners and Kelso & Co. The two firms -- along with Lehman Brothers – bought a 63% stake in Buckeye from Carlyle-Riverstone last year. In a regulatory filing, Buckeye said that the $17 per unit price “is inadequate and that the tender offer is otherwise not in the best interests of the holders of units."
KarpReilly Capital Partners and HIG Capital been rebuffed in their offer to buy women’s apparel retailer Charlotte Russe Holding Inc. (Nasdaq: CHIC), for between $9 and $9.50 per share. The deal could have been worth upwards of $198.6 million. KarpReilly currently holds a 5.4% stake in Charlotte Russe.
Centre Partners has acquired operating businesses of Connors Bros. Income Fund, which include branded seafood products like Bumble Bee and Brunswick. The transaction’s enterprise value is approximately $600 million, with Connors senior management staying in place and holding a “significant stake” in the business. Wells Fargo Foothill underwrote a $350 million senior revolver and term loan facility, Ares Capital arranged a $135 million senior sub-debt placement and co-invested on the equity. Falcon Investment Advisors also made an equity co-investment.
BARCELONA, Nov 20 (Reuters) – France’s Vivendi (VIV.PA: Quote, Profile, Research, Stock Buzz) kept the owners of NBC Universal guessing on Thursday over what it plans to do with a 20 percent stake in the U.S. entertainment giant as the latest deadline approaches for a possible sale. Europe’s largest entertainment group has an option every […]
HONG KONG (Reuters) – It’s been a tough stretch for the Asian portfolio of CVC Capital Partners, a large private equity firm that is taking hits from all parts of the region. The firm recently failed to dispose of Amtek Engineering, the Singapore metal stamping company it bought last year, and is trying to sell […]
LONDON (Reuters) – Creditors of French building materials manufacturer Terreal are urgently seeking dialogue with its private equity owner, LBO France, after Terreal defaulted on a 915 million euro loan, banking sources said. Terreal failed a leverage covenant test last Friday on the loan, which specified that its leverage ratio must be eight times and […]
Moody’s Investors Service has cut the corporate family rating of United Site Services Inc. to B1 from Ba3, downgraded its first lien revolving credit facility to B1 from Ba3 and downgraded its second lien term loan to Caa1 from B3. USS is a Westborough, Mass.-based renter of on-site event services like portable restrooms, temporary fencing. It has been owned by DLJ Merchant Banking Partners since 2006.
Moody’s Investors Service has cut the rating outlook for Sabre Holdings Corp. from stable to negative. Sabre is a Southlake, Texas-based online travel reservations company taken private last year by Silver Lake Partners and TPG Capital for approximately $5 billion.