NPC International Inc., a Lenexa, Kan.-based franchisee and operator of Pizza Hut franchises, has closed two transactions whereby its acquired 191 new units and sold 70 to Pizza Hut Inc. NPC was acquired in 2006 by Merrill Lynch Global Private Equity, and now operates 1,098 Pizza Hut restaurants and delivery/carryout units in 27 states.
UAL Corp. (Nasdaq: UAUA), the parent company of United Airlines, has raised $150 million in cash via a sale-leaseback of 15 Boeing 757 aircraft to East Shore Aircraft, a portfolio company of Wayzata Investment Partners.
Leading European private equity group seeks to renegotiate loans for two companies it bought during the boom, which are focused on the construction and housing sectors. According to an article in the Financial Times, Paris-based PAI Partners has appointed advisers to carry out the negotiations with the lending banks. Rothschild has been brought in to […]
HONG KONG (Reuters) – Starr International, an investment firm controlled by U.S. insurance tycoon Maurice “Hank” Greenberg, has failed to win Beijing’s approval to launch a planned private equity joint venture with top China brokerage CITIC Securities (600030.SS: Quote, Profile, Research, Stock Buzz), sources said on Wednesday. Early last year, Starr International and CITIC Securities, […]
Apax Partners has received European Union approval for its pending acquisition of French information and technology consultant Altran Technologies. www.apaxpartners.com
NEW YORK (Reuters) – EZ Lube filed for bankruptcy protection on Tuesday, saying it had been hurt by the economic downturn, and put itself up for sale. The company, which runs about 82 vehicle oil change locations, mostly in California and Arizona, filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the District […]
MILAN/LONDON (Reuters) – Seat Pagine Gialle’s private-equity owners are in a fix — forced to pour more money into the Italian yellow-pages publisher to keep it afloat but unable to fund the new products it needs to thrive. The company’s woes are symptomatic of an industry in which once vital publications — like Encyclopedia Britannica […]
Tis the season for a bombardment of studies, surveys and reports. I’ve gotten a ton over the past few weeks, so here they are, summarized and ready for download. Demystifying the Credit Crunch
From: The Private Equity Council and Arthur D. Little
What it says: I haven't read all 20 pages of this white paper, but according to the press release, it covers the "origins of the credit crunch and the roots of the subprime crisis, which can be traced back to the early 1990s." It also goes into the impact of all that on PE, and has revised commentary on TARP.
Download it here: Private Equity Council Dealmaker's Survey
From: Thomson Reuters and ACG
What it says: Middle market deal pros are bullish. 86% of em say the current M&A environment is poor. That's down quite a bit from the middle of the year, and its not about to change.
Levine Leichtman Capital Partners has agreed to sell Hackney Ladish, a portfolio company that makes steel pipe fittings used in the energy industry, to Precision Castparts Corp., a maker of metal components used in the aerospace and defense industry, according to a government filing, an investor in Levine Leichtman Capital and a release put out […]
NEW YORK (Reuters) – Fitch Ratings on Tuesday cut low-rated portions of a commercial mortgage bond backed by a $4.1 billion loan for Lightstone Group’s Extended Stay hotel chain as the slowing economy dents revenue. The rating company lowered five low-investment grade classes of the Wachovia Bank Commercial Mortgage Trust series 2007-ESH to “BBB-minus” and […]