Health & Safety Institute, a portfolio company of The Riverside Co., has acquired JSL Communications LLC, a Bainbridge Island, Wash.-based provider of continuing education training materials for first responders and emergency medical services. No financial terms were disclosed. www.riversidecompany.com
The Riverside Company is in talks to buy Sencore Inc., a Sioux Falls, S.D.-based electronics company, according to a government filing and a source with knowledge of the talks. Sencore makes measuring instruments used in troubleshooting by broadcasters, manufacturers of broadcast hardware, video production engineers, cable operators, and retailers of audio and video and audio […]
Interstate Auto Group Inc., a Minneapolis-based buy-here/pay-here auto lot operator, has acquired Auto Master from First Cash Financial Services Inc. No financial terms were disclosed. IAG is a portfolio company of Alpine Investors.
JLL Partners said that it will commence an offer for any issued or outstanding shares it does not already own in Patheon Inc. (TSX: PTI), a Canadian provider of contract development and manufacturing services to the global pharmaceutical industry. The offer would be for US$2 per share, or a 138% premium to last Friday’s closing price. JLL currently holds around a 30% stake in Patheon.
TDX Group, a UK debt collection advisor, has sold a 40% stake to Bahrain-based investment group Investcorp for £28m (US$42m). Nottinghamshire-based TDX was founded five years ago by executives at Capital One, HSBC and GE. Working with creditors, purchasers and collection agencies, TDX provides data including sale market pricing, bid data, segment and account level […]
NEW YORK/TORONTO (Reuters) – BCE Inc (BCE.TO: Quote, Profile, Research, Stock Buzz)(BCE.N: Quote, Profile, Research, Stock Buzz), the Canadian telecom giant whose C$34.8 billion ($27.8 billion) buyout appears close to collapse, has received a second accounting opinion that found it would be solvent after the deal is done, a source familiar with the situation said […]
I just finished participating in a panel discussion called Pulse of the Middle Market, which was hosted in the Boston offices of law firm Edwards Angell Palmer & Dodge. Pretty dour session overall, but very well attended (after all, it’s not like people have deals to work on). Here’s a few quick notes I jotted down: * When it comes to leverage multiple, six is the new nine. * “Uncertainty is worse than bad certainty.” – Lee Tesconi, a partner with Lexington Partners (as relayed by Lane MacDonald of Harvard Management Co.) * Typical buyout funds are down between 6% to 9% for the September marks. They're expected to keep going lower, but not nearly so low as public equities. * Not only are LPs concerned about the existing denominator effect (overall portfolio value drops, thus illiquid PE exposure rises past allocation levels), but that the effect will be exacerbated by VC and buyout firms that keep drawing down capital faster than they provide distributions.
LONDON (Reuters) – Private equity firms need to persuade skittish investors that buying discounted senior debt is a viable way to make money as the credit crisis has put a virtual halt to leveraged buy-outs, once their bread and butter. The industry is sitting on about $450 billion of capital it raised for buy-outs but […]
(Reuters) – The Extended Stay Hotels group is in early talks that could result in turning the hotel chain over to its lenders, The Wall Street Journal reported. Extended Stay could not be immediately reached for comment. Lightstone Group, a private real estate firm not known for its hotel investments, bought Extended Stay Hotels group […]
Paramount Building Solutions, a janitorial services platform sponsored by LaSalle Capital Group, has acquired Janitorial Management Services Inc. of Tarzana, California. No financial terms were disclosed.