Recession Hits Carl Icahn: He's selling his yacht, and Wall Street Folly has the 13-F charts to show us why. Thanks FT: For finally putting your foot down on these kneejerk overblown Great Depression comparisons. For further proof of the damage, see New York Magazine's Crisis-Speak glossary:
Depression: An implicit threat by way of which financial institutions are able to extort ransom to the tune of several hundred billions.
Now Firing, I Mean Hiring: Lehman Brothers is taking resumes. Four hundred fifty to be exact. According to Dealscape, the new guys on the block will "look through Lehman's derivatives contracts to determine which parties could assert legitimate claims against the bank." Bankrupt?!: Tweeter Home Entertainment, again, according to gadget blog Engadget. If true, this time the blame falls squarely on its 363 buyer, Schultze Asset Management.
Retailers are entering their most profitable quarter of the year, and many have been forced to tap into revolving lines of credit to cover the costs of inventory and labor. Others are doing it as a preventative measure. The move is particularly worrisome for LBO-backed retailers, given the dismal projections for holiday sales. Add to that the poor performances of many PE retail plays, including the liquidation of Mervyns and Linens N' Things. Beyond that, there's predictions of massive defaults in the first quarter of next year. Not to mention, they're drawing down loans to finance a reduced inventory. Adding further insult to injury, the holiday shopping season is technically one week shorter this year, since Thanksgiving falls a week later than usual. At the top of the list is Blackstone and Bain-backed Michaels Stores, which on Wednesday drew down $120 million from its ABL revolver.
MILAN (Reuters) – Seven bidders are on the short list to make binding offers for Italian electronic payments company SIA-SSB, six sources close to the matter said on Friday. The bidders comprise Telecom Italia SpA (TLIT.MI), France’s Atos Origin PA (ATOS.PA), Total System Services Inc. (TSS.N), Bridgepoint Capital Ltd., Advent International, Bain Capital and Cinven […]
NEW YORK (Thomson IM) – A US judge on Thursday approved bid procedures for Lehman Brothers Holdings Inc to sell its investment management division, including Neuberger Berman, in a bankruptcy auction. ‘Allowing this to proceed represents the principal stabilizing force for the business,’ Judge James Peck said at a hearing in US Bankruptcy Court in […]
GTCR has committed up to $200 million in equity capital for the creation of ExcelusHR, a St. Peterserg, Fla.-based acquisition platform focused on the HR information and services industry. The company will be led by John Long, former CEO of First Advantage Corp. (Nasdaq: FADV).
Corinthian Capital Group has acquired Precision Motors Transport Group, an Okemos, Mich.-based provider of transport services for European luxury cars throughout the United States. No financial terms were disclosed. Allegiance Capital Corp. advised PMTG on the sale.
It's the worst deal-making environment in recent history, yet somehow Accel-KKR keeps cranking out new transactions. The firm earlier this week purchased Endurance International, a Burlington, Mass.-based web hosting and management business for an undisclosed amount. It was Accel-KKR's third deal in as many weeks, following the buyout court reporting tech business Alexander Gallo Holdings and the sponsorship of a merger between Amphire Solutions and its portfolio company iTradeNetwork. Plus, Accel-KKR held an oversubscribed close of its third fund. I had to ask, how is the Bay Area firm so prolific in such slow-moving times, and will it continue?
No, that’s not missing a “million” after it. The 20-million circ. publication was sold for one hundred cents to OpenGate Capital. You can’t even buy an issue of TV Guide for that cheap! It prompted me to honor the lower-micro-small-market with Kind Of A Small Deal, a one-time bonus edition of my deal profile column. […]
The Riverside Co. has acquired UV-Vis Metrolab SA, an Argentina-based maker of automated clinical chemistry analyzers for the human medical market. No financial terms were disclosed.
Centre Partners has amended its acquisition agreement with Canadian food-maker Connors Bros. Income Fund, in order to increase the certainty of close.