For most deals, the next month will be make or break. New deals rarely originate between Thanksgiving and New Years, and old deals on hiatus are usually forced to, well, use it or lose it. This year will be more interesting than usual, since we've seen a a near 1:1 ration of completed to canceled deals, which is a big increase in cancellations over last quarter and Q4 last year. Whether that ratio will continue through December is anyone's guess. Today I reported on the third-largest deal closure of the quarter, a $600 million take private. To provide us with a little context for that ranking, Ari Nathanson of Buyouts helped me compile a list of the top ten US sponsor deals since October 1. Note that this is for disclosed values only. Interestingly, two different firms (and not the ones you'd expect) make two appearances: Gores Group and HIG Capital. It says a lot that number ten is valued at a whopping $50 million. You can download it in spreadsheet form after the jump.
It all goes back to the “need to sell” sellers. That’s how Centre Partners managed to pull off a $600 million deal in the midst of the financial crisis of the century (yes, I realize this credit crunch could be topped in the next 91.08 years). It’s the third largest deal to close thus far […]
FRANKFURT/DETROIT (Reuters) – U.S. private equity firm Cerberus has demanded billions of dollars in compensation from Daimler (DAIGn.DE) as part of a deal to buy the remaining 19.9 percent stake in Chrysler, Daimler said on Wednesday. The demand — for more than the $7.2 billion Cerberus invested for an 80.1 percent stake in the number […]
Earlier this year, there was lots of talk about how private equity firms were buying up discounted debt in their own portfolio companies. Leaving aside the now-obvious pricing folly, here is my question: How are firms going to handle the obvious conflicts of interest? For example, imagine Turkey Capital bought Gobble Corp. by using capital […]
TORONTO (Reuters) – BCE Inc (BCE.TO) said on Wednesday that it was unlikely to close its C$34.8 billion ($28.2 billion) leveraged buyout next month, after its accountants ruled the company, which owns Bell Canada, wouldn’t meet a solvency test because of the huge debt load involved in the deal. It was the latest twist in […]
Kellwood Co., an apparel company owned by Sun Capital Partners, has sold a pair of non-core brands -- Gerber Childrenswear LLC and Hanna Andersson LLC – to a Sun Capital affiliate called Childrenswear LLC. The deal was valued at $179 million.
Primus International Inc., a Bellevue, Wash.-based supplier of aerospace parts, has acquired Accra Manufacturing Inc., a Bothell, Wash.-based maker of structural aerospace components and assemblies. No financial terms were disclosed. Primus is a portfolio company of Oak Hill Capital Partners. www.primusint.com
TRM Copy Centers LLC, a provider of self-service retail copy centers, has acquired Solvport LLC, a national provider of ATM and kiosk outsourced services. No financial terms were disclosed. TRM is a portfolio company of Skyview Capital.
Anchor Drilling Fluids USA Inc., a Tulsa, Ok.-based portfolio company of Castle Harlan, has acquired Advantage Drilling Fluids LLC, a Longmont, Colo.-based provider of drilling and completion fluid services to oil and natural gas drillers in the Piceance Basin in Colorado and the Uintah Basin in Utah. No financial terms were disclosed.
DUBLIN (Reuters) – An Irish-led consortium has entered into preliminary due diligence with Bank of Ireland (BKIR.I: Quote, Profile, Research, Stock Buzz) and could buy a 60 percent stake if a deal is struck, the Irish Independent reported on Wednesday. A Bank of Ireland spokeswoman declined to comment. The Irish Independent, which did not cite […]