Tonka Bay Equity Partners has completed a dividend recapitalization of portfolio company All-Flex AVT Holdings LLC, a Northfield, Minn.-based flexible circuit manufacturer. No financial terms were disclosed, except that M&I Marshall & Ilsley provided capital. PRESS RELEASE Tonka Bay Equity Partners (“Tonka Bay“) announces the completion of a dividend recapitalization of its portfolio company, […]
Carousel Capital has acquired both Driven Brands Inc. and Maaco Franchising Inc. for an undisclosed amount. Senior debt financing was provided by GE Antares, CapitalSource Finance, Golub Capital and Wachovia, while Gleacher Mezzanine and Allied Capital provided sub debt. Driven Brands is the parent company of Meineke Car Care Centers, Econo Lube N’ Tune, AutoQual, Aero Colours, Drive N Style and Tortal.net. Maaco provides franchised auto body repair and painting.
Ariston Global Holding, a Pittsford, N.Y.-based communications acquisition platform sponsored by Spire Capital Partners, has acquired ACE*Comm Corp., a Gaithersburg, Md.-based provider of OSS/BSS services to telecom service producers and large enterprises. No financial terms were disclosed, except that BIA Digital Partners provided $12 million in debt financing.
Thanks to an amazingly lucky (or brilliantly calculated) set of macro-trends, PNC Equity has shaken three equity recaps out of one of its early portfolio companies, scoring a return greater than its initial investment before even thinking about its exit. PNC Equity bought Tangent Rail Corporation in 2005 out of its first fund raised independently of parent firm PNC. Since then, the PE arm has watched the rail industry take off as its customers consolidate. The firm used five different lenders on the recap, a deal that wouldn't have happened if it had started talks 30 days later, according to David Hillman of PNC Equity Partners. The full story, after the jump.
Atlantic Aqua Farms, a Canadian mussel grower operating under the name Canadian Cove, has received an undisclosed amount of funding from Encore Consumer Capital. The news was first reported by The Halifax Herald. www.encoreconsumercapital.com
ArcLight Capital Partners and Kelso & Co. are planning a $17 per unit tender offer for all outstanding common units they do not already own of pipeline operator Buckeye GP Holdings LP (NYSE: BGH). The two firms – along with Lehman Brothers – bought a 63% stake in Buckeye from Carlyle-Riverstone last year. Lehman Brothers […]
Gatehouse Ventures has acquired Brooklyn, N.Y.-based Sunrise Bakery for an undisclosed amount. The firm previously acquired Delawre-based Amalfitano’s Italian Bakery baked goods distribution company The Total Bakery Source.
DETROIT (Reuters) – As General Motors Corp (GM.N) pushes ahead with talks to acquire Chrysler LLC, uneasy suppliers and workers are bracing for a deal that would combine two struggling automakers and cost tens of thousands of jobs. But as GM struggles to line up financing for an acquisition, attention has turned to an even […]
Platinum Equity is in talks to acquire a 40% stake in the Arena Football League for approximately $100 million, according to The Sports Business Journal. www.platinumequity.com
Laredo Energy IV LP has raised $55 million to acquire, explore and developer natural gas resources in the Lobo Trend of South Texas. Avista Capital Partners led the deal, and was joined by existing shareholders like EnCap Investments.