PNC Equity Partners has recapitalized portfolio company Tangent Rail Corporation for the third time in its ownership. The Pittsburgh-based railroad maintenance company was purchased in 2005. Press Release PNC Equity Partners announced today the recapitalization of Tangent Rail Corporation based in Pittsburgh. Tangent provides maintenance-of-way products and services to Class I railroads, short line railroads, […]
Baird Capital Partners has backed the MBO of Medical Education Technologies Inc, a Sarasota, Fla.-based learning software company for an undisclosed amount. The company’s founder and CEO, Lou Obernorf, participated in the buyout. Press Release: CHICAGO, October 9, 2008 – Baird Capital Partners (BCP), the U.S.-based buyout fund of Baird Private Equity, and Lou Oberndorf, […]
Apollo Management will provide $540 million to Hexion to help is close its merger with Huntsman. The disputed buyout was ordered to be completed despite the bidding parties’ argument that the target had suffered a material adverse change. Press Release: Hexion Specialty Chemicals, Inc. announced that it is proceeding expeditiously to seek to close its […]
American Industrial Partners is having discussions to acquire Mark Andy Inc, a St. Louis-based printing equipment company, from Morgenthaler Partners, Buyouts reported. American Industrial Partners is a New York-based LBO shop.
Sun Capital has completed its acquisition of Kraco Enterprises, a Compton, Calif.-based maker of automotive aftermarket floor mats. The deal value was not disclosed. Press Release: We are pleased to announce that an affiliate of Sun Capital Partners, Inc., has completed the acquisition of Kraco Enterprises LLC (“Kraco”). The transaction closed 58 days after signing […]
Corinthian Capital, a New York-based buyout firm, has invested in Precision Motor Transport Group LLC, an Okemos, Mich.-based automotive transport services business for luxury automobile carriers. Deal terms were undisclosed. Corinthian Capital Group, LLC, a New York-based private equity firm specializing in investments in small and middle market companies, has announced that it has partnered […]
Sverica International, a buyout firm located in Boston and San Francisco, has purchased Accuvant Inc., a security services technology company. The deal included a $20 million revolving credit facility and $4 million term loan, provided by PNC. Press Release: PITTSBURGH, Oct. 8, 2008—PNC announced today two senior secured credit facilities totaling $33 million for the […]
HONG KONG (Reuters) – Huawei Technologies [HWT.UL], China’s largest mobile equipment maker, said late on Wednesday it had halted the sale of a stake in its mobile handset business, citing market conditions. The business was said to be worth more than $3.5 billion. “Given the current global market condition and prevailing economic uncertainty, the interests […]
PARIS (Reuters) – Axa Private Equity said on Wednesday it had boosted its stake in Carbone Lorraine (CBLP.PA) over 15 percent through the investment fund Axa Capital Fund L.P. Axa Private Equity board member Dominique Gaillard said in a statement that the move “confirms our ambition of accompanying the group in the acceleration of its […]
LONDON (Reuters) – Private equity groups are encouraged to take “undue risks” by high rewards, the co-founder and senior managing partner of private equity group Apax Partners Adrian Beecroft said on Wednesday. “Where our model goes wrong is the carried interest system rewards us enormously for taking undue risks — we invest 1 or 2 […]