HONG KONG/SHANGHAI (Reuters) – U.S. buyout giant Carlyle Group will team up with China’s largest non-state-owned conglomerate Fosun Group to launch a $100 million yuan-denominated private equity fund, part of a global strategic alliance to share resources, the companies said on Wednesday. Carlyle and Fosun, a unit of Fosun International Ltd (0656.HK), have initially committed […]
AMSTERDAM (Reuters) – HSBC (HSBA.L) has launched the 2 billion pound ($3.1 billion) sale of its British rolling stock leasing company, with financial investors seen as the most likely buyers, several people familiar with the matter said. HSBC is assuming the asset has an enterprise value of 2 billion pounds based on a staple debt […]
NEW YORK (Reuters) – New York-based SkyBridge Capital is in advanced talks to purchase Citigroup Inc’s (C.N) $4 billion hedge fund business, according to the Wall Street Journal. Citi said last year it planned to offload billions worth of non-core assets amidst the global financial crisis and the U.S. government taking an ownership stake in […]
NEW YORK (Reuters) – A number of private equity firms put in second round bids for Dow Chemical’s (DOW.N) Styron unit a week ago, including buyout firms TPG and Apollo, several sources said. Dow, the largest U.S. chemical company, put Styron up for sale in July and said at the time the unit could fetch […]
Eureka Growth Capital recapitalization of Total Military Management, a Jacksonville-based business process outsourcing company focused on the U.S. military. Madison Capital Funding LLC provided senior debt and an equity co-investment to facilitate the recapitalization.
Bankrupt lodging chain Extended Stay America Inc [ESAIN.UL] said investment firms Centerbridge Partners LP and Paulson & Co Inc agreed to invest up to $450 million in the company once it exits Chapter 11. In a filing on Friday, Extended Stay said Centerbridge and Paulson would invest $225 million in equity and will backstop a $225 million rights offering.
FleetPride, Inc., an aftermarket distributor of heavy-duty truck and trailer parts backed by Investcorp., acquired the assets of Mandal Truck and Trailer, Inc. in Lathrop, California. The deal is FleetPride's 14th acquisition since Investcorp purchased the company from Aurora Capital Group and Brentwood Associates in 2006 for $506 million. Bank of America also participated in the deal, which included $160 million term loan B, a $40 million first lien revolver, and $150 million senior bridge loan.
Morgan Stanley is in late stage talks to sell its stake in China International Capital Corp to Kohlberg Kravis Roberts & Co and TPG Capital for more than $1 billion, according to three sources familiar with the situation. Morgan Stanley has been exploring a sale of its 34.3 percent stake in CICC, one of China's leading investment banks. The bank paid just $37 million for its piece of CICC when the Chinese bank was founded 13 years ago.
Navigation Capital Partners, an Atlanta-based middle market private equity firm, has acquired Specialized Technical Services, Inc., a provider of infrastructure upgrades and services to utilities. STS is the first in a series of acquisitions planned by the firm on this platform. Press release: Navigation Capital Partners (NCP), an Atlanta-based middle market private equity firm, has […]
Fried, Frank, Harris, Shriver & Jacobson LLP announced today that Steve Epstein has joined the Firm as a partner in the mergers and acquisitions practice group resident in New York. He joins the Firm from O’Melveny & Myers LLP, where he was a partner in the mergers & acquisitions group. Press release: Fried, Frank, Harris, […]