PE-backed Penhall hires new regional VP of Pacific Northwest

Penhall, which is backed by Centerbridge Partners, has named Sean Butler as its regional vice president for the Pacific Northwest. Previously, Butler worked at Hertz Equipment Leasing where he served as division vice president of Northeast operations. Based in Anaheim, Calif., Penhall is a provider of concrete cutting, coring, breaking and related concrete construction solutions.

RBS strikes pre-IPO deal for Williams & Glyn’s

The Royal Bank of Scotland Group has agreed a pre-IPO investment in its Williams & Glyn‘s bank brand with a consortium of investors led by global financial services specialists Corsair Capital and Centerbridge Partners. The Williams & Glyn’s business comprises 308 RBS branded branches in England and Wales; 6 NatWest branded branches in Scotland; the retail and SME accounts attached to these branches; the direct SME business and certain Mid-Corporate customers across the UK.

Billabong signs refinancing deal – reuters

Australia’s Billabong International accepted a sweetened refinancing proposal from hedge funds Oaktree Capital Management and Centerbridge Partners, and appointed an industry veteran as its new chief executive, writes Reuters. The moves could help the surfwear company turn around its performance, which has been hit by slumping sales of its key brands and a costly expansion strategy since it knocked back a A$850 million ($794.71 million) private equity bid last year.

AZZ Buys Aquilex SRO for $250 Mln

AZZ Inc. has acquired Aquilex Specialty Repair & Overhaul, a unit of Aquilex Holding, for $250 million. The transaction closed April 1. Aquilex SRO is majority owned by Centerbridge Partners. Norcross, Ga.-based Aquilex SRO provides maintenance, repair, and overhaul services to the nuclear, fossil power, refining, chemical processing, pulp and paper, and waste-to-energy industries. Houlihan Lokey advised Aquilex SRO.

Reuters – Centerbridge Eyes RBS Branches

U.S. private equity firm Centerbridge Partners is interested in the 315 UK branches being sold by state-backed Royal Bank of Scotland, writes Reuters. Sky News, which first reported the interest, said Centerbridge had joined forces with another buyout firm – Corsair Capital – in recent weeks, but that it was unclear whether the duo would make a formal offer for the branch network, writes Reuters.

Centerbridge Buys Cardinal Logistics Management

Centerbridge Partners has closed its buy of Cardinal Logistics Management. Financial terms weren’t announced. Concord, N.C.-based Cardinal provides dedicated transportation services, including specialized equipment and handling, and integrated technology. PRESS RELEASE Cardinal Logistics Management Inc. (“Cardinal” or the “Company”), a national provider of Dedicated and Delivery domestic transportation services, today announced the acquisition of Cardinal […]

Centerbridge Partners Extends Offer to Acquire P.F. Chang’s China Bistro

In connection with a previously announced agreement to acquire P.F. Chang’s China Bistro, New York-based private equity firm Centerbridge Partners, in concert with P.F. Chang, announced today that Wok Acquisition Corp. has extended the expiration of its tender offer to acquire all of the outstanding shares of P.F. Chang’s common stock for $51.50 net per […]

Mortgage Companies Look Ripe for Deals

Several private equity firms have lined up to invest in mortgage providers and servicers in recent weeks, suggesting more firms are eager to get back into a much maligned sector as it staggers out of the Great Recession,Buyouts reports in its March 26 edition. In less than a week, between March 9 and March 14, […]

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Centerbridge Partners Acquires Aquilex

Aquilex Holdings said Friday that it has financially restructured its debt and is now majority owned by Centerbridge Partners. Also, Aquilex CEO and President Bill Varner is retiring while Donovan Boyd was named chairman of the board. Rothschild provided financial advice to Aquilex, while Alvarez & Marsal was restructuring advisor. Aquilex provides maintenance, repair and industrial cleaning solutions to the energy industry.

Quien Es Mas Macho? A Slideshow of the Top 5 U.S. PE Funds this Year

Fundraising is hard this year.

It’s difficult because there are so many firms out marketing, large buyout funds are no longer in vogue and LPs are narrowing their commitments, I’ve been told.

The fundraising market is very crowded. There are currently 757 GPs out fundraising as of November. The GPs are currently seeking a combined total of $379.9 billion, Preqin says. This compares to 666 GPs fundraising in 2010 with an aggregate target size of $287.4 billion.

Despite the rough PE waters, several firms have successfully raised a fund. But which raised the most? And who is the most macho? Here’s a look at the top 5 fundraisings so far this year, according to Preqin. Not included in the mix are VC, real estate or secondaries funds.

3 PE firms Buy 25% of Santander Consumer USA–UPDATED

Three PE firms–Warburg Pincus, Kohlberg Kravis Roberts and Centerbridge Partners–have bought 25% of Santander Consumer USA, the U.S. affiliate of Grupo Santander that provides automotive fiancing. The PE firm have invested $1 billion while Dundon DFS has put in $150 million. Deutsche Bank and Barclays Capital provided financial advice to the PE firms. UPDATED: Goldman Sachs along with Ken McPhail, David Adler and Varun Wadhawan of BofA Merrill Lynch advised Santander.

Centerbridge Backs Remedi SeniorCare

Baltimore-based Remedi SeniorCare, an institutional pharmacy company, has sealed $60 million of a planned $300 million investment from New York-based Centerbridge Partners. Founding investor Sterling Partners will continue to participated in Remedi’s growth, the company said in a release. It is unclear what ownership stakes Centerbridge and Sterling now hold. Specific terms of the investment were not released.

Extended Stay Litigation Trust Sues Blackstone, Lightstone

The Extended Stay litigation trust has sued the Blackstone Group, the Lightstone Group and others involved in the 2007 buyout of the hotel chain, Reuters reported. In a lawsuit filed Tuesday, the trust charged that Blackstone had skimmed $2.1 billion from Extended Stay at the closing of the leveraged buyout, leaving the company under-capitalized and unable to survive, Reuters wrote. Extended Stay filed for bankruptcy protection in June 2009 with more than $7 billion in debt. The firm emerged from bankruptcy more than a year later, with a consortium including Blackstone, Paulson & Co. and Centerbridge Partners buying the chain for $3.9 billion.

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