103 Views

PE-owned Captivate Network agrees to buy Office Media Network

Digital media firm Captivate Network, which is owned by Generation Partners and Gannett, said Tuesday that it has agreed to acquire Office Media Network. No financial terms were disclosed. Office Media Network is a provider of content on digital signage screens in office buildings.

Investors Feast on Donuts—Which, By the Way, is a Domain Name Registry

Donuts, the Washington state-based domain name registry company, is packing on a whopping $100 million in funding from VCs including Austin Ventures, Adams Street Partners, Emergence Capital Partners, TL Ventures and Generation Partners. Stahurricane (CEO Paul Stahura’s investment fund) is also participating in the investment. The company is naming former ICANN CFO Kevin Wilson to […]

Oversee.net Buys ShopWiki

Los Angeles-based Oversee.net, which operates comparison shopping sites across the travel and financial services industries, has acquired ShopWiki. Financial terms of the deal were not released. Formed in 2005, ShopWiki was backed by private investment firm Generation Partners. Generation Partners has offices in Greenwich, Conn; San Francisco and Austin.

Weekly Downgrade Wrap-Up: Where Does Portfolio Company Debt Stand?

As usual, we have a week’s worth of ratings actions on buyout-backed companies from ratings agencies Standard & Poor’s and Moody’s Investor Services.

This week there were two appearances by downgrade regular Apollo Management, and two from GS Capital Partners. Bruckmann Rosser Sherrill’s Lazy Days RV saw its ratings withdrawn for unspecified reasons (although such a move usually occurs at the company’s request). Lastly, remember that Six Flags, which filed for Chapter 11 bankruptcy protection, is minority owned by Generation Partners. So there’s that.

Company: USI Holding Corp
Sponsor: GS Capital Partners
Downgrade: S&P has assigned a ‘B-’ rating to the company’s proposed $117 million senior secured term loan and downgraded its existing senior secured credit one notch to ‘B-’.
Highlights: “Our expectations for 2009 incorporated into the current rating level are that the company will have positive cash flow and will be able to meet its restrictive covenants in the near to medium term.”

Weekly Downgrade Wrap-Up

As usual, we have a week’s worth of downgrades on the debt of private equity-backed companies from Standard and Poor’s and Moody’s. (Reminder: We’d call it an upgrade wrap-up if the ratings agencies ever issued on. In eight weeks of doing this column, we’ve seen one.)

This week there are eight, including an unsolicited rating, which we welcome as a step in the right direction for the previously “censored” ratings agencies. Besides, as we pointed out last week, too many companies are asking the agencies to withdraw their ratings just because they don’t like getting downgraded.

Bain Capital and GS Capital were this week’s repeat offenders.

Company: Harman International Industries
Sponsor: GS Capital and KKR
Downgrade: Moody’s lowered the comapany’s corporate family and probability of default ratings to B1 from Ba2.
Highlights: “The B1 Corporate Family Rating reflects further expected deterioration of Harman’s operating performance and resulting credit metrics over the intermediate term from the significant reductions in demand for the company’s products.”

Weekly Downgrade Wrap-Up (Slow Week!)

As usual, I have a week’s worth of Moody’s and S&P downgrades on PE-backed companies. This week was a down week, with a mere four downgrades compared with last week’s , and one withdrawal – Fenway Partners’ suitcase maker, Targus Group. S&P also withdrew the rating for Pegasus Capital’s Merisant Worldwide, the sugar maker that went bankrupt last month.

Our downgraded company’s sponsors include ABRY partners, Banc of America Capital Investors, Generation Partners, and Welsh Carson.

PEHUB Community

Join the 12503 members of peHUB to make connections, share your opinion, and follow your favorite authors.

Join the Community

Look Who’s Tweeting

Psst! Got any hot tips?

  • This field is for validation purposes and should be left unchanged.

PE HUB News Briefs

RSS Feed Widget

Marketplace

VCJ Headlines (subscribers only)

RSS Feed Widget

Buyouts Headlines (subscribers only)

RSS Feed Widget

Reuters VC and PE feed

RSS Feed Widget