Vision Capital Acquires Vitopel

Vision Capital has acquired Vitopel from funds advised by DLJ Merchant Banking Partners and J.P. Morgan Partners. Vitopel is a producer of BOPP (bi-axially oriented polypropylene) film in Latin America, generating over $300 million of revenue in 2011. As part of the transaction, Vision Capital completed a debt restructuring led by Vitopel’s existing creditors, Credit […]

CardioKinetix Seals $44M For Medical Devices

CardioKinetix, a medical device company developing transcatheter implants, has raised $44 million in a two-tranche Series E financing. New investors SV Life Sciences and New Leaf Venture Partners led the round, which included return backers including U.S. Venture Partners, J.P. Morgan Partners, H&Q Healthcare Investors and H&Q Life Sciences Investors. The company’s device, dubbed Parachute, is implanted into the left ventricle of the heart in a simple catheter lab procedure and is intended to treat patients with heart failure resulting from a myocardial infarction or heart attack.

TPG, JP Morgan Sell Kraton Shares

TPG Capital and JP Morgan Partners have sold down their stake in Kraton Performance Polymers. Kraton, a leading producer of styrenic block copolymers, said Wednesday that it has closed a secondary offering of roughly 9.9 million shares owned by TPG and J.P. Morgan. The stock was sold at $37.75 a share. Kraton said it did not receive any proceeds from the sale of the stock.

PE Firms Sell Shares of Warner Chilcott

Private equity investors Bain Capital Partners, J.P. Morgan Partners and Thomas H. Lee Partners are among those selling stakes in publicly traded Warner Chilcott plc. Warner Chilcott announced Wednesday a secondary offering of 25 million of its ordinary shares. The company will not receive proceeds from the sale, but will pay the expenses of the offering, according to a press release.

Weekly Downgrade Wrap-Up (Including Too Many Withdrawals)

As usual, we have a week’s worth of downgrades PE-backed company debt from Moody’s and Standard and Poor’s. (It’s a day early this week as tomorrow is a holiday.)

This week there are only four, two of which were followed by withdrawals. As these withdrawals — which happen “at the company’s request” — increase, I’m starting to wonder about the ratings agencies (which naturally take their fair share of the blame for the credit crunch). I don’t like the idea that if a company doesn’t like what’s being said about its debt, it can make one phone call to silence the critics. It’d be like a public company dropping an analyst that rates it a “sell.” It’s unfair to debt holders.

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