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Trending on peHUB this week: Blackstone is raising its second “tactical opportunities” fund, fears of a correction in the secondaries market, and Fortress, GE Capital and SBJ are looking for talent.


Flint Hill Resources to acquire PE-owned PetroLogistics for about $2.1 bln

Flint Hill Resources, a subsidiary of Koch Industries, has inked an agreement to buy PetroLogistics, which is owned by Lindsay Goldberg and York Capital. The value of the transaction is approximately $2.1 billion. The deal is expected to close before the end of the year. Goldman Sachs is providing financial advice to Flint Hills Resources while Morgan Stanley and Evercore Partners are serving as financial advisors to PetroLogistics. Headquartered in Houston, PetroLogistics is a producer of propylene.

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Trending on peHUB this week: SEC scrutiny of PE funds, hedge funds piling into venture rounds, Warburg Pincus energy fund, Sun Capital, Cornerstone, PE interest in LA Clippers, Hawthorne Leisure, Greene King, Prosper, Lindsay Goldberg, First American Payment, and jobs at JPMorgan, Montana and SCG.

Lindsay Goldberg Invests in Value Place

Value Place said Tuesday that it has secured a $100 million capital investment from Lindsay Goldberg. The transaction was finalized on Dec. 27. Value Plan, a short -term residential property franchisor, will use the funds, plus successive investments, to add at least 50 new company locations while continuing to expand its current franchise base.

Lindsay Goldberg Expands JV with Odfjell

Odfjell, the tank storage company, is expanding its joint venture with Lindsay Goldberg to include substantially all of the company’s tank terminals business globally. The PE firm will acquire a 49% interest in Odfjell Terminals BV, which is the holding company for all of Odfjell’s tank terminals activities and Lindsay Goldberg will ”contribute its 49% share of the existing joint venture as well as a cash contribution to OTBV of approximately USD 226 million,” according to a statement.

Will First American Payment Finally Find a Buyer?

First American Payment, which is backed by Lindsay Goldberg, is reportedly up for sale. The payment processor produces about $80 million EBITDA and is looking to sell for 9x, Reuters says. First American last tried to sell itself in 2010, when several PE firms abandoned the auction.

NuStar Energy and Lindsay Goldberg in J-V

NuStar Energy has entered into a purchase and sale agreement with an affiliate of Lindsay Goldberg, a private investment firm, to create a joint venture that will own and operate NuStar’s asphalt refining assets and related working capital. NuStar and Lindsay Goldberg will each have a 50% voting interest in the joint venture and Lindsay […]

PetroLogistics Unveils IPO Pricing Expectations

PetroLogistics, a producer of propylene from propane, expects its initial public offering of 35 million shares to be priced between $19 and $21 a share, according to Reuters. The Houston-based company is majority-owned by private equity firm Lindsay Goldberg and investment firm York Capital. Reuters – PetroLogistics LP, which produces propylene from propane, said it […]

Lindsay Goldberg Acquires German Plastics Business

US-based private equity investor Lindsay Goldberg has acquired Weener Plastik AG, a German-headquartered manufacturer of plastic packaging. International investment banking firm Livingstone acted as exclusive financial advisor to the shareholder families of Weener. PRESS RELEASE Livingstone, the leading independent, international investment banking firm, is pleased to announce the recent sale of WEENER Plastik AG (“Weener” […]

PE Loses Out to Strategics in Water Deal

M&A, in the third quarter, is shaping up to be as tough as 2009, according to a story in the Wall Street Journal.

One deal is showing how PE firms continue to be outbid by cash-rich strategics.

In early September, ITT Corp. closed its buy of YSI (the deal was announced in July). Yellow Springs, Ohio-based YSI develops and makes sensors, instruments, software and data collection platforms used for environmental water monitoring. The company has about $300 million in annual revenue.

PE Firms Reach Second Round for SLV Group

Four buyout shops remain in the running for SLV Group, a German lighting business owned by HgCapital, Reuters said. A sale of the company could fetch more than 400 million euros ($562 million), Reuters estimated. European investment firms BC Partners, Charterhouse and Cinven are all in the second round of the auction. U.S. firm Lindsay Goldberg also remains in the running.

Reuters: Bidders Eye HgCapital’s SLV Group

LONDON, March 24 (Reuters) – Four private equity firms remain in the hunt for SLV Group, the German lighting business owned by HgCapital which could fetch more 400 million euros ($562 million), people familiar with the matter said. European buyout houses BC Partners, Charterhouse and Cinven are all in the second round of the auction […]

Lockheed Sells Pacific Architects & Engineers

Lockheed Martin Corp. is selling the Pacific Architects and Engineers Inc. military services business to private equity firm Lindsay Goldberg, Reuters reported. Financial terms of the deal were not disclosed. The deal is expected to close during the second quarter. Lockheed acquired PAE in 2006. The business unit provides services in mission readiness, peacekeeping and disaster relief activities, Reuters said.

Merchant e-Solutions Auction Is Busted…But Maybe Not

When is a deal busted? That’s the thought passing through several PE and banking executives when they talk about Merchant e-Solutions.

Merchant, a payment processor backed by Trident Capital, has been up for sale since fall 2010 (October to be exact). But it’s been months now and the auction has gone radio silent. In fact, several PE and banking executives say the auction is busted.

Merchant e-Solutions Gets Interest from Strategics Like Cielo and Intuit

The auction of Merchant e-Solutions is one of the few financial tech deals still racing to get done before the end of the year.

Merchant e-Solutions is drawing interest from strategics including Global Payments and Intuit, two sources say, although a third source, a banker, says “Global Payment is unlikely to buy Merchant e-Solutions given the high price.” Cielo, the Brazilian payment processor, is also believed to be looking at Merchant e-Solutions, a different person says.

It’s not clear whether PE is still involved in the auction. One source says that buyout shops opted out of the auction due to Merchant e-Solutions’s high price tag. In October, I reported that the payment processor, which is backed by Trident Capital, was seeking bids of 15X, which is considered to be very rich. Merchant e-Solutions produces roughly $40 to $45 million EBITDA. JP Morgan and Bank of America are advising on the sale.

First American Payment Auction Busted Due To Unrealistic Sale Expectations

Despite the bubbling M&A market, unrealistic expectations can still destroy an auction.

Consider First American Payment Systems. The Fort Worth, Texas-based company, which is owned by Lindsay Goldberg, provides credit, debit and other electronic payment processing services to more than 120,000 merchants. First American had about $211 million of revenue in the 12 months ended Sept. 30, according to Moody’s Investors Service.

Earlier this year, First American hired Citadel to advise on its auction. The company has about $50 million EBITDA and was seeking bids of 12x, five banking and PE sources say. Several buyout shops—believed to include General Atlantic, TA Associates, Bain Capital, TPG, KKR and Warburg—put in proposals, sources say.

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