Dave & Buster’s, which is owned by buyout shop Oak Hill Capital Partners, has named Jonathan Halkyard and Kevin Sheehan to its board of directors. Halkyard is currently senior vice president and chief financial officer of Caesars Entertainment Corp., formerly known as Harrah’s Entertainment. Sheehan is currently the president and chief executive of Norwegian Cruise Lines.
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Private equity firms can barely stop licking their chops — at least, at first. One after another, they’re either scoring mega multiples on, or backing the proverbial truck up for, restaurant deals (sometimes, in the same transaction). Financial sponsors are gobbling up listed restaurants and private companies, taking fried chicken joints and steakhouses to improve [...]
Restaurant and arcade chain Dave & Buster’s has filed to raise up to $150 million in an initial public offering, according to Reuters. The company was bought by Oak Hill Capital Partners in 2010 for $570 million. Goldman Sachs, Jefferies and Piper Jaffray will underwrite the IPO. After the offering Oak Hill and other investors will continue to retain a majority of the company, Reuters wrote.
Oak Hill Capital Partners will sell Primus International to Precision Castparts Corp. for $900 Million, the firm announced. Bellevue, Washington-based Primus is a manufacturer of aerospace components. Oak Hill Capital bought the company in 2006. The deal is expected to close during the third quarter.
Intermedia, which manges 320,000 Microsoft Exchange mailboxes for some 38,000 small and mid-size customers, has acquired the cloud services provider Zlago of Washington, D.C. Zlago’s CEO, Michael Gold, joins New York-based Intermedia as president as part of the transaction. Terms of the deal were not disclosed, but Intermedia says the Zlago acquisition “was executed as part of [...]
Buyout shop Oak Hill Capital Partners will acquire cloud services company Intermedia.net Inc. Terms of the deal were not released. As part of the deal, Phil Koen, former chief executive of Savvis Inc., will join Intermedia as the new chairman and chief executive. Formed in 1995, Intermedia provides cloud-based business-class email services to small and medium-sized businesses. The transaction is expected to close during the second quarter. UPDATE: Aaron Hill, Jason Stack, Adam Chewning, Chris Fritz and Annie Wang of Stifel Nicolaus Wiesel provided financial advice to Intermedia.
Buyout shops Carlyle Group and Oak Hill Capital Partners will invest $155 million in the newly created FNB United Corp., which will bring together North Carolina lenders CommunityOne Bank and Bank of Granite, Reuters reported. Under the terms of the deal, Carlyle and Oak Hill will each own 24.9% of the venture. The combined FNB United will create a North Carolina lender with around $2.9 billion in assets and 63 bank branches, Reuters reported. As part of the deal, Granite shareholders will receive 3.375 FNB United shares for each share held.
Hilltop Holdings and Oak Hill Capital have agreed to each invest $50 million via a loan to SWS Group. Hilltop and Oak Hill will each end up owning about 17% of SWS Group, a broker dealer, according to a statement said Monday. Stephens Inc. acted as financial advisor to each of Hilltop and Oak Hill Capital, while Sandler O’Neill + Partners was financial advisor to SWS Group.
Publicly traded SWS Group Inc. has raised $100 million in new financing from Hilltop Holdings Inc. and Oak Hill Capital Partners. Under the terms of the deal, the two firms will each contribute $50 million in debt financing. Simultaneously with the loan, SWS Group will issue a warrant to each of Hilltop and Oak Hill Capital. Upon exercise, Hilltop Holdings and Oak Hill Capital will each own approximately 17% of the Company. Dallas-based SWS Group provides investment and financial services through its subsidiaries.
The Hillman Companies Inc., which is backed by private equity firm Oak Hill Capital Partners, will pay $40 million for TagWorks Inc. Formed in 2007, TagWorks provides a pet ID tag program to Petsmart. Hillman is a distributor of fasteners, key duplication systems, engraved tags and related hardware items. In May 2010, Oak Hill Capital Partners and Hillman’s management team formed a partnership to acquire Hillman.