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Ruling Against Sun Capital Could Have Wider Private Equity Impact

In a court case that could add a new risk factor to some deals, the First Circuit Court of Appeals last month ruled in favor of the New England Teamsters and Trucking Industry Pension Fund, which argued that two investment funds managed by Sun Capital Partners were liable for $4.5 million in pension liabilities for Scott Brass Inc., a Sun Capital portfolio company that want bankrupt in 2008, according to Buyouts, peHUB’s sister magazine.

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NBNK Puts in Second Round Bid for Lloyds Branches

British bank venture NBNK has submitted a second-round bid for about 630 Lloyds bank branches, Reuters reported Wednesday. Sun Capital and Co-Operative Financial Services have yet to put in second-round offers. The branches – put up for sale following a British government bailout during the credit crisis – are expected to fetch some 1.5 billion pounds ($2.3 billion). Britain ended up with a 40.6% stake in Lloyds following the bailout, Reuters wrote.

Poll Results: John Doerr Is Ready for Reality TV

I hope John Doerr has an agent.

The Kleiner Perkins partner emerged the winner of yesterday’s poll. Thirty-seven percent of voters picked Doerr as the most deserving to get his own reality TV show. Mark Leder, Sun Capital’s co-CEO, placed a close second with 31.3%.

The biggest surprise? Stephen Schwarzman, Blackstone’s chairman and CEO, who ran a very distant fourth for much of the day only to rally late Thursday (at one point Schwarzman was running neck-in-neck with Doerr for the lead). But Schwarzman didn’t prevail. He ended up a respectable third with 25.4%. DFJ Esprit’s Simon Cook, meanwhile, came in last with 6% (sorry Simon!).

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Sun Capital Completes Vitro Deal

American Glass Enterprises, an affiliate of Florida-based private equity firm Sun Capital Partners, has completed the acquisition of the assets of Vitro America via a 363 bankruptcy sale. Vitro America serves construction and auto replacement markets with architectural glass and aluminum products, and is based in Memphis, Tennessee. Morgan Joseph served as investment banker to Vitro America on the transaction, which also involved raising approximately $35 million in debtor-in-possession financing.

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