Chris Witkowsky
A majority of limited partners in J.W. Childs Associates’s third fund have approved a restructuring led by the Canada Pension Plan Investment Board and Goldman Sachs Group Inc that will transfer five remaining portfolio companies into a newly capitalized vehicle, according to three people with knowledge of the deal.
Finalists to run a private equity fund of funds intended to pool capital from several pension funds included Abbott Capital, Pantheon and Capital Dynamics. A 'provisional selection' of one of the finalists has been made and is under due diligence.
Former Harvard private equity chief Peter Dolan will lead private equity and venture capital at Makena Capital Management.
Brodie Cobb, founder and executive chairman of The Presidio Group, has taken over leadership of the firm's automotive investment banking practice. Cobb replaces Alan Haig and Erin Kerrigan, who left Presidio to pursue other opportunities.
Fireman Capital Partners has acquired a majority stake in Surfside Coffee Company, a newly created business that will own the Dunkin' Donuts franchise network based in southern Florida. Surfside was created through the purchase of two Dunkin' Donuts franchise networks. Terms of the deal were not disclosed.
Duet Group has invested $50 million of growth capital into Ghana, buying controlling stakes in supermarket Shop N Save, a joint venture with the founders of Finatrade Group, and GNFoods, a food manufacturing company. Duet is making the investment through Duet Consumer West Africa Holdings. Duet has appointed Daniel Milich, former chief strategy officer of the H.J. Heinz Company, as non-executive chairman of Duet Consumer West Africa Holdings.
Sycamore Partners has agreed to invest $150 million in clothing retailer Aeropostale. The $150 million includes a five-year $100 million term loan and a 10-year $50 million term loan that includes a sourcing arrangement with MGF Sourcing, a affiliate of Sycamore. Aeropostale also will issue convertible stock to Sycamore, which gives the firm the right to acquire up to 5 percent of the company's common stock at an exercise price of $7.25. Combined with Sycamore's existing ownership stake in the company, the firm's as-converted stake would increase to about 12.3 percent of outstanding common stock.
JMC Capital Partners has closed JMC Platform Fund I on its cap of $125 million, beating its $100 million target. The LP base of Fund I includes institutional investors and family offices.
The Carlyle Group has agreed to buy a majority interest in the Traxys Group, a metals and minerals commodity merchant. Carlyle will make the investment alongside affiliates of Louis M. Bacon, the founder, chairman and chief executive officer and principal investment manager of Moore Capital Management. Traxys management will increase its stake in the company.
The Carlyle Group has re-hired former General Motors chairman and chief executive officer Daniel Akerson as vice chairman and special advisor to the board of directors. Akerson will give operational, investment and management guidance to Carlyle's investment teams, management and board. Prior to joining GM in 2009, Akerson was a managing director at the firm.