Chris Witkowsky
Power Capital Holdings has formed a firm focused on the global power sector called Power Capital Partners. The firm has been launched in partnership with Hunt Power Capital Partners, owned by Hunt Consolidated, a part of a group of companies managed by the Ray L. Hunt family. Power Capital Partners' executive management team includes Jeffrey Stein, Mitchell Posner and Jeff Hunter.
Fenway Partners-backed Preferred Freezer Services has entered a joint venture to build and operate cold chain logistics businesses throughout China. The company, which builds temperature controlled warehouses, has formed the joint venture with Sinotrans Limited, a logistics service provider in China, affiliates of Yang Ming Transport Corporation, a Taiwanese global cargo services provider and the Yida Group, an urban design and real property developer.
The Russia-China Investment Fund, a private equity equity fund focusing on investments related to the rise of the middle class in Russia, China and former countries of the Soviet Union, has acquired a stake in a forestry company in Russia's far east. The investment, for a 42 percent stake, will help develop the largest "center for deep wood processing" in the region.
To close out a brisk autumn week, First Read explores New Jersey Senator-elect and noted private equity fan Cory Booker's new role, America's increasing unwillingness to pay off its debt and China's strong economic growth.
The Blackstone Group has raised a total of $4 billion for its tactical opportunities business after collecting an additional $703 million during the quarter.
The Riverside Company has merged its portfolio company Alchemy Systems, which provides training for food industry employees, with Catalyst Awareness, which produces employee awareness communications programs for retailers. Deerpath provided financing for the transaction, Jones Day served as Riverside’s legal counsel, Deloitte advised Riverside on financial due diligence and West Monroe Partners advised on technology diligence.
Financing connected to the $6 billion buyout of retailer Neiman Marcus by the Canada Pension Plan Investment Board and Ares Management has priced. The company priced an offering of $960 million principal amount senior cash notes due 2021, and $600 million principal amount senior PIK toggle notes due 2021.
Tulane University's $1 billion endowment has hired former Bessemer Trust private equity executive Richard Chau to run its private equity program.
The Riverside Company has acquired NJoy Baby, which designs and markets strollers. The company is an add-on to Riverside's Baby Jogger platform.
Cotton Creek Capital Management is acquiring Royal Baths Manufacturing Company, a maker of acrylic and marble bathroom products. Cotton Creek will make the acquisition through its second fund.