USI Insurance, which is backed by Goldman Sachs Capital Partners, said Friday that it's closed its buy of de la Parte & Associates. Financial terms weren't disclosed. Tampa, Fla.-based de la Parte is an employee benefits & insurance consulting firm. Earlier this week, USI announced its acquisition of First Place Insurance Agency.
Today's big news is that AXA has put its private equity fund manager up for sale. Credit Suisse is advising on the sale, according to my coworkers at Thomson Reuters. AXA PE could be valued at roughly 500 million Euros or $672 million, Bloomberg News says. Sky News, which first reported the sale, says AXA PE could fetch $1.5 billion. Paris-based AXA PE manages roughly $28 billion of assets. The unit is part of AXA Investment Managers. Who would be interested? The most likely buyer is the Carlyle Group which inked a similar deal earlier this year, sources say. Washington D.C.-based Carlyle agreed to buy a 60% stake in AlpInvest Partners, a fund of fund firm that also makes direct investments, earlier this year. AlpInvest had 32.3 billion Euros (US$43.3 billion) in assets at the time. Harbourvest Partners and Grosvenor Capital Management had reportedly bid for AlpInvest but lost, according to press reports.
Edward P. "Ned" Grace has joined Angelo, Gordon & Co. as a senior advisor. Grace will help the firm source and evaluate new investments in the restaurant industry as well as serve as a board member of the firm’s restaurant industry investments. Grace is the Founder and past Chairman, President and CEO of The Capital Grille & Bugaboo Creek Steak House chains. PRESS RELEASE Angelo, Gordon & Co. announced today that Edward P. "Ned" Grace, III has joined the firm’s Private Equity Group as a Senior Advisor, where he will help the firm source and evaluate new investments in the restaurant industry as well as serve as a board member of the firm’s restaurant industry investments. “Ned has had an outstanding restaurant career and we’re looking forward to utilizing his knowledge and connections in the restaurant space,” said Richard Leonard, a Managing Director in Angelo Gordon’s Private Equity Group. “We are also very pleased that Ned will be joining the board of Firebirds Wood Fired Grill, and are confident Firebirds will benefit greatly from his experience.” Mr. Grace is the Founder and past Chairman, President and CEO of The Capital Grille & Bugaboo Creek Steak House chains, which he took public in 1994 (NASDAQ: RARE). Mr. Grace sold his chains to Longhorn Steaks, Inc. in 1996 and was a Director and former Vice Chairman of the combined companies, known as RARE Hospitality International, Inc. RARE was acquired by Darden Restaurants, Inc. (NYSE:DRI) in 2008. Mr. Grace formerly owned and founded Hemenway’s Sea Food Grill and Oyster Bar in Providence, Rhode Island (named by Esquire Magazine as "One of America’s best restaurants"); and The Old Grist Mill Tavern in Seekonk, Massachusetts. Mr. Grace has served as a Director of the National Restaurant Association in Washington and The National Restaurant Association's Educational Foundation in Chicago. He currently is a Director of Not Your Average Joe's, Inc., Larkburger, Inc. and Shawmut Design and Construction. “I’m excited to work with Angelo Gordon on its restaurant industry deals,” said Mr. Grace. “The firm is well positioned to succeed based on the strong restaurant experience of its team led by Richard Leonard as well as the firm’s strong real estate investing platform, which can be extremely value added to companies in the restaurant industry. While this is a challenging time for the American economy, I believe now is a great time to be purchasing companies in certain sectors of the restaurant industry that are growing and increasing market share. I’m also looking forward to working with the management at Firebirds, which is a great example of the type of restaurant company I think is attractive in the current environment.” Angelo Gordon’s Private Equity Group acquired Firebirds Wood Fired Grill with the company’s management in April 2011. Firebirds Wood Fired Grill, with 19 locations nationwide, introduced a taste of Colorado to the eastern US. In addition to expertly seasoned wood-grilled steaks, guests can have freshly grilled seafood, burgers and oversized salads, as well as ice cold martinis and great bottles of wine. More information about the company can be found at www.firebirdsrestaurants.com. Angelo Gordon’s Private Equity Group makes investments with deal sizes ranging from $50 million to $500 million. Sector focus includes financial services, healthcare, and consumer/retail. About Angelo, Gordon & Co.
Angelo, Gordon & Co., L.P. is a privately held limited partnership founded in November 1988, and currently manages approximately $24 billion. The Firm's investment focus centers around core competencies of real estate, credit, and private equity. Angelo, Gordon has over 200 employees (approximately half of whom are investment professionals) and is headquartered in New York, with associated offices in Chicago, Los Angeles, Washington D.C., London, Hong Kong, Seoul, Shanghai, Tokyo, and Sydney.
Yum Brands Inc. has found buyers for its Long John Silver's and A&W restaurant chains. LJS Partners, which was formed by a consortium of franchisee leaders and other investors, will buy Long John Silver's, Reuters reported. A&W's buyer is A Great American Brand, formed by a franchisee leader, Reuters said. No terms of the sale were released.
Private equity firm Vista Equity Partners has made a binding offer to buy Thomson Reuters Trade and Risk Management business, which operates as a unit within Thomson Reuters’ Enterprise Solutions business. Terms of the agreement were not released. Thomson Reuters is the publisher of PEhub.com.
Malaysian government fund Khazanah Nasional is in talks to buy a stake in Turkish hospital group Acibadem, Reuters reported Friday. The deal could be valued at around $500, Reuters said. Acibadem is owned by Almond Holding, a joint venture between Dubai-based private equity group Abraaj Capital and the Turkish family Aydinlar.
Backyard Discovery, which is backed by buyout fund Baird Capital Partners, has acquired wood shed maker Classic Manor, the firm announced Friday. The deal was completed though Backyard’s subsidiary SHEDS USA. No terms were released.
Hg Capital launched a 550 pence per share bid for domain name supplier Group NBT, Reuters reported. The deal, at a 22.5% premium to the company’s closing price Thursday, values Group NBT at about 153 million pounds ($235.8 million).
Charlotte, N.C.-based private equity investor Tillery Capital has recapitalized Venture Technology Groups Inc., a Michigan-based maker of specialty flow control products. Terms of the deal were not released. Tillery Capital said that the management is keeping a “significant ownership” in the company.
Yunfeng Capital, Silver Lake and DST Global said on Thursday they will buy shares in Alibaba Group, China's largest e-commerce company, by leading a tender offer for employee shareholders, option holders and certain other shareholders, Reuters reported. The deal would give Alibaba an enterprise valuation of about $32 billion, Reuters said.