CHICAGO, June 13 (Reuters) – Wendy’s/Arby’s Group Inc said it would sell most of struggling roast beef sandwich chain Arby’s Restaurant Group Inc to private equity firm Roark Capital Group for about $130 million in cash. Roark, whose portfolio already includes the Auntie Anne’s, Carvel Ice Cream and Cinnabon chains, will also assume about $190 […]
Atlanta-based buyout shop Roark Capital Group is buying Il Fornaio Corp., the owner of Corner Bakery Cafe and Il Fornaio restaurants and bakeries. Terms of the deal were not released. However, The combined proceeds from the sale of Il Fornaio Corp. and an earlier recapitalization represented a gross multiple of invested capital of approximately 5.7x and generated a gross IRR in excess of 22%. Based in Dallas, Il Fornaio has 119 restaurants across the U.S. Roark has more than $1.5 billion of equity capital under management.
The Jordan Company, through its Resolute Fund II, L.P., said Monday that it would buy Pro Mach Inc. from Odyssey Investment Partners. Financial terms of the deal were not released. Pro Mach provides packaging machinery products and services to multinational clients in the food, beverage, household goods and pharmaceutical industries. Barclays Capital is arranging debt financing for the transaction, and Mayer Brown is legal advisor to The Jordan Company. Barclays Capital is acting as financial advisor to Pro Mach and Latham & Watkins is acting as legal advisor.
(Reuters) – Private equity funds are shrinking as investors become choosier and funds that have fallen behind in performance could drop off the radar when they return to the market, executives and investors said at a major conference this week. Data from London-based private equity research firm Preqin in April showed that $46.1 billion was […]
Roark Capital is paying about $130 million in cash to buy roast beef sandwich chain Arby's Restaurant Group Inc., Reuters reported. Current owners Wendy's/Arby's Group Inc. will retain 18.5% ownership of Arby's valued at about $30 million, the company said in a statement. Atlanta-based buyout shop Roark will assume about $190 million in Arby’s debt.
Auto and mortgage lender Ally Financial, which is majority-owned by the U.S. government, has delayed its $6 billion initial public offering due to bad market conditions, Reuters reported. In addition to the Treasury, buyout shop Cerberus Capital Management owns a 9% stake. Citi, Goldman Sachs, JPMorgan, Morgan Stanley, Barclays Capital and Deutsche Bank Securities are the underwriters for the offering.
A Bold Call: 247wallst says Microsoft will whip Apple in the next four years Sacre Bleu! IMF gets whacked by cyber attack Tweeting Too Hard: Biotech execs will need to start keeping an eye on Twitter Theyyyyyy Are the Champions! Mavs smack Heat down for NBA title
Permira has bought a 61% stake in drip irrigation company Netafim Ltd., Reuters reported. The firm bought the stake from Kibbutz Yiftah, Kibbutz Magal, Tene Investments and Markstone Capital. The deal valued Netafim at $900 million, Reuters said, citing a report in the Globes news website.
The Carlyle Group is closing in on a 25% stake in Indonesian consumer firm GarudaFood, Reuters said. The $200 million stake will mark the firms first direct investment in Indonesia. GarudaFood sells instant food, peanuts and other snacks globally. The proposed deal values the company at about $800 million, Reuters said.
Lately, new investors have been popping up from coast to coast in professional sports teams deals. As entrepreneurs’ companies and PE and VC portfolios rebound, some of the boldface names in charge of them are loosening purse strings to make the mega-ego purchases of professional ballclubs. That means that, possibly, PE pros Josh Harris and Steve Pagliuca could find themselves in a dispute not over how the carry is split in a club deal, but over who carried the ball the previous night in the Celts-76ers game. Although these investors are savvy when it comes to LBOs, IPOs and dividend recaps, things haven’t always panned out the way they’ve wanted on the diamond/gridiron/hardwood/ice....