News and Analysis

Quarry Capital has proven that with a little perseverance, a first-time fund can do its first-ever deal in even the most volatile deal-making market. Granted, it's a very small deal. But the firm is happy to take Royal Pet Supplies off its owners’ hands. Quarry will acquire 100% of the family-run company and its owners will retire. Brent Johnstone, Managing Director with Quarry Capital, said that while the pet supply industry is not necessarily “recession-proof” it is “recession-resistant.” Royal Pet Supplies distributes pet supplies to independent pet shop operators, who he said have been stable through the recession. "People are still spending money on their pets because it is a place of comfort and a source of happiness."
Wind Point Partners has acquired Hearthside Food Solutions, a Grand Rapids, Mich.-based contract manufacturer of specialty food products. No financial terms were disclosed.
Thoma Bravo has agreed to acquire Entrust (Nasdaq: ENTU), a Dallas–based company that secures digital identities and information for consumers, enterprises and governments. The deal’s total equity value is $114 million, with Entrust stockholders to receive $1.85 per share. Barclays Capital is advising Entrust, which may solicit alternative offers over the next 30 days.
MUMBAI (Reuters) – Indian mid-sized IT outsourcer Tech Mahindra (TEML.BO) won an auction to buy Satyam Computer Services Ltd (SATY.BO), the company at the heart of India’s biggest corporate scandal. Satyam said on Monday Tech Mahindra agreed to buy a 31 percent stake at 58 rupees per share — a 23 percent premium to Satyam’s […]
Multi Packaging Solutions, a portfolio company of Irving Place Capital, has acquired certain assets of Ivy Hill Corp., a New York-based supplier of packaging solutions to the multi-media and consumer markets. No financial terms were disclosed.
Current Media Inc., a San Francisco-based television news and information network for young adults, has withdrawn registration for a $100 million IPO. It cited "current market conditions." The company had planned to trade on the Nasdaq, with JPMorgan and Lehman Brothers serving as co-lead underwriters (the last ammended filing was in May 2008, before Lehman collapsed). Shareholders include Blum Capital Partners, Yucaipa Cos., DirectTV, Comcast and former Vice President Al Gore.
NEW YORK (Reuters) – Standard & Poor’s Rating Services on Friday lowered its debt ratings on Chrysler loans due in 2013 and 2014, citing a lower potential recovery by debtors in the event of payment defaults by the carmaker. Standard & Poor’s said it lowered by two notches its issue-level ratings on Chrysler’s senior secured first-lien […]
Quarry Capital has acquired Royal Pet Supplies Inc., a pet supplies distributor founded more than 60 years ago. No financial terms were disclosed.
NEW YORK (Reuters) – Colony Capital LLC and MGM Mirage (MGM.N) are no longer in talks over a potential investment in the struggling casino company, a source close to the discussions said on Thursday. The source said while there were no talks going on now, the situation could change. The source did not want to […]
NEW YORK (Reuters) – Rental car company Hertz Global (HTZ.N) expects to further cut costs and boost cashflow in 2009, and sees opportunities for acquisitions, according to a letter from private equity firm Clayton, Dubilier & Rice, a large shareholder of Hertz. The letter, obtained by Reuters, gave highlights of a March 19 conference call […]

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