Publicly traded SWS Group Inc. has raised $100 million in new financing from Hilltop Holdings Inc. and Oak Hill Capital Partners. Under the terms of the deal, the two firms will each contribute $50 million in debt financing. Simultaneously with the loan, SWS Group will issue a warrant to each of Hilltop and Oak Hill Capital. Upon exercise, Hilltop Holdings and Oak Hill Capital will each own approximately 17% of the Company. Dallas-based SWS Group provides investment and financial services through its subsidiaries.
Prospect Capital Corp. has provided a $60 million first-lien senior secured credit facility for Safe-Guard Products International. Safe-Guard, a third-party administrator of finance and insurance for motor vehicles, is owned by private equity firm H.I.G. Capital. Safe-Guard is based in Atlanta.
Middle market private equity firm ECI Partners has invested an undisclosed amount in Fourth Hospitality, a provider of back-office software systems for the hospitality sector. The money will help Fourth Hospitality expand geographically and finance new development and acquisitions. Terms of the deal were not released. ECI Partners is based in the UK.
Irving Place Capital, formerly Bear Stearns Merchant Banking, has taken home Buyouts magazine’s “Deal of the Year” honors in the mid-market buyouts category. Particularly impressing the editors judging the category was how rapidly Vitamin Shoppe grew under Irving Place’s ownership, and how its October 2009 IPO on the New York Stock Exchange was the first retail IPO in nearly two years. The deal also scored highest in our online voting open to peHUB visitors earlier this month. Irving Place acquired vitamin and nutritional products retailer Vitamin Shoppe in 2002 for $305 million, investing a $121 million plug of equity. Under the ownership of Irving Place Capital, the company secured a new management team, upgraded its board of directors, and diversified its product lines. It expanded from a primarily East Coast chain with 128 stores to a nationwide chain with 484 stores.
The California Public Employees' Retirement System , the biggest U.S. public pension fund, will buy more direct stakes in infrastructure assets such as roads and airports, Reuters reported. The fund is targeting $5 billion in infrastructure investments over the next several years. CalPERS currently has $860 million committed to infrastructure, most through private equity funds including Carlyle Group and Alinda Capital, Reuters said.
Maybe We Can Hear You Now: AT&T strikes mega-deal with T-Mobile Dealing: Facebook snaps up Snaptu The Oracle of Osaka? Warren Buffett sees investment opportunity in the Land of the Rising Sun Look Who’s Talking, Too: Helen Thomas keeps sounding off on the Jewish community
Technology startups are enjoying a heyday in fundraising, but a scarcity of talent is driving a bidding war for superstars in Silicon Valley, according to a panel of venture capital experts.
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Video date: March 19, 2011
Groupe Le Duff SA has acquired Bruegger’s Enterprises, which is backed by Sun Capital Partners. Financial terms were not announced. Brueggers is an operator and franchisor of fast casual bakery cafes. News of the sale was first reported by Buyouts earlier this month.
Travelclick, which is backed by Genstar Capital, has acquired Rubicon, a provider of market intelligence to the travel and hospitality industry. Financial terms weren't announced. Tim Hart, Rubicon's former CEO, will become EVP and head Travelclick's business intelligence division. He will report to Larry Kutscher, Travelclick's CEO.
Leonard Green & Partner's $1.6 billion takeover of Jo-Ann Stores is expected to close later Friday, according to a statement. At a special meeting of Jo-Ann shareholders Friday, over 99% of shares that were voted were cast in favor of the merger. About 82% of total outstanding shares approved the takeover. Jo-Ann shares will no longer trade on the NYSE and will be delisted. In December, Leonard Green, a PE firm, offered to buy Jo-Ann for $61 a share.