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.
Brentwood Associates confirmed Friday that it has acquired K-MAC Holdings, one of the largest Taco Bell franchisees in the U.S. Bentwood is partnering with the Arlon Food and Agriculture Investment Program as well as Northwestern Mutual Capital on the equity portion of the deal. peHUB reported the sale of K-MAC yesterday. BofA Merrill Lynch, Wells Fargo Bank, and SunTrust Robinson Humphrey are providing debt financing.
Buyout shop CVC has emerged as the frontrunner in the auction for German cable operator Kabel Baden Wuerttemberg, Reuters reported. Kabel is owned by Swedish private equity firm EQT. Reuters said that EQT would likely make a final decision on the sale this weekend.
The deadline for final bids in the sale of failed Japanese consumer lender Takefuji Corp. has been put on hold because of last week’s earthquake. The deadline, originally March 22, has been moved to March 31, Reuters said. Private equity firms Cerberus Capital Management and TPG, as well as Japanese lenders Tokyo Star Bank and J Trust Co., and Korea's A&P Financial have reportedly all advanced to the final round of bidding.
Banks have put the $3.4 billion buyout of Japanese restaurant chain Skylark on hold, unwilling to underwrite the deal during the immediate aftermath of Japan’s earthquake, Reuters reported. Private equity firm Bain Capital is in exclusive talks to buy the restaurant chain from Nomura Holdings Inc., Reuters said. The deal, if completed, would become one of the largest private equity buyouts of a Japanese company.
General Mills is set to buy the 50% stake of yogurt maker Yoplait owned by PAI Partners. The food giant will pay about 800 million euro ($1.1 billion) for the stake, Reuters reported. The deal values Yoplait at 1.6 billion euros, which is four times the value of the business when PAI Partners invested in 2002, Reuters said. French dairy cooperative Sodiaal will retain the remaining 50 percent of the business.
Buyout shop BC Partners will buy mobile phone company Phones 4u from Providence Equity Partners, Reuters reported. Terms of the deal were not released. Phones 4u runs a 500-store business that pulled in more than $1.45 billion in 2010. Providence Equity Partners bought the company four and a half years ago, Reuters said.