Private equity company WL Ross has entered into a strategic partnership with The Capital Markets Cooperative, a mortgage capital markets firm. CMC has a client base of banks that originates over $25 billion in mortgages annually. WL Ross owns American Home Mortgage Servicing, which services $85 billion of non-prime mortgages.
Private equity firm WL Ross & Co completed a $106.7 million purchase of stock in Sun Bancorp, Inc. Other investors included the bank’s founding Brown family and other institutional and accredited investors. The sale comprises around 4.7 million shares of common stock, 88,000 shares of preferred stock and it is estimated it will generate around $98.5 million in funds to the company.
BD White Birch Investment, which is backed by Black Diamond Capital Management, has submitted the highest and best offer for the White Birch Paper Company. White Birch Paper Company is the second-largest newsprint manufacturer in North America. White Birch expects approval for the sale at hearings in Canada and the U.S. on September 24 and 30, respectively.
Australia’s $21 billion private equity funds could be cut by up to a quarter thanks to a loss of investor confidence, according to Reuters. Australia is home to about 50 buyout firms, 15 venture capital firms and 10 global private equity firms.
Getting an iPhone Cheap: China's demand for gadgets cause phone's to make very long trips. An M&A lawsuit: Potash sues BHP Billiton, from FT Alphaville. Snitching: A New York law firm has set up a website for whistleblowers. Dropping Wealth: Ireland posts a surprising drop in GDP in second quarter. More Debt: KKR, following Blackstone, prices $500 million of notes. Giving Money: Zuckerberg donates $100 million to Newark schools on the eve that . Having It Their Way: Once 3G finishes buying Burger King, they may face a $3 billion tab to fix stores. Stop the Presses: Twitter opens temp office in New York. Coffee Increase: Starbucks is jacking up the prices of drinks that are "labor-intensive or large-sized." More on Zuckerberg: The Facebook founder is now richer than Apple's Steve Jobs. Bankruptcy: Blockbuster files for Chapter 11. Angelgate: Bin 38 Super Angel Menu
Energy & Minerals Group is attempting to buy the Canadian mining company Baffinland Iron Mines. The deal would value the company at C$274 million ($265 million) and give Energy & Minerals access to a key mine in the Canadian Arctic. Energy & Minerals already holds a 6 percent stake in Baffinland.
Private equity fund Mid Europa Partners intends to buy another 25% of Slovenia’s largest food retailer, Mercator, according to Slovenian news reports.
Vue, Britain’s third-largest cinema chain, is looking for new private equity backers in a deal that could be worth 400 million pounds ($627 million). Cinemas in Britain are owned predominantly by private equity groups: Terra Firma owns the largest group, Odeon, while Cineworld, in second-place, is owned by Blackstone.
There are a lot of names being mentioned in the Novell auction. The newsiest is that Silver Lake Partners, the PE firm that invests in big tech companies like Instinet and Flextronics, is supposedly bidding for Novell. Some people are saying they are involved and some are saying the rumors are completely false. I don't know what to believe. GTCR Golder Rauner, the Chicago PE firm, is also being mentioned. GTCR was looking at Novell, sources say, but it's not clear if they are still involved.
Thompson Publishing Holdings Co has filed for Chapter 11 bankruptcy, according to court filings. The company has assets between $10 million and $50 million and liabilities estimated between $100 million and $500 million.