The Gores Group LLC acquired substantially all of the assets and assumed certain liabilities from National Envelope Corp. through a Section 363 transaction under of the U.S. Bankruptcy Code. The acquired Frisco, Texas-based company makes 37 billion envelopes each year. The bankruptcy court approved the transaction on Aug. 23.
London-based private equity investor Actis LLP acquired Vlisco Group for $151 million. Vlisco designs, makes and distributes 51 million yards of branded fabric a year for consumption primarily in West and Central Africa. The seller was Gamma Holding NV.
Kevin Albert has left Elevation Partners to join Pantheon, a PE fund-of-funds investor. Albert will be a partner at Pantheon and global head of business development. Albert joined Elevation Partners in 2005 as an MD where he helped raise the firm's first fund to invest in media and entertainment businesses. Affiliated Managers Group bought Pantheon in June.
Catterton Partners acquired a controlling stake in Alasko Foods Inc., a Montreal, Canada-based marketer of frozen fruits and vegetables. Financial terms were not disclosed.
Foster's Group Ltd, Australia's largest brewer, said it rejected a private equity offer worth up to $2.5 billion for its wine unit as too cheap and would continue with the split of its beer and wine businesses. The bid for wine surprised investors who have been focusing on potential buyers for the more lucrative beer business, and boosted the share price almost 6 percent on Wednesday to its highest since January 2008. Sales of Foster's wine, including Beringer, Penfolds and Wolf Blass, have been hit by a deep U.S. recession and a trend away from low-end, bulk wines in Australia. The strong Aussie dollar AUD= has also been a drag, slashing the value of U.S. earnings.
Carestream Health, an Onex Partners's portfolio company, confirmed Tuesday that it has bought Quantum Medical Imaging. Financial terms of the deal, which closed Friday, were not announced. The seller was Riverside Partners. News of the Quantum Medical sale was reported by peHUB last week. The transaction did not result from an auction process. Carestream and Quantum have known each other for years, a source says.
(Reuters) -- ResCare Inc said it agreed to be acquired by Canadian private equity firm Onex Corp in a cash deal that values the U.S. provider of home care to the elderly and disabled at $390 million, after Onex sweetened its initial bid by 65 cents a share. The $13.25 a share deal price represents a premium of 6 percent to ResCare's Friday close and a 30 percent premium to its closing on Aug. 13, the last trading day before Onex first offered to buy the company. The deal permits ResCare, which also offers education, vocational training and job placement opportunities for all age groups, to solicit superior proposals from third parties during a 40-day "go shop" period ending Oct. 16.
Russell Investments, which is expected to go up for sale, has recently filled three senior posts. In May, Russell tapped David Tenney to be managing director of business growth and development, a spokeswoman says. Tenney is the former co-head of America's research at Goldman Sachs & Co. He was COO of global investment research at Goldman before he retired in December 2007, an official says. Last month Russell announced that John McMurray had been hired as chief risk officer to lead the global risk management department within Russell's office of the Chief Legal Officer. McMurray was previously chief risk officer for the Federal Home Loan Bank of Seattle. Russell also hired Erik Strom as director of government & community relations. Strom was in a similar role at the Federal Home Loan Bank of Seattle.
Michael Kong, the former CEO of Modern Luxury Media, along with ex-CFO Jeff Goldstein, are suing the magazine publisher, which could throw a monkey wrench into the Dickey family's planned buy of the company. According to court documents filed in Los Angeles Superior Court on Aug. 5, both Kong and Goldstein are claiming that Modern Luxury has breached their employment agreements and has failed to indemnify and defend them against lawsuits stemming from their actions on behalf of the company. In June, Juli Benlevi-Zeff and JBA Holdings sued Kong, Goldstein, Modern Luxury and other defendants, in a separate Delaware complaint, for $8.5 million in damages. (It's unclear why Benlevi-Zeff is suing although Modern Luxury acquired her company, JuliB Inc., a publisher of twice weekly e-newsletters, in 2008.)
(Reuters) – British buyout firm Graphite Capital is in exclusive talks on two auto industry deals worth a combined $500 million, potentially selling one business and buying another, people familiar with the situation said. Graphite is in talks to sell British tyre wholesaler and retailer Micheldever to Japanese trading house Marubeni (8002.T: Quote, Profile, Research, […]