VIENNA (Reuters) – Buyout firm One Equity Partners has set the squeeze-out price for the remaining shareholders of Austria’s Constantia Packaging (CVER.VI) at 47 euros per share to conclude its full takeover of the group. One Equity, JPMorgan Chase’s (JPM.N) buyout arm, has already bought 91.5 percent of the group from key shareholders for an […]
(Reuters) – Royal Bank of Scotland (RBS.L) received three bids for its $4 billion payment processing business WorldPay by Monday’s deadline, a person familiar with the matter said. All interested parties are private equity firms. As expected, Advent International and Bain have teamed up, while TPG has also bid and so has Clayton, Dubilier & […]
(Reuters) – Blackstone Group (BX.N) and TPG Capital are unlikely to continue to pursue a possible bid for RadioShack Corp (RSH.N), two sources familiar with the situation said on Monday. The two private equity firms were working together to draw up a possible bid for the electronics retailer, which has a market value of about […]
The auction of Modern Luxury Media appears to be hitting the home stretch with a winning bidder expected to be announced soon or possibly in the next week, sources said. peHUB has learned that one of the two remaining bidders is Greenspun Corp., which owns Modern Luxury’s arch rival Niche Media. The identity of the other buyer is unclear although one source said the party is "not in media and not in private equity." Greenspun was rumored to be joining forces with private equity firm Irving Place Capital, whose CEO John Howard was once Niche Media investor. Howard said Monday there is "no such thing happening with IPC."
The Carlyle Group has agreed to acquire Qualicorp, a Brazilian health insurance plan administrator. No financial terms were disclosed. Sellers include private equity firm General Atlantic, which bought a minority stake back in 2008.
Turns out there is another item of note in the FTC filing that revealed the Shoes for Crews auction winner. This one is about PSC Industrials, an industrial and environmental cleanup company owned by Carl Icahn. The filing indicates that private equity firm Lindsay Goldberg is buying PSC out of its third fund, which closed last year with $4.7 billion. No additional details were disclosed, although Icahn tells peHUB that the deal should be completed within a week or so. PSC Industrials used to be known as Philip Services Corp., before Icahn spun off its scrap metal processing unit into an independent business (and put it under the Ichan Enterprises umbrella). The Houston-based company provides industrial cleaning, envionmental, transportation and container services in North America, Mexico and Puerto Rico.
AEA Investors has agreed to acquire Shoes for Crews, a West Palm Beach, Fla.-based maker of slip resistant footwear for restaurant workers. Sellers include Advent International, which acquired a minority stake in 2004. We first reported on the deal back in April, when ten prospective buyers had submitted bids in excess of $250 million. That type of pricing would have produced a 7x or 8x EBITDA multiple for Advent, which invested $30 million as part of a larger recap -- including $32 million in senior debt -- at an enterprise value of around $120 million. AEA's auction victory was first disclosed in an FTC filing, and the firm has not yet responded to messages left by peHUB. Advent declined to comment.
North American Financial Holdings, a large capital pool backed by buyout shops, has bought three more failed banks from the FDIC: MetroBank of Dade County, Turnberry Bank and First National Bank of the South—from the FDIC. It isn't yet clear what MIami-based NAFH is paying, but the deals give it 10 branches in the Miami area and 13 branches throughout South Carolina. Regulators shut down the three banks on July 16. The largest one is First National Bank of the South (of Spartanburg, S.C.), which had total assets of $682.0 million and $610.1 million in deposits as of March 31. MetroBank of Dade County (of Miami) had $442.3 million assets and total deposits of $391.3 million in deposits. Turnberry Bank, of Aventura, Fla., had $263.9 million in assets and $196.9 million deposits. NAFH acquired the institutions through NAFH National Bank, its newly formed FDIC-insured national bank.
LONDON (Reuters) – Car parts maker Tomkins Plc (TOMK.L) received a $4.5 billion bid approach from a Canadian consortium, the latest example of North American buyers eager to capitalise on sterling weakness to snap up British assets. Shares in Tomkins soared 33.1 percent to 306.6 pence by 0920 GMT, making the company the biggest riser […]
(Reuters) – ATC Technology Corp (ATAC.O), an engineering and logistics services provider, said it agreed to be acquired by privately held GENCO Distribution System Inc for about $512.6 million in cash. The $25 per share deal represents a 43.4 percent premium to ATC stock’s Friday’s closing price. The deal follows a difficult phase in the […]