Thompson Street Capital Partners has acquired Express Oil Change from Carousel Capital for an undisclosed amount. Express Oil is a Birmingham, Ala.-based operator of quick lube and automotive service centers. It was acquired by Carousel in 2005.
Modern Luxury Media may receive bids much lower than the $20 million-plus it is seeking, multiple banking sources tell peHUB. Second-round proposals for Modern Luxury, known for its upscale regional magazines, were due last week. The magazine publisher still has a brand name and will likely fetch about half its goal, or just over $10 million, one banker said. Interested parties also are expected to assume some liabilities. It's worth noting that a source close to the company calls the $10 million price too low, but it's in that source's interest to say that. Private equity is mainly involved in the auction, with bidders including Platinum Equity and Castanea Partners. Berkery Noyes is managing the process.
Does the watered-down Volcker Rule prevent banks from providing leverage to transactions sponsored by their in-house private equity funds? That's my gut reaction to the following language, which can be found in Title VI of the financial reform bill released this morning:
‘‘(1) IN GENERAL.—No banking entity that serves, directly or indirectly, as the investment manager, investment adviser, or sponsor to a hedge fund or private equity fund, or that organizes and offers a hedge fund or private equity fund pursuant to paragraph (d)(1)(G), and no affiliate of such entity, may enter into a transaction with the fund, or with any other hedge fund or private equity fund that is controlled by such fund, that would be a covered transaction, as defined in section 23A of the Federal Reserve Act (12 U.S.C. 371c), with the hedge fund or private equity fund, as if such banking entity and the affiliate thereof were a member bank and the hedge fund or private equity fund were an affiliate thereof.
Wall Street caught some big breaks in this bill, vis-a-vis private equity. Banks will still be allowed to sponsor in-house funds, so long as they: (1) Stay below capital commitment caps; (2) Do not use their "brand" to name the funds; and (3) Prevent employees from investing in the funds, unless the employees work directly on the funds. But this leverage restriction could trump all of that. In fact, it could be a backdoor that effectively forces banks to divest of their in-house PE funds (if they have to choose to participate in equity or debt, they'll choose debt). Unless I'm reading this wrong... Am I?
(Reuters) – Canada’s SMART Technologies expects its initial public offering of 35.3 million shares to be priced between $16.00 and $18.00 per share. In an amended filing with the U.S. Securities and Exchange Commission, the maker of digital whiteboards said it plans to sell 8.8 million shares, while stockholders will sell an additional 26.5 million […]
Weston Presidio has invested an undisclosed amount in real estate franchisor RE/MAX LLC, as part of a larger leveraged transaction.
Camelot Information Systems Inc., a Beijing-based provider of enterprise application services and financial industry IT services in China, has filed for a $250 million IPO. It plans to trade on the NYSE under ticker symbol CIS, with Barclays Capital and Goldman Sachs (Asia) serving as co-lead underwriters. Citigroup Venture Capital holds a 29% pre-IPO stake. […]
Summit Partners has acquired a minority stake in Acturis Ltd., a London-based provider of tech solutions to general insurance brokers, underwriters and affinity networks. No financial terms were disclosed.
Sun Capital Partners has acquired substantially all of the assets of Pace American, a Chicago-based manufacturer of enclosed cargo and utility trailers to the U.S. and Canadian market. No financial terms were disclosed for the deal, which was transacted via an Article 9 auction.
Segulah has agreed to sell NEA, a provider of electrotechnical services, to Imtech N.V., of the Netherlands. Terms of the deal weren't disclosed. The transaction, which is expected to be completed in the third quarter of 2010, is subject to approval from the Swedish Competition Authority.
LONDON (Reuters) – The owners of British coal miner Scottish Resources Group are seeking to bank more than 200 million pounds selling stakes held for 16 years in an initial public (IPO) offer next month, sources close to the deal said. The company is currently mostly owned by investment vehicles Parkburn and Palmaris Capital (PALC.L), […]