Lionel Pincus, founder and former chairman of buyout firm Warburg Pincus LLC died on Saturday, Oct. 10 in New York after a long illness, the firm said. He was 78. Pincus led efforts in the 1970s to change regulations that allowed pension funds to invest in venture capital and private equity funds, bringing new capital […]
Adam Applegarth, former CEO of failed U.K. bank Northern Rock, has joined Apollo Management as a senior advisor to the firm’s European fund. Akhil Awasthi has joined Tata Capital as managing partner of its new private equity fund. He previously was a partner with Baring Private Equity Partners India. Alvarez & Marsal has added nine […]
ArcLight Capital Partners LLC has acquired the remaining 50% interest in black oil facility Houston Fuel Oil Terminal Company LLC from Motiva Enterprises. No financial terms were disclosed ArcLight acquired its initial 50% interest in HFOTCO in October 2007 from Chartco LLC.
LONDON (Reuters) – British bus and rail group Stagecoach (SGC.L) has made a 1.65 billion pound ($2.7 billion) all-share merger proposal to rival transport operator National Express (NEX.L), The Sunday Telegraph reported. The newspaper cited a letter written by Stagecoach Chief Executive Brian Souter and Chairman Robert Speirs to National Express Chairman John Devaney proposing […]
NEW YORK (Reuters) – Two more companies backed by private equity firms have submitted plans to go public, as buyout firms seek to take advantage of the stock market rally to unload portfolio companies. Global Geophysical Services Inc, which provides technology that collects seismic data for oil and gas industry, is seeking up to $150 […]
TORONTO (Reuters) – Cossette Inc (KOS.TO), one of Canada’s leading advertising and marketing companies, and the subject of a hostile takeover bid, is drawing the attention of other potential bidders, but has no firm offers yet. Cossette said in a statement on Friday it had received several written expressions of interest from third parties, and […]
LONDON (Reuters) – Debt-laden British yellow pages publisher Yell’s (YELL.L) lenders are inching towards a crucial loan amendment that will allow its planned 500 million pounds equity issue to go ahead, banking sources said on Friday. Lenders have until Friday to agree to a set of requests that will extend the maturity on Yell’s 4 […]
As usual, we have a week’s worth of ratings agency actions on the debt of buyout-backed companies from Standard & Poor’s Ratings Service and Moody’s Investors Service. This week was slow—two upgrades and one default leading to one withdrawal. One upgrade, interestingly, is on a very recent deal. Last month, KKR purchased $300 million in the senior secured notes of Eastman Kodak. The deal sent Kodak’s stock price down and raised questions as to what KKR’s plan for the stagnant company would be as a debt investor. But the deal at least elicited an upgrade from Moody’s. The ratings agency upgraded Eastman Kodak's speculative grade liquidity rating to SGL-1 from SGL-2 upon the closing of the company's new debt issuance. More details below.
Falconhead Capital has formed GPSI Holdings LLC, a provider of cart-mounted GPS services to golf courses. The deal is being done via the acquisition and rollup of three companies, including bankrupt GPS Industries Inc. Falconhead's partner on the deal is pro golfer Greg Norman.
PAG Capital Partners has acquired a majority stake in Corporate Technology Solutions LLC, a provider of low-voltage structured cabling installation services in Arizona. No financial terms were disclosed. CTS was advised by The March Group.