In case anyone wondered if CCMP Capital was serious about retail investing after the firm's stalking horse bid for bankrupt Eddie Bauer, today's news reaffirms it: The firm has hired Richard Zannino, former Dow Jones CEO, Saks Fifth Avenue CFO and Liz Clairborne EVP. Zannino will be busy helping the firm identify targets as CCMP seeks to deploy the remaining 75% of its $3.4 billion fund, which closed in 2007. I spoke with Zannino and Managing Director Jonathan Lynch on CCMP's enthusiasm for distressed retail deals and why Zannino is "not a fan" of traditional media assets.
Navis Capital Partners, a Kuala Lumpur-based buyout fund, has closed on around half of the commitments it seeks for its sixth buyout fund, according to a source familiar with the situation. The firm seeks to raise between $1 billion to $1.25 billion for Navis Asia Fund VI, which follows the $1 billion Navis Asia Fund […]
(Reuters) – Buyout firms TPG Capital, EQT Partners and a consortium of The Carlyle Group and Providence Equity Partners have resubmitted their offers for a minority stake in Springer Science and Business Media, three people familiar with the matter said. Candover (CDI.L) and Cinven, owners of the German academic publisher, asked for the resubmission because […]
NEW YORK (Reuters) – Bankrupt oil company Flying J Inc has reached a preliminary deal to sell its fuel-stop business to Pilot Travel Centers LLC, in a plan that would see creditors paid back in full and set the stage for Flying J to emerge from bankruptcy, the companies said on Tuesday. Pilot, which operates […]
NEW YORK (Reuters) – Paper mill owner PaperWorks Industries, owned by private equity firm Sun Capital Partners Inc, is to take control of privately owned The Specialized Packaging Group, in a deal that expands the paper company into the packaging market. Paper and packaging companies have struggled during the global economic downturn as the sharp […]
LONDON (Reuters) – Private-equity owned Nycomed and a Japanese drugs company are in the early second round of an auction for all of Solvay’s pharmaceuticals business, a person familar with the matter said on Wednesday. Analysts reckon the Belgian chemicals and drug maker’s Solvay Pharmaceuticals unit could fetch 5 billion euros ($7 billion) or more, […]
(Reuters) Bankrupt outdoor clothing retailer Eddie Bauer Holdings Inc’s (EBHIQ.PK) two key creditors are looking to liquidate its stores and cash in on the brand in a string of licensing deals, The New York Post reported. Monarch Alternative Capital and Anchorage Advisors — a pair of New York hedge funds that together control Eddie Bauer’s […]
HONG KONG (Reuters) – China Pacific Insurance (Group) Co Ltd (601601.SS), the country’s third-largest life insurer and partly owned by the Carlyle Group, is set to relaunch its Hong Kong IPO, according to sources, after its first attempt failed last year when markets plunged. The insurer, which tried to raise around 30 billion yuan ($4.39 […]
HONG KONG (Reuters) – Bain Capital is in exclusive talks to buy a minority stake in a Chinese tea producer for up to $50 million as the U.S. private equity giant is keen to invest in consumer-driven sectors in China, sources said on Wednesday. After several rounds of bidding, including from other funds, Bain had entered […]
SAN FRANCISCO (Reuters) – Apparel maker VF Corp (VFC.N) is a “party of interest” in the auction for the assets of bankrupt retailer Eddie Bauer Holdings Inc (EBHIQ.PK), according to a court document. Eddie Bauer, an outdoor apparel chain that filed for Chapter 11 protection last month, has about 370 stores in North America and […]