McJunkin Red Man Holding Corp., a Tulsa-based industrial pipe supplier owned by GS Capital Partners, has withdrawn registration for a $750 million IPO. The company had planned to trade on the NYSE, with Goldman Sachs and Barclays Capital serving as co-lead underwriters. www.mcjunkin.com
Clarion Capital Partners has acquired the assets of fine china maker Lenox Group Inc. The deal was valued at approximately $100 million, including assumption of debt. KPS Capital Partners announced last month that it was the successful bidder for Lenox, but Clarion said the bidding process was reopened during a bankruptcy court hearing on Feb. 25.
R.G. Barry Corp. (Nasdaq: DFZ) has rejected an unsolicited buyout offer from Mill Road Capital, saying that it “does not represent adequate value for our shareholders.” Mill Road had offered up to $7.75 per share for R.G. Barry, which yesterday closed trading at $5.85 per share.
SHANGHAI (Reuters) – China-focused private capital funds, once eager to help Chinese companies go public, are now more interested in listed firms which have the potential to be privatised at a low cost, dealmakers said on Tuesday. Public listings on international stock markets and trade sales of private capital-backed companies used to be two of […]
NEW DELHI (Reuters) – American Tower Corp (AMT.N) has agreed to acquire Indian wireless telecoms tower firm Xcel Telecom, the U.S.-based firm said on Tuesday, without disclosing financial details. The Economic Times newspaper had reported on Monday a deal would be worth more than 7 billion rupees ($136 million), citing a person familiar with the […]
MUMBAI (Reuters) – Indian engineering conglomerate Larsen & Toubro (LART.BO) is talking to private equity firms such as Blackstone (BX.N) and The Carlyle Group to jointly bid for Satyam Computer Services (SATY.BO), the Economic Times reported on Tuesday. Goldman Sachs (GS.N), Kohlberg Kravis Roberts & Co [KKR.UL] and Singapore’s Temasek [TEM.UL] are also involved in […]
Tonka Bay Equity Partners has formed AppleWhite Dental LLC, a Dubuque, Iowa-based platform to acquire dental practices. No financial terms were disclosed.
NEW YORK (Reuters) – Masonite International Inc, a Canadian doormaker, and its U.S. operations filed for bankruptcy on Monday as part of a pre-arranged plan to restructure the company’s crippling debt. The company, one of the world’s largest doormakers, has been trying to restructure its operations since 2005, when it was acquired by private equity […]
We barely bat an eyelash these days when a PE-backed company goes bankrupt, given the toxic mixture of economic shrinkage with massive debt loads. But we really need to take notice of what's going on over at the (former) Connecticut School of Broadcasting, because it's morally reprehensible. CSB was a career college founded in 1964, with a focus on training students interested in radio or television. DLJ Growth Capital Partners, an affiliate of DLJ Merchant Banking, bought a majority stake in the company less than three years ago, in a transaction valued at approximately $50 million (around half in equity) Under DLJ's ownership, CSB quickly began adding new campuses. Under the economic downturn, however, it also began struggling to meet looming debt payments from lender PNC Financial. A source says that DLJ repeatedly reached out to PNC about some sort of refinancing arrangement, but that it was unable to get a reply (I know, sounds a bit far-fetched). Then, in early March, CSB management suddenly realized that its checks were bouncing. The reason was that PNC had siezed the company's assets, without first informing either the school or DLJ Growth Equity. On March 5, CSB notified students that all 26 of its campsuses were being shuttered, effective immediately. This included students who were in Week 15 of a 16-week course, for which they had paid around $12,000.
Compass Automotive Group Inc., a provider of aluminum and magnesium component solutions to automakers and auto suppliers, has acquired the aluminum die casting and machining operations of Citation Corp. No financial terms were disclosed. Compass is a portfolio company of Monomoy Capital Partners.