TOKYO (Reuters) – U.S. hedge fund Steel Partners said on Tuesday it had withdrawn its proposal to buy Japanese gas and water heater maker Noritz Corp (5943.T), saying the company’s shares were trading above its offer price. Steel Partners, Noritz’s top shareholder with an 18.7 percent stake, offered to buy out the company for 42.3 […]
GTCR has formed Actient Pharmaceuticals LLC, a Deerfield, Ill.-based platform to acquire and operate specialty pharmaceutical companies and products. GTCR will invest up to $200 million in Actient, which will be run by former Abbott Labs executive Ed Fiorentino.
Dean Nelson, founder and head of KKR's operational group (KKR Capstone), said during today's Reuters PE and Hedge Fund Summit that he only flies coach. This despite being having “top elite status” on at least two airlines. So take that, Wall Street Culture of Excess. (On one hand, if there is any industry more acutely aware of its conspicuous consumption, it's private equity. The magnifying glass has been on private equity's excessive lifestyles far longer than it has on Wall Street CEOs, thanks to the SEIU.) Beyond that, Nelson defended KKR’s portfolio companies, saying that the firm’s lineup of “defensible” companies were hanging in, despite posting sizable mark-downs for 2008. Companies like TXU, Dollar General, First Data and HCA are performing well, he said.
LONDON (Reuters) – Privately owned Swiss drugmaker Nycomed has hired Goldman Sachs (GS.N) to explore a possible sale of the company, the Wall Street Journal reported online on Monday. The paper, citing people familiar with the matter, said it was looking for potential buyers in a deal that could be worth as much as 10 […]
NEW YORK (Reuters) – Supermarket chain BI-Lo LLC filed for bankruptcy on Monday, just days before two loans mature that are secured by the company’s 215 food stores. The Greenville, South Carolina chain, which is owned by private equity group Lone Star Funds [LS.UL], said it and nine affiliates asked for court approval of a […]
Gemini Investors and Socius Capital have sponsored a recapitalization of Wazee Electric Inc., a provider of of products and services for industrial motors and cranes in the Rocky Mountain region. CapitalValue advised Wazee on the deal.
LONDON (Reuters) – Dutch utility Essent is likely to shortlist bidders for its waste management unit, Essent Milieu, this week, banking sources said. The auction is one of the only European asset sales to have secured debt financing from the beleaguered leveraged loan market, which has allowed private equity firms to bid. The staple financing, […]
Carousel Capital has acquired Copac Inc., a Spartanburg, S.C.-based specialty packaging company, from its founder. No pricing terms were disclosed for the deal, which included leveraged financing from RBC Bank.
It's taken a bit longer than (the markets) expected, but Tim Geithner this morning released details of how the public-private partnership would work. For the uninitiated, this is the program whereby private equity and hedge funds would buy toxic assets from bank balance sheets, in partnership with the U.S. government. You can get all the details here, and we've posted the basic fact sheet after the jump. Much more on this later today, after we've had a chance to read and digest...
(Reuters) Potential bidders for London’s Gatwick Airport are to be assessed by Britain’s competition regulator next week on their suitability to run the country’s second-busiest airport. A spokesman for the Competition Commission told Reuters that the three consortiums currently preparing bids for the up to 2 billion pound ($2.91 billion) asset would be judged on […]