LONDON (Reuters) – Lenders to UK chemicals group British Vita have agreed a debt for equity deal that will see its current owner TPG Capital and lenders inject extra cash into the company, a person close to the company said. More than 75 percent of creditors approved the deal at a meeting on Friday, the source […]
Spectrum Equity Investors and Bain Capital Ventures have agreed to acquire a majority interest in SurveyMonkey, a Portland, Ore.-based provider of of online survey solutions. No pricing terms were disclosed for the deal, which included leveraged financing from Bank of America, CIT and NewStar Financial. Dave Goldberg will take over as CEO, after having spent the past two years as an entrepreneur-in-residence with Benchmark Capital.
FRANKFURT (Reuters) – Four financial and two strategic investors are in talks with General Motors Corp (GM.N) to buy a possible majority stake in Opel for a direct investment of at least 500 million euros, a banker close to negotiations told Reuters. The source confirmed a report in the Financial Times that half a billion […]
NEW YORK (Reuters) – Motor Coach Industries International Inc. has emerged from Chapter 11 bankruptcy and some Franklin Mutual Advisers LLC funds have taken a majority shareholder stake, the tour bus maker said on Monday. A bankruptcy court approved the company’s reorganization plan on Jan. 28 and it emerged from its voluntary Chapter 11 reorganization […]
VenGrowth Partners has acquired the assets of Roll-Tite Inc., a Canadian maker of retractable metal covers for flat-bed trailers. No financial terms were disclosed. VenGrowth had originally acquired Roll-Tite in 2007, but the company was placed into receivership this past February.
Riverside Partners has sponsored a recapitalization of IZI Medical Products, a Baltimore-based provider of medical markers used in image-guided surgery, radiology and radiation therapy. No financial terms were disclosed for the deal, which was done in partnership with company management.
LONDON (Reuters) – GlaxoSmithKline Plc, the world’s second-largest drugmaker, has agreed to buy privately owned U.S. skincare specialist Stiefel Laboratories Inc for up to $3.6 billion, the two companies said on Monday. The acquisition is the latest in a string of deals in the drugs sector, but is significantly smaller than recent mega-mergers, reflecting the […]
Ellora Energy Inc., a Boulder, Colo.-based oil and gas company, has withdrawn registration for an IPO. The company, a portfolio company of Yorktown Energy Partners, had planned to offer around 10.21 million shares at between $17 and $19 per share. Ellora had planned to trade on the Nasdaq, with Merrill Lynch and Raymond James serving […]
NEW YORK (Reuters) – Bondholders may face losses from debt exchanges for years to come as companies scramble to head off over a trillion dollars of junk bonds and loans coming due between 2011 and 2014, analysts said. The rush to deleverage, or pay back that debt, will create strong competition for capital, and companies […]
Update: The deadline for LPs to decide whether they will terminate their investment in Quadrangle due to Rattner's departure is one week from today, peHUB has learned. Plenty of people are wondering if Steve Rattner's involvement in the NY State Common kickback scandal will lose him his job as President Obama's top auto industry advisor. It seems obvious that he'd be shown the door, even if he told the U.S. Treasury about the investigation before Obama took office. It raises the question: Will he go back to Quadrangle? The firm recently put its fundraising on hold because of his departure. Meanwhile, he triggered a key man provision on older funds when he left (including Quadrangle Capital Partners II, the one under indictment). That key man provision requires a vote which had a deadline of April 24, a source said. LPs will be