Word just came that KKR has agreed to acquire credit card processing company First Data Corp. (NYSE: FDC) for approximately $29 billion. It would be the fifth-largest leveraged buyout in history, supplanting Harrah’s. See press release here: FirstData.pdf Under terms of the agreement, First Data shareholders would receive $34 per share, which is around a […]
Calera Capital and TPG today completed their $630 million buyout of Direct General Corp., a Nashville, Tenn.-based provider of insurance products via a network of retail storefronts. As part of the deal, former Cendant executive Dan Tarantin will take over as Direct General’s new CEO. So we’ve got 5 Questions for Dan, including how he […]
Network Communications Inc., a publisher of printed and online real estate information and advertising in North America, has acquired New England Home magazine. No financial terms were disclosed. Network Communications was acquired in January 2005 by Citigroup Venture Capital. www.nci.com
Berean Christian Stores, a Cincinnati-based Christian bookstore chain controlled by JMH Capital, has acquired independent Macon, Ga.-based book retailer Macon Christian Bookstore. No financial terms were disclosed. www.berean.com
The last VC-backed IPOs of Q1 priced yesterday, when SenoRx raised a lackluster $44 million. Overall, 16 VC-backed companies priced on U.S. exchanges during Q1, for a total take of approximately $1.99 billion. This compares to $1.63 billion raised by 20 offerings during the preceding quarter, and just $540.82 million for 10 IPOs in Q1 […]
Travelex, a UK-based currency exchange backed by Apax Partners, has acquired Washington, D.C.-based payment servicing company Ruesch International from Welsh Carson Anderson & Stowe. The deal was valued at $440 million. www.travelex.com www.ruesch.com
Mobilelime Inc., a Watertown, Mass.-based provider of software that lets consumers to make purchases via mobile phones, has acquired Cuesol Inc., a Quincy, Mass.
Chef Solutions Inc., a portfolio company of Questor Management Co., has sold wholly-owned subsidiary I&K Distributors Inc. to Countryside Foods LLC, an entity controlled by private equity sponsor Ramex Inc. I&K products include Yoders deli salads and side dishes and Michigan Brand cottage cheese. No financial terms were disclosed for the deal, on which Chef […]
Organized labor is making itself heard in private equity quarters today. First, the United Auto Workers have rejected a new wage offer from Delphi Corp., General Motors and the private equity firms seeking to take Delphi out of bankruptcy. A UAW executive called the latest proposal “insulting,” and vows to strike if Delphi makes good on […]
Private equity has been the hot business story on Q1, with everything from Forbes cover stories to Newsweek columns to an upcoming feature on female PE pros in the inaugural issue of Conde Nast Portfolio. I’ve even covered it from time to time (i.e., Mondays through Fridays). But here’s a dirty little secret: Private equity […]