Just as private equity dominates news headlines today, the masters of the Wall Street universe 20 years ago were an investment bank (Drexel Burnham Lambert) and a form of debt with which the firm had become inextricably linked (the junk bond). They were fabulously successful for nearly 10 years, but Drexel’s high yield empire didn’t […]
Sometimes a strategic just can’t get it done alone. That may be one of the snapshot lessons from today’s announcement that Smith & Wollensky (Nasdaq: SWRG) has agreed to be taken private for $94.6 million. The upscale steakhouse operator had originally agreed to be acquired for $9.25 per share by Patina Restaurant Group, but then […]
Carex Health Brands, a portfolio company of KCA Partners, has acquired Thera-Med Inc., a Waco, Texas-based maker of hot and cold packs for pain relief therapy. No financial terms were disclosed. www.thera-med.com www.kcapartners.com
American Education Group, a Grand Rapids, Mich.-based prep school acquisition platform, has launched with $35 million in private equity funding from Winona Capital Management and Chicago Growth Partners. www.americanedgroup.com
Ampac Packaging LLC, a Cincinnati-based packaging company backed by Falcon Investment Advisors and Prudential Capital Group, has acquired Mohawk Northern Plastics, an Auburn, Wash.-based manufacturer of flexible packaging for the food, beverage, home and garden and industrial markets. No financial terms were disclosed. www.ampaconline.com www.mohawkplastics.com
United Central Industrial Supply Co., a portfolio company of American Securities Capital Partners, has acquired the Mine Supply division of Persinger Supply Co. No financial terms were disclosed. www.unitedcentral.net www.persingersupply.com
A123 Systems Inc., a Watertown, Mass.-based maker of lithium-ion batteries, has acquired Hymotion Inc., a Concord, Ontario
Southern Theaters LLC, a New Orleans-based movie theater chain backed by Veronis Suhler Stevenson, has acquired Birmingham, Ala.-based AmStar Entertainment LLC for $40.5 million. Bank of Montreal is providing leveraged financing for the acquisition.
Monday Update: Thomson confirmed that it has made a “preliminary approach” for Reuters. I’ve received dozens of emails this morning asking if the rumors are true that Thomson Financial has offered to buy Reuters. My official response – per internal dictate – is that I have no response. My unofficial response is that I have […]
In late March, Goldman Sachs distributed some institutional client research detailing its leveraged buyout model. I only got leaked a copy yesterday, so apologies for the tardiness. The 46-page document is about half boilerplate and marketing materials for an interactive LBO return calculator, which apparently is accessible to Goldman clients. The rest, however, reads like […]