Interros, the private equity fund of Russian tycoon Vladimir Potanin, will face off against the other major shareholder in Russian mining outfit Norilsk Nickel in a tussle over the make-up of the board, the firm announced. Potanin, who holds abour 25 percent of Norilsk through Interros, will support the board while the other major shareholder, Oleg Deripaska, is seeking to dismiss the board and bring in new executives.
St Jude Medical is set to buy AGA Medical Holdings Inc, which is backed by private equity firm Welsh, Carson, Anderson and Stowe, in a deal worth more than $1 billion in stock and cash. At $20.80 a share, the deal values AGA Medical at a 41 percent premium on Friday’s closing price. AGA went public in October at $14.50 a share. St Jude said it expected to close the deal by the end of the year.
Blacks Leisure, a UK retailer of outdoor wear, has had two takeover offers from private equity firms, according to reports, and has appointed advisory firm McQueen for the bidding process. The Daily Telegraph reported that Lion Capital was one of the firms that bid for Blacks. Neither company has confirmed the reports, however.
TRAVELCLICK, a portfolio company of Genstar Capital, has named Larry Kutscher its new CEO. Kutscher, the ex-CEO of Regsiter.com, is replacing Robert Post, the current Chairman and CEO. Genstar is a San Francisco PE firm. The change is effective immediately. Schaumburg, Ill.-based TRAVELCLICK provides e-commerce services. PRESS RELEASES TRAVELCLICK®,  the leading provider of ecommerce solutions […]
Amalgamated Capital, the leveraged finance unit of Amalgamated Bank, provided financing for Cortec Group's buy of Franklin Energy Services. Cortec is a New York PE firm. Franklin, of Port Washington, Wis., works on energy efficiency programs for utilities and government agencies.
Madison Capital Funding LLC has inked a deal with Orchard First Source that will allow Madison to increase its hold sizes. Chicago-based Madison Capital will manage a $225 million senior funding vehicle, called OFS Capital WM, from Orchard. Madison Capital also will source new loans to support the vehicle's growth, says Chris Williams, a Madison senior managing director. With the OFS vehicle, Madison's investments can be increased to roughly $45 million. Today, Madison Capital typically provides $20 to $25 million per deal. Madison Capital, a unit of New York Life, is a middle market lender that targets financial sponsors.
Earlier this month, Forbes came out with its list of top 100 most powerful women and I was shocked that no female PE exec made the list. Now, I may have a contender. Lynn Tilton has built Patriarch Partners into a force in middle market distressed investing, according to TheDeal.com. Tilton is CEO and sole principal of the firm, which manages around $7 billion of equity and secured loan assets. The firm has control positions in more than two-thirds of its 74 portfolio companies.
POST Integrations is the latest payment processor to go on the block with an unrealistic valuation, banking sources say. Phoenix-based POST Integrations, which provides credit card processing services for hotels across the nation, has hired Citadel as its financial adviser. POST has about $20 million EBITDA and is seeking bids of 12x, according to three people with knowledge of the situation. Mary Gerdts founded POST in 1991 and is currently the company’s CEO and president. POST’s customers include Hilton Hotels and Interstate Hotels.
Jake Foley, a former Deutsche Bank MD, has joined Houlihan Lokey's financial sponsors coverage group. Foley, also a Houlihan MD, covers large-cap hedge funds, PE firms and select asset managers. Foley was previously head of Deutsche Bank's transaction origination group. Houlihan Lokey, with offices in New York and Los Angeles, is an investment bank.
It’s been more than a week since Roark Capital unveiled its takeover of Auntie Anne’s, the pretzel maker, and now we have some deal details. FOCUS Brands, a Roark portfolio company, is launching a $285 million facility to back its buy of Auntie Anne’s. The deal consists of a $275 million term loan and a $10 million revolver, according to my compadres at Thomson Reuters Loan Pricing Corp.
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