Prospect Capital Corporation has provided a $200 million first-lien senior secured credit facility to support the refinancing of a logistics services portfolio company controlled by H.I.G. Capital. The H.I.G. portfolio company is a provider of third-party logistics services.
A special committee of Dell Inc's board is evaluating separate takeover proposals from Blackstone Group and billionaire investor Carl Icahn to decide whether either or both are likely to trump an existing $24.4 billion take-private deal, writes Reuters. Icahn and Blackstone put in preliminary bids late last week, potentially upsetting the plans of the PC maker's founder, Michael Dell, and private equity firm Silver Lake to take Dell private.
Crazy may be hitting the M&A market. Deals in March slowed down but transaction values jumped.
AXA on Friday announced the sale of a majority stake in its PE arm to an investor group led by Dominique Senequier. AXA Investment Managers will receive Euro 488 million for its holding in AXA Private Equity, a statement says. The deal is expected to close before the end of third quarter. Once the deal closes, AXA PE management and employees will have 40% of voting share capital, while external investors will have 33%. AXA Group will have nearly 27%.
Apollo will acquire FinanMadrid, the auto and consumer loan unit of Bankia, the firm announced Friday. Terms of the deal were not disclosed. Apollo invested out of its Apollo European Principal Finance Fund II.
Private equity firms are joining forces in the auction of BMC Software Inc, four people familiar with the matter said on Thursday, making it more likely that the business software maker will be taken private in a deal that will top $6 billion, Reuters reported. Shares of BMC jumped as high as 9 percent on the news and were trading up 4.1 percent at $45.71 in early afternoon trading, giving the Houston, Texas-based company a market value of around $6.6 billion. KKR & Co LP and TPG Capital LP have formed a consortium, the people said on condition of anonymity because the process is confidential. Bain Capital LLC and Golden Gate Capital have separately also teamed up for the auction, the people added.
American Internet Services (AIS), a San Diego-based company that manages the IT infrastructure of its clients, has secured a $43.5 million senior secured credit facility from Fortress Credit Corp., an affiliate of Fortress Investment Group. Terms of the transaction weren't disclosed.
Atkins Nutritionals, a once-desperate turnaround story, has recovered enough of its financial health to support a $425 million recapitalization, including a dividend of $118 million for backer Roark Capital Group, sister magazine Buyouts reported.
If you thought we might see a slowdown in the private equity secondary market in 2013, you probably don’t work for a pension fund, bank or insurance company. According to the private equity data provider Preqin, which just finished interviewing roughly 40 institutional investors worldwide, fully 98 percent of them said they expect to see as much if not more activity on the secondary market than last year.
Paine & Partners, which expects to begin fundraising later this year for its latest pool, has closed another deal.