American Industrial Partners has acquired the operating assets of Potomac Supply Corp. Financial terms weren't announced. Potomac Supply Corp., of Kinsale, Va., makes wood products such as treated lumber, wood pellets, decking, fencing and pallets. The company filed Chapter 11 bankruptcy protection earlier this month. Jim Decker of Morgan Joseph advised Potomac along with Stephen Clarke, Alex Fisch and Si Li.
Audax Group has recapped Heckethorn Products Inc., which does business as Rough Country Suspension Systems, in partnership with management. It's unclear how big Audax's stake is. Financial terms were not announced. GE Capital Corp. and BMO Capital Markets provided senior debt financing and Arrowhead Mezzanine provided junior debt financing. Dyersburg, Tenn.-based Rough Country provides suspension systems to off-road SUV and truck market.
Confusion is a bad thing in private equity and venture capital. Today, Robert W. Baird & Co. is attempting to provide some clarity regarding all its different funds.
Veggie Grill said Monday it has secured $20 million in funding from current and new investors. Brentwood Associates provided a substantial part of the capital raise and has a "substantial minority" position in the company. Santa Monica-based Veggie Grill is a West Coast restaurant concept that provides plant-based food.
Siemens has picked Goldman Sachs to advise on the sale of its Water Technologies unit, writes Reuters. Siemens and Goldman Sachs declined to comment.
Canadian pension fund Ontario Teachers' Pension Plan has emerged as a final-round bidder for the fibre-optics business of Leighton Holdings Ltd, writes Reuters. The business could fetch as much as A$870 million ($908.15 million), writes Reuters.
CoBe Capital's operating company, Warendorfer Küchen, has agreed to acquire the assets of Kornmüller, a manufacturer of premium solid wood kitchen cabinetry. Warendorf will be transitioning Kornmüller's dealer relationships across Southern Germany and Austria.
Smedvig Capital has sold Swedish self storage company Selstor. The business has been acquired by Pelican Self Storage, another self storage player, operating in Copenhagen and Helsinki.
The value of U.S. announced mergers falls nearly 67% this week, while private equity-backed deals may not be as bad as they seem.
Hostess Brands Inc plans to submit an agreement next week to sell its Drake's cake business as part of its bankruptcy reorganization, a lawyer for the company said on Friday. PE bidders are said to still be interested...