Blue Point Capital Partners and Endeavour Capital have exited their interests in Legend Brands, selling the company to publicly traded RPM International Inc. Blue Point invested in Legend Brands from its 2006 vintage fund, Blue Point Capital Partners II, L.P. – a $400 million lower middle market buyout fund. Terms were sales were not released. Legend Brands, based in Burlington, Wash., is a designer and manufacturer of highly engineered restoration and cleaning products.
The Riverside Company exited its investment in EM Test Group, selling the Swiss manufacturer and supplier of electromagnetic compatibility testing equipment to AMETEK Inc. for CHF83 million ($93.8 million). Riverside owned EM Test Group for roughly four years. The sale generated a 3.4x gross cash-on-cash return and a 38% gross IRR for the firm, Riverside said.
GlaxoSmithKline is hoping to receive second round bids for a clutch of its non-prescription drugs by mid-November, Reuters reported Wednesday. Bain Capital and Blackstone, which has partnered with Prestige Brands, are seen as the front-runners and most likely participants for the second round of the sale, Reuters wrote.
Kidd & Co., a middle-market investment firm, has sponsored the recapitalization of Numet Machining Techniques Inc. in partnership with founding shareholders Mark Roscio and Tony Neto. Stratford, Conn.-based Numet is a manufacturer of precision machined parts, kits, and assemblies for jet turbine engines for commercial and military aircraft. Terms were not released.
Buyout firm Lone Star is selling its entire stake in PGM Holdings, one of Japan's largest golf course operators, for 39.5 billion yen ($521 million), Reuters reported. Lone Star has agreed to sell the 64% stake to Japanese "pachinko" pinball machine maker Heiwa Corp.
The New York-based private equity firm MidOcean Partners has acquired Global Knowledge, a Cary, N.C.-based company that annually provides business training to more than 250,000 people within companies and government organizations via training centers and the Internet. Terms of the deal were not disclosed. PRESS RELEASE: MidOcean Partners (“MidOcean”), a leading private equity firm, announced […]
Monarch Alternative Capital has agreed to invest $50 million equity in Veritas Financial Partners. Veritas, of Boca Raton, Fla., provides senior secured loans to middle market businesses.
Bacchus Capital Management has invested in Sbragia Family Vineyards, a California (Dry Creek Vaelly) winemaker. Financial terms weren't announced. Bacchus is a San Francisco PE firm that invests in the wine industry. Sam Bronfman II, Peter S. Kaufman and Henry F. Owsley co-founded Bacchus in 2007. Bronfman is the former chairman of Diageo Global Wines and the ex-president of Seagram Chateau and Estate Wines.
Today, we do have an interesting deal. An investor group comprised of General Atlantic, Robert Bass and senior management has bought a minority stake in Oak Hill Advisors. iStar Financial, a REIT, was the seller, according to a statement. Financial terms weren't announced. Oak Hill Advisors, which has $12.8 billion of capital, is a distressed investor. iStar Financial acquired the stake in 2005. With the sale, Oak Hill's management increases its majority holding while GA, with Bass, comes in as minority investors.
This just in. Lynn Tilton, the head of Patriarch Partners, will be on 20/20 later this week talking to Barbara Walters. No, the show won't be on PE execs that "scream and spit." Instead, the episode will be "Inside the Lives of the Super Rich." Tilton, according to 20/20, owns more companies than any woman in America. There are some promo shots of Tilton and Walters smiling together as well as Tilton showing off her major shoe collection.