After nearly seven years, Olympus Partners has sold K-Mac Holdings, which is the third largest Taco Bell franchisee in the U.S. Stamford, Conn.-based Olympus Partners, a middle market PE firm, did not reveal financial terms or the buyer. Olympus did sell its majority stake in K-Mac, making an eight time return on its equity investment. The transaction closed late yesterday, says Paul Rubin, an Olympus partner. He declined to disclose the buyer.
Buyout shop the Carlyle Group has acquired a majority stake in The Foundry Visionmongers Ltd., a developer of visual effects software used in movies ranging from Avatar to Alice in Wonderland to Black Swan. Carlyle bought the stake from Advent Venture Partners. Terms of the deal were not released. The founders and management will continue to retain a significant minority stake in London-based The Foundry.
Swedish buyout shop EQT is expecting three offers from potential buyers of its portfolio company Kabel Baden Wuerttemberg, Reuters reported. EQT has plans to float the cable operator, but will consider bids from private equity firms CVC and Hellman & Friedman as well as Liberty Global, Reuters said. EQT is reportedly asking for at least 3 billion euro ($4.2 billion) for the company.
Australian brewing company Foster’s Group will vote April 29 on the proposed spin-off of its wine unit – a business with net assets of about $2.8 billion, Reuters said. The beer and wine businesses are both expected to attract private equity firms as well as trade buyers, Reuters said. Foster’s turned away buyout shop Cerberus Capital last September, when it offered $2.5 billion for the wine business.
Create your free online surveys with SurveyMonkey, the world's leading questionnaire tool. A section of the Dodd-Frank Act has gotten PE firms in a tizzy. Signed into law last summer, the Dodd-Frank Wall Street Reform and Consumer Protection Act requires that private equity firms with $150 million or more in capital register with the SEC no later than July 2011. Buyout shops are complaining that the new law will make it very expensive for small PE shops to comply. For example, Welsh Carson expects to spend $600,000 this year to comply with the rule. The law also just makes life more complicated. Firms will have to file annual paperwork, develop compliance policies, keep tighter records and undergo examinations, among other obligations. PE firms will also likely have to hire personnel to deal with the new requirements.
Aaron Dorr, a veteran banker recently let go by Jefferies & Co., has found a new home. Dorr has joined Sandler O’Neill and will head the firm’s asset management group, according to a statement. Dorr will be based in New York and will report to Brian Sterling and William Hickey, Sander’s co-heads of investment banking.
Acadia Healthcare Co., which is backed by Waud Capital Partners, has named Joey Jacobs its CEO. Jacobs is the former CEO of Psychiatric Solutions, which was sold to Universal Health Services last year. Many of Psychiatric Solutions's management team have also joined Acadia, according to a statement. Nashville-based Acadia develops and operates behaviorial healthcare facilities across the U.S.
Alan Kahn has joined 6Pacific as an advisor and operating partner. Kahn has held senior management positions at J.R. Simplot, H.J. Heinz and McCain Foods. 6Pacific, with offices in Los Angeles and Windsor, Ontario, provides M&A advisory services and also makes minority equity investments in consumer companies.
Morton's Restaurant Group said Wednesday that it is exploring strategic alternatives, which may include a sale. Morton's, which is owned by Castle Harlan and Lauren Crown Partners, has hired Jefferies & Co. as its financial advisor.
Rubber producer Yulex Corp. has closed on $15 million in financing led by Argonaut Private Equity. The money will help Yulex expand its natural rubber production capabilities, the company said in a written statement. Argonaut Private Equity was founded in 2002 and is based in Tulsa, Oklahoma.