SYDNEY (Reuters) – Australia and New Zealand Banking Group (ANZ.AX) is expected to decide by mid-October whether to bid for a majority stake in Korea Exchange Bank (004940.KS), worth about $4 billion at current prices, three sources said on Tuesday. If successful, the KEB deal will represent ANZ’s biggest ever acquisition as Australia’s No. 4 […]
Sbarro, the quick-serve pizza chain owned by MidOcean Partners, could be in trouble with its banks again. Last quarter, Melville, N.Y.-based Sbarro posted 12-month trailing EBITDA of $41.7 million, which is just $1.7 million shy of breaching covenant agreement with its lenders. This comes just one year after the company was in noncompliance with its banks over its high debt (currently $336.3 million) but was able to get a waiver and refinance. The refinancing required Sbarro to maintain a minimum 12-month trailing EBITDA of $40 million each quarter. This minimum will rise to $43 million in December, according to regulatory filings.
Sentinel Capital Partners has acquired Engineered Controls International LLC, an Elon, N.C.-based provider of pressure regulators, valves and other control equipment for use with liquefied and compressed gases. No financial terms were disclosed.
The knives are already out for Hulu's planned IPO, but Providence Equity Partners is hoping that they prove dull. Providence invested $100 million in Hulu three years ago, in exchange for a minority stake. Now, however, sources say that the firm hopes that the video streaming service could help fill a hole left by investments like MGM (particularly before formally hitting the market to raise a new $8 billion fund). “If Providence wasn’t a PE investor [Hulu] probably wouldn’t be going public,” one buyout exec told me earlier today. “If [Hulu] were doing so well why not just wait? They would benefit by waiting if they thought the subscribers would take up the pay service.”
(Reuters) – ResCare Inc (RSCR.O) said it received a takeover proposal from Canadian private-equity firm Onex Corp (OCX.TO), valuing the U.S. provider of home care to the elderly and disabled at about $370 million. The $12.60 per share offer represents a 24 percent premium to ResCare’s Friday closing price of $10.14. ResCare’s board has formed […]
FRANKFURT (Reuters) – Paternoster , part-owned by Deutsche Bank (DBKGn.DE), appointed insurance brokers Willis (WSH.N) to raise more capital, a person familiar with the matter said, in a move that could lead to a sale of the specialist pension business. Paternoster declined to comment. Deutsche Bank, which owns 40 percent of Paternoster, declined to comment […]
Leonard Green & Partners has agreed to acquire Prospect Medical Holdings Inc. (Nasdaq: PZZ), operator of five community-based hospitals in the greater Los Angeles area. The deal is valued at approximately $363 million, including the assumption of approximately $158 million in debt. Prospect stockholders will receive $8.50 per share.
Barclays Private Equity Germany has acquired a majority stake in MPS Meat Processing Systems of The Netherlands. Sellers included Steadfast Capital.
Star Capital Partners has agreed to buy German cable operator Pepcom GmbH from GMT Communication Partners and Veronis Suhler Stevenson. No financial terms were disclosed.
(Reuters) – Blackstone Group LP’s (BX.N) deal to buy Dynegy Inc (DYN.N) is an unusually structured buyout that would give it control of the power company without having to refinance or invest much cash and similar takeovers of independent power companies are unlikely to follow. A key factor in the deal is that a substantial […]