Elevation Partners was originally known for its high-profile partners, including Roger McNamee, Fred Anderson and Bono. But it quickly became better known as the firm that kept plugging money into Palm, the PDA maker whose popularity seemed to have peaked in around 2001. "As goes Palm as goes Elevation," summed up an investor in the firm's $1.8 billion debut fund. Last week, HP completed its $1.2 billion acquisition of Palm, which gave around a 5% cash-on-cash return from its $460 million in total investments. Not very good, but better than Elevation would have faired in the Palm bankruptcy that some predicted. To get a better sense of the Palm situation from Elevation's point of view, I spent some time on the phone with Fred Anderson, the ex-Apple CFO who repped Elevation on the Palm board of directors. The conversation actually took place back when the deal was first announced in April, but Palm lawyers prevented me from publishing it until now. What follows are some of his comments from our conversation:
Corinthian Capital Group has acquired STADCO, a Los Angeles-based maker of components and tooling for the commercial aerospace and defense markets, from Omninet Capital. No financial terms were disclosed.
Post Capital has sponsored a recapitalization of BHS Marketing LLC, a Salt Lake City-based maker, blender and distributor of specialty and commodity chemicals. No financial terms were disclosed.
Oryxa Capital has agreed to acquire Cadbury's chocolate, soft cake and sugar confectionery business in Romania from Kraft Foods. No financial terms were disclosed.
HitecVision has agreed to acquire Tampnet AS from Statoil for an undisclosed amount. Tampnet operates an offshore communications network for oil and gas exploration companies.
Buyout deal volume just concluded its strongest quarter in two years, according to data released today by market research firm Preqin. Globally, Preqin reports 411 private equity-backed transactions in second quarter, raising $43.3 billion. This is up from the same period in 2009 when 295 deals were valued at $14.6 billion. The totals are also the best for buyouts since third quarter 2008 when 483 deals raised $45.1 billion. North America produced much of the deal value. There were 175 deals in North America, valued at $26.7 billion. By comparison, Europe had 169 deals in second quarter, raising a total of $11 billion. Asia, and the rest of the world, produced 67 deals, valued at $5.6 billion.
(Reuters) – The parent of the Uno Chicago Grill pizza chain has won court approval for its bankruptcy reorganization plan, less than six months after it sought protection from creditors. Judge Martin Glenn approved the Chapter 11 plan for Uno Restaurant Holdings Corp at a hearing on Tuesday in the U.S. bankruptcy court in Manhattan. […]
(Reuters) – SonicWall Inc (SNWL.O) said the third-party bidder that offered to acquire the IT security company for $12 a share in cash no longer intended to pursue the deal. Shares of SonicWall, which provides secure Internet access to both wired and wireless broadband customers, fell 3 percent in trading before the bell Tuesday. In […]
ShoreView Industries has sponsored a recapitalization of Abrasive Products & Equipment LLC, a Deer Park, Texas-based distributor of portable air blast and related equipment for the Gulf Coast Region. No financial terms were disclosed, except that Amalgamated Capital provided a senior secured credit facility.
The Riverside Company has sold Veritext Holding Co., a provider of deposition and litigation support services to law firms, to Investcorp. No financial terms were disclosed.
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