Providence Equity Partners has offered to acquire AcadeMedia AB, Sweden’s largest independent education company with approximately 45,000 students and course attendants at around 150 locations. AcadeMedia is publicly-trade in Stockholm. The proposal would value AcadeMedia at approximately $283 million, with AcadeMedia stockholders to receive SEK165 per share (3% premium to yesterday’s closing price). www.provequity.com
Advent International has acquired UK sofa retailer DFS for an undisclosed amount. This comes less than a month after the company's founder said DFS was not for sale, despite persistent press reports of a £500 million auction.
Oak Hill Capital Partners has agreed to acquire The Hillman Companies Inc. from Code Hennessy & Simmons, Ontario Teachers’ Pension Plan and certain members of company management. The deal is valued at $815 million, with Hillman's publicly traded trust preferred securities to remain outstanding on the NYSE-AMEX. Hillman is a Cincinnati-based distributor of hardware items to retail customers.
FRANKFURT (Reuters) – Goldman Sachs (GS.N) is considering a takeover of the remains of insolvent German department store chain Karstadt if no other investor emerges, two sources familiar with the situation told Reuters. Goldman Sachs as well as Deutsche Bank (DBKGn.DE) are part of the Highstreet consortium, which owns about two-thirds of Karstadt’s store space. “Is […]
TPG Capital has agreed to buy American Tire Distributors Holdings Inc. for $1.3 billion, from Investcorp, Berkshire Partners and Greenbriar Equity Group. The deal is expected to close next quarter. American Tire is a Charlotte-based distributor of replacement tires to local, regional and national tire retailers.
NEW YORK (Reuters) – Private equity firm Blackstone (BX.N) is joining one of the teams bidding to buy Extended Stay, a source familiar with the situation said on Wednesday, upping the ante in the battle to control the mid-priced U.S. hotel chain. Blackstone is joining the team led by investment companies Centerbridge Partners and Paulson […]
NEW YORK (Reuters) – U.S. jeweler Zale Corp (ZLC.N) plans to sell a minority stake to Golden Gate Capital Corp, Bloomberg News reported on its website citing two people familiar with the decision. Golden Gate’s offer was chosen over proposals from Centerbridge Capital Partners LLC and TPG, the people — who declined to be identified […]
Sponsor-to-sponsor deals aren't always popular, but they're certainly in vogue right now. The first quarter of this year saw a surge in sponsor-to-sponsor, or secondary buyouts, in which one private equity firm sells a portfolio company to another private equity firm (or group of firms). Data provider Preqin reports 24 such transactions last quarter worth $7 billion in deal value, compared to just $5.1 billion for 43 deals in all of 2009. And this doesn't even include a rash of transactions announced today (see below). What's driving the activity? First, private equity pros are desperate to do deals. Despite everyone's peacocking that '08 and '09 were "the best investing opportunities of our lives," most buyout pros were all talk. The deal volume speaks for itself-PE pros were largely on the sidelines during
LONDON (Reuters) – Five bids, including four from private equity firms, have been selected to move through to the second round of the auction for Royal Bank of Scotland’s (RBS.L) payment processing business, people familiar with the matter said on Tuesday. Canada’s biggest card payment processor, Moneris Solutions, buyout firms CVC [CVC.UL], joint suitors Advent […]
AMSTERDAM (Reuters) - CVC Capital Partners and a consortium of Morgan Stanley (MS.N) Infrastructure, 3i Infrastructure (3IN.L) and Star Capital have made indicative offers in the 2 billion pound ($3.1 billion) auction of HSBC's (HSBA.L) rolling stock firm, several people familiar with the matter said. HSBC's (0005.HK) rail unit Evershot has a UK fleet of over 4,000 trains and its sale follows the rationale of the divestments of the other two UK train leasing companies, as banks look to raise cash by disposing assets not central to their businesses.
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