NEW YORK (Reuters) – Metro-Goldwyn-Mayer, which has received several first-round bids in an auction to sell itself, is considering a prepackaged bankruptcy along with a sale, sources familiar with the matter said. The studio, which has $3.7 billion in debt, could reduce liabilities and clean up its balance sheet in a prepackaged bankruptcy, leaving its […]
NEW YORK (Reuters) – Atrium Cos Inc., a maker of windows and patio doors, said on Wednesday it filed for Chapter 11 bankruptcy after reaching agreement with lenders to cut its debt through a prearranged restructuring plan. Two-thirds of Atrium’s senior secured lenders have agreed on a plan to cut debt by more than $350 […]
(Reuters) - The parent of the Uno Chicago Grill pizza chain has filed for bankruptcy after sales fell and ingredient costs rose, and said it agreed on a restructuring that would give bondholders a controlling stake. Uno Restaurant Holdings Corp and more than 150 affiliates sought Chapter 11 protection from creditors on Wednesday with the U.S. bankruptcy court in Manhattan. The company said it had agreed with noteholders on a swap that will result in the conversion of $142 million of senior notes into a controlling equity stake. Private equity firm Centre Partners had taken a controlling stake in 2005.
Baird Capital Partners has formed American Auto Auction Group LLC, as an acquisition platform focused on the whole-car auction market. Its first two portfolio additions are Charleston Auto Auction of Moncks Corner, S.C., and Rea Brothers Mid-South Auto Auction of Pearl, Mississippi. No financial terms were disclosed.
THL Credit has sponsored a recapitalization of Anytime Fitness, in partnership with the company's founders. No financial terms were disclosed. Anytime Fitness is a fitness franchise concept with over 1,200 clubs and 800,000 members.
RHEA Investments has agreed to acquire a majority stake in SETA Medical Products, a Turkish maker of disposable medical products like surgical drapes and gowns. The investment will be made via RHEA's venture capital trust, Vakıf Girisim (Istanbul Stock Exchange: VKFRS).
The answer is not many. Back when this chocolatey drama began, we speculated that private equity’s biggest role in the deal may be to snap up a few divestitures. With a deal of this size (£11.5 billion, $19.5 billion), it seemed there’d be plenty, especially if you look at past precedent. Thanks to Anheuser Busch’s $52 billion sale to InBev, post-merger divestitures actually drove private equity activity in 2009. AB-Inbev scrambled to unload corporate orphans as a way to raise money to pay down the massive debt it took on for the merger; as a result, AB-Inbev divestitures made up three of the ten largest private equity deals of 2009. You’d think Kraft and Cadbury, striking in January what may be the largest deal of the year, would have a similar plan. According to Kraft's executives, that’s not the case at all.
Here are some potential M&A ideas, rumored or official, to jumpstart your deal pipeline. Our sources are various news reports and the Buyouts “Seeking Buyers” list. For prior lists, see below. IDC (Interactive Data Corporation), is reviewing strategic alternatives. The listed company has a market cap or almost $2.7 billion and is majority-owned by Pearson. The FT, which Pearson also owns, reported that Hellman & Friedman, Kohlberg Kravis Roberts and Carlyle Group are interested bidders. Argon ST, a listed defense industry tech services company, has not moved forward its sale process since it hired Stone Key Partners last fall, dealReporter.com reported. However, Reuters reported that the company is being circled by a number of suitors. Brown's Chicken & Pasta, an Illinois-based restaurant operator, is seeking buyers for its three locations. General Motors Corp. is seeking a buyer for its Nexteer Automotive Steering and Driveline Operations, based in Sagnaw, Michigan.
Platinum Equity has acquired OAO Technology Solutions Inc. from J.F. Lehman & Co. No financial terms were disclosed. OAO is a Greenbelt, Md.-based provider of managed IT solutions and services to Fortune 500 corporations, global outsourcers and government agencies.
Castle Harlan has agreed to acquire a majority stake Pretium Packaging LLC, a Chesterfield, Mo.-based maker of specialty plastic containers for the food, pharma, personal-care and household markets. Company founder Keith Harbison will retain a minority position. As part of the deal, Pretium Packaging will acquire the parent of Novapak Corp. from Kirtland Capital Partners. The total transaction is valued at $200 million.