Milestone Partners has completed its acquisition of Mariner Finance LLC from First Mariner Bancorp (NasdaqGM: FMAR). No financial terms were disclosed. Mariner Finance is a Baltimore-based provider of medium-term installment loans, related credit insurance and ancillary products to near-prime borrowers.
Buyout barons are no strangers to activist ire, although until now, it's mostly been from the likes of the SEIU in relation to tax loopholes. But today Blackstone Group and Steve Schwarzman have been singled out from a new group of protesters. As I type, a New Mexico-based group dressed as Santa and his elves is paying the BX headquarters an unwanted visit. The reason? Blackstone's investment in Sithe Global, a coal company the firm acquired 80% of in 2005. Reservoir Capital which retained 20% ownership. The activists, who hail from New Mexico, planned to deliver a lump of coal to Schwarzman because they oppose Sithe's plan for three new dirty coal-burning power plants in their region, including one on a Navajo Reservation. The activists oppose the plants, saying they will
Kinderhook Industries has agreed to acquire International Absorbents Inc. (NYSE: IAX) for approximately $30.38 million, or $4.74 per share (18.2% premium to yesterday's closing price.). International Absorbents is a maker of environmentally-friendly pet care and industrial products.
TorQuest Partners has agreed to acquire the refined wood rosin and natural wood terpines business of Hercules Inc., a subsidiary of Ashland Inc. (NYSE: ASH). The deal is valued at approximately $75 million. TorQuest will rename the company Pinova.
True Temper Sports Inc., a Memphis, Tenn.-based maker of golf shafts and performance sports equipment, has completed a financial restructuring plan that was approved by the U.S. Bankruptcy Court. A group of investors led by Newport Global Advisors and Providence Equity Partners now hold a majority stake in the company.
Oaktree Capital Management has committed $500 million to help form Sky Holding Co., a San Francisco-based airline leasing company formed by former executives of Pegasus Aviation.
Moosejaw, a Madison Heights, Mich.-based multi-channel retailer of outdoor active apparel and equipment, has raised an undisclosed amount of growth equity from Glencoe Capital’s Michigan Opportunities Fund.
2009 is fast coming to an end, so we figured it was time to take a chronological look back at the year's top private equity stories. Consider it a timeline of sorts (a venture capital one will be posted later this month). Lots of scandals and failures, with a smattering of successes mixed in. Get it after the jump...
Odyssey Investment Partners has agreed to buy One Call Medical from TA Associates for an undisclosed amount. One Call is a Parsippany, N.J.-based provider of medical cost containment solutions.
Oaktree Capital Management has acquired a minority equity position in DoubleLine LLC, a Los Angeles-based investment advisory recently formed by ex-TCW chief investment officer Jeffrey Gundlach.