LONDON (Reuters) – Subordinated bondholders of Wind Hellas will offer senior secured noteholders an incentive to accept their proposal to bid for the company, said Michael Hodges of Aladdin Capital Management. Aladdin Capital is co-ordinating the subordinated bondholders’ committee established to protect their interest in Wind Hellas. The incentive includes a fee of 400 basis […]
HONG KONG (Reuters) – Goldman Sachs (GS.N) has agreed to sell half of its holding in Shineway Group, China’s top meat processor, to a Chinese fund for about $150 million, earning roughly five times its investment from the landmark 2006 deal, sources with direct knowledge of the matter said on Wednesday. The acquisition attracted wide […]
TOKYO (Reuters) – Bain Capital has won exclusive rights to negotiate with Citigroup Inc (C.N) to buy its Japanese telemarketer in a deal that could be worth more than $1 billion, three people with knowledge of the transaction said. It would be the largest private equity deal in Japan involving a foreign buyout firm since […]
Start your Engines: Private equity is ready (raring to go, even) for bank deals. (IDD) In Case You're Following: Bonds are bad, says Dr Doom. (FT Alphaville) PE Target? With KKR and KPS's beer deals lately, it wouldn't surprise me if a buyout firm went after Pabst Brewing Company, which is shopping itself via Bank of America Merrill Lynch. (NY Post) This is a Large Deal But Maybe Not a Big Deal: Warren Buffet enters the mega-buyout game, precisely when no one else is. (WSJ) Want to be an accountant? Here is some resume advice. (FINS)
On Friday we reported that Chicago buyout firm Willis Stein & Partners would take a second dividend on Roundy's, its Midwestern supermarket chain. Today we've learned more details. Willis Stein has used the dividend to take excess capital off Roundy's balance sheet while pushing back debt maturities from 2010 to 2012. Willis Stein will take a dividend on the company worth $75 million. That does not change the company's leverage rate of 3.1x debt-to-Ebitda. Roundy's has $728.5 million in debt and $235 million in Ebitda, a source familiar with the deal said. J.P. Morgan has served as lead arranger on the deal, with participation from Credit Suisse, Bank of America and Rabobank.
Hub International Ltd., a Chicago-based insurance brokerage, has completed and funded a $200 million incremental senior secured term loan under its existing senior secured credit facility. Hub was taken private in 2007 for $1.8 billion by Apax Partners and Morgan Stanley Principal Investments. PRESS RELEASE Hub International Limited (“HUB”) today announced that it completed and […]
Private equity's fingerprints are nowhere near the largest deals of 2009. Unless you consider Berkshire Hathaway a private equity firm, a title which Warren Buffet would be horrified to hold. (He likes to refer to buyout firms as porn shop operators, you may recall) Berkshire Hathaway's deal for Burlington Northern Santa Fe, announced today, is the fifth-largest deal in the world this year. It's Buffet's largest deal ever. Below, we've posted the full list, courtesy of Thomson Reuters.
HONG KONG (Reuters) – Private equity firms Bain Capital and General Atlantic are among those eyeing Morgan Stanley’s (MS.N) stake in China International Capital Corp (CICC), the country’s largest investment bank, in a deal that could fetch more than $1.2 billion. Morgan Stanley paid just $37 million for its piece of CICC when the Chinese […]
EnCap Energy Infrastructure Fund and TPH Partners have formed Meritage Midstream Services, a Golden, Colo.-based provider of midstream services to oil and gas producers. No details of the equity commitments were disclosed.
Huron Capital Partners has invested $30 million into Maple Leaf Automotive Inc., an Ontario-based manufacturer of replacement parts for the automotive aftermarket.