(Reuters) – MSC Software Corp (MSCS.O), a simulation and software services company, said Symphony Technology Group’s affiliate matched the $8.15 per share takeover offer from third-party private equity firms. On Tuesday, the third-party private equity firms had raised their offer to $8.15 a share to trump the $8 per share offer from Maximus Holdings, a […]
Beacon E&P Co., a Denver-based oil and natural gas company, has received a $150 million equity commitment from Kayne Anderson Energy Funds, BAML Capital Partners, company management and others.
Golden Gate Capital has acquired the enterprise management solutions IT unit of CH2M Hill, for an undisclosed amount. The resulting company will be named Critigen, and will maintain a three-year preferred provider agreement with CH2M Hill.
Nexar Capital Group has launched as an investment management firm founded by former hedge fund execs at Société Générale. It is being sponsored by an undisclosed amount of funding from Aquiline Capital Partners.
(Reuters) – Photography company Eastman Kodak Co (EK.N) plans to raise up to $700 million, including a commitment from private equity firm Kohlberg Kravis Roberts & Co [KKR.UL], to bolster its balance sheet and free up capital for investments, the company said on Wednesday. Kodak, which makes cameras, picture frames and consumer printers, about a […]
The Recession is Over! Says Ben Bernanke. (Bloomberg) Celebrate. Support the fizzling champagne industry (WSJ). Scott Sperling Isn't Worried: In addressing the issue of about $430 billion of leveraged loans coming due between 2012 and 2014, Sperling says that a rebound in bond and equity markets and M&A should help borrowers refinance much of that debt. (The Deal) Congrats: Felix Salmon has played a party in Dick Fuld's "smouldering resentment." (Reuters) Good News for Startups: Tech M&A is back. (GigaOm)
At today's Private Equity Analyst conference, John Howard, CEO of Irving Place Capital, and Bela Szigethy, Co-CEO of Riverside Company, commented on a recent favorite of private equity firms, vulture deals (a.k.a. distressed loan to own): Howard detailed his firm's experience dabbling in the investment style with its recent acquisition of Chesapeake Corp., a bankruptcy packaging company:
Earlier (the conference organizers) played the Beatles song, “Yesterday,” which has the lyrics, “Yesterday, love was such an easy game to play.” It made me think about getting deals done today. Yesterday, private equity was such an easy game to play.
John D. Howard, CEO of Irving Place Capital, on the dealmaking environment. at the Private Equity Analyst Conference.
The market, when it comes back, to the largest customer, there will be $5 billion purchases... They won’t be larger than that. Leverage will be, at most, one to one or one and a half to one, so the equity needed still will be larger than many firms want to do.
-Richard Friedman, Head of Merchant Banking at Goldman Sachs, on the maximum deal size going forward, and the continuing need for club deals and co-investments
(Reuters) – Harrah’s Entertainment, one of the world’s largest casino operators, bought $140 million of the debt related to the Planet Hollywood Resort & Casino in Las Vegas, the Wall Street Journal reported, citing people familiar with the matter. Harrah’s Entertainment’s purchase of the debt, which has a face value of $140 million, from Goldman […]