Bunker Hill Capital has acquired Nspro Inc., a Montreal-based provider of functional consulting services focused on SAP software architecture and configuration. No financial terms were disclosed.
HONG KONG (Reuters) – A consortium led by private equity firm FountainVest Partners plans to buy nearly $99 million worth of convertible bonds issued by Central China Real Estate (0832.HK), sending its shares up nearly 9 percent on Wednesday. Central China signed an agreement to issue HK$765 million ($98.72 million) worth of convertible bonds to […]
MILAN (Reuters) – Talks between Italian designer Roberto Cavalli and private equity fund Clessidra over a stake in the fashion house have been broken off, a source close to the matter said on Wednesday. Cavalli, known for his animal print designs and flowing long dresses, told an Italian newspaper in June he had signed a […]
This year the bonuses will be distributed in blood diamonds: I love it when satire becomes reality. Weeks ago the New Yorker published a mock internal letter from Lloyd Blankfein to Goldman Sachs employees, asking them to cut down on conspicuous consumption in light of the firms egregious bonuses. This week Blankfein does just that, according to the New York Post. At It Again: That eternal thorn in private equity's side, Andy Stern, has filed a big private equity diss in the Wall Street Journal's op-ed pages, focusing on bank investments.(WSJ) They're Already Longer Than Most: "Fundraising cycles for large private equity houses are likely to lengthen as the slow pace of investment leaves many with unspent capital from previous funds, said the head of HarbourVest's fund of funds business in Europe." (Reuters) Pundit War: Its blogger versus talking head. Charlie Gasparino of CNBC says Felix Salmon (of Reuters) has a "bizarre, on-again, off-again obsession" with him. Appalling that Salmon can't even be consistently obsessed with a CNBC anchor. (Business Insider)
Last month, The Treasury Department named nine managers for the PPIP, which is designed to help banks escape the toxic messes of their own making. It also said "over 100 unique applications... were received." It almost sounded like PPIP was so popular that Treasury had to beat off hopeful participants with a stick. To know for sure, though, we though it would be helpful to have a list of the rejected applicants. After all, what if my grandmother was one of them? I love her (and she is "unique"), but she's not quite as qualified for PPIP as, say, The Carlyle Group would be. Unfortunately, a Treasury Department spokesman declined to provide the list when I originally asked, so Thomson Reuters filed a Freedom of Information Act (FOIA) request on July 10. We asked only for the names of the applicants, not for any associated financials. We have since received a reply dated July 28 from Stephen A. Moffett, administrative officer for the Office of Financial Stability. It reads, in part:
FRANKFURT (Reuters) – German chipmaker Infineon (IFXGn.DE) said on Monday it had raised at least 692 million euros ($986 million) in a share offer, with U.S. investment firm Apollo taking up fewer shares than expected. Infineon said Apollo could take up as many as 15 million shares or 1.4 percent of the company’s increased share […]
NEW YORK (Reuters) – A U.S. bank regulator is expected to move quickly in finalizing guidelines on private equity investments in failed banks, possibly easing one of its most controversial proposals, sources said on Monday. The rules could be finalized as soon as this month and could see a key measure that is being proposed […]
NEW YORK (Reuters) – U.S. high-yield companies will face a “financing wall” over the next five years, with problems peaking in 2013 and 2014 as debt taken on during the leveraged buyout boom comes due, Morgan Stanley said on Monday. Nearly 40 percent of current high-yield debt outstanding will come due in 2013 and 2014, […]
The Fee War: "Unlike many private-equity firms which have reduced fees, hedge funds aren't budging without concessions such as longer lock-up periods and commitments of at least $100 million, according to money managers and consultants." (Bloomberg) Rewarding Bad Actors: "If you aren't outraged, you haven't been paying attention." (Paul Krugman) The truth about grit: "Modern science builds the case for an old-fashioned virtue - and uncovers new secrets to success." ( Boston.com) Tarnished Brand: Well Matt Tiabbi and others seemed to have succeeded. According to a study conducted by the Financial Times, Goldman Sachs' brand and reputation have been "tarnished." (FT) That group of "others" includes Zero Hedge according to Wall Street Cheat Sheet. Back and Forth: Seeking Alpha's Robert Solomon is bearish on private equity, so he naturally disagrees with Economist's hopeful article from last week. (Seeking Alpha)
Lincolnshire Management has completed its $35 million investment in Wabash International Corp. (NYSE: WNC), a Lafayette, Ind.-based maker of semi-trailers for the North American market. Were Lincolnshire to exercise all the included warrants, the deal would give it a 44.2% ownership position.