Pfingsten Partners has acquired Hy-Bon Engineering Co., a Midland, Texas-based maker of vapor recovery units. No financial terms were disclosed, except that company management will retain an equity position.
LONDON (Reuters) – Private equity firms pursuing Springer Science and Business Media have been asked to resubmit bids after second-round offers fell short of expectations, people familiar with the matter said. TPG, EQT and a consortium of Carlyle Group and Providence submitted bids for up to 49 percent of Springer, but all fell “significantly short” […]
CAIRO (Reuters) – Private equity firm Actis has agreed to pay $244 million to acquire a 9.3 percent stake in Commercial International Bank (COMI.CA) (COMIq.L), Egypt’s largest lender by market value, Actis said on Wednesday. Actis, which invests in emerging markets, said it would acquire 27.3 million CIB global depositary receipts at a price of […]
Symphony Technology Group and Elliott Management have agreed to acquire MSC.Software Corp. (Nasdaq: MSCS), a provider of simulation solutions for designing and testing manufactured products. The deal is valued at approximately $360 million, with MSC stockholders to receive $$7.63 per share (13% premium to today's closing price). Wells Fargo Foothill and CapitalSource have committed to provide senior debt financing.
NEW YORK (Reuters) - Media group Bertelsmann [BERT.UL] and private equity firm Kohlberg Kravis Roberts & Co are to form a music rights management joint venture, KKR said on Tuesday. The deal, expected to be announced Wednesday, will create a venture 51 percent owned by KKR and 49 percent owned by Bertelsmann, KKR said. Such a deal could be a more efficient way of managing rights under one roof, and would mark a more aggressive push into the music business for the privately held German media giant, which has largely exited the industry.
DETROIT/NEW YORK (Reuters) – Federal-Mogul Corp (FDML.O) is readying a renewed bid for the assets of Delphi Corp (DPHIQ.PK) after breaking off talks with the bankrupt auto parts maker in late May, three people with knowledge of the situation said on Tuesday. Federal-Mogul, controlled by billionaire investor Carl Icahn, had discussions about buying all or […]
We’ve seen plenty of evidence that finance and rock music don’t mix: Take Terra Firma’s disastrous investment in music publisher EMI, which has led to a lawsuit from Pink Floyd, or Bank of America’s cringe-worthy U2 theme song, “One Bank”. But Sterling Partners is hoping to change that with its latest investment in The Paul Green School of Rock Music. The business is exactly what it sounds like—a training school for aspiring kid musicians. Founded in 1998, the Paul Green School of Rock requires its students to form bands and perform, which, according to CEO Matt Ross, is a highly effective method for motivating students. The school was the star of a documentary called “Rock School” and bills itself as the “apparent inspiration” for the hit comedy, “School of Rock,” starring Jack Black. (Paramount Pictures has not admitted to the inspiration, Ross noted.)
CHICAGO/NEW YORK (Reuters) - Tribune Co has agreed to terms for the sale of the Chicago Cubs to a group led by private equity investor Marc Utay, giving the company two offers to submit to the bankruptcy court, two sources familiar with the sale process said on Tuesday. It is the latest twist in a long-running effort by the bankrupt media company to sell the baseball team famous for its "lovable losers" image. On Monday, a source said the Ricketts family had agreed to terms for the purchase of the team and other assets for slightly less than the $900 million it offered in January. The source called it a "handshake" agreement and not a signed document.
The largest buyout of the year is now half as large, from the lead sponsor's point of view. Before even closing its agreed-upon $1.8 billion buyout of Korean beer-maker Oriental Brewery, buyout firm KKR has decided to sell half of the company to Asia-focused buyout firm Affinity Equity Partners. Affinity will help the firm bear the equity load and "share investment risks." The surprising part here is pricing-Affinity gets a 50% stake in Oriental Brewery for a mere $400 million. That's just 22% of what KKR paid for the company, meaning Affinity is getting a half-off discount to the total deal value. Why would KRR let Affinity in for such a cheap valuation? The answer lies in the debt. When you break down the company's capital structure, you find that Affinity is actually paying a small premium.
BVK Holdings, publisher of New Track Media, has acquired CK Media LLC, publisher of quilting, sewing, and scrapbooking magazines. No financial terms were disclosed. BVK is a portfolio company of Boston Ventures.