We’ve written ad nauseam about the lousy exit market, but every now and then there’s a PE-backed company just ripe for the profitable picking. Today that company is National Default Exchange, a Texas-based provider of processing services for mortgage defaults, foreclosures and bankruptcy administration. Talk about being situated at the top of a market cycle.
The Forbes 100 Most Powerful Women list is out, but representation from the American financial sector feels lackluster. Sheila Bair of The FDIC ranks high at number two (second to German Chancellor Angela Merkel). And Ho Ching of Temasek represents at eight. You could blame the paucity on particularly bad years for Erin Callan and […]
HONG KONG, Sept 4 (Reuters) – CVC Asia Pacific withdrew its indicative offer for shares in Peace Mark (0304.HK: Quote, Profile, Research, Stock Buzz), Reuters Basis Point reported on Thursday, but the Hong Kong-based watchmaker said it had received another offer. Peace Mark, in a meeting with existing lenders last Tuesday had indicated that CVC […]
(Reuters) – Merrill Lynch & Co’s (MER.N: Quote, Profile, Research, Stock Buzz) talks to sell bad loans to Korea Asset Management Corp (KAMCO) faced a deadlock due to a disagreement over price, the South Korean state agency said on Thursday. Bloomberg reported earlier, citing KAMCO chief executive Lee Chol-Hwi, that the sale was faltering over […]
Bankrupt retailer Mervyn's is suing Sun Capital and Cerberus for pushing it into Chapter 11 with its sale-leaseback-driven LBO. We covered the method used by Mervyns’s PE backers to profit from the otherwise failed buyout by selling off its real estate, and also exactly how much money they made. It's also detailed on page 13 of Marvyns' 57-page claim, which I posted below. Depending on your outlook, you might see Sun and Cerberus’s move as either brilliant business or sheer evil. The sale-leaseback is nothing new, but doing it for hefty dividends to an already hurting company like Mervyns doesn’t exactly scream “turnaround saint.”
LONDON (Reuters) – Private equity firm Blackstone (BX.N: Quote, Profile, Research, Stock Buzz) joined a consortium bidding for publishing group Informa (INF.L: Quote, Profile, Research, Stock Buzz) after its tie-up with Dubai fell through, a source familiar with the situation said. “They (Blackstone) are in the process of joining,” the source told Reuters on Wednesday. […]
The What Recession? Edition: Fundraising surges, PE compensation is up, what is this, 2006? Dealscape: Perhaps we were wrong to call a slowdown for fundraising in Q4—September is only three days in and we’re already seeing a surge. LBO Wire: Salaries are actually up for PE professionals.Taking carried interest and bonuses into account, salaries for […]
Monomoy Capital Partners has acquired Katun Corp., a Minneapolis-based provider of compatible supplies, photoreceptors and parts to the imaging industry. No financial terms were disclosed. PRESS RELEASE Monomoy Capital Partners, L.P., a New York private equity fund that makes controlling investments in middle market companies, today announced that it has acquired the Katun Corporation, […]
The Riverside Co. has acquired HealthcareFirst Inc., a provider of hosted software solutions to small businesses in the Medicare-reimbursed home health agency and hospice markets. No financial terms were disclosed. Riverside did the deal out of its Micro-Cap fund, which focuses on companies with $5 million or less in EBITDA. PRESS RELEASE The Riverside Company’s […]
Telerik, a Sofia, Bulgaria-based provider of software development tools and components, has raised an undisclosed amount of private equity funding from Summit Partners. The company has a U.S. office in Newton, Mass., and was founded in 2002. PRESS RELEASE Telerik, a leading vendor of software tools and components which allow developers to rapidly build […]