KT Capital Partners has acquired ConArt Inc., a provider of concrete products for commercial, industrial and public buildings in the Southeastern United States. No financial terms were disclosed. Corporate Finance Associates advised ConArt on the sale.
Zohar Waterworks LLC, a Columbus, Ohio–based maker of water coolers and drinking fountains, has filed for Chapter 11 bankruptcy protection. The company said that it hopes to auction off its assets on May 1. Zohar was formed by Patriarch Partners in 2005, via the acquisition of Oasis Corp.’s assets. www.patriarchpartners.com
NEW YORK (Reuters) – MGM Mirage (MGM.N) has hired Morgan Stanley (MS.N) to advise on selling a number of its casinos, and is talking to potential buyers about the assets, a source familiar with the situation said on Sunday. The No. 2 casino operator, controlled by billionaire Kirk Kerkorian, is grappling with weak consumer demand […]
CapX Partners, a Chicago-based provider of debt to the lower middle-markets, plans to target around $225 million for its fourth fund, according to LBO Wire. It is currently investing out of a $150 million third fund that closed in 2005. www.capxpartners.com
Apollo Management has offered to acquire Legacy Reserves LP (Nasdaq: LGCY), a Midland, Texas-based oil and gas exploration company focused on the Permian Basin and mid-continent regions. Legacy unit-holders would receive $14 per unit (40% premium to Friday’s closing price), for a total equity value of $435 million. Legacy management has signaled that it would be retained, were the deal to be approved.
Emerging Capital Partners has acquired a “significant minority stake” in la Nouvelle Societe Interafricaine d'Assurance Participations SA, a Cote d'Ivoire-based insurance group in French-speaking Western and Central Africa. The deal is valued a $47.7 million.
Atlantic Street Capital has acquired EZE Trucking, a Los Angeles-based provider of specialty logistics services for the infrastructure market. No pricing terms were disclosed for the deal, which included senior debt from PNC Bank and subordinated notes from Prism Mezzanine Fund.
Vista Equity Partners has offered to acquire Sumtotal Systems Inc. (Nasdaq: SUMT), a Mountain View, Calif.-based provider of enterprise learning and performance management systems. Under terms of the offer, Sumtotal stockholders would receive $3.25 per share (62% premium to Friday’s closing price), which values the outstanding equity at approximately $103 million. Vista currently holds around a 13% stake in Sumtotal, and plans to nominate a slate of three directors to the company’s board, at an annual meeting on June 12.
EA Global Holdings Ltd., a Malaysian IT outsourcing company, has raised $4 million from Aureos Capital. It is Aureos’ first investment in Malaysia.
NEW YORK (Reuters) – IBM’s (IBM.N) talks to acquire smaller computer and software rival Sun Microsystems Inc (JAVA.O) broke down on Sunday after Sun rejected IBM’s $7 billion offer, a source with knowledge of the matter said. The collapse of negotiations, if final, is likely to hurt Sun’s shares as a buyout was seen as […]