NEW YORK (Reuters) – Auto parts maker Contech LLC said on Friday that it has filed for Chapter 11 bankruptcy protection, citing a downturn in the automobile industry. The company, which makes light-weight cast components for cars and trucks, plans to use the bankruptcy process to sell noncore operations, adjust operating costs and reduce its […]
NEW YORK (Reuters) – The economy could be facing a very tough two year road ahead, a senior adviser at buyout giant Kohlberg Kravis Roberts & Co said on Friday, adding that KKR would probably hang onto its portfolio companies for a year more than the seven year average due to the credit crisis. George […]
NEW YORK (Reuters) – Private equity investor Christopher Flowers, fresh from a deal to buy failed U.S. mortgage lender IndyMac, is on the hunt for more failing banks to acquire with the help of the government. The ex-Goldman Sachs banker who runs New York-based private equity firm J.C. Flowers & Co said on Friday his […]
LONDON (Reuters) – Henderson Group (HGGH.L) scooped rivals to buy New Star Asset Management (NSAM.L) as New Star’s creditor banks sought a quick-fire deal and stomached a more than 100 million pound loss on loans to the business. Henderson would become the UK’s fifth-largest retail asset manager after the deal, and its shares rose more […]
(Reuters) Britain’s biggest car leasing company, Lex, has approached private equity firms about a multibillion pound buyout, the Daily Telegraph reported on Friday without citing sources. The deal would streamline owner Lloyds Banking Group Plc’s (LLOY.L) balance sheet, the newspaper said. The merger of Lloyds TSB and HBOS earlier this month to create Lloyds Banking […]
Nova Capital Mangement, sold German based nuclitec GmbH and its French and US based sister companies to Eckert & Ziegler Strahlen-und Medizintechnik AG for an undisclosed amount. The firm is in the market for a $300 million first fund, LBO Wire wrote. Press release: Nova Capital Management, the specialist acquirer of corporate and private equity […]
Radialpoint, an Internet security company based in Montreal, has purchased HiWired, a Needham, Mass.-based remote tech support company. Radialpoint received a C$98 million investment from TA Associates in September of 2008. HiWired has raised a total og $12.6 million from venture firms including North Hill Ventures, Kodiak Venture Partners and Sigma Partners. Press release Radialpoint, […]
(Reuters) – Consumer electronics company Polaroid Holding Co said it has agreed to sell its assets including the Polaroid name and brand to a private equity firm based in Luxembourg. The maker of iconic instamatic cameras said it had entered a “stalking horse” asset purchase agreement with PHC Acquisitions LLC, an affiliate of Genii Capital […]
Diagnosoft, Inc., an innovator in magnetic resonance (MR) image analysis software that assists in diagnosis, staging and therapeutic monitoring of cardiovascular disease, has announced the closing of $4 million in Series B financing led by Technology Development Fund (TDF) of Cairo, Egypt. The company intends to use the new capital to support further market expansion […]
(Reuters) – Financial buy-out firm Resolution (RSL.L) skipped dividends after posting a 700,000 pound ($987,700) loss for the last quarter of 2008, but said it would continue to acquire businesses. The loss for the period from Oct. 9 to Dec. 31 related to initial operating expenses, Resolution said, after it raised 660 million pounds in […]