European Capital has received a repayment of €10 million of junior mezzanine bonds from Newglass, parent company of portfolio company Devglass, a French manufacturer of dual-pane insulated glass. Press Release: St. Peter Port, Guernsey – 18 December 2008 – European Capital Limited and its subsidiaries (LSE: ECAS) (“European Capital”) announced today that they have received […]
(Reuters) – U.S. private equity firms are looking at starting up reinsurance companies, after an active U.S. hurricane season created demand for coverage and stormy financial markets have weakened many potential competitors. The conversations are still in early stages, but consultants to the insurance industry say their phones are often ringing. “Before we used to […]
Metalmark Capital, a buyout firm based in New York, has purchased Schafer Corporation, a government intelligence systems business, for an undisclosed amount. Press Release: Schafer Corporation, a leading provider of scientific, engineering, systems integration, programmatic support, and technical solutions to government clientele, today announced a majority investment by Metalmark Capital, a New York-based private equity […]
MML Capital Partners, a buyout firm based in London and Stamford, Conn., has acquired the assets of Houston-based Americrane LLC through its portfolio company, TNT Crane & Rigging, Inc., for an undisclosed amount. Press Release: MML Capital Partners (“MML”) announces today that its portfolio company, TNT Crane & Rigging, Inc. (“TNT”) has acquired the assets […]
(Reuters) – Two banks that were to finance the now-collapsed $6.5 billion buyout of chemicals firm Huntsman Co. provided funding to the buyer, Hexion Specialty Chemicals, to cover payment of a $325 million deal breakup fee, Hexion said on Friday. Huntsman said it terminated its agreement to be bought by Apollo Management’s Hexion unit and […]
(Reuters) – Britain’s Barclays is considering selling its private equity arm to a management consortium in a move to raise capital for the bank, the Mail on Sunday newspaper reported. The group’s investment banking arm Barclays Capital could spin off the private equity division into a new company controlled by its current management, the report […]
Cerberus Capital today issued a statement regarding its investment in Chrysler LLC, following President Bush's authorization of $17.4 billion in emergency loans to U.S. automakers (although Ford said it won't need the help). It said that it would put $2 billion from Chrysler Financial into the troubled automaker, alongside the $4 billion in federal funds. It also reiterated its pledge to not take any profits that may emerge, which a spokesman says includes both carried interest and fees. Here is the statement, in its entirety:
NEW YORK (Reuters) – Private equity firm Cerberus said on Friday it would use the first $2 billion of proceeds from Chrysler’s auto financing arm Chrysler Financial to backstop the government loan allocated to its struggling Chrysler car making unit. President George W. Bush on Friday offered a $17.4 billion government lifeline to ailing automakers […]
CHICAGO (Reuters) – Brinker International Inc (EAT.N) said on Friday it completed the sale of a majority stake in its Romano’s Macaroni Grill business, helping to send the restaurant operator’s shares up nearly 28 percent. The final sale price for buyer Golden Gate Capital was nearly 40 percent less than the figure first announced in […]
Kohlberg Kravis Roberts & Co. has named Michael Michelson and Alexander Navab as co-heads of its North American private equity practice. Michelson works in Menlo Park, and joined KKR in 1981. Navab is in the firm’s New York office, and joined in 1993.