LONDON (Reuters) – European secondary loan prices fell to fresh record lows on Thursday as credit markets remained under pressure despite aggressive interest rate cuts in Europe. Average bids on Europe’s top 40 leveraged loans fell by another 11 basis points (bps) to new record lows of 61.94 percent of face value, RLPC data shows. […]
3i Group announced that it will lay off approximately 15% of its global staff, or around 100 positions.
ZURICH (Reuters) – Swiss bank Credit Suisse said on Thursday it was cutting 11 percent of its workforce, or 5,300 jobs, as it revealed it made a net loss of about 3 billion Swiss francs ($2.5 billion) in October and November. The bank said the loss, primarily in investment banking, where most of the job […]
FirstOnSite, a Canadian disaster recovery company owned by TorQuest Partners, has acquired Spring Fresh Cleaning & Restoration Canada Inc. of Grande Prairie, Alberta and Airkem Damage Restoration Services of Sault Ste. Marie, Ontario. No financial terms were disclosed.
Tailwind Capital has acquired Archway Marketing Services, a Rogers, Minn.–based provider of logistics management solutions for marketing collateral. No financial terms were disclosed, except that Madison Capital arranged leveraged financing.
Pequot Capital has closed its third special opportunities fund with $453 million in capital commitments, according to LBO Wire. The firm’s second special opportunities fund had closed four years ago with $200 million. www.pequotcap.com
Ares Management has postponed the final closing of its third corporate opportunities fund into 2009, according to LBO Wire. The Los Angeles-based firm already has secured more than $3 billion for the fund, which has a $4 billion target. www.aresmgmt.com
Electronic Data Processing has issued a statement saying that its management had ended talks regarding a possible offer for the Sheffield-based computer-related servcies company. In July, the London-listed company, which supplies e-business, outsourcing, application hosting and free Internet services to the merchanting and wholesale distribution industry, had confirmed that it was in early stage […]
Welsh, Carson, Anderson & Stowe has hired Scott Bontempo, Jeffrey Gallant and Daniel Pelak as senior operating executives. Bontempo previously was a lead human resources executive with Cerberus Capital Management. Gallant was vice president of procurement with Bell Canada. Pelak was CEO of InnerPule and, before that, CEO of Closure Medical Corp. www.welshcarson.com
AssetNation Inc., a Houston-based provider of online industrial auctions, has acquired AssetAuctions LLC, a provider of asset recovery, appraisal and inventory online auction services for the industrial, commercial and government markets. No financial terms were disclosed. AssetNation is a portfolio company of Spire Capital Partners.