Wellman Inc., a bankrupt portfolio company of Warburg Pincus, said that the court has approved its reorganization plan. This company will sell $120 million of convertible notes via a rights offering in exchange for $90 million in cash, with its first and second-lien holders tol receive 70% and 30% of its common stock, respectively.
Pennington Allen Capital Partners has acquired the 25% stake it did not already own in Bliss Industries LLC, a Ponca City, Okla.-based maker of hammermills, pelletmills, coolers and related equipment. No financial terms were disclosed. As part of the transaction, Bliss president Greg Alles will take over as CEO, with company founder Bill Bliss retiring.
Rotorcraft Leasing Company LLC, a Broussard, La.-based portfolio company of H.I.G. Capital, has acquired of the production management flight services business of Bristow Group Inc. (NYSE:BRS). No financial terms were disclosed.
There have been some signs of revival in the public-to-private buyouts market that has been virtually shut for more than a year, private equity companies say, as institutional investors seek a way out of companies whose share prices have dropped. There has been a pick-up in business in just the last couple of weeks, with […]
SYDNEY (Reuters) – Macquarie Group, Australia’s biggest investment bank, posted a sharp decline in first-half profit and wrote off $750 million from assets, but its shares leapt after it doused fears it needed to raise capital. The bank, which is heading for its first fall in annual profit in 17 years, had been hammered by […]
CHICAGO (Reuters) – If the fear stalking Wall Street has you nostalgic for the days of confident dealmaking, do not worry — a trip down memory lane is on its way. Over the next few quarters, experts say investors are likely to get plenty of reminders of those headier, happier days as dozens of companies […]
LONDON (Reuters) – France’s Carrefour SA (CARR.PA: Quote, Profile, Research, Stock Buzz), the world’s second-largest retailer, is set to replace chief executive Jose Luis Duran with Nestle SA (NESN.VX: Quote, Profile, Research, Stock Buzz) executive Lars Olofsson, The Financial Times newspaper reported on Tuesday. The FT said the announcement would be made this week, possibly […]
BOSTON (Reuters) – U.S. asset manager BlackRock Inc (BLK.N: Quote, Profile, Research, Stock Buzz) warned its employees on Monday of impending job cuts to be made this week, saying it was looking for ways to reduce expenses in the challenging market and economic conditions. The largest publicly traded U.S. asset manager joins a growing list […]
FleetPride, an independent aftermarket distributor of heavy-duty truck and trailer parts, has acquired Automotive Brake Co. of Newburgh Inc. No financial terms were disclosed. FleetPride is owned by Investocrp, Banc of America Capital Investors and company management. PRESS RELEASE In a move reflecting the company’s continued growth, FleetPride, Inc., the nation’s largest independent aftermarket […]
Teradyne Inc. (NYSE: TER) has completed its $360 million, or $15.65 per share, acquisition of Eagle Test Systems Inc. (Nasdaq: EGLT), Mundelein, Ill.-based provider of automated test equipment for the semiconductor manufacturing industry. ETS went public in 2006, and still counted private equity backer TA Associates among its significant shareholders.