Patriarch Partners has agreed to acquire a bankrupt and shuttered Old Town, Maine-based pulp and paper mill, for $18.9 million. Patriarch plans to convert the mill into an ethanol production facility. Red Shield was closed be former owner Georgia-Pacific Corp. in 2006. www.patriarchpartners.com
The pace of mergers and acquisitions in Europe will slow next year, but there are still plenty of deals to be done, particularly in the struggling finance sector and recently liberalised energy sector. While M&A professionals expect most of the action in those sectors, they say mining, consumer products and healthcare industries will also be […]
Les Fabuss has joined Evercore Partners as a senior managing director in the firm’s advisory business. He previously was vice chairman of global I-banking for Lehman Brothers.
Pinnacle Security, an Orem, Utah-based provider of residential and commercial security systems, has agreed to acquire the sales force and technical department of Provo, Utah-based Icon Security. No financial terms were disclosed. Existing Pinnacle backer Golden Gate Capital is helping to finance the transaction.
SS&C Technologies Inc., a Windsor, Conn.-based financial management software company owned by The Carlyle Group, has canceled a proposed $200 million IPO, citing “market conditions.” The company originally filed in June 2006, and planned to trade on the Nasdaq. Morgan Stanley, Credit Suisse and JPMorgan were serving as co-lead underwriters. Carlyle holds a 72.2% ownership […]
FRANKFURT, Oct 30 (Reuters) – German fashion house Hugo Boss (BOSG_p.DE: Quote, Profile, Research, Stock Buzz) slashed its 2008 forecasts on Thursday, citing a decline of retail sales in important regions, and reported a decrease in nine-month operating profit. Hugo Boss, which sells luxury clothes wear and accessories, lowered its forecast for full-year sales growth […]
SEOUL (Reuters) – South Korea’s National Pension Service (NPS) on Thursday said it had signed a preliminary agreement with private equity firm Blackstone Group (BX.N: Quote, Profile, Research, Stock Buzz) to invest $2 billion each in the north Asian country. “Blackstone plans to invest in alternative asset categories such as infrastructure and real estate as […]
SAN FRANCISCO (Reuters) – ON Semiconductor Corp (ONNN.O: Quote, Profile, Research, Stock Buzz) has reached out to private equity for a cash infusion as it seeks alternatives to issuing debt to buy some Atmel Corp (ATML.O: Quote, Profile, Research, Stock Buzz) assets, people familiar with the matter said. TPG is one of the private equity […]
NEW YORK (Reuters) – A unit of private equity firm Apollo Management LP [APOLO.UL] has sued two banks that refused to finance its $6.5 billion leveraged buyout of chemical company Huntsman Corp (HUN.N). Apollo unit Hexion Specialty Chemicals sued Credit Suisse Group AG (CSGN.VX:) and Deutsche Bank AG (DBKGn.DE) on Wednesday in the Supreme Court […]
NEW YORK (Reuters) – Private equity firms, battered by the financial meltdown, are now thankful for deals that were cushioned with looser loan covenants and debt restructuring terms as they steer acquired companies through stormy seas. But while the new wriggle room allows temporary relief to PE-owned companies it isn’t clear whether the softer covenants […]