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Cerberus Misses Target for Fund V, Raises $2.61B

(Reuters) – Cerberus Capital Management LP has completed fundraising for its latest flagship private equity fund, raising $2.61 billion to invest in distressed assets, Reuters reported Wednesday. The new fund fell short of the firm’s target of $3.75 billion.

Reuters – Best Buy Spurns $1bn Minority Investment

Best Buy Co has turned down a $1 billion minority investment proposal by founder Richard Schulze‘s three private equity partners, writes Reuters. Under the proposal, Leonard Green Partners, Cerberus Capital Management and TPG Capital would have each received a seat on the board of the world’s largest electronics retailer, writes Reuters.

Reuters: Cerberus working on takeover bid for Supervalu

Cerberus Capital Management is working on a takeover bid for troubled supermarket operator Supervalu Inc. and has held talks with lenders to line up financing, according to three sources familiar with the matter. Debtwire earlier reported that the private equity firm was pitching a handful of banks to arrange $4 billion to $5 billion in debt financing to back a bid, sending Supervalu’s shares up 30 percent on Monday.

AerCap Holdings Acquires Cerberus Shares

AerCap Holdings has purchased 10 million ordinary shares in AerCap held by Cerberus Capital Management, through its affiliate, Fern S.a.r.l. The aggregate purchase price for 10 million ordinary shares is $120 million. PRESS RELEASE AerCap Holdings N.V. (“AerCap,” “the Company,” NYSE: AER) purchased 10 million ordinary shares in AerCap held by Cerberus Capital Management, L.P. […]

Khosla’s SVP Raises Close to $270M for Latest Euro Fund

Strategic Value Partners LLC, the $4 billion hedge fund and private equity house started by distressed investing guru Victor Khosla, has secured close to $270 million in approvals and commitments for a distress-for-control European opportunities buyout fund, according to a source close to the firm. The target for the fund, Strategic Value European Opportunities (USD) […]

AlphaStaff Appoints President and CEO

AlphaStaff, a human resource outsourcing firm serving small and medium-sized businesses, has appointed Neal Bibeau as the company’s president and chief executive officer. Prior to AlphaStaff, Bibeau served as president and chief executive officer of DecisionOne Corporation. He also served as an advisor to Cerberus Capital Management across a range of industries, including outsourced business […]

Cerberus Sells Japan Staffing Business to CVC

US buyout firm Cerberus Capital Management has sold the Japanese operations of an employment agency to private equity firm CVC Capital Partners for an undisclosed amount, writes Reuters. The business was recently renamed Prompt Holdings. Current management will not be changed, writes Reuters. Reuters – US buyout firm Cerberus Capital Management has sold the Japanese […]

Mortgage Companies Look Ripe for Deals

Several private equity firms have lined up to invest in mortgage providers and servicers in recent weeks, suggesting more firms are eager to get back into a much maligned sector as it staggers out of the Great Recession,Buyouts reports in its March 26 edition. In less than a week, between March 9 and March 14, […]

Covis Secures Agreement with Glaxo

Covis Pharma Sàrl, a Switzerland- based specialty pharmaceutical company owned by affiliates of Cerberus Capital Management has reached an agreement with GlaxoSmithKline to acquire full commercial rights for some of its products in the US and Puerto Rico. Covis Pharma is also backed by Princeton Biopharma Capital Partners and Bourne Capital Partners. PRESS RELEASE Align […]

Cerberus Capital Management Sells Four Points Media

Sinclair Broadcast Group has closed its acquisition of Four Points Media from Cerberus Capital Management for $200 million. Sinclair had been operating the Four Points TV stations since October 1, 2011, pursuant to a Local Marketing Agreement, while it awaited FCC approval. PRESS RELEASE Sinclair Broadcast Group, Inc. SBGI +5.12% , the “Company” or “Sinclair,” […]

Covis Pharma Buys Glaxo Portfolio

Covis Pharma — a Switzerland-based pharmaceutical company backed by Cerberus Capital Management, Princeton Biopharma Capital Partners and Bourne Capital Partners — is buying the U.S. commercial rights for several drugs from GlaxoSmithKline. Terms of the agreement were not disclosed. GlaxoSmithKline will retain the existing rights for the products in countries outside the United States.

GeoEye Appoints General Carns

GeoEye, a leading source of geospatial information and insight has appointed General Michael P. C. Carns to serve on its board of directors. He joins nine other board members and has been appointed as the board representative of Cerberus Capital Management. GeoEye partnered with Cerberus, which provided financing support of the Company’s bid on the […]

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