New England Patriots quarterback Tom Brady speaks at Salem State University in Salem, Massachusetts, May 7, 2015.  REUTERS/Charles Krupa/Pool ORG XMIT: BKS06

PE HUB Second Opinion

In Second Opinion, Apple, Google and other Silicon Valley tech giants are ordered to pay $415 million in a no-poaching talent case, the Kentucky clerk who blocked gay weddings is jailed for contempt and Tom Brady scores another touchdown: a judge overturns his “Deflategate” suspension but the NFL plan to appeal.


peHUB First Read

This morning there is private equity related pension news aplenty with links to whether New York pensions are investing enough in the asset class, CalPERs considering reducing its allocation target and yet also recruiting for a senior private equity portfolio manager.

Charterhouse seeks dividend payout from Card Factory – Reuters

British greetings card retailer Card Factory is seeking to raise 165 million pounds ($259.41 million) to pay a dividend to private equity owner Charterhouse instead of a stock market flotation or sale, writes Reuters. Charterhouse acquired Card Factory in 2010 backed with 185 million pounds of leveraged loans, writes Reuters.

Reuters – Charterhouse’s Vivarte Breaches Loan Terms

French clothing retailer Vivarte, owned by private equity firm Charterhouse, has breached the terms on 3.43 billion euros ($4.51 billion) of loans, writes Reuters. Charterhouse bought Vivarte in 2007 backed by the 3.43 billion euros of loans and in May last year it conducted an amend and extend of its loan facilities, pushing out the maturity of its debt by two years, according to Thomson Reuters LPC data.

Reuters – Douglas, Fosun to bid for French perfume chain Nocibe

French perfume and cosmetics retailer Nocibe has received expressions of interest from German perfume-to-books retailer Douglas Holding and from French private equity firm LBO France in an alliance with Chinese conglomerate Fosun, French daily Le Figaro said, writes Reuters. The seller, British private equity group Charterhouse, has pushed back the deadline to enter firm offers to the end of June, the paper said, writes Reuters.


Investcorp Sells Armacell to Charterhouse

Investcorp, a global provider and manager of alternative investment products, has agreed the sale of Armacell to Charterhouse for over 500 million euros ($653.6 million). Based in Germany, Armacell is a manufacturer of flexible technical insulation materials.

Reuters – CVC’s Ista Buyout Backed by Loan, Bond Package

Reuters – A debt financing of more than 2 billion euros ($2.62 billion) backing the 3.1 billion euro ($4.06 billion) purchase of German metering firm Ista by private equity firm CVC will be a mix of leveraged loans and high-yield bonds, writes Reuters. CVC trumped rival BC Partners to buy a 76 percent stake from co-owner Charterhouse last week in Germany’s largest private equity deal since 2008, writes Reuters.

Reuters – Investcorp Attracts Bidders for Armacell

The sale of German insulation firm Armacell by its Bahrain-based private equity owner Investcorp has attracted six bidders as interest grows in companies making energy-efficient products, writes Reuters. Private equity investors Charterhouse, Pamplona, Equistone, HgCapital, Goldman Sachs Private Equity as well as a US-based producer of building materials have placed tentative bids, writes Reuters.

Reuters – AA Owners Hire Ernst & Young to Value Business

The owners of the AA have hired accountants Ernst & Young to begin work on valuing the 107-year-old motoring services company, writes Reuters. The process could see the AA eventually sold or floated on the stock market for as much as 5 billion pounds ($8.1 billion), writes Reuters. Acromas is backed by Charterhouse, CVC and Permira and was formed in 2007 through a 6.1 billion pound merger of AA and Saga.

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