Generation Partners expects to make 10x its money with the sale of Agility Recovery Solutions.Continue
Digital media firm Captivate Network, which is owned by Generation Partners and Gannett, said Tuesday that it has agreed to acquire Office Media Network. No financial terms were disclosed. Office Media Network is a provider of content on digital signage screens in office buildings.Continue
Donuts, the Washington state-based domain name registry company, is packing on a whopping $100 million in funding from VCs including Austin Ventures, Adams Street Partners, Emergence Capital Partners, TL Ventures and Generation Partners. Stahurricane (CEO Paul Stahura’s investment fund) is also participating in the investment. The company is naming former ICANN CFO Kevin Wilson to […]Continue
Los Angeles-based Oversee.net, which operates comparison shopping sites across the travel and financial services industries, has acquired ShopWiki. Financial terms of the deal were not released. Formed in 2005, ShopWiki was backed by private investment firm Generation Partners. Generation Partners has offices in Greenwich, Conn; San Francisco and Austin.Continue
As usual, we have a week’s worth of ratings actions on buyout-backed companies from ratings agencies Standard & Poor’s and Moody’s Investor Services.
This week there were two appearances by downgrade regular Apollo Management, and two from GS Capital Partners. Bruckmann Rosser Sherrill’s Lazy Days RV saw its ratings withdrawn for unspecified reasons (although such a move usually occurs at the company’s request). Lastly, remember that Six Flags, which filed for Chapter 11 bankruptcy protection, is minority owned by Generation Partners. So there’s that.
Company: USI Holding Corp
Sponsor: GS Capital Partners
Downgrade: S&P has assigned a ‘B-‘ rating to the company’s proposed $117 million senior secured term loan and downgraded its existing senior secured credit one notch to ‘B-‘.
Highlights: “Our expectations for 2009 incorporated into the current rating level are that the company will have positive cash flow and will be able to meet its restrictive covenants in the near to medium term.”
As usual, we have a week’s worth of downgrades on the debt of private equity-backed companies from Standard and Poor’s and Moody’s. (Reminder: We’d call it an upgrade wrap-up if the ratings agencies ever issued on. In eight weeks of doing this column, we’ve seen one.)
This week there are eight, including an unsolicited rating, which we welcome as a step in the right direction for the previously “censored” ratings agencies. Besides, as we pointed out last week, too many companies are asking the agencies to withdraw their ratings just because they don’t like getting downgraded.
Bain Capital and GS Capital were this week’s repeat offenders.
Company: Harman International Industries
Sponsor: GS Capital and KKR
Downgrade: Moody’s lowered the comapany’s corporate family and probability of default ratings to B1 from Ba2.
Highlights: “The B1 Corporate Family Rating reflects further expected deterioration of Harman’s operating performance and resulting credit metrics over the intermediate term from the significant reductions in demand for the company’s products.”
As usual, I have a week’s worth of Moody’s and S&P downgrades on PE-backed companies. This week was a down week, with a mere four downgrades compared with last week’s , and one withdrawal – Fenway Partners’ suitcase maker, Targus Group. S&P also withdrew the rating for Pegasus Capital’s Merisant Worldwide, the sugar maker that went bankrupt last month.
Our downgraded company’s sponsors include ABRY partners, Banc of America Capital Investors, Generation Partners, and Welsh Carson.Continue