Gores Group to Buy Pep Boys

Pep Boys, the listed Philadelphia-based aftermarket automotive parts and service retail chain, will be acquired by The Gores Group in a $1 billion deal. BofA Merrill Lynch is acting as the exclusive financial advisor to Pep Boys and has provided a fairness opinion to the Board of Directors of Pep Boys in connection with the transaction. Morgan, Lewis & Bockius LLP is acting as legal advisor to Pep Boys. Credit Suisse Securities (USA) LLC, Barclays Capital, and Sagent Advisors are acting as financial advisors to The Gores Group. Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor to The Gores Group.

Gores Group Starts Raising Small Cap Fund

The Gores Group, a buyout firm that oversees $3.8 billion across three funds, has started raising a fourth fund to tap opportunities among distressed situations at the smaller end of the market. The new fund, the Gores Small Capitalization Fund LP, has a $300 million target.

Information about the new fund was contained in memos from the San Diego County Employees Retirement Association, which finalized a $30 million commitment to the new fund at its Dec. 15 investment meeting, confirmed Yegin Chen, San Diego CERA’s head of private equity, in an e-mail message.

Terms of San Diego CERA’s investment include…

Pawlenty Joins Tiburon Board

Tim Pawlenty, the former governor of Minnesota, has joined Tiburon’s board. Tiburon, which is backed by The Gores Group, provides public safety and security solutions for law enforcement, fire and rescue and corrections agencies.

Gores Group Acquires Clark Holdings

The Gores Group, via its Gore Logistics Holdings LLC, has acquired supply chain company Clark Holdings, the company announced. The deal closed on November 4. Gores Group is a private equity firm with offices in Los Angeles and Boulder, Colo.

Top 10 Posts Focus on Q3 Fundraising, Performance Data and ‘Lessons from the Loo’

Happy Monday! If you want to catch up on news you may have missed last week, here are peHUB’s top 10 posts, as judged by the pageviews of our regular readers. Hot topics included Q3 fundraising, performance data from Colorado PERA, UTIMCO and New York pension funds, and a growing number of restaurant bankruptcies.

ONE: Slideshow: 15 Largest U.S.-based Venture Funds Raised in Q3by Lawrence Aragon
TWO: CrunchFund Wasn’t the Only Newbie Fund Raised in Q3; Here Are 18 Others (slideshow)by Lawrence Aragon
THREE: Slideshow: Top-Performing PE/VC Funds Of 3 Big-Apple Pensionsby David Toll
FOUR: Top Ten Performing Funds From The Colorado PERA Venture Portfolio (slideshow)by Mark Boslet
FIVE: Qwikster and 7 Other Terrible, Short-Lived Ideas (slideshow)by Connie Loizos
SIX: Slideshow: Riverside’s Lessons from the Looby Buyouts magazine
SEVEN: Slideshow: Restaurant Bankruptcies Make PE Queasyby Bernard Vaughan
EIGHT: Slideshow: UTIMCO in 17 Active Funds with IRRs > 25% (subscribers only) – by Lawrence Aragon
NINE: Gores Group Turns More Industry-Focused (subscribers only) – by Bernard Vaughan
TEN: Welsh Carson To Buy Triple Point Tech from ABRYby Luisa Beltran

Gores Group Funds Tiberon

Los Angeles-based private equity firm Gores Group has furthered its investment in Tiburon Inc., completing payment of an undisclosed amount of debt. Gores Group bought Tiburon in 2007. The company makes automated public safety and security products for law enforcement, fire and rescue and corrections agencies.

Clark Holdings Bought by Gores Group

Clark Holdings Inc., the provider of logistical service for print media and other supply chain management clients, will be acquired by Gores Group LLC for $0.46 per share, a premium on the company’s stock of about 171 percent. EVE Partners advised Clark on the deal.

Gores Group Buys Assets of Point Blank Solutions

The Gores Group has entered into a “stalking horse” asset purchase agreement to buy body armor maker Point Blank Solutions Inc. Subject to bankruptcy court approval, the Gores Group plans to close the acquisition of Point Blank’s assets by November.

Gores Group Buys U.S. Operations of Hypercom

Los Angeles-based buyout firm Gores Group, will acquire the United States operations of Hypercom Corp. Terms of the deal were not released. Hypercom provides electronic payment and transaction devices and services to retail and banking industries customers.

Nokia, Siemens Nix Plans to Sell Stake in NSN

After roughly a year of talks with various private equity firms, Nokia and Siemens have ditched plans to sell a stake in their joint venture Nokia Siemens Networks, Reuters reported. The companies had been in talks with private equity groups including Gores Group, Reuters said.

Carlyle In Talks to Buy Sagemcom from Gores Group

The Carlyle Group is exclusive talks to acquire digital set-top box maker Sagemcom from the Gores Group, Reuters reported. Under the terms of the deal being discussed, Carlyle would take a 70% stake, with Sagemom’s management and employees holding the remaining 30%, Reuters said. Financial details of the deal were not released.

Carlyle Eyes SagemCom Stake

The Carlyle Group is in talks with private equity firm Gores Group about buying a majority stake in French decoder maker SagemCom, Reuters reported, citing a news item in Les Echos. Carlyle offered less than 500 million euros ($723 million) for the stake, the French newspaper said. Gores Group currently holds 65.7% of SagemCom, which […]

Gores Group Completes Scovill Deal

The Gores Group has completed its acquisition of the assets of Clarkesville, Georgia-based Scovill Fasteners, a manufacturer of engineered closure products. Terms of the deal were not released. Gores Group is based in Los Angeles, and its current private equity fund has committed equity capital of more than $4 billion.

Gores Group Invests In Big Strike

The Gores Group has invested in Big Strike, a Gardena, Calif.-based maker of casual and career junior lifestyle apparel for women. Financial terms were not announced. Paula Schneider was also appointed CEO of Big Strike, according to a statement. The Sage Group provided financial advice to Big Strike.

2 Comments

LPs Want More Info on Management Teams, Value People Over Track Record, Survey Says

For LPs looking to invest in a fund, track record isn’t as important as the people managing the pool, according to a survey from Green Peak Partners.

More than two-thirds, or 68% of LPs, said that the most important criterion for evaluating whether to invest in a fund was the “perceived strength” of the team members. Only 40% said that “track record” was vitally important, the survey said.

Gores Group Buys Sage Auto From Azalea Capital

The Gores Group said Monday that it has acquired Sage Automotive Interiors. Financial terms weren’t announced. Azalea Capital was the seller. Greenville, S.C.-based Sage provides bodycloth, for automobile makers and employs 1,200 people globally. Azalea, an investment firm based in Greenville, S.C., bought Sage from Milliken & Co. in September 2009.

PE HUB Community

Join the 12514 members of PE HUB to make connections, share your opinion, and follow your favorite authors.

Join the Community

Look Who’s Tweeting

PE HUB News Briefs

RSS Feed Widget

VCJ Headlines (subscribers only)

RSS Feed Widget

Buyouts Headlines (subscribers only)

RSS Feed Widget