Buyout beat, week of Oct. 29, 2007

Goldman Sachs, others offer $518M for Waste

Waste Industries USA Inc. (Nasdaq: WWIN), a regional provider of non-hazardous solid waste services, has received a $36.75 per share buyout offer, which would value the company at just over $518 million. The buying group includes Goldman Sachs, Macquarie Infrastructure Partners, Waste Industries founder and Chairman Lonnie Poole Jr. and Waste Industries President and CEO Jim Perry.

Waste Industries has formed a special committee to assess the offer, and engaged JPMorgan as an advisor on the deal.

Vestar targets Radiation Therapy

Vestar Capital Partners has agreed to buy Radiation Therapy Services Inc. (Nasdaq: RTSX), an operator of radiation therapy centers. The deal is valued at $763.8 million, with RTS stockholders receiving $32.50 per share. News of the buyout sent the stock up more than 43%, initially, to trade at nearly $31 per share.

Arlington places bet on Daily Racing Forum

Arlington Capital Partners has agreed to acquire horse-racing content provider Daily Racing Form LLC from The Wicks Group of Cos. No financial terms were disclosed, although LBO Wire puts the price tag at between $170 million and $190 million.

Liberty Mutual participated as a minority equity co-investor, while GE Capital led the leveraged finance facility. Other lenders included CIT Corporate Lending, Merrill Lynch Capital, Goldman Sachs and Wells Fargo. Credit Suisse managed the sale.

Hellman & Friedman offer $2.6B for Goodman

Hellman & Friedman has agreed to acquire Goodman Global Inc. (NYSE: GGL) for about $2.65 billion. Goodman Global stockholders would receive $25.60 per share in cash, which is a 14.5% premium to Friday’s closing price. Senior credit facilities have been committed by Barclays Capital, Calyon New York Branch, GE Commercial Finance and GSO Capital Partners. GSO also has committed $500 million in senior subordinated financing.

Goodman Global is a Houston, Texas-based manufacturer of residential and light commercial heating, ventilation and air-conditioning equipment. It was advised on the deal by Goldman Sachs and J.P. Morgan Securities.

KKR, Goldman Sachs invest in Harman

Kohlberg Kravis Roberts & Co. and Goldman Sachs have agreed to invest $400 million into audio equipment maker Harman International Industries Inc. (NYSE: HAR). The investment would be in lieu of a breakup fee that the two firms would have been required to pay, as part of their decision to bail on an $8 billion take-private buyout of Harman that was initially made in April 2007.

The company also announced that Brian Carroll, a member of KKR, will join Harman’s board of directors.

Gores pays $100M for Tyco unit

The Gores Group has agreed to buy the Power Systems business of Tyco Electronics Ltd. for $100 million in cash. The deal is expected to close either late this year, or in early 2008. The unit manufactures power solutions, including board-level conversion components and complete power conversion and backup power systems for telecom applications.

Kellwood nixes Sun Capital offer

Kellwood Co. (NYSE: KWD), a marketer of apparel and consumer soft goods, has rejected a $544 million buyout offer from Sun Capital Partners. Kellwood said that the $21 per share offer would not provide adequate value to stockholders.