A U.S. Bankruptcy Court judge ruled that Credit Suisse’s $375 million loan to the Yellowstone Club was “predatory,” and that Credit Suisse will now have to step behind other creditors like DIP financing provider CrossHarbor Capital Partners.
Advent International has acquired a 30 percent stake in CETIP SA-Balcão Organizado de Ativos e Derivativos, a central depository for private fixed-income securities and over-the-counter derivatives in Latin America. The deal is valued at approximately R$360 million ($170.6 million), subject to an earn-out achievement and other conditions.
Advent International is considering a buyout bid for U.K. home-care operator Four Seasons Health Care. Four Seasons’ property portfolio was valued at around $1.4 billion late last year, but property values have fallen since then.
American Industrial Partners, a buyout firm based in New York, has offered to purchase the RV business of Fleetwood Enterprises for $53 million, according to court documents. The business, which was previously owned by Tennenbaum Capital Partners and Marathon Asset Management, filed for Chapter 11 bankruptcy protection in March.
Argus Capital Partners, a Dallas-based merchant banking firm formed earlier this year, acquired a majority stake in Big Red, a Texas-based soft drink business. Annex Capital Management and Banque de Luxembourg’s Naxos Capital Partners have joined the buyside on the deal. Big Red was previously owned by Citigroup Venture Capital.
Asciano Group Ltd., a debt-laden Australian ports operator, said it has engaged in buyout talks with four parties. A local press report suggests that the two most serious bidders are The Carlyle Group and TPG Capital.
AT&T has agreed to buy the bulk of the Alltel Wireless assets being divested by Verizon Wireless, and will sell some Centennial Communications assets to Verizon Wireless for $240 million. Dow Jones reported that Verizon also received bids from KKR and a pairing of Apollo Management and Blackstone Group.
Atlanta Equity Fund has acquired Richmond Cold Storage Inc., a Richmond, Va.-based operator of a network of refrigerated warehouse space. No financial terms were disclosed.
Bain Capital and Goldman Sachs are among the firms in preliminary talks to buy Landwind, a Shanghai-based maker of diagnostic imaging equipment. The seller is Citi Venture Capital International, which acquired a 70 percent stake in Landwind for $127 million in 2007.
Barclays PLC said that it has received new interest in its iShares asset management business, which Barclays last month agreed to sell to CVC Capital Partners for £3 billion. Both private equity and trade buyers are said to have inquired, with one local media report identifying BC Partners as a likely suitor.
BUMA, an Indonesian mining services company, has put itself on the auction block. Bank of America is managing the process, and is reaching out to Asian private equity firms.
Citigroup Infrastructure Investors has been eliminated from the auction for London’s Gatwick airport, according to Gatwick owner BAA.
Commerzbank AG is expected to send out a PPM for its Kleinwort Benson unit, which has received management buyout interest from more than 20 trade buyers (including PE firms).
Cornerstone Records Management has acquired Nova Records Asset Management, a record storage business, for an undisclosed amount. Cornerstone Records Management is a portfolio company of Chicago-based Sterling Partners. Corridor Capital, a Los Angeles-based private equity firm, has, alongside SPB Partners, purchased a controlling stake in TrashMasters LLC, a regional waste hauling business, for an undisclosed amount.
Florida Merchant Capital Investors, a Tampa, Fla.-based private equity firm, has acquired WorkTree.com, operator of an employment website. No financial terms were disclosed.
Gordon Brothers and Hilco Consumer Capital have completed the bankruptcy acquisition of Polaroid.
Greenwoods Capital and Scorpion Capital have acquired the assets of Champion Broadband California, an operator of broadband services in the Arcadia and Monrovia communities. RBC Daniels advised CBC on the deal.
Guaranty Bancorp has agreed to sell $50 million in convertible noncumulative preferred stock to three firms: Castle Creek Capital Partners, Patriot Financial Partners and Relational Investors. Huntsman Corp. said that a Texas court has ruled in favor of Huntsman being allowed to proceed with its multibillion dollar lawsuit against Credit Suisse and Deutsche Bank, related to Huntsman’s failed takeover by Apollo Management portfolio company Hexion Specialty Chemicals.
, a U.K. investment firm, is behind a possible bid for Italian restaurant and retail group Carluccio’s.
John Kanas, former CEO of North Fork Bancorp, is part of a private equity consortium looking to buy BankUnited Financial Corp., according to Bloomberg. The group includes Carlyle Group, Blackstone Group, Centerbridge Capital Partners and WL Ross & Co. Other possible bidders include Goldman Sachs, TD Bank and J.C. Flowers & Co.
KEMET Corp., a Greenville, S.C.-based maker of electronic components like capacitors, has obtained a $52.5 million credit facility from an affiliate of Platinum Equity. The deal is designed to help KEMET fund a tender offer for a buyback of $175 million of outstanding convertible senior notes.
Kona Grill Inc. shareholder Mill Road Capital offered to buy the Arizona-based restaurant for $27.9 million, or $4.60 per share.
Macquarie Group is bidding for AIG’s asset management unit, according to Bloomberg. The unit, AIG Investments, has around $100 million under management, and the auction is expected to generate upwards of $500 million.
Marlin Equity Partners, a buyout firm based in El Segundo, Calif., has purchased three software units from Requisite Technology, formerly known as Click Commerce, via its portfolio company, Emptoris. The buyout includes the Contract and Service Management solutions business. Financial terms were not disclosed.
Mid-Oaks Investments, an investment firm based in Buffalo Grove, Ill., has purchased Dispoz-o, a disposable plastic food packaging maker, for an undisclosed amount. The deal is an add-on acquisition for Mid-Oaks Investment’s portfolio company, Wilkinson Industries, which Mid-Oaks purchased in 2004.
Monier Group, owned by private equity firm Paribas Affaires Industrielles, is in talks with three suitors about a possible takeover. They are Apollo Management, TowerBrook Capital and York Capital.
National Amusements reportedly has received at least 10 first-round bids for its U.S. and U.K. theater chains. Seller Sumner Redstone is said to value the properties at around $1 billion.
Onex Corp. plans to acquire the assets of Tropicana Las Vegas Resort and Casino, a bankrupt company which the Canadian private equity firm has been acquiring the debt of, later this year. The deal is subject to regulatory approval.
PNC Equity Partners has acquired APEX Analytix Inc., a Greensboro, N.C.-based provider of recovery audit services. Sellers include VC firms Noro-Moseley Partners and Wakefield Group, while leveraged financing was provided by Union Bank, TriState Capital Bank and Babson Capital Management.
Primerica Financial Services, a unit of Citigroup, is looking to sell its marketing arm, according to Bloomberg. Primerica reportedly has approached several private equity firms, including The Blackstone Group, J.C. Flowers & Co. and TPG Capital.
Riverside Company, a middle market buyout firm, has purchased Dementia Care Specialists, an Alzheimer’s and dementia care training firm. The deal is an add-on acquisition for its portfolio company Crisis Prevention Institute, and was paid for with equity from Riverside Capital Appreciation Fund 2003.
Rock Hill Capital Group, a Houston based private equity firm, completed the acquisition and recapitalization of SouthWaste Services Inc. The transaction was financed with equity from Rock Hill Capital I, existing SouthWaste shareholders. Macquarie Bank and The 1818 SBIC Fund, a mezzanine fund managed by Brown Brothers Harriman, provided financing.
Shinsei Bank and Aozora Bank have agreed to merge in the middle of 2010, according to the Nikkei business daily. J.C. Flowers & Co. holds a 32.6 percent stake in Shinsei, while Cerberus Capital Management holds a 53.6 percent stake in Aozora.
Six suitors, including Apax Partners, TPG, and a joint bid from Carlyle Group and Providence Equity, made it through to the second round of bidding for a €500 million ($680 million) stake in Springer Science and Business Media.
SumTotal Systems has amended its merger agreement with buyout firm Accel-KKR after receiving a competing offer from Vista Equity Partners. Accel-KKR has topped Vista Equity’s latest offer by $0.5 per share, agreeing to purchase SumTotal for $4.80 per share. This offer is $1 per share higher than Accel-KKR’s initial agreement to purchase SumTotal for $3.80 per share.
Telecom Italia is seeking to sell a 49 percent stake in its Sparkle business, which provides wholesale voice services. The company has hired Mediobanca and Banca IMI to run the process, which could generate over €1.2 billion. Possible suitors include The Carlyle Group and Clessidra.
The Carlyle Group is trying to sell DHS Systems, a maker of high-tech shelter systems for the military, with final bids reportedly ranging from $200 million to $400 million. One of the bidders was Hunter Defense Technologies, which is owned by Metalmark Capital Partners.
The PFM Group, a Philadelphia-based financial and investment advisor to state governments, local governments and nonprofits, has raised an undisclosed amount of private equity funding from ICV Capital Partners. Also investing equity was the Michigan Employees Retirement System Strategic Opportunity Fund LP.
Warburg Pincus, a New York-based private equity firm, has completed its acquisition of Enodis Global Ice Machine, a maker of commercial ice machines, from The Manitowoc Company. The business will be remained Scotsman Industries.
White Energy Inc., a Dallas-based ethanol maker controlled by Columbus Nova, has filed for Chapter 11 bankruptcy protection.
Windsong Brands and Marvin Traub Associates have acquired the Carlos Falchi handbag brand, and named Carlos Fachi chief designer and creative director of the newly-formed company, which is named Fachi Holdings LLC. No financial terms were disclosed.
Wynnchurch Capital has agreed to acquire Sencorp, the parent company of Cincinnati-based toolmaker Senco Products. Under terms of the $41 million agreement, Sencorp will file for a pre-packaged Chapter 11 bankruptcy.