Airvana Inc. (Nasdaq: AIRV), a Chelmsford, Mass.-based provider of broadband network infrastructure, has agreed to be acquired for approximately $530 million, or $7.65 cash (a 23 percent premium to its closing price the day before the deal was announced). The buying consortium includes SAC Private Capital Group, GSO Capital Partners, Sankaty Advisors and ZelnickMedia.
AnaCap Financial Partners has agreed to acquire Banco Popolare Ceská Republika, the Czech subsidiary of Italy’s Banco Popolare. No financial terms were disclosed.
Apax Partners has agreed to acquire a majority stake in Israeli asset management firm Psagot from York Capital Management. No financial terms were disclosed. Psagot has nearly $32 billion in assets under management.
Apollo Management has agreed to acquire Sandusky, Ohio-based theme park operator Cedar Fair Entertainment (NYSE: FUN). The deal is valued at around $2.4 billion, including the assumption of debt. Cedar Fair owns 11 North American theme parks, including Knott’s Berry Farm in Los Angeles. Net revenue for nine months ending Sept. 27, 2009 was $810.5 million, down from $877 million a year earlier (a period with 25 fewer operating days). Net income decreased to $61.7 million.
Apollo Management reportedly has approached British bookmaker and bingo group Gala Coral with a rescue proposal. The deal would involve Apollo paying £250 million for half of Gala Coral, with the money being used to repay the company’s senior lenders. The remaining 50 percent interest would go to Gala Coral’s junior lenders.
Aurelius, a German investment group, reportedly is in talks to buy the Isochem civil chemicals business of SNPE, a French state-owned rocket propellant maker. No financial terms were disclosed.
AXA has put the auction of its 15.6 percent stake in Chinese life insurer Taikang Life on hold, due to concerns that some potential buyers may be restricted by China’s new draft rules on insurance company investing. Bidders have included Temasek, Blackstone Group and KKR. AXA has been expected the sale to generate approximately $1 billion.
Bridgepoint Capital has received at least seven private equity bids for Pets at Home, a U.K. pet retailer that is expected to generate at least £700 million. Bidders include Apax Partners, Bain Capital, Blackstone, Charterhouse, Cinven, KKR and TPG.
Bridgepoint Capital reportedly has increased its offer for Care UK (LSE: CUK), now valuing the health and social care provider at between £275 million and £300 million. Care had rejected an unsolicited approach from Bridgepoint back in September.
Bridgepoint Capital, Cinven and Clayton Dubilier & Rice each submitted second-round bids to acquire the sales arm of British Car Auctions, which is being sold by Montagu Private Equity. The deal is expected to be worth between £350 million and £400 million.
Carlyle Group reportedly may pay around $250 million for a 60 percent stake in CVC Turismo, Brazil’s largest tourism agency. CVC is majority-owned by entrepreneur Guilherme Paulus.
Carlyle Group has acquired a 40 percent stake in Turkish healthcare services company Medical Park Saðlýk Hizmetleri AS. No pricing terms of the all-equity deal were disclosed.
Chuck Greenberg, a Pittsburgh sports attorney, has been named lead bidder to buy the Texas Rangers baseball club from Tom Hicks. Greenberg still must finalize the deal and receive approvals from both league owners and Hicks’ creditors.
Cornerstone Records Management, a records information management company backed by Sterling Partners, has acquired the assets of Hamilton Records Management Inc., which will expand Cornerstone’s New York Metro operations.
Defense Venture Group, a portfolio company of J.F. Lehman & Co., has acquired the run-flat tire business of Drive Dynamics, for an undisclosed amount.
Definition 6, an Atlanta-based interactive marketing agency, has acquired Leach Communications Inc., a New York-based public relations and Web services firm. No financial terms were disclosed. Earlier this year, Definition 6 raised $15 million in private equity funding from Navigation Capital Partners.
Dollar General, a KKR portfolio company that went public last month, reported a $75.6 million profit for its fiscal Q3 (ending Oct. 30), compared to a $7.3 million loss in Q3 2008.
Eagle Energy, a Tulsa, Okla.-based upstream oil and gas company, has raised an undisclosed amount of private equity funding from The Riverstone/Carlyle Global Energy and Power Funds.
EQT Partners remains the only financial player interested in buying German generic drugmaker Ratiopharm, which is being shopped with a €2.3 billion asking price. Firms that have dropped out include KKR, Permira, TPG and a Goldman Sachs/Advent International pairing. Sources tell Reuters that the likely winner will be strategic.
EQT Partners and GIC Special Investments have agreed to buy Springer Science and Business Media, the German academic publisher owned by Candover and Cinven.
Fletcher Asset Management has agreed to acquire Budget Travel from Newsweek Inc., a unit of The Washington Post Co. (NYSE: WPO). No financial terms were disclosed.
Francisco Partners has agreed to acquire Cybit Holdings PLC for approximately £23 million. Cybit is a listed U.K. company with three business lines: Vehicle Telematics Solutions, Maritime Solutions and Private Mobile Radio-based tracking and precise positioning solutions.
Francisco Partners has agreed to acquire QuadraMed Corp. (Nasdaq: QDHC), a provider of health care IT services, for approximately $126 million in cash. Wells Fargo Foothill and Silicon Valley Bank have committed debt financing, although the deal does not include a financing condition.
Fraser Papers has requested bankruptcy court approval to sell its specialty papers business to Brookfield Asset Management for $185 million.
GenNx360 Capital Partners has completed its tender offer for GVI Security Solutions Inc. (OTC BB: GVSS), for $0.3875 per share in cash. GVI is a Carrolton, Texas-based provider of video security surveillance solutions. Following the merger, it will be delisted from the OTC.
General Atlantic and KKR have completed their $1.65 billion acquisition of the TASC consulting unit of defense contractor Northrop Grumman (NYSE: NOC).
Goodman Global Inc., a Houston, Texas-based manufacturer of residential and light commercial heating, ventilation and air-conditioning equipment, said that it will offer $320 million worth of senior discount notes due 2014. The company was acquired last year by Hellman & Friedman.
Gulf Marine Maintenance and Offshore Service Co. (GMMOS), a UAE-based provider of marine services to the offshore oil & gas industry, has secured a $100 million term loan facility from Standard Chartered Bank, Abu Dhabi Commercial Bank, Credit Suisse and Deutsche Bank. The facility will be used to refinance existing debt and fund acquisitions. GMMOS is backed by Abraaj Capital and Waha Capital.
Hellman & Friedman and JMI Equity have completed their acquisition of Datatel Inc., a Fairfax, Va.-based provider of enterprise information management solutions for higher education institutions. No financial terms were disclosed, although peHUB previously reported a sale price of approximately $570 million. Sellers include Thoma Bravo, Trident Capital, HarbourVest Partners and JP Morgan Asset Management — which sponsored a management buyout of Datatel in early 2005.
Hercules Technology Growth Capital has agreed to acquire Spa Chakra Inc., a global luxury spa network. No financial terms were disclosed for the deal, which would be part of a prepackaged Chapter 11 bankruptcy.
Key Bridge Partners has acquired U.S. Para Plate Car Wash from a unit of CIRCOR International (NYSE: CIR). No financial terms were disclosed. U.S. Para Plate makes components used in commercial car wash systems.
Kinderhook Industries has agreed to acquire International Absorbents Inc. (NYSE: IAX) for approximately $30.38 million, or $4.74 per share (18.2 percent premium to its closing price the day before the deal was announced). International Absorbents is a maker of environmentally-friendly pet care and industrial products.
Linsalata Capital Partners has acquired Spartan Foods of America Inc., a Spartanburg, S.C.-based maker of pizza and pancake products under the Mama Mary’s brand. No financial terms were disclosed, except that Golub Capital provided a $20.5 million senior debt facility and $500,000 equity co-investment.
Metalmark Capital is in talks to acquire a stake in Airborne Systems, a Pennsauken, N.J.-based maker of military and cargo parachutes, according to Dow Jones.
MGM will receive first-round acquisition bids later than expected, due to protracted negotiations over non-disclosure agreements. Specifically, MGM wanted to restrict prospective buyers from speaking directly with MGM’s creditors. The debt-laden studio is currently owned by Providence Equity Partners, TPG, Sony Corp. and Comcast.
Milestone Partners has completed its acquisition of Mariner Finance LLC from First Mariner Bancorp (NasdaqGM: FMAR). No financial terms were disclosed. Mariner Finance is a Baltimore-based provider of medium-term installment loans, related credit insurance and ancillary products to near-prime borrowers.
Moosejaw, a Madison Heights, Mich.-based multi-channel retailer of outdoor active apparel and equipment, has raised an undisclosed amount of growth equity from Glencoe Capital’s Michigan Opportunities Fund.
Motorola Inc. reportedly has received interest from several private equity firms for its set-box unit, which had $10.1 billion in 2008 sales. Suitors include Bain Capital, Blackstone Group, KKR, Silver Lake Partners and TPG.
Navigation Capital Partners has acquired prepaid and debit solutions provider Prepaid Solutions USA from West Suburban Bank. No financial terms were disclosed. SunTrust Robinson Humphrey advised Navigation on the deal.
Neiman Marcus Inc. reported sharply lower quarterly profit, and said that it expects the “challenging economic and retail environment” to persist for an “extended period of time.” The upscale retailer was acquired in late 2005 for $5.1 billion by TPG and Warburg Pincus.
NTK Holdings Inc. (Nortek), a Providence, R.I.-based maker of ventilation, air conditioning and heating products, has completed its financial restructuring and emerged from Chapter 11 bankruptcy. The restructuring eliminated around $1.3 billion in debt, and includes a new $250 million asset-based credit facility for working capital. Prior to its bankruptcy, Nortek had been owned by THL Partners.
Oaktree Capital Management has acquired a minority equity position in DoubleLine LLC, a Los Angeles-based investment advisory recently formed by ex-TCW chief investment officer Jeffrey Gundlach.
Oaktree Capital Management has committed $500 million to help form Sky Holding Co., a San Francisco-based airline leasing company formed by former executives of Pegasus Aviation.
Odyssey Investment Partners has agreed to buy One Call Medical from TA Associates for an undisclosed amount. One Call is a Parsippany, N.J.-based provider of medical cost containment solutions.
Odyssey Investment Partners has completed its previously-announced acquisition of Waukesha, Wis.-based scaffolding company Safway from ThyssenKrupp AG. No financial terms were disclosed.
Patriarch Partners has agreed to acquire a control stake in auto parts supplier Dura Automotive Systems, by investing up to $125 million.
Philadelphia Newspapers LLC is asking a bankruptcy judge to bar the company’s creditors from using their secured debt in a takeover bid, arguing that such a move would discourage cash bidders.
Rave Cinemas LLC, a newly-formed acquisition platform backed by TowerBrook Capital Partners and Lambert Media Group, has agreed to buy the business operations and select real estate assets of up to 35 movie theaters from National Amusements Inc. No financial terms were disclosed. It also has acquired four theaters from Rave Reviews Cinemas, a portfolio company of Boston Ventures.
Real Estate Disposition LLC, a real estate auction company backed by Stone Point Capital, has agreed to acquire the retail title insurance agency platform of Pulte Homes Inc. (NYSE: PHM). No financial terms were disclosed.
Reliance Communications of India is looking to sell its undersea fiber optic network and U.S. network businesses, hoping to raise around $3 billion in cash. Deutsche Bank is managing the process, with first-round bids due next month.
RLJ Equity Partners and Spell Capital Partners have acquired an unspecified ownership interest in LAI International, a Scottsdale, Ariz.-based maker of precision engineered components for industries like power generation, aerospace, defense and healthcare. No financial terms were disclosed.
Rock Gate Partners has acquired Walpar Inc., a Birmingham, Ala.-based maker of highway signage structures. No financial terms were disclosed. Peninsula Capital Partners provided mezzanine financing and an equity co-investment, while Wachovia Bank provided senior debt.
Standard & Poor’s raised its ratings on PE-backed Clear Channel Communications and gave it a positive outlook, indicating further upgrades could be on the cards.
Sterling Partners and CPP Pension Plan have increased their offer to acquire Canadian logistics services provider Livingston International Income Fund (TSX: LIV) from C$8 per share to C$9.50 per share. The total deal value is now around C$273 million. Sterling would hold a 60 percent stake following the transaction, with CPP holding the remainder.
Talbots Inc. (NYSE: TLB) announced an acquisition and refinancing plan that would reduce debt by around $300 million via its purchase by special acquisition company BPW Acquisition Corp. Additional financing would come from GE Capital via a $200 million senior secured revolving credit facility. The moves would end Talbots’ 21-year relationship with majority owner Aeon Co.
TDC, a Danish telecom group that plans to merge with PE-backed majority owned Nordic Telephone Co., said it will pay an interim dividend of approximately $1.16 billion. It gave no reason for the payout. NTC is owned by Apax Partners, Blackstone Group, KKR, Permira and Providence Equity Partners.
TorQuest Partners has agreed to acquire the refined wood rosin and natural wood terpines business of Hercules Inc., a subsidiary of Ashland Inc. (NYSE: ASH). The deal is valued at approximately $75 million. TorQuest will rename the company Pinova.
True Temper Sports Inc., a Memphis, Tenn.-based maker of golf shafts and performance sports equipment, has completed a financial restructuring plan that was approved by the U.S. Bankruptcy Court. A group of investors led by Newport Global Advisors and Providence Equity Partners now hold a majority stake in the company.
Vitruvian Partners has acquired a majority stake in Callcredit Information Group from Skipton Building Society. No financial terms were disclosed. Callcredit is a U.K.-based provider of credit reference services and direct marketing solutions to financial institutions. It has more than 600 employees and annual turnover of approximately £50 million. Marks Baughan & Co. advised Vitruvian on the deal.
Voyager Learning Co. (OTC BB: VLCY), an educational publisher for the K-12 market, has completed its merger with Cambium Learning Inc., a provider of education services to at-risk and special student populations. The deal results in Cambium sponsor Veronis Suhler Stevenson holding a majority stake in the combined public company, with Voyager stockholders receiving approximately $194 million worth of cash and/or stock in Cambium.
Welsh Carson Anderson & Stowe has agreed to buy Spectrum Holding Co. from Apax Partners for $230 million. Spectrum is a Greensboro, N.C.-based provider of clinical laboratory and disease screening services.