7 Days Group Holdings, a Chinese budget hotel chain, has filed for a $100 million IPO. It plans to trade on the NYSE under ticker symbol SVN, with J.P. Morgan and Citi serving as co-lead underwriters. Shareholders include Warburg Pincus and Actis.
Addus Homecare Corp., a Palatine, Ill.-based provider of social and medical services in the home, raised $54 million in its IPO. The company priced 5.4 million shares at $10 per share, compared to an original plan to offer 5 million shares at between $11 and $13 per share. Addus will begin trading on the Nasdaq under ticker symbolADUS, while Robert W. Baird served as underwriter. Eos Partners held a 78.9 percent pre-IPO position.
Ancestry.com, a Provo, Utah-based online resource for family history, raised $100 million in its IPO. The company priced 7.41 million common shares at $13.50 per share (middle of its range), which gave it an initial market cap of approximately $572 million. Shareholders include Spectrum Equity Investors (67 percent pre-IPO), Crosslink Capital (6.2 percent) and W Capital Partners (6.1 percent).
Archipelago Learning Inc., a Dallas-based provider of online education tools and services, has set its IPO terms to 6.25 million common shares being offered at between $15 and $17 per share. It would have an initial market cap of approximately $427 million, were it to price at the high end of its range. The company plans to trade on the Nasdaq under ticker symbol ARCL, with BoA Merrill Lynch and William Blair & Co. serving as co-lead underwriters. Providence Equity Partners acquired a majority stake in Archipelago Learning in January 2007, for $84.5 million. It currently holds a 70.1 percent position.
AT&T has completed its acquisition of rural phone company Centennial Communications Corp. (Nasdaq: CYCL). The deal was valued at $944 million in cash, or $8.50 per share. Welsh Carson Anderson & Stowe was Centennial’s largest shareholder, and has agreed to support the deal.
Baring Private Equity Asia has hired UBS to advise it on the sale of Malaysian retailer Courts Mammoth, which could fetch upwards of $300 million. Baring led an $84 million buyout of Courts Mammoth in 2007.
Dollar General Corp., a Goodlettsville, Tenn.-based discount retailer owned by KKR, has set its IPO terms to 34.1 million common shares being offered at between $21 and $23 per share. It would have an initial market cap of approximately $7.83 billion, were it to price at the high end of its range. KKR bought the company for $7.2 billion in 2005, including around $2.8 billion in equity. Dollar General plans to trade on the NYSE under ticker symbol DG, with Citi, Goldman Sachs and KKR serving as co-lead underwriters.
DW Healthcare Partners has sold Global Physics Solutions Inc., a Cypress, Texas-based provider of provider of medical physics services to hospitals and radiation therapy centers to Landauer Inc. (NYSE: LDR). The deal was valued at $22 million in cash.
Equinix Inc. (Nasdaq: EQIX) has agreed to acquire Switch & Data Facilities Co. (Nasdaq: SDXC) for approximately $689 million in cash and stock. The deal is expected to close in the first quarter of 2010. Switch & Data had raised private equity funding before going public in 2007, and PE backers CapStreet Group and Seaport Capital still hold minority stakes.
Goldman Sachs has agreed to sell half of its holding in Chinese meat processor Shineway Group to CDH Investments, for approximately $150 million. Goldman acquired the stake in 2006 via its Asia Special Situations Group, and would earn around five times its original investment.
Graham Packaging Co., a plastic container maker owned by The Blackstone Group, has filed for a $350 million IPO.
Investor AB and Priveq have agreed to sell drug company Swedish Orphan to Biovitrum for approximately $493 million.
Myer, Australia’s largest department store chain, raised A$2.2 billion in an IPO that priced at the low end of its expected range. Reuters reports that Myer backers TPG and Blum Capital sold their entire stakes in the offering.
Norvestor has agreed to sell Intelecom Holding AS, a Norway-based provider of communications solutions in Western Europe, to Carrot Communications AS. No financial terms were disclosed. Norvestor acquired Intelecom in December 2008, taking it private from the Oslo Stock Exchange. This represents the first exit for Norvestor’s fifth fund.
Och-Ziff has emerged as the buyer of TPG’s 9 percent position in U.K. department store Debenhams. TPG sold the stake earlier this week for approximately £100 million, but without disclosing the buyer. Read more…
Rue21, a Warrendale, Penn.-based youth clothing retailer, has set its IPO terms to around 6.77 million common shares being offered at between $16 and $18 per share. It would have an initial market cap of approximately $435 million, were it to price at the high end of its range. The company plans to trade on the Nasdaq under ticker symbol RUE, with BoA Merrill Lynch, Goldman Sachs and JPMorgan are serving as co-lead underwriters. Rue21 says thatit plans touse some of the proceeds to pay down debt, which totaled $29.2 million as of August 1. Apax Partners holds a 62.2 percent ownership stake, while BNP Paribas holds a 23.2 percent stake.
Southfield Capital Advisors has agreed to sell Dealers’ Financial Services to Dollar Financial Corp. (Nasdaq: DLLR), for approximately $118 million in cash. Dealers’ Financial is a Lexington, Ky.-based provider of services to enlisted junior military personnel seeking to purchase new and low mileage automobiles. It was acquired by Southfield Capital in November 2006.
STR Holdings Inc., an Enfield, Conn.-based maker of solar power module encapsulants, raised $123 million in its IPO. The company priced 12.3 million common shares at $10 per share (below $13-$15 offering range), and closed its first day of trading at $13.10 per share. Credit Suisse and Goldman Sachs served as co-lead underwriters on the IPO. DLJ Merchant Banking Partners sold around 4.88 million shares in the IPO, but still holds around a 36 percent ownership position. Northwestern Mutual Life Insurance Co. sold around 1.46 million shares, and now holds a 10.8 percent stake.
TA Associates is selling Triumph HealthCare, a long-term acute care hospitals operator, for around $570 million to RehabCare Group Inc. (NYSE: RHB). TA bought Triumph in 2004 in a leveraged deal that included $34.5 million in equity. It had already returned its investment several times over, via a pair of dividend recaps.
TPG has sold its remaining 9 percent stake in U.K. department store chain Debenhams to an unnamed hedge fund, for approximately £100 million. The sale was at a slight discount to Debenhams’ market price.
VS Holdings Inc., the North Bergen, N.J.-based parent company of retailer The Vitamin Shoppe, raised $162.1 million in its IPO. The company priced 9.1 million common shares at $17 per share, which was above the expected range of between $14 and $16 per share. It will begin trading on the NYSE under ticker symbol VSI, while JPMorgan, BoA and Barclays served as co-lead underwriters. Vitamin Shoppe had been owned since 2002 by Irving Place Capital Management (f.k.a. Bear Stearns Merchant Banking). It had filed for an IPO in 2007, but withdrew the offer due to market conditions.
Windstream Corp. (NYSE: WIN) has agreed to buy NuVox Inc., a Greenville, S.C.-based CLEC. The deal is valued at $643 million, including $280 million in cash, $183 million in stock and the assumption of $180 million in debt. Current NuVox shareholders include M/C Venture Partners, KKR, Columbia Capital and Wachovia Capital Partners.