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Exits

AAC Capital is planning to sell IMCD, the Dutch chemical distributor with $1 billion ($1.4 billion) in revenue, according to Reuters. AAC has hired UBS as an adviser. AAC is the former private equity arm of Dutch bank ABN AMRO.

Actis Advisors and Sequoia Capital Advisors, which together hold a 70 percent stake in Paras Pharmaceuticals, an Indian medical company, are looking for $700 million for their share of the company, according to reports in India. Morgan Stanley has sought bids from Pfizer Inc., GlaxoSmithKline, Sanofi-Aventis, Daiichi Sankyo and Taisho Pharma.

Amadeus, the Spanish travel reservation company, saw its share price fall 4.4 percent, according to Reuters, after core shareholders raised €617 million ($863 million) by placing a 10.2 percent stake in the company. Private equity firms BC Partners and Cinven both sold 4.4 percent stakes while airline Iberia sold a 1.5 percent stake, the timing of which surprised the markets.

Arlington Capital Partners agreed to sell TSI Group, an aerospace and defense company, to Florida-based B/E Aerospace for $310 million in cash. B/E Aerospace makes aircraft interior products. The deal is expected to be completed in the fourth quarter.

AZ Electronic Materials, which makes certain chemicals for use in flat panel computers, is planning to raise about $400 million in an initial public offering in London, the company announced. AZ Electronic Materials is backed by buyout firms Carlyle Group and Vestar Capital Partners, with each holding 41.8 percent. The company said it will use the funds to repay debt and realize funds for its investors.

Brait, a South African private equity firm, has sold its 19 percent stake in Freeworld Coatings, a Johannesburg-based paint company, to Japan’s Kansai Paint. Kansai Paint has bought a 25 percent stake overall in the company. Brait had previously attempted a 1.7 billion rand ($248.3 million) takeover of Freeworld, but it was rejected by shareholders.

Bruckmann, Rosser, Sherrill & Co. of New York and Black Canyon Capital of Los Angeles have completed the sale of Logan’s Roadhouse to Kelso & Co. of New York. Financial terms of the deal, announced in August, were not disclosed. Nashville-based Logan’s Roadhouse, which offers mesquite-grilled steaks, has 180 company-operated and 26 franchised restaurants in 23 states.The Taiwanese broadcast regulator has delayed its decision on Carlyle Group’s proposed sale, for $1.17 billion, of its Taiwan cable TV holding, Kbro. The regulator cited concerns over competition issues, according to Reuters. The Tsai family, owners of Taiwan Mobile, had agreed to buy the business, but already own some cable TV operations.

New York-based buyout firm Castle Harlan has completed its sale of Ames True Temper, a Camp Hill, Penn.-based maker of non-powered lawn and garden tools, to the publicly traded manufacturer Griffon Corp. for $542 million.

The Charterhouse Group said it has completed its $260 million sale of Chamberlin Edmonds & Associates Inc. to a unit of Emdeon Inc. Atlanta-based Chamberlin Edmonds provides patient advocacy and eligibility services to hospitals.

CVC Capital Partners is expected to receive bids of between €1 billion to €1.2 billion ($1.4 billion to $1.6 billion) for Mivisa, the Spanish food-can maker. Fellow buyout firms Blackstone Group, Carlyle Group and Apollo Management are said to be circling, according to a Reuters report.

Edwards Group, the British vacuum technology firm backed by CCMP Capital and Unitas Capital, said that sales and profits will grow in the second half of 2010, ahead of its planned sale or public offering. Reuters reported that CCMP and Unitas Capital have valued the company at about £1.5 billion ($2.4 billion).

Greyrock Capital Group, which raised its second mezzanine fund last January with $122 million in capital commitments, has sold Marietta, Ga.-based Alaven Pharmaceutical to a Swedish pharmaceutical company—Meda AB—for $350 million. The return equates to a cash-on-cash return of more than 6x for Greyrock, which was formed as a small business investment company in 2002 with $72 million, and has since invested in more than 30 companies and opened offices in San Francisco, Chicago and Westport, Conn.

The planned IPO of the entertainment Web site Hulu could raise between $200 million and $300 million, according to Reuters. The IPO plan could be filed with the SEC this year and take place in the first half of 2011. The deal would value the company at about $2 billion. The online video service is backed by General Electric Co.’s NBC Universal, Walt Disney Co., News Corp. and private equity firm Providence Equity Partners.

Linsalata Capital Partners is selling Transtar, the automotive transmission distribution company based in Cleveland, Ohio, according to Reuters. Transtar, which Linsalata Capital bought five years ago, could go for around $700 million, and five prospective buyers, mostly buyout firms, are said to be interested.

Mubadala, the Abu Dhabi investment fund, is planning a $7 billion investment, through 1Malaysia Development Berhad, in Malaysia’s aluminium sector. Other projects will include the Sarawak Corridor of Renewable Energy and the Kuala Lumpur International Financial District. Mubadala has stakes in Advanced Micro Devices Inc., Ferrari, General Electric and private equity firm The Carlyle Group.

Pandora, the Danish jewelry maker, raised 11.36 billion crowns ($2.13 billion) in its initial public offering, after arrangers of its initial public offering exercised an overallotment option on 6.68 million shares. Prometheus Invest ApS—an investment vehicle of Axcel, set up by Axcel and the founding family—now holds about 54.7 percent of Pandora after selling 44.55 million existing shares. Pandora’s $2 billion IPO could prompt Nordic Capital to resume its plans for an IPO for Falck, a Danish ambulance service, in 2011, according to Reuters. Nordic Capital owns 71.9 percent of Falck shares, with the private equity arm of Denmark’s largest investor, ATP, also involved.

Indian shipbuilder Pipavav Shipyard Ltd. said that some of its private equity owners, which combined account for 100 million shares in the company, are selling out after a lock-in period to hold shares ended. New York Life Insurance, Trikona Capital, Indus Capital, Standard Chartered Private Equity and Citadel all hold shares in Pipavav.

Providence Equity Partners, a Rhode Island-based buyout firm, is selling a 16.7 percent take in Kabel Deutschland, a German cable television group. Deutsche Bank is handling the deal. Kabel Deutschland’s current share price is €28.1 ($38.17), which would mean a cash price of around €420 million ($573 million) for the stake.

The Riverside Company has sold Stoffel Seals Corp., a security seals and ID tags company based in Congers, New York, to Tyden Group. The sale generated a 2.7x gross cash-on-cash return, according to the firm. Riverside acquired Stoffel in October 2004. Financial details of the deal were not disclosed.

Riverstone Holdings and First Reserve Corp. have agreed to sell Dresser Inc. to General Electric Co. for $3 billion. The deal for Addison, Texas-based Dresser, a global energy infrastructure firm, includes all the Dresser businesses, a statement said.

Teachers’ Private Capital, the private investment unit of the Ontario Teachers’ Pension Plan, has agreed to sell GCAN Insurance Co. to RSA Canada, for $420 million. Teachers’ Private Capital bought GCAN, a Canadian commercial property and casualty insurer, through Glenstone Capital in 2005.

TSG Consumer Partners completed the sale of portfolio company Don Miguel Foods to Chino, Calif.-based MegaMex Foods, which is jointly owned by Hormel Foods and Herdez Del Fuerte, S.A. de C.V. San Francisco-based TSG Consumer Partners focuses solely on middle market branded consumer companies. Terms of the transaction weren’t disclosed.

Unique Investment Corp.

has sold portfolio company Diamond Wireless to Glentel Inc., a Canadian telecommunications company. Unique is a private equity firm based in Huntington Beach, Calif. Harris Williams & Co. advised Diamond. The terms of the deal were not released.

Winsway Coking Coal Holdings Ltd., a Chinese coking coal company which is partly owned by private equity firm Hopu Investment, raised $743 million in its IPO in Hong Kong. Winsway sold 990 million shares at HK$3.70 ($0.47), compared with a range of HK$3.25 ($0.41) to HK$4.50 ($0.58), according to sources.