Another billion-dollar transaction took place during the past week, which helped push year-to-date deal volume up to about $16.9 billion. Thomson Reuters (publisher of PE Week) tracked 16 leveraged buyouts from June 1 to June 9. Only four of the deals last week had known financial details.
The period’s top deal involved TPG. The Fort Worth, Texas-based firm purchased American Tire Distributors Inc. for $1.3 billion. Investcorp, Berkshire Partners and Greenbriar Equity Group sold the wholesaler of tires and other automotive aftermarket products. American Tire Distributors, based in Huntersville, N.C., has 83 distributions centers in 37 U.S. states. A planned public offering of American Tire for as much as $230 million was suspended after the deal was announced in late April.
Another notable deal of the past week involved GTCR, which acquired Protection One Inc. The deal has a rank value of about $803.6 million. Morgan Keegan & Co. and Barclays Capital served as mergers and acquisitions advisers to GTCR. Protection One offers electronic security alarm monitoring services. It serves nearly 1 million customers and has offices in more than 60 major U.S. cities, according to the company’s website.
On the fund-raising front, buyout and mezzanine shops have secured $23.9 billion in commitments so far in 2010.
Atlas Holdings held the final close of Atlas Capital Resources at $365 million. The Greenwich, Conn.-based shop originally had a $250 million target for the investment vehicle. Atlas Holdings acquires distressed businesses and is focused on the industrial sectors. The firm has said it “elected to raise its first institutional fund to address the expanded and compelling market opportunity in distressed industrial companies.”
Capstone Partners served as placement agent. —Eamon Beltran