Access Plans Inc. plans to review strategic alternatives, including the possibility of going private. The Norman, Okla.-based company private will evaluate other options as well, including raising or borrowing funds for acquisitions or other transactions. Southwest Securities Inc. is financial adviser. Access Plans designs, markets and administers consumer membership and health care savings membership plans. For the fiscal third quarter ended June 30, its net income rose 10 percent to $948,000 from $862,000 a year earlier. Revenue improved 3 percent to about $14.4 million from $14 million.
Racebrook Capital LLC is putting a portfolio of 150 U.S. consumer products and retail brands on the block. The New York-based private equity firm and auction specialist said it will sell 30 percent of the trademark without reserve. The brands cover personal care, food & beverage, corporate, apparel, home, consumer goods, technology, financial institutions, toys, travel, magazine to environmental and sports. Some of the brands that will be available through an auction scheduled for Dec. 8 include American Brands Inc., Braniff International, Lucky Whip and Phar-Mor.
The hedge fund Galt Investment Partners LP sent a letter urging the board of Children’s Place Inc. to hire an investment bank or financial adviser to assist with the identification and evaluation of strategic alternatives. Galt Investment said it is “generally quite pleased with the operational performance of the company over the last 12 to 18 months.” However, it is concerned the board might miss opportunities to generate shareholder value. Galt wants Children’s Place to hold talks with a private equity shop about a “go private” deal, or to seek a merger or business combination with Gymboree Corp., Carter’s Inc. or both.
Northstar Aerospace Inc.’s board formed a special committee with the task of evaluating strategic alternatives. The special committee hired Harris Williams & Co. to serve as financial adviser for the review. Northstar Aerospace is a maker of flight critical gears and transmissions. The Chicago, Illinois-based company’s swung to a third quarter net income of $727,000 from a loss of $411,000 a year earlier. Income from continuing operations for the latest period was $1 million. Northstar Aerospace’s revenue rose to $50.5 million from $48.1 million a year earlier.