3 min read · 10 March 2014
Private equity isn’t known for investing in the wedding banquet sector but that didn’t stop Prospect Partners, sister website peHUB reported.
2 min read · 10 March 2014
British financier Guy Hands has ended his long-running U.S. lawsuit accusing Citigroup Inc of defrauding him into buying music company EMI Group Ltd but plans to keep pursuing the case in England.
2 min read · 07 March 2014
The auction for Russell Investments is progressing, sister website peHUB reported.
2 min read · 07 March 2014
Healthcare of Ontario Pension Plan (HOOPP) showed a rate return on its investments of 8.6% in 2013, as well as a 10-year annualized return of 9.7%, according to its annual report. Both performance indicators exceeded benchmarks established by the Toronto-based pension plan. HOOPP's net investment income totaled just over $4 billion last year. This resulted in an expansion of its net assets under management to $51.6 billion. HOOPP's private equity investment arm, HOOPP Capital Partners (HCP), which make commitments to funds and invests directly in privately-held businesses, generated a currency-hedged return of 19.6% in 2013, also exceeding its benchmark. On an unhedged basis, the private equity portfolio returned 26.8%.
1 min read · 07 March 2014
Safeway Inc, the second-largest U.S. mainstream grocery store operator, said Thursday that buyout firm Cerberus Capital Management would acquire the company in a deal valued at about $9.4 billion.
2 min read · 07 March 2014
U.S. energy-focused private equity firm Lime Rock Partners has invested $300 million in Canadian oil and gas company Imaginea Energy Corp, reports The Wall Street Journal. The president and CEO of the newly-formed Imaginea is Suzanne West, the report said. West is the former head of Black Shire Energy Inc, which in November 2013 was acquired by Twin Butte Energy Ltd for $358 million, including debt. Lime Rock was also an investor in Black Shire, and with the acquisition's closing took a minority position in Twin Butte, an intermediate oil producer with headquarters in Calgary. The Texas-based PE firm's other Canadian portfolio companies include Laricina Energy Ltd, which Lime Rock has backed alongside the Canada Pension Plan Investment Board.
1 min read · 06 March 2014
CCMP Capital Advisors, which is expected to wrap up marketing for its latest buyout fund, has completed the sale of Edwards Group Ltd after a near seven year hold.
2 min read · 06 March 2014
Spirit AeroSystems Holdings Inc (NYSE: SPR) plans to commence a public secondary offering of around 6.2 million shares of class A common stock. The shares are being offered primarily by Canadian private equity firm Onex Corp and current and former members of management. Onex, which acquired Spirit AeroSystems in 2005, is expected to maintain voting control following completion of the transaction. Based in Wichita, Kansas, the company is a global supplier of large component parts and assemblies for commercial aerostructures. Spirit AeroSystems went public in November 2006.
3 min read · 05 March 2014
Mitel Networks Corp (TSX: MNW) (Nasdaq: MITL), which in January competed its $400 million buy of Aastra Technologies Ltd, has acquired contact centre supplier OAISYS. Financial terms of the transaction were not disclosed. Mitel said the purchase of the Tempe, Arizona-based OAISYS is the latest in its strategic development activities designed to drive growth in the consolidating business communications market. Based in Ottawa, Mitel is backed by U.S. private equity firm Francisco Partners and Canadian investor Dr. Terence Matthews.
4 min read · 05 March 2014
