CEC Entertainment Inc, the parent of family restaurant and entertainment chain Chuck E Cheese, is exploring a potential sale to private equity, according to people familiar with the matter, sister news service Reuters reported.
1 min read · 07 January 2014
Magna Electric Corp, a Saskatoon, Sask.-based provider of electrical power system engineering, testing, construction, manufacturing and commissioning services, has been bought by Shermco Industries Inc for an undisclosed amount. The combination of Shermco and Magna Electric creates the largest independent electrical testing and maintenance service company in North America, said Shermco, which has its headquarters in Irving, Texas. Company management partnered in Shermco's acquisition by GFI Energy Group, an affiliate of U.S. private equity firm Oaktree Capital Management, in Dec. 2012.
4 min read · 07 January 2014
With 2014 now here, it is a good time to take a look at seven legislative and regulatory issues that could impact the private equity industry in the new year. From pending SEC rulemakings, to tax reform, to legislation that would exempt private equity funds from registration, there are a number of issues that sponsors should be keeping an eye on. Here are seven legislative/regulatory issues that could impact the industry in 2014:
6 min read · 07 January 2014
Goldman Sachs and private equity firm KKR will sell a 10.8 percent stake in German forklift maker Kion Group AG starting immediately, Goldman said in a statement, sister news service Reuters reported.
1 min read · 07 January 2014
Proxy advisory firms Institutional Shareholder Services Inc and Glass Lewis & Co have recommended that shareholders and convertible debenture holders of natural health products manufacturer Atrium Innovations Inc approve the company's acquisition by an investor group led by European private equity firm Permira Funds for around $751.2 million. The deal, announced in Nov. 2013, will be voted on at a meeting of investors scheduled for January 21st. The Fonds de solidarité des travailleurs du Québec FTQ and Caisse de dépôt et placement du Québec, who collectively hold about 25 percent of the Québec City-based Atrium, have already agreed to vote for the acquisition.
7 min read · 07 January 2014
in two rival bidders for Australian office property developer Commonwealth Property Office Fund (CPA) rose in Sydney on Tuesday after the pair agreed a billion-dollar asset sale, paving the way for the end of a takeover battle, reports Reuters. Under terms of the accord announced in filings late on Monday, CPA's preferred bidder, a consortium led by Dexus Property Group, will sell five office buildings in Sydney and Melbourne with a combined value of about A$1.2 billion (US$1.08 billion) to its rival property firm, The GPT Group. The agreement, subject to the Dexus consortium acquiring over 90 percent of CPA, is essentially a consolation prize for GPT as Dexus and its partner finalise a A$3 billion deal recommended by CPA to its investors in mid-December. Dexus is backed by the Canada Pension Plan Investment Board.
2 min read · 07 January 2014
Canadian private investment firm Stern Partners has acquired an undisclosed majority interest in McRae’s Environmental Services Ltd, a Delta, B.C.-based infrastructure maintenance and environmental services business providing hydro-excavation, vacuum truck and liquid waste hauling services. All existing investors will retain an interest in the company. Stern Partners' vice president Chris Tsoromocos said the transaction will support McRae’s strategic direction and plans for expansion while maintaining current levels of customer service. Based in Vancouver, Stern Partners focuses on investing in businesses in various industries, including manufacturing, distribution, retailing, publishing, printing, packaging and real estate.
2 min read · 07 January 2014
Oil and gas company Canada Capital Energy Corp (CCEC) recently secured an undisclosed private equity investment from Rongsheng Holding Group Co Ltd of Hangzhou, China. Rongsheng, which joins existing investor the ZhongRong Group, has also committed additional equity for follow-on investments in the company to support its growth through acquisitions and the organic development. Based in Calgary, CCEC is focused on light oil and liquids rich natural gas opportunities throughout the Western Canadian Sedimentary Basin. The company currently has large land holdings in southeast Saskatchewan.
2 min read · 07 January 2014
CHC Group Ltd (IPO-CHCG.N), the world's largest commercial helicopter services provider, said it expects to raise up to US$529 million in an initial public offering, reports Reuters. The company, owned by private equity firm First Reserve Corp, is offering 29.4 million shares at an expected price of between US$16 and US$18 per share, according to a registration statement filed with the U.S. Securities and Exchange Commission on Monday. First Reserve's stake in CHC will drop to 61.3 percent after the offering, which will value the company at US$1.37 billion at the top end of the expected price range. CHC operates about 238 heavy and medium helicopters that are used to transport crew to offshore drilling rigs and provide emergency medical services to governments.
2 min read · 07 January 2014
Oil and gas producer SandRidge Energy Inc said it would sell its Gulf of Mexico operations to an affiliate of private equity firm Riverstone Holdings LLC for $750 million to focus on drilling onshore.
1 min read · 07 January 2014
