The Ontario Municipal Employees Retirement System will acquire Scotland-based shipping services company V.Group for $520 million, Reuters reported Thursday. The Canadian pension fund is buying V.Group from private equity firm Exponent. Royal Bank of Canada Capital Markets will provide financing for the deal, Reuters said.
2 min read · 28 July 2011
American Glass Enterprises, an affiliate of Florida-based private equity firm Sun Capital Partners, has completed the acquisition of the assets of Vitro America via a 363 bankruptcy sale. Vitro America serves construction and auto replacement markets with architectural glass and aluminum products, and is based in Memphis, Tennessee. Morgan Joseph served as investment banker to Vitro America on the transaction, which also involved raising approximately $35 million in debtor-in-possession financing.
3 min read · 27 July 2011
TrustHouse Services Group, a healthcare and education-focused food services company backed by Gryphon Investors, has merged with A’viands Food and Services Management. Terms of the deal were not disclosed. Gryphon is a San Francisco-based middle-market private equity firm.
3 min read · 27 July 2011
Buyout shop J.C. Flowers is in talks with South Korea’s TStone to jointly fund the Korean firm’s bid for 57% of Woori Finance Holdings, Reuters reported Wednesday. TStone was one of three local funds to bid for the government’s $6 billion stake in Woori.
1 min read · 27 July 2011
Denham Capital has put $200 million into Tradition Midstream, a provider of services to energy producers and consumers. The new funding will help the company expand its infrastructure. Denham Capital is an energy-focused global private equity firm.
3 min read · 27 July 2011
Clorox Co. turned down a revised buyout offer from billionaire Carl Icahn, calling the $80 per share bid “inadequate,” Reuters reported. Icahn had upped the offer from his original $76.50 a share bid. The latest valued Clorox at $10.66 billion. Icahn is the company’s largest shareholder.
2 min read · 27 July 2011
GE Capital and Tokyo-based Mitsui & Co. are teaming up to co-invest in U.S. commercial finance assets. GE Capital said Mitsui will invest $200 million of its own capital in private equity-sponsored loans in the first year of the partnership, Reuters reported Wednesday. Mitsui also plans to raise funds from Japanese investors.
1 min read · 27 July 2011
Blackstone Group is putting 5 billion rupees ($111 million) into Indian power producer VISA Power, Reuters reported Wednesday. The firm did not disclose the size of its stake in VISA. Blackstone has plans to invest up to $1 billion in India's power sector over next three to five years, Reuters reported.
2 min read · 27 July 2011
eIQ Energy, a developer of DC-to-DC parallel solar technology, has named board member Jerry Cutini to the post of president and chief executive officer. Previously, Cutini was chairman, CEO and president of Aviza Technology. He was also a co-founder of OnTrak Systems. San Jose, Calif.-based eIQ Energy is backed by investors including NGEN Partners.
2 min read · 27 July 2011
Groupon has raised $10.28 million in connection with its acquisition of Zappedy, a start-up developing applications for local brick-and-mortar merchants, according to a filing with the Securities and Exchange Commission. Groupon has not disclosed any details of the acquisition, and it is unclear what the exact purchase price was. News of the acquisition and equity capital raise was first reported by TechCrunch. Zappedy’s website has already been shuttered.
1 min read · 27 July 2011
