Michael Baum has joined early stage firm Rembrandt Venture Partners as a venture partner. Prior to joining Rembrandt he was founder and chief executive of Splunk, a “big data” software company. Michael has also co-founded Collation, which was acquired by IBM; dotBank, which was bought by Yahoo!; and Reality, which was acquired by Reuters. Earlier in his career, Baum was VP e-Commerce Services at Yahoo! and VP e-Commerce at InfoSeek/Disney.
3 min read · 29 June 2011
The Agricultural Bank of China is partnering with the Chinese city of Wuxi on a 15 billion yuan ($2.3 billion) private equity fund to invest in high-growth sectors such as logistics and energy conservation, Reuters reported Wednesday. The Agricultural Bank of China is the country’s third-largest lender by assets. The fund will be based in Wuxi, which is near Shanghai.
1 min read · 29 June 2011
New York based private equity firm Pine Brook has added Richard Aube as a managing director focused on energy investing activities. Aube joins Pine Brook from DE Shaw & Co., where he was a managing director responsible for co-managing the firm’s North American private equity effort. Previously, Aube was a partner with JP Morgan Partners
2 min read · 29 June 2011
2 min read · 29 June 2011
Wythe Will Distributing, a portfolio company of Slate Capital Group, has merged with Tzetzo Bros. The combined company will be called Wythe Will Tzetzo. Terms of the deal were not released. Buffalo, NY-based Tzetzo is a provider of national branded, unbranded, and private label confectionery products. Williamsburg, Va.-based Wythe Will is a distributor of branded and private label packaged gourmet food and confections. Slate Capital will hold a controlling stake in the combined company. Additional equity investment and mezzanine financing for the deal came from Triangle Capital Corporation and Centerfield Capital Partners. M&T Bank, Fifth Third Bank and First Niagara Bank provided senior debt financing.
4 min read · 29 June 2011
Eliza Corp., a provider of integrated healthcare communication strategies, analytics and business intelligence, has inked an undisclosed amount of financing from private equity firm Parthenon Capital Partners. The round is the first institutional financing for Eliza, and will be used to provide liquidity to some shareholders as well as provide growth capital. Following the transaction, Eliza’s founders and senior management team will continue to own a majority of the company. Parthenon has offices in Boston and San Francisco.
4 min read · 29 June 2011
Buyout shop Penta Investments will submit an offer to buy troubled Austrian engineering group A-TEC, Reuters reported Wednesday, citing a report in the newspaper Wirtschaftsblatt. A-TEC needs to find a buyer by June 30 under a deal with creditors struck in December, Reuters wrote. Terms of the offer were not disclosed.
1 min read · 29 June 2011
Leonard Green & Partners and funds advised by CVC Capital Partners have signed an all-cash deal to buy BJ's Wholesale Club for $2.8 billion. BJ's shareholders will receive $51.25 per share, representing a 7% premium to the closing price of BJ's shares on June 28. Morgan Stanley acted as financial advisor to BJ's. Deutsche Bank Securities, Citigroup Global Markets, Barclays Capital and Jefferies & Company, acted as financial advisors, and – in addition to General Electric Capital and Wells Fargo Capital Finance – provided fully committed financing to CVC and LGP.
5 min read · 29 June 2011
Apollo Global Management is planning to invest up to $500 million in Indian steel pipe manufacturer Welspun Corp., according to the company, Reuters reported Wednesday. The private equity firm said it will put 13.05 billion rupees ($290 million) in Welspun, Reuters wrote.
1 min read · 29 June 2011
American Apparel Inc., which recently raised $14.9 million from private investors including Canadian financier Michael Serruya and Delavaco Capital, is in talks to replace two of its six board members, Reuters reported, citing news from Bloomberg. Serruva and Delavaco Capital may buy $8 million of additional shares in the coming weeks, Bloomberg reported.
1 min read · 29 June 2011
