Google and Citi will finance a second phase of the Alta Wind Energy Center being developed by Terra-Gen Power, each investing $102 million in the project, the companies announced Wednesday. Terra-Gen Power is an affiliate of ArcLight Capital Partners and Global Infrastructure Partners. Both Google and Citi previously put $55 million into the Alta IV project, bringing each company’s total investment to $157 million.
5 min read · 22 June 2011
American Achievement Corp., which is backed by private equity firm Fenway Partners, has named Steven Parr president and chief executive officer. Parr was most recently president and chief executive of publisher Hachette Filipacchi Media, which owns magazines including Elle, Elle Décor, Woman’s Day, Car and Driver, Road & Track and Cycle World. In his new role, he replaces Alyce Alston. Fenway Partners is a middle market private equity firm based in New York. Based in Austin, Texas, AAC sells class rings, yearbooks, graduation products, varsity letter jackets, athletic championship rings and other school spirit and recognition products.
4 min read · 22 June 2011
Buyout shop Apollo Global Management completed its acquisition of publicly traded CKx Inc., a company that owns the rights to the name, image and likeness of Elvis Presley; the “American Idol” television series; and other entertainment properties. The deal was valued at about $510 million.
4 min read · 22 June 2011
Shares of private equity-backed Bankrate Inc. rose in their stock market debut on Friday, closing at $15.34, or 2.3% above their $15 IPO price. Apax Partners took the company private for $571 million in 2009. Following the IPO, the private equity firm remains the majority shareholder with approximately 70% ownership of Bankrate’s common stock. Bankrate publishes personal finance content online. The company is based in North Palm Beach, Florida.
3 min read · 22 June 2011
Dentsply International beat out a number of private equity firms to buy AstraZeneca’s dental implants and medical devices unit, Reuters reported. Dentsply is paying $1.8 billion in cash for the unit, Astra Tech. The unit, with revenue last year of $535 million, is the third largest dental implants maker in the world, Reuters said. A number of prominent firms were interested in buying Astra Tech, including Bridgepoint, Cinven, PAI Partners and Warburg Pincus.
1 min read · 22 June 2011
One Equity Partners, a private equity unit of JPMorgan Chase & Co., will pour $200 million into China over the next three years, and has partnered with conglomerate Beijing Capital Group to identify potential investments, Reuters reported Wednesday. Separately, Beijing Capital has launched a yuan-denominated private equity fund worth $150 million, and backed by Lexington Investment and an unnamed Middle Eastern sovereign wealth fund.
1 min read · 22 June 2011
Taiwan regulators have rejected Kohlberg Kravis Roberts & Co.’s planned $1.6 billion joint buyout of component maker Yageo Corp., Reuters reported. Still, the buyout firm remains “fully committed to its investment” in Yageo, according to a statement on Wednesday by Orion Investment, a company jointly held by KKR and Yageo founder and Chief Executive Pierre T.M. Chen, Reuters reported. KKR initially invested in Yageo in 2007.
1 min read · 22 June 2011
Vanguard Health Systems Inc., which is controlled by the Blackstone Group, on Tuesday sold 25 million shares for $18 each, raising about $450 million, Reuters wrote. It had previously filed to sell shares for $21 to $23 each and was expected to price its IPO after the close of U.S. markets on Wednesday. Underwriters on the Vanguard IPO are being led by Bank of America Merrill Lynch, Barclays Capital, Citi, Deutsche Bank Securities and JPMorgan, Reuters reported.
2 min read · 22 June 2011
Clairvue Capital Partners has added Josh Cleveland as a partner. Cleveland is a former director of business development at Liquid Realty Partners. He will be based in the firm’s New York office. Clairvue has offices in San Francisco and New York.
3 min read · 21 June 2011
3 min read · 21 June 2011
