Atlanta-based buyout shop Roark Capital Group is buying Il Fornaio Corp., the owner of Corner Bakery Cafe and Il Fornaio restaurants and bakeries. Terms of the deal were not released. However, The combined proceeds from the sale of Il Fornaio Corp. and an earlier recapitalization represented a gross multiple of invested capital of approximately 5.7x and generated a gross IRR in excess of 22%. Based in Dallas, Il Fornaio has 119 restaurants across the U.S. Roark has more than $1.5 billion of equity capital under management.
6 min read · 13 June 2011
The Jordan Company, through its Resolute Fund II, L.P., said Monday that it would buy Pro Mach Inc. from Odyssey Investment Partners. Financial terms of the deal were not released. Pro Mach provides packaging machinery products and services to multinational clients in the food, beverage, household goods and pharmaceutical industries. Barclays Capital is arranging debt financing for the transaction, and Mayer Brown is legal advisor to The Jordan Company. Barclays Capital is acting as financial advisor to Pro Mach and Latham & Watkins is acting as legal advisor.
3 min read · 13 June 2011
Private equity firm Permira will start raising a new 6.5 billion euros ($9.3 billion) fund in September, Reuters reported Monday. The target is 40% smaller than the $11.1 billion fund the firm raised in 2006. The firm said it will focus on investments in the 500 million euro to 3 billion euro range, Reuters said.
3 min read · 13 June 2011
Roark Capital is paying about $130 million in cash to buy roast beef sandwich chain Arby's Restaurant Group Inc., Reuters reported. Current owners Wendy's/Arby's Group Inc. will retain 18.5% ownership of Arby's valued at about $30 million, the company said in a statement. Atlanta-based buyout shop Roark will assume about $190 million in Arby’s debt.
1 min read · 13 June 2011
Bain Capital is looking to sell microconnections division of French electrical connectors maker FCI in a deal worth up to $1 billion, Reuters reported. Buyout firms Blackstone, Carlyle Group, TPG Capital and Kohlberg Kravis Roberts & Co. are among those who may be approached to buy the business, Reuters said.
1 min read · 13 June 2011
Blackstone and Avenue Capital are planning to raise $5 billion to invest in the debt markets, Reuters reported, citing a story in the UK's Sunday Telegraph newspaper. Blackstone, through its GSO Capital Partners unit, plans to raise $3 billion to invest in private equity and other private transactions, replacing bank debt or as mezzanine funding, which is part-equity, party-debt, Reuters wrote. Avenue Capital is looking to raise up to $2 billion to invest in US company debt.
2 min read · 13 June 2011
Auto and mortgage lender Ally Financial, which is majority-owned by the U.S. government, has delayed its $6 billion initial public offering due to bad market conditions, Reuters reported. In addition to the Treasury, buyout shop Cerberus Capital Management owns a 9% stake. Citi, Goldman Sachs, JPMorgan, Morgan Stanley, Barclays Capital and Deutsche Bank Securities are the underwriters for the offering.
2 min read · 13 June 2011
Permira has bought a 61% stake in drip irrigation company Netafim Ltd., Reuters reported. The firm bought the stake from Kibbutz Yiftah, Kibbutz Magal, Tene Investments and Markstone Capital. The deal valued Netafim at $900 million, Reuters said, citing a report in the Globes news website.
1 min read · 13 June 2011
The Carlyle Group is closing in on a 25% stake in Indonesian consumer firm GarudaFood, Reuters said. The $200 million stake will mark the firms first direct investment in Indonesia. GarudaFood sells instant food, peanuts and other snacks globally. The proposed deal values the company at about $800 million, Reuters said.
2 min read · 13 June 2011
Dubai-based Abraaj Capital plans to increase its regional real estate fund to $250 million, more than double its original target. The fund is eyeing deals in Saudi Arabia's construction sector, Reuters reported. A first close of the fund was in December 2010, with $100 million.
2 min read · 13 June 2011
