Personal finance web site Bankrate is planning to raise $320 million from its upcoming initial public offering, Reuters reported. The company said it would sell 12.5 million shares at a price of $14-$16 per share. The company filed in April for an IPO of up to $500 million. Bankrate was acquired by Ben Holding S.a.r.l. through a fund affiliated with a private equity firm Apax Partners LP in 2009, Reuters wrote.
1 min read · 06 June 2011
Eurazeo will pay 418 million euros ($610 million) for a 45% stake in luxury clothing company Moncler, Reuters reported. Remo Ruffini, Moncler chairman and creative director, will keep a 32% stake in the company, and U.S. private equity firm the Carlyle Group will hang onto a 17.8% stake, Reuters reported.
1 min read · 06 June 2011
Chinese online clothing company Vancl has mandated CICC, Citigroup, Credit Suisse, Goldman Sachs and Morgan Stanley to arrange its up to $1 billion U.S. initial public offering, Reuters reported, citing a story in the IFR. Vancl is backed by investors including IDG, SAIF Partners, Ceyuan Ventures and Qiming Venture Partners. Based in Beijing, it is one of the most profitable consumer retail websites in China, Reuters said.
1 min read · 06 June 2011
Birch Communications, which provides managed telecom services to small and medium sized businesses, has raised $77.5 million in debt financing. The debt financing came from Bank of America, Silicon Valley Bank and Kayne Anderson Mezzanine Partners. Lazard Freres & Co. acted as financial advisor and placement agent. Birch is based in Atlanta.
5 min read · 06 June 2011
British buyout firm Melrose will sell Dynacast to a company managed by private equity firm Kenner & Co Inc., Reuters reported. Melrose bought Dynacast, which makes die-cast metal parts for the automotive and telecom industries, from buyout shop Cinven in 2005.
2 min read · 06 June 2011
Apollo Global Management has named Michael Ducey to its board of directors, and also to the board’s audit and conflicts committee. Ducey was most recently with Compass Minerals International, where he served as president, chief executive and director. He retired from the company in May 2006. Earlier in his career, Ducey worked for nearly 30 years at Borden Chemical.
2 min read · 03 June 2011
Attends Healthcare Inc., a portfolio company of KPS Capital Partners, has completed its second recap in the past 14 months, the firm announced Friday. The $133 million recap was funded by a combination of upsizing the company’s term loan, cash on hand and asset based revolving credit facility, KPS said in a written statement. The money was used to refinance outstanding debt and fund a $35 million distribution to stockholders.
3 min read · 03 June 2011
Kleiner Perkins Caufield & Byers has added James Huang as a partner in its Shanghai offices. Huang will advise on life science investments. Huang joins from life science-focused Vivo Ventures, where he was a managing partner. Earlier in his career, Huang was president of Anesiva, a biopharmaceutical company focused on pain management.
2 min read · 03 June 2011
Raising capital to develop its new Model X crossover vehicle, Tesla Motors said it will sell 5.3 million shares in an offering the company priced at $28.76, equal to the stock's most recent closing price, Reuters reported. Chief Executive Elon Musk will buy 1.42 million shares in the offering. Daimler affiliate Blackstar Investco will buy 637,475 shares.
1 min read · 03 June 2011
CIT Group Inc. has led a $204 million credit facility to support refinancing of Ernest Health, the firm announced Friday. Ernest Health, which is backed by private equity firm Ferrer Freeman & Co., is a provider of post-acute care services. CIT Healthcare served as sole bookrunner, joint lead arranger and administrative agent on the $150 million first lien debt, and as sole bookrunner and lead arranger on the $54 million second lien debt, the firm said in a written statement. Other terms of the deal were not disclosed.
3 min read · 03 June 2011
