Investors including JAM Special Opportunities Fund II have put $12.5 million into Houston-based First Investors Financial Services Group Inc. The purchase of 1.7 million shares will occur across two tranches, the company said Friday. The money will be used to fund growth in First Investors' portfolio of automobile receivables and for general corporate purposes. Falconbridge Capital Markets LLC served as an advisor to First Investors.
3 min read · 13 May 2011
August Capital has invested an undisclosed amount in Conexant Systems Inc. Conexant is a maker of semiconductor technology for imaging, audio, embedded modem, and video surveillance applications. In April, the company was acquired by San Francisco-based private equity firm Golden Gate Capital. Terms of the August Capital investment were not released, though the firm said that August partner Andy Rappaport would serve on the Conexant board.
3 min read · 13 May 2011
Centerbridge Capital Partners and Leucadia National Corp. have launched a joint bid for Citigroup’s consumer lending unit, Reuters reported, citing a Bloomberg report. The size of the bid is not known. Citigroup has been selling assets as part of a move to simplify the company’s business. With their bid, Centerbridge and Leucadia join three other bids for the unit, which is known as OneMain, Reuters said.
1 min read · 13 May 2011
Schneider Electric SA is in talks with unnamed private-equity firms about partnering on a $30 billion-plus bid for Tyco International Ltd., Reuters reported, citing a story in the New York Post. Talks are in an early stage, Reuters said. Schneider is based in France.
1 min read · 13 May 2011
Buyout shop CVC Capital Partners paid 4.96 billion Philippine pesos ($115 million) for a 15% stake in Rizal Commercial Banking Corp., Reuters reported. CVC will take two board seats with the company, which is the Philippines' fifth-largest bank by assets. Proceeds from the deal will be used, in part, to buy up small and mid-sized banks in the Philippines.
2 min read · 13 May 2011
Luggage maker Samsonite, which is owned by buyout shop CVC Capital, has approval from the listing committee of the Hong Kong stock exchange for an initial public offering, Reuters reported. The IPO could raise as much as $1.5 million, Reuters said.
1 min read · 13 May 2011
Swedish buyout shop Ratos announced Thursday that it has named Bo Jungner as deputy chief executive. Jungner will be responsible for finance, administration and compliance, and will continue to work with Ratos's holdings as an investment director. Jungner has worked at Ratos since 1998.
2 min read · 12 May 2011
Indonesia’s Bank Tabungan Pensiunan Negara, a mid-size lender owned by U.S. private equity firm Texas Pacific Group, is making plans to buy up micro-finance companies, Reuters reported. The acquisitions are aimed at growing a high-margin business, though no specific deals were reported.
1 min read · 12 May 2011
Buyout shop Apollo Global Management saw its first quarter earnings jump fivefold from a year earlier, Reuters reported, citing the company’s first quarterly report since its March IPO. The firm’s Q1 economic net income was $390 million, up from $77 million a year earlier. The firm said net proceeds of its IPO were $384 million.
1 min read · 12 May 2011
Buyout shop TA Associates has sealed a minority stake in Tega Industries Ltd., a provider of products and services used in mining, mineral processing, screening, grinding and material handling. Terms of the investment were not disclosed. Tega is based in Kolkata, India. Avendus Capital Private Ltd. provided advisory services to Tega.
3 min read · 12 May 2011
