Private equity investors Clayton, Dubilier & Rice; The Carlyle Group and Bank of America Merrill Lynch sold a combined 50 million shares in Hertz Global Holdings Inc., about 24% of their holding in the company, Reuters reported. The partial exit by the company’s three top shareholders sent shares down 3% in after-market trading, Reuters reported. After the stock sale, the three together would continue to hold a 39% stake in Hertz.
2 min read · 29 March 2011
Private equity firm Cinven has upped its stake in French budge retailer Camaieu by 30%, paying roughly 388 million euros ($546 million), Reuters reported. The firm now owns about 95% of the company, having bought a 65% stake in Camaieu from Axa Private Equity in 2007 for 1.5 billion euros.
1 min read · 29 March 2011
GE said it will pay about $3.2 billion for a 90% ownership in electrification and automation equipment maker Converteam, Reuters reported. GE is buying the company from a group of shareholders that includes Barclays Private Equity and LBO France, Reuters said. Converteam's senior management will retain a 10 percent stake in the company.
1 min read · 29 March 2011
Financial services firm Baird has added Vinay Ghai as a managing director in its investment banking team in London. Ghai joins from corporate finance adviser Hawkpoint. He also worked previously as vice president for European M&A at Goldman Sachs.
2 min read · 28 March 2011
British online payments provider Skrill Holdings plans to raise up to 184 million pounds ($295 million) in its upcoming initial public offering, Reuters reported. The company is pricing its shares between 235 pence and 335 pence each, Reuters said. The IPO is expected to be completed the week of April 11. Skrill is majority owned by private equity group Investcorp Technology Partners.
1 min read · 28 March 2011
Venture-backed BlackArrow has added Michael Pohl to its board. BlackArrow develops advertising products for television platforms. Pohl currently serves as a director for Ascent Media, and is chairman of the board of directors of BigBand Networks. Pohl served recently as CEO of Jinni Ltd, a search and recommendation service for video content. BlackArrow is backed by Cisco Systems, Comcast Interactive Capital, Intel Capital, Mayfield Fund, Motorola Ventures, NDS Group and Polaris Venture Partners.
3 min read · 28 March 2011
Charles Cherington, the co-founder of private equity fund Intervale Capital, has contributed an undisclosed amount of financing to support a management buyout of C-Quest Capital, Reuters reported. No terms were released. C-Quest Capital invests in emissions reduction projects around the world.
1 min read · 28 March 2011
Consumer-focused private equity firm Brentwood Associates has recapitalized its portfolio company The Teaching Company Holdings Inc. with a $170 million credit facility, the firm said. The financing was provided by the Senior Secured Loan Program, which is jointly managed by Ares Capital Corporation and an affiliate of GE Capital. The recap provides Brentwood a return on its original investment without changing its ownership stake, the firm said in a statement. The Teaching Company is based in Chantilly, Virginia.
5 min read · 28 March 2011
Rick Alden, the founder and chief executive of Skullcandy Inc., is resigning his post, the company announced. Alden is a major shareholder in the company and will remain on the board. President and Chief Operating Officer Jeremy Andrus will step into the CEO role. Formed in 2003, SkullCandy is based in Park City, Utah, and has raised money from investors including Goode Partners. The company filed earlier this year for an initial public offering.
2 min read · 28 March 2011
3 min read · 28 March 2011
