Buyout shop Blackstone Group has acquired a majority interest in San Diego’s Hotel del Coronado, Reuters reported. Blackstone will own 60% of the hotel. The deal reduces the hotel’s debt load by roughly a third, to $425 million. Strategic Hotels & Resorts, which will continue as the hotel's asset manager, will have a 34.3% stake. KSL Resorts, the hotel's operator, will hold 5.7%, Reuters wrote.
2 min read · 07 February 2011
Chicago-based private equity firm Wind Point Partners has acquired Nonni’s Biscotti from Chipita America Inc. Financial terms of the deal were not disclosed. The buyout shop previously owned Nonni’s Food Company, which it divested in 2008, and is now re-acquiring the biscotti business as a stand-alone entity. The firm invested out of Wind Point VII, a $915 million fund closed in April 2009. Nonni’s Biscotti has facilities in Ferndale, New York, and Tulsa, Ok.
3 min read · 07 February 2011
San Diego-based private equity firm Huntington Capital has invested an undisclosed amount in Wave Technology Solutions Group Inc., a provider of Information Technology services. Financial terms of the deal were not released. Founded in 1992, Wave designs business process outsourcing and IT services for commercial and municipal customers. Huntington’s current fund, Huntington Capital Fund II LP, is focused on lower-middle market mezzanine investments.
3 min read · 07 February 2011
French private equity shop PAI Partners is selling several of its portfolio companies, and plans to return money to investors and begin fundraising for a new fund in late 2011, Reuters reported. The sales could allow the firm to wrap up its third fund, raised a decade ago, Reuters wrote.
3 min read · 07 February 2011
Private equity firm PAI Partners has received nine bids for its 50% stake in yogurt company Yoplait, Reuters reported, citing an article in French newspaper Journal du Dimanche. U.S. foodmaker General Mills and Switzerland's Nestle are among the bidders. Yoplait, the world's second-biggest yogurt maker, is half owned by PAI Partners and farming cooperative Sodiaal. PAI hired banks in September to find buyers for its stake, Reuters wrote.
2 min read · 07 February 2011
Buyout shop TA Associates has added Patrick Sader as a senior vice president in its London office. Sader will focus on growth companies in Europe with an emphasis on French-speaking regions. Previously, Sader worked at Argan Capital, where he worked on deals in France and Eastern Europe. TA Associates has offices in Boston, London, Menlo Park and Mumbai.
2 min read · 07 February 2011
Aircell, a provider of in-flight WiFi services, has raised $35 million in few financing. Existing investors Ripplewood Holdings, Blumenstein/Thorne Information Partners and Oakleigh Thorne all participated in the financing. Aircell is based in Itasca, Illinois.
3 min read · 07 February 2011
British aerospace parts supplier Umeco Plc is in discussions to sell its supply chain unit, Pattonair, Reuters reported. Lloyds Development Capital, the private equity arm of Lloyds Banking Group, is in talks to acquire the business, Reuters said, citing a report in The Mail. A potential deal is estimated at 200 million pounds ($322.2 million), Reuters wrote.
2 min read · 07 February 2011
Syncreon, which is backed by GenNx360 Capital Partners, has acquired supply chain services company Compuspar. Financial terms of the deal were not released. Based in Barcelona, Compuspar provides repair, warranty and reverse logistics services for the technology industry. Auburn Hills, Mich.-based Syncreon provides contract logistics and supply chain management services. New York-based GenNx360 Capital Partners first invested in Syncreon in March 2009.
3 min read · 07 February 2011
AOL Inc. will buy news and entertainment site The Huffington Post for $315 million. As part of the deal, Arianna Huffington, the site's co-founder and editor-in-chief, will become president and editor-in-chief of The Huffington Post Media Group, which will include all of AOL's content, including the sites Engadget, TechCrunch, Moviefone, MapQuest, PopEater, AOL Music, and Patch. Launched in 2005, Huffington Post raised upwards of $37 million in venture capital financing from investors including Greycroft Partners, Softbank Capital and Oak Investment Partners.
6 min read · 07 February 2011
