Private Equity
Pipeline operator Buckeye Partners will buy an 80% stake in Bahamas Oil Refining Co. from private equity firm First Reserve Corp., in a deal valued at $1.36 billion, Reuters said. Under the terms of the deal, Buckeye will issue about 4.4 million limited partner units of a new class of interests at $57.04 each to First Reserve, Reuters said.
1 min read · 20 December 2010
Littlejohn & Co. has completed its sale of coffee roaster and distributor Van Houtte. The investment firm, based in Greenwich, Conn., sold the company to publicly traded Green Mountain Coffee Roasters for 915 million Canadian dollars ($902 million). Littlejohn took Van Houtte private in a 2007 deal valued at 600 million Canadian dollars. Van Houtte is based in Montreal.
2 min read · 20 December 2010
Private equity firm EQT Partners, through its EQT Greater China II fund, has bought a majority stake in Chinese bakery chain Qinyuan Bakery. The firm is buying 65% of Qinyuan, with 35% remaining with the company’s founders. Financial terms of the deal were not released. Qinyuan Bakery is based in Southwest China.
3 min read · 20 December 2010
Xenon Arc has raised $15 million in growth capital from private equity firm Weston Presidio. As a result of the round, Weston Presidio’s Sean Honey, Josh McDowell and David Ferguson will join the company’s board. Formed in September, Xenon Arc provides business process producer for industrial producers. Xenon Arc is based in Bellevue, Wash. Weston Presidio has offices in Boston and San Francisco.
2 min read · 20 December 2010
High Road Capital Partners has completed a $22 million acquisition of New Jersey-based PANOS Brands. PANOS manufactures and markets specialty natural foods. Fifth Third Bank provided financing for the deal. Based in New York, private equity firm High Road Capital focuses on smaller middle-market deals.
3 min read · 20 December 2010
Buyout shop Apax Partners is planning to raise 11 billion euros ($14.5 billion) for its next buyout fund, Reuters reported, citing an article in the Financial Times. The paper reported that Apax had invested more than 60% of its 11.2 billion euros fund, raised in 2007. The firm is currently working to close an $8.5 billion acquisition of Danish cleaning company ISS. When that deal closes, the current fund will be 75% committed, Reuters said.
1 min read · 20 December 2010
CDB Capital, a unit of China Development Bank, plans to launch a 60 billion yuan ($9 billion) fund-of-funds for private equity and venture capital, Reuters reported. The fund-of-funds would allot two-thirds of its capital for private equity and the remaining third for venture capital deals. CDB aims to raise an initial 15 billion yuan this year, with a final close by the end of 2011, Reuters said.
2 min read · 20 December 2010
After rebuffing advances from private equity firms, Sara Lee Corp. is in talks to sell itself to Brazilian meat producer JBS, Reuters reported. Sara Lee and JBS are currently at odds over the price of a potential sale, Reuters reported. Sara Lee has a market capitalization of roughly $11 billion, based on its closing price Friday. Private equity firm Apollo Global Management approached Sara Lee during the summer about a deal, Reuters said, adding that Sara Lee had reportedly turned away an earlier, unsolicited offer from KKR.
2 min read · 20 December 2010
Private equity firm Kohlberg Kravis Roberts & Co. has ended discussions with Australia's Perpetual after the two companies failed to agree on terms for a potential $1.7 billion buyout, Reuters reported. KKR had previously offered between $37.50 and $39.50 per share for the company.
1 min read · 20 December 2010
TPG Capital and Singapore sovereign wealth fund GIC have paid 2.99 trillion rupiah ($331 million) for a stake in an Indonesia coal contractor, Reuters reported. The two firms acquired a stake in the special purpose vehicle Northstar Tambang Persada, which owns 40% of coal contractor PT Delta Dunia Makmur, Reuters said.
2 min read · 20 December 2010
