Private Equity
Buyout shop Blackstone has failed to find a buyer for its portfolio company GoldToeMoretz, one of the world’s largest sock makers, Reuters said, citing a report in the New York Post. The report said that Blackstone wanted $450 million for the company, an amount that would allow Blackstone to repay debt and leave GoldToeMoretz profitable.
1 min read · 29 November 2010
Private equity firm Blackstone is planning to make a bid for British homecare operator Southern Cross, Reuters reported, citing a story in the Sunday Telegraph. Reuters previously reported that Southern Cross was in talks with unnamed potential buyers. Blackstone is already familiar with the company. The buyout shop owned Southern Cross before taking it public in 2006, Reuters said.
1 min read · 29 November 2010
Samsonite, the luggage maker owned by buyout shop CVC and the Royal Bank of Scotland, is considering a $1 billion initial public offering in Hong Kong, Reuters reported, citing a story in the Sunday Times. The Luxembough-based company has hired Goldman Sachs as an advisor.
1 min read · 29 November 2010
Polish billionaire Zygmunt Solorz-Zak may enter the race for Polkomtel, the country’s largest mobile phone company, Reuters reported, adding that advisors to Solorz-Zak have spoken with private equity firms about a potential bid. Bankers value Polkomtel at roughly 4 billion euros ($5.3 billion), Reuters said.
2 min read · 26 November 2010
Russian private equity shop Baring Vostok Capital Partners will buy a roughly 20% stake in Russia’s Orient Express Bank, Reuters reported. Financial terms of the deal were not released, though Reuters quoted one analyst estimate valuing a 30% stake in Orient Express Bank at roughly $255 million. Baring Vostok, which focuses on investments in Russia and the former Soviet Union, has $2 billion in assets.
2 min read · 26 November 2010
Southern Cross Healthcare Group is in talks with potential suitors after New York and London-based private equity firm Towerbrook Capital walked away from a potential deal, Reuters reported. Southern Cross, a U.K.-based home healthcare operator, was in talks with Towerbrook in August but the private equity firm declined to make an offer for the company.
2 min read · 26 November 2010
Buyout shop Clayton, Dubilier & Rice has received regulatory approval from the European Union to buy a minority stake in Dutch company Univar, Reuters reported. The firm will take a 42.5% stake in the chemical company and gain joint control, Reuters said. The deal values Univar at $4.2 billion.
1 min read · 26 November 2010
Private equity group Acromas Holdings has increased its bid for Nestor Healthcare by 10%, to 110 pence per share, Reuters reported. The new terms value Nestor at about 124.1 million pounds ($195.6 million). Under the terms, Nestor would also see a second interim dividend of 2.5 pence per share. Acromas is partly owned by funds advised by Permira and Charterhouse. As of Friday, Nestor said it is in talks with Acromas, Reuters reported, but no formal offer has been received.
1 min read · 26 November 2010
Private equity firm Kohlberg Kravis Roberts & Co. and German media giant Bertelsmann will pay 107.4 million pounds ($168.8 million) for U.K.-based music publisher Chrysalis, Reuters reported. At 160 pence per share, the deal represents a 45.5% premium over the company’s closing price on October 29, the day before acquisition talks were announced.
2 min read · 26 November 2010
New York-based private equity firm Veritas Capital said it will pay $525 million for telecom equipment manufacturer CPI International, Reuters reported. The firm will pay $19.50 per share in cash, representing a 35% premium over CPI’s closing price Wednesday. Palo Alto, Calif.-based CPI makes microwave and radio-frequency products for defense, communications and other industries. The firm was previously an acquisition target for its rival Comtech Telecommunications, which offered $372 million for the company before dropping the bid three months ago, Reuters said.
2 min read · 26 November 2010
