Private Equity
China’s foreign exchange regulator has approved a $3 billion pilot program that will allow foreign currencies to be converted into yuan for private equity investments, Reuters reported. The program would benefit private equity firms such as The Carlyle Group and Blackstone Group, which have been raising yuan-denominated funds, Reuters said, adding that the program would also give overseas pension funds and other investors a new avenue for investment in China. The program could begin as soon as December.
3 min read · 24 November 2010
Pipeline company Kinder Morgan filed Tuesday for an initial public offering of up to $1.5 billion, Reuters reported. The company was taken private in 2007 through a $14.6 billion management buyout, and is backed by investors including The Carlyle Group, Goldman Sach’s buyout fund, Highstar Capital and Riverstone Holdings. All the common stock in the offering will be sold by existing investors, Reuters said.
2 min read · 24 November 2010
Private equity shop Cerberus Capital is looking to sell auto lender Chrysler Financial, Reuters reported, citing a Bloomberg report. Cerberus bought the Farmington, Michigan-based business as part of its 2007 buyout of Chrysler LLC. The business has a book value of between $6 billion and $7 billion, Reuters said.
1 min read · 24 November 2010
Buyout shop 3i Group will pay 103 million pounds ($205 million) for Netherlands-based Stork Materials Technology, Reuters reported. Stork Materials provides materials testing services in labs across Europe and the U.S. 3i Group is based in London.
2 min read · 24 November 2010
KSL Capital Partners will pay an undisclosed amount for The Squaw Valley Development Company, which operates the Squaw Valley ski resort. Financial terms of the deal were not released, though the companies said the acquisition would close by the end of the year. Squaw Valley is located near Lake Tahoe in Northern California and is comprised of more than 4,000 acres. KSL Capital Partners has offices in Denver and New York, and focuses on investments in the travel and leisure industries.
5 min read · 23 November 2010
Paris-based private equity firm PAI Partners is expecting offers to buy its 50% stake in Yoplait, Reuters reported. One offer, an unsolicited $1.9 billion bid from European dairy group Lactalis, was rejected last week as too low, and because it would have forced out French shareholder Sodiaal, Reuters said. Possible new bidders for the stake could include Nestle and General Mills.
2 min read · 23 November 2010
New York Life Capital Partners, the private equity arm of New York Life Investments, has added Alan Weinfeld as managing director. Weinfeld will also serve as head of business development for the private equity firm. Previously, Weinfeld worked as director of business development for Darby Private Equity.
3 min read · 23 November 2010
Private equity firm Veritas Capital has completed an $815 million deal for Lockheed Martin’s Enterprise Integration Group business unit, Reuters reported. The division advises government agencies on weapons platforms, Reuters said, adding that Lockheed Martin sold the unit in order to avoid conflicts of interest.
1 min read · 23 November 2010
Menlo Park, Calif.-based Sierra Ventures has promoted Robert Walker and Gamiel Gran to partner. Walker joined Sierra in 2008, was previously a principal with the venture firm’s hardware practice. Gamiel Gran also joined the firm in 2008, and was most recently a vice president. Gran focuses on business development for Sierra.
4 min read · 23 November 2010
London-based technology company Laird PLC said that it will pay $90 million for Cattron Group, a wireless and automation technology company owned by investors including private equity firms RFE Investment Partners, Weatherly Group, and Argosy Investment Partners. The deal will help Laird expand its software-driven products, the company said. Cattron is based in Sharpsville, Pa.
4 min read · 23 November 2010
