Private Equity
New York-based private equity firm Quadrangle Group is winding down, though it plans to reemerge under a different name, Reuters said, citing an article in the New York Post. The media-focused firm was co-founded by ex-car czar Steve Rattner. Rattner left the firm last year, and is currently the subject of a lawsuit by outgoing New York attorney general Andrew Cuomo.
1 min read · 22 November 2010
Middle-market buyout shop American Securities has paid an undisclosed amount for a controlling stake in Arizona Chemical. Jacksonville, Fla.-based Arizona Chemical refines pine chemicals for use in printing inks, paints, adhesives and other products. American Securities is based in New York.
2 min read · 22 November 2010
Stant Corp., a manufacturing company backed by private equity firm H.I.G. Capital, has acquired Romeo, Mich.-based Shelby Enterprises. Financial terms of the deal were not released. Shelby Enterprises is a supplier of filler pipe, vapor line and other products for the automotive industry. Connersville, Indiana-based Stant Corp. manufactures vapor and fluid control components.
4 min read · 22 November 2010
Canadian private equity firm Onex has raised C$320 million ($314 million) in an initial public offering of its high-yield debt fund, OCP Senior Credit Fund, Reuters reported. The firm sold 32 million shares at $10 apiece. The offering was handled by a syndicate co-led by CIBC World Markets and RBC Capital Markets, Reuters said.
2 min read · 22 November 2010
Scandinavian private equity firm Nordic Capital paid 450 million pounds ($719.2 million) for Britax Childcare, a company owned by U.S. buyout shop the Carlyle Group, Reuters reported, citing an article in the Financial Times. Britax, a U.K.-based maker of child-safety car seats, was bought by the Carlyle Group five years ago for 230 million pounds.
1 min read · 22 November 2010
South Korea’s Hana Financial Group has offered more than 4.5 trillion won ($3.98 billion) for a controlling stake in Korea Exchange Bank, Reuters reported. Hana will buy the stake from Dallas, Texas-based private equity firm Lone Star. The deal is expected to be announced later this week, and will make Hana South Korea’s third largest financial services company by assets.
1 min read · 22 November 2010
The CapStreet Group, a Houston-based private equity fund focused on the lower-middle market, has closed its third fund with $178 million. CapStreet did not release the names of limited partners, which the firm said include pension funds, insurance companies, funds of funds and family investment offices. The firm has already invested 30% of the fund across three investments, and will focus the remaining funds on control investments in privately-held businesses located in Texas and other states in the Southwest U.S.
3 min read · 09 November 2010
Gain Capital Holdings has named Crevan O'Grady and Christopher Calhoun to its board of directors. O'Grady, a partner with private equity firm 3i, replaces 3i managing director Ken Hanau. Calhoun has served as a senior advisor to the company since 2009, and replaces board member Roger Tarika. New York-based Gain Capital provides online trading services specializing in foreign exchange and contracts for difference. The company is backed by investors including 3i, VantagePoint Venture Partners, Tudor Ventures, Edison Venture Fund and Cross Atlantic Capital Partners.
3 min read · 09 November 2010
Chinese e-commerce company Alibaba Group is attempting a management-led buyout of the 40% of the company held by Yahoo Inc., Reuters reported, adding that Alibaba wants to end the relationship as Yahoo becomes a takeover target. Alibaba founder Jack Ma has reportedly been in talks with unnamed private equity firms to fund the deal. Yahoo bought its minority stake in the Chinese company in 2005, paying roughly $1 billion.
1 min read · 09 November 2010
In advance of an initial public offering, Vietnam's state-owned Petro Vietnam Gas Corp. will auction a 15% to 20% stake in the company in effort to raise roughly $600 million, Reuters reported. Thailand's top energy company PTT has expressed interest in the auction. Other interested parties could include buyout shops Blackstone Group and Kohlberg Kravis Roberts, as well as oil and gas companies ConocoPhillips and India's Oil and Natural Gas Corp., Reuters reported
2 min read · 09 November 2010
