Steven Smith, who ran the global restructuring group at UBS, has left the bank, Reuters wrote Friday. The move comes shortly after UBS moved its restructuring group to its leveraged finance group headed by Brendan Connolly as part of a cost-cutting initiative, Reuters reported. Bloomberg has reported that Smith is in talks to join buyout shop Aurora Capital Group.
1 min read · 30 September 2011
Bain Capital and the Carlyle Group are among those bidding for auto parts supplier TI Automotive, Reuters reported Friday. The company, which expects final bids sometime in October, could fetch roughly $1.5 billion. Pamplona Capital Management, a London-based buyout firm, is also reportedly involved in the auction.
3 min read · 30 September 2011
KPS Capital Partners has acquired the assets of United Copper Industries Inc. Financial terms of the deal were not released. United Copper is a manufacturer and distributor of building wire and cable used in the construction of industrial, residential and commercial buildings.
3 min read · 29 September 2011
Graceway Pharmaceuticals, which is backed by GTCR Golder Rauner LLC, will sell its U.S. and Canadian assets to Galderma. As part of the deal, Graceway will seek authority to sell its assets under the United States Bankruptcy Code. Galderma is a specialty pharmaceutical company focused on dermatology. Terms of the acquisition were not released.
3 min read · 29 September 2011
Family Dollar Stores Inc. has named Edward Garden, one of the founding members of Trian Partners, to its board, Reuters reported. Billionaire investor Nelson Peltz's Trian Partners owns about 8.29% of the company’s stock. Family Dollar is listed, and based in Charlotte, N.C.
1 min read · 29 September 2011
U.S. private equity firm North Street Capital will pay 32 million euro ($43.5 million) to buy the Spyker luxury sportscar business from Swedish Automobile. Cash-strapped Swedish Automobile, which owns car maker Saab, put up several assets for sale recently, attempting to stave off bankruptcy, Reuters wrote. A previous deal for Spyker fell though earlier this year.
3 min read · 29 September 2011
Polaris Venture Partners has opened Dogpatch Labs Europe, a technology company accelerator located in Dublin, Ireland. Similar to Dogpatch Labs in Cambridge, Mass., and New York, the accelerator will provide startups with access to mentors, free workspace and other resources.
4 min read · 29 September 2011
Private equity shop Actis has added Chester Fong as a senior adviser and Angus Or as director of operations in Asia, Reuters reported. Hong Kong-based Fong, an executive at Colgate-Palmolive, will advise on investments and portfolio management for Actis' consumer team, while retaining his role as chairman of Colgate's Greater China business, Reuters wrote. Or joins as a director from Heinz China.
2 min read · 29 September 2011
Battery Ventures has acquired Houston-based Detcon, a maker of industrial-grade gas detection sensors and electronic control systems. Terms of the deal were not disclosed. Detcon will join Battery’s recently acquired Gas Measurement Instruments as an independent operating company within Battery’s industrial safety technology platform, the firm said.
3 min read · 28 September 2011
Zenith Infotech, a publicly-traded company specializing in remote monitoring and management, cloud computing and other technology for IT service providers, has spun off its managed services business, Zenith RMM. The newly independent business has also recently inked a growth equity investment from Summit Partners. As a result, Summit’s John Carroll and Jason Glass will join the Zenith RMM board of directors. Details of the financing were not released.
5 min read · 28 September 2011
