BMG Rights Management will pay about $300 million to buy Los Angeles song publisher Bug Music, beating out bidders including American Idol creator Simon Fuller, Reuters reported. Bug Music owns the rights to songs including "What a Wonderful World" and "Under The Boardwalk." The company is currently owned by Spectrum Equity Investors. BMG Rights is a joint venture of giant German media company Bertelsmann and private equity firm KKR.
2 min read · 12 September 2011
Global Capital Management, the alternative asset management arm of Kuwait's Global Investment House, is planning a $350 million private equity fund in Turkey, Reuters reported Monday. The fund will invest in sectors such as financial services, logistics, retail, healthcare and manufacturing, Reuters wrote. Global Capital Management manages private equity, real estate, and hedge funds in the Middle East and North Africa region.
2 min read · 12 September 2011
Restoration Hardware Holdings Inc. filed with regulators Friday to raise up to $150 million in an initial public offering, Reuters reported. In November 2007, Restoration Hardware had agreed to be taken private in a transaction led by CEO Gary Friedman and private-equity firm Catterton. The home furnishings retailer will use the proceeds primarily to repay debt.
1 min read · 12 September 2011
Seven Peaks, the owner of Utah’s largest water park, has acquired the assets of regional daily deals website CityDeals. Terms were not released. CityDeals was reportedly struggling to stay in business before the acquisition, according to the Deseret News. Seven Peaks was one of the company’s largest creditors prior to the deal.
2 min read · 12 September 2011
Alliance Consumer Growth has closed its debut private equity fund, Alliance Consumer Growth Fund L.P., with $40 million in committed capital, the firm announced Monday. The firm has made two investments so far, in cleaning and personal care products maker KAS Direct; and in The Honest Kitchen, maker of dehydrated human-grade pet food. Alliance Consumer Growth aims to make investments of in consumer companies with revenues typically ranging from $5 million to $30 million. The firm's investment size is $2 million to $10 million of equity per company.
2 min read · 12 September 2011
FriendFinder Networks Inc., the publisher of adult magazine Penthouse, said it will buy social commerce website JigoCity for up to $65 million in stock and warrants, Reuters reported. JigoCity is owned by BDM Global Ventures. FriendFinder operates a slew of social networking websites, including adultfriendfinder.com and cams.com.
1 min read · 12 September 2011
International Automotive Components Group, the auto parts supplier owned by billionaire Wilbur Ross, has delayed its initial public offering until 2012, Reuters reported, citing Bloomberg. Reuters previously reported that the company had hired America Merrill Lynch and JPMorgan to run the process. The IPO could be worth about $1.6 billion, Reuters wrote.
1 min read · 12 September 2011
McGraw-Hill Companies Inc. announced today that it would split into two separate companies, both publicly traded. One, McGraw-Hill Markets, will focus on capital and commodities markets and include its Standard & Poor's ratings business. The other, McGraw-Hill Education, will focus on education services and digital learning. Last month, McGraw-Hill's directors and executives met with Jana Partners, a hedge fund, and the Ontario Teacher's Pension Fund to hear their arguments that the company should be broken up, Reuters reported.
8 min read · 12 September 2011
Evercore Partners has added Tim Carlson to its investment banking business as a senior managing director. Carlson will be based in Houston and will focus on advising companies in the oil and gas industry. Carlson was most recently a managing director in J.P. Morgan's global natural resources group.
2 min read · 12 September 2011
Dave & Buster's, which is owned by buyout shop Oak Hill Capital Partners, has named Jonathan Halkyard and Kevin Sheehan to its board of directors. Halkyard is currently senior vice president and chief financial officer of Caesars Entertainment Corp., formerly known as Harrah's Entertainment. Sheehan is currently the president and chief executive of Norwegian Cruise Lines.
2 min read · 12 September 2011
