GlaxoSmithKline is in second round talks with a group of private equity funds and strategic buyers interested in buying its non-core over-the-counter products, Reuters reported, citing the Financial Times. The sale could fetch as much as 1.5 billion pounds ($2.4 billion). Bain Capital, Blackstone and German pharmaceutical group Boehringer Ingelheim are reported to be in the bidding process.
2 min read · 02 September 2011
Eventbrite has named Ashley Capps, the founder of concert promoter and event producer AC Entertainment, to its board of advisors. Eventbrite, provider of a ticketing platform for concert venues and promoters, is backed by investors including Tiger Global, Sequoia Capital, DAG Ventures, and Tenaya Capital.
2 min read · 02 September 2011
Swiss investment firm LGT Capital Partners will acquire a 369 million euro private equity portfolio from HSH Nordbank AG. The portfolio consists of commitments from 29 different limited partnerships focused on European small and mid-market buyout funds, LGT Capital said in a statement.
2 min read · 02 September 2011
Private equity firm the Gores Group is paying $85 million to buy the international Mexx business from women’s clothing retailer Liz Claiborne Inc., Reuters reported Friday. Liz Claiborne will retain an 18.75 percent interest in the joint venture with Gores Group, Reuters wrote. Liz Claiborne acquired Mexx in May 2001 for roughly $264 million.
2 min read · 02 September 2011
Glen Hutchins, the co-founder and co-CEO of investment firm Silver Lake, and Macy’s CEO Terry Lundgren have joined as Class B directors of the Federal Reserve Bank of New York. Hutchins also serves on the boards of SunGard Corp., the NASDAQ OMX Group and Mercury Payment Systems. Hutchins is taking over the remainder of Jeffrey Kindler’s term on the board, which expires at the end of 2012. Lundgren is taking over the remainder of Jeffrey Immelt’s term on the board, which expires this December.
4 min read · 01 September 2011
Former Visa executive Rupert Keeley is joining PayPal to run the company’s Asia Pacific operations. PayPay President Scott Thompson announced the news on the company’s blog Thursday. In his new role, Keeley will help build the company’s staff and expand operations across China and throughout Japan and Australia.
2 min read · 01 September 2011
Cross Keys Capital said Thursday that it advised on the sale of Glassworks and Arcadia Residential to Bounds Equity Partners. Cross Keys Capital acted as financial advisor to the owners of Chicago-based Glassworks and Arcadia Residential, the firm said. Arcadia specializes in manufacturing custom windows and glass walls, among other products. Glassworks designs and manufactures glass for residential and commercial markets.
2 min read · 01 September 2011
Robert Haile has joined BB&T Capital Markets as a managing director in charge of the food and beverage practice inside the firm’s consumer group Previously, Haile was a managing director at TCI, a boutique advisory firm in Washington, D.C. He’s also help positions at EG Capital Group and Integrated Finance.
2 min read · 01 September 2011
Buyout firm Graham Partners has exited its investment in Schneller, selling the company to TransDigm Group Inc. for $289 million. The sale yielded Graham a 3.4x gross multiple on its investment, the firm said. Graham bought Schneller in 2007. Based in Kent, Ohio, Schneller designs and manufactures highly engineered laminates, thermoplastics, and non-textile flooring for use primarily on side walls, lavatories, galleys, bulkheads, and cabin floors of airplanes.
2 min read · 01 September 2011
Bruce Sher has joined Tangent Energy Solutions as vice president of business development. Previously, Sher was senior vice president of business development at Viridity Energy, based in Philadelphia. Tangent Energy is based in Kennett Square, Penn., and backed by EnerTech Capital.
3 min read · 01 September 2011
