Private equity fund Brynwood Partners VI LP has acquired St. Paul, Minn.-based Pearson Candy Co. Terms of the deal were not released. Brynwood is a private equity fund that makes control investments in lower middle market companies. Pearson Candy was formed more than 100 years ago, and makes a wide range of candies, including “Pearson's Mint Patties” and “Pearson's Nut Goodies.”
3 min read · 22 August 2011
Shares of 99-Cents Only Stores rose more than 8% Monday on news that Apollo Global Management was preparing to bid for the discount chain, Reuters reported. The news of a possible buyout was first reported by the New York Post. California-based 99-Cents Only Stores is currently valued at about $1.17 billion.
2 min read · 22 August 2011
CVC Capital Partners is financing its acquisition of health club operator Virgin Active with around 450 million pounds ($745.7 million) of equity, Reuters reported. The firm has not put any debt financing into the deal, Reuters said. When the deal closes, CVC will hold a 41% stake in Virgin Active. Richard Branson's Virgin Group will hold the remaining 49% stake.
2 min read · 22 August 2011
South Korea’s Samsung C&T is mulling a buyout of U.S.-based Parallel Petroleum, an oil firm owned by private equity group Apollo Global Management, Reuters reported. A deal could fetch as much as $920 million. Apollo bought Parallel in 2009 for about $483 million.
2 min read · 22 August 2011
Evercore Partners has completed its acquisition of UK-based investment banking advisory firm Lexicon Partners. Terms of the deal were not released. Evercore is an investment banking advisory firm.
2 min read · 22 August 2011
Bartlett Holdings Inc., which is owned by New York-based private equity firm Harvest Partners, has acquired AMES Group Holdings. AMES was previously owned by Greenwich, Conn.-based Capital Partners. Capital Partners will continue to hold a stake in the company. Terms of the acquisition were not released. AMES provides valve inspection and testing, preventative maintenance and repair services to the U.S. commercial nuclear power industry. Bartlett, which was bought by Harvest in 2010, provides services for nuclear, fossil and renewable power facilities.
3 min read · 22 August 2011
Skype said Monday that it would buy one-year-old mobile messaging startup GroupMe. Terms of the deal were not released. GroupMe is based in New York, and raised $11.5 million from investors including Khosla Ventures, First Round Capital, Lerer Ventures and General Catalyst Partners.
2 min read · 22 August 2011
ConvaTec Inc., a company backed by Avista Capital Partners and Nordic Capital, has bid for medical device company Kinetic Concepts, Reuters reported, citing Bloomberg. The bid exceeds the existing $5 billion bid made by a group of investors led by buyout giant Apax Partners, Reuters wrote. Apax announced a $68.50-a-share offer for Kinetic last month. Under a so-called “go-shop” period, Kinetic had 40 days to seek higher offers, Reuters said.
1 min read · 22 August 2011
Buyout firm J.C. Flowers is one of five bidders for the insurance arm of lender Irish Life and Permanent, Reuters reported Saturday. The firm is making a joint bid with firm Apollo Global Management for Irish Life insurance. Canada Life Ireland and U.S. insurers Unum and Delphi are also bidding for the firm, Reuters reported. Final bids are due in October.
1 min read · 22 August 2011
Sun Capital Partners, NBNK Investments and The Co-Operative Group's banking arm are vying for 630 Lloyds branches in a deal that could fetch as much as 2.5 billion pounds ($4.1 billion), Reuters reported. European regulators are forcing Lloyds to sell the branches as payback for having accepted a government bailout during the credit crisis, Reuters wrote. Following the government bailout, Britain ended up with a roughly 40% stake in Lloyds.
2 min read · 22 August 2011
