I've been a business reporter for a while. I've covered Wall Street, venture capital and now private equity. I'm always looking for a scoop or something to talk about. I'm the eternal optimist and am still waiting for the Chicago Cubs to win the World Series. Yes, I believe.
To start your week, we have news that Bayer offers to buy Monsanto for $62 billion, Avant lays off nearly 7 percent of its work force and "Hamilton" refused to let in Chris Sacca, which caused him to scream repeatedly "Do you know who I am?"
1 min read · 23 May 2016
Pennington Partners & Co has launched as a multi-family office that will provide advisory services to successful families who have built wealth through privately held businesses and real estate. Services include advising successful families who have built wealth through privately held businesses and real estate. Brian Gaister, formerly of Merrill Lynch and Morgan Stanley, and Rodd Macklin, with several years of experience as a CFO in the financial services industry, helped form Pennington Partners.
3 min read · 23 May 2016
Supervalu Inc said May 23 that it completed an amendment of its existing $1.5 billion senior secured term loan agreement that will allow it to begin possibly spin off Save-A-Lot into a stand-alone, publicly traded company. The amendment requires that Save-A-Lot issue a minimum of $400 million of long-term debt and that Supervalu’s term loan balance be reduced by a minimum of $350 million. Supervalu is also required to retain a minimum equity stake in spun-off publicly traded Save-A-Lot. Supervalu is backed by Cerberus. Save-A-Lot is a discounted supermarket chain.
4 min read · 23 May 2016
Correctional Medical Group Companies Inc, a portfolio company H.I.G. Capital LLC, invested in TransformHealthCS Inc. Statesboro, Georgia-based TransformHealthCS provides correctional healthcare services to county jails in Georgia and North Carolina. Transform is being re-branded as Southeast Correctional Medical Group.
4 min read · 23 May 2016
Permira has acquired a majority of the shares of John Masters Organics Inc for about $336 million. John Masters owns organic personal care brand “John Masters Organics”, as well as Styla Inc. John Masters, the founder of JMO and Yoshimune Noda and Maiko Noda, the founders of Styla, will continue to be involved in the combined businesses.
3 min read · 23 May 2016
KBR Inc said May 23 it agreed to buy Wyle Inc. The transaction price is $570 million. Court Square Capital Partners is the seller. El Segundo, California-based Wyle provides specialized engineering, and professional, scientific and technical services primarily to the U.S. federal government.
6 min read · 23 May 2016
Equiteq has named David Jorgenson its CEO. He succeeds Paul Collins who will become Chairman of the board. Jorgenson joined Equiteq two years ago as Global Head of M&A. Other changes at Equiteq include: Nicodemo Esposito was promoted to MD, Head of M&A and Strategic Advisory North America, while Alex White has joined Equiteq as MD, Head of M&A and Strategic Advisory Europe.
2 min read · 23 May 2016
TA Associates said May 23 it closed an investment in 10bis. Financial terms weren’t announced. Tel Aviv-based 10bis is a B2B and B2C online food ordering marketplace and payment platform. Goldfarb Seligman served as legal counsel and NOAH Advisors provided financial advisory services to 10bis. Primes, Shiloh, Givon, Meir provided legal counsel services to TA Associates.
4 min read · 23 May 2016
Sun Capital Partners Inc said May 23 it acquired Admiral Petroleum Company & Lemmen Oil Company. Financial terms weren’t announced. Coopersville, Michigan-based Admiral Petroleum is a convenience store business that has been family owned and operated since 1905. The deal includes 130 Admiral-branded gas and convenience stores, as well as nine Lemmen-branded gas and convenience stores across Michigan and Indiana. Jeff Turpin will serve as CEO of Admiral. Turpin was previously Chairman and CEO of VPS Convenience Store Group, a Sun Capital portfolio company.
3 min read · 23 May 2016
Safe Fleet, a portfolio company of the Sterling Group, said May 20 it has acquired Rear View Safety. Financial terms weren’t announced. Brooklyn, New York-based Rear View provides back up camera systems and video-based road safety solutions.
3 min read · 23 May 2016
