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.
Strauss Coffee said Friday that the company's general shareholders approved the termination of Todd Morgan's employment as CEO. Strauss said it will begin a "comprehensive and orderly process" to find its next CEO. Tomer Harpaz, E.V.P. for Business Development, Strategy and Technologies at Strauss Group, was named interim manager of Strauss Coffee. Harpaz has served as a director of Strauss Coffee for the past three and a half years. TPG owns a minority stake of Strauss and had sued in the Netherlands to block Morgan's termination.
2 min read · 03 January 2014
GrowLife said Friday that Alan R. Hammer has joined its board. Hammer joins GrowLife via a Board seat allocated to CANX USA. In November, CANX agreed to provide up to $40 million to Growlife. Woodland Hills, Calif.-based GrowLife develops, markets and deploys products and services that serve legal cannabis growing and retail operations. Hammer, an attorney, is active in the acquisition, ownership, management and operation of investment properties, throughout New Jersey,Eastern Pennsylvania and New York State, GrowLife said.
4 min read · 03 January 2014
Grosvenor Capital Management has completed its buy of the Customized Fund Investment Group from Credit Suisse Group. Financial terms weren't announced. CFIG provides customized private equity solutions globally with approximately $18 billion of assets under management and 11 offices around the world. The sale was announced in August.
3 min read · 03 January 2014
Sensata Technologies Holding has closed its buy of Wabash Technologies. The seller was Sun Capital Partners. Financial terms weren't announced. Troy, Mich.-based Wabash designs and makes sensors, actuators, and assemblies to original equipment vehicle, engine, and power equipment manufacturers.
3 min read · 03 January 2014
Cox Enterprises has acquired Providence Equity Partner's 25 percent equity interest in AutoTrader Group. Cox now holds a 98 percent stake in AutoTrader Group, with the remainder being held by current and former employees. Financial terms of the transaction were not disclosed. AutoTrader operates the largest digital automotive marketplace in the U.S.
4 min read · 03 January 2014
Five Star Quality Care said it transferred the operations of two rehabilitation hospitals to Reliant Hospital Partners, a portfolio company of Nautic Partners, effective Dec. 31. The two hospitals are New England Rehabilitation Hospital, of Woburn, Mass., and Braintree Rehabilitation Hospital located in Braintree, Mass. With the transfer, FVE expects to realize cash proceeds of approximately $8 million from the retention of its working capital investment in these hospitals. Jefferies acted as a financial advisor in connection with this transaction.
4 min read · 03 January 2014
David Goldberg was promoted to CEO of ScoreBig.com. He succeeds ScoreBig.com co-founder and CEO Adam Kanner who is assuming the role of executive chairman. Goldberg was most recently ScoreBig.com’s chief strategy officer. Los Angeles-based ScoreBig.com is an online marketplace that aims to liquidate unsold ticket inventory. It is backed by Bain Capital Ventures, U.S. Venture Partners and the Checketts Partners Investment Fund.
3 min read · 03 January 2014
On this snowy Friday, the NSA is building a computer that could break nearly every kind of encryption, Facebook is being sued for allegedly intercepting private messages and 10 ways snow days change in adulthood.
1 min read · 03 January 2014
M/C Partners, which once called itself a venture capital firm before switching to private equity, has so far raised $176 million for its seventh fund, according to a regulatory filing.
2 min read · 02 January 2014
For our last Second Opinion of 2013, Hertz adopts a poison pill, 10 things not to buy in 2014 and an obit for the traditional light bulb. Have a Happy New Year, everybody!
1 min read · 31 December 2013
