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.
Aurelius Equity Opportunities SE & Co KGaA said June 28 that it agreed to sell Solidus Solutions to Centerbridge Partners LP for an enterprise value of about 330 million euros ($375.6 million). Solidus is a European producer of sustainable fibre-based packaging solutions for food, beverage & horticulture, consumer goods and industrial applications. Aurelius said it made 16x its money with the deal.
6 min read · 28 June 2019
Equistone Partners Europe said June 28 that it entered into exclusive negotiations to buy Sateco from Naxicap Partners. Financial terms weren’t announced. Sateco makes and distributes metal formwork equipment for concrete forming and safety platforms on construction sites.
3 min read · 28 June 2019
Illuminate Education, which is backed by Insight Partners, said June 25 that it acquired FastBridge Learning. Financial terms weren’t announced. FastBridge is a research-driven assessment platform that helps teachers measure and monitor student progress. Morgan Elwyn and Sarah Wong of Willkie Farr & Gallagher LLP represented Illuminate Education.
4 min read · 28 June 2019
ConnexPay said June 27 that it raised a $7 million Series A round led by BIP Capital. ConnexPay, of Minneapolis, is a payment provider for the travel industry.
3 min read · 28 June 2019
Lego’s founding family and Blackstone Group LP agreed to buy Madame Tussauds owner Merlin in a $7.5 billion deal, Reuters reported. The transaction for Merlin Entertainment, which also operates Legoland theme parks around the world, values Merlin shares at 455 pence each, giving the firm an enterprise value for the company and its debt of 5.91 billion pounds, the story said.
1 min read · 28 June 2019
Chico's FAS Inc said June 27 that its board unanimously rejected the latest offer from Sycamore Partners. The PE firm on June 19 offered to buy all of Chico’s outstanding shares for $3 a share cash. Chico’s rebuffed Sycamore’s offer because it was too low and was not in the best interests of its shareholders. Chico’s is a women’s apparel retailer. In May, Sycamore offered to buy Chico’s for $3.50 a share but the retailer also rejected that proposal.
5 min read · 27 June 2019
The Institutional Limited Partners Association released June 27 its latest principles to foster transparency, governance and alignment of interests between GPs and LPs. “Principles 3.0” provides guidance on GP and fund economics, key person, as well as LPAC best practices.
3 min read · 27 June 2019
Cox Enterprises Inc said June 26 that it agreed to sell its Cox Media Group's radio station portfolio as well as its CoxReps and Gamut national advertising businesseses to Apollo Global Management LLC. Financial terms weren’t announced. Cox Enterprises will have minority of the new company. Cox Media Group operates more than 60 radio stations across 11 markets, while CoxReps is a national television rep company for local broadcast television. Gamut offers digital advertising and OTT solutions to clients on a national scale.
5 min read · 27 June 2019
Investcorp Credit Management US LLC, a subsidiary of Investcorp Bank BSC, said June 26 that it agreed to buy a majority of CM Investment Partners LLC Financial terms weren’t announced. Investcorp is acquiring the stakes held by Cyrus Capital Partners LP and Stifel Venture Corp. CM Investment Partners is the investment adviser to CM Finance Inc, a BDC. Michael Mauer and Christopher Jansen, CMIP's co-CIOs, will together have a minority of CMIP.
9 min read · 27 June 2019
Ascensus said June 27 that it agreed to buy HR Simplified. Financial terms weren’t announced. HR Simplified is a third-party administration firm that services consumer-directed health (CDH) plans and provides COBRA administration.
2 min read · 27 June 2019
