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.
Clayton, Dubilier & Rice has so far collected about $2.7 billion for its next buyout fund, according to a source and an SEC filing.
2 min read · 26 August 2013
Damon McLaren has joined Lincoln International as a director in its financial sponsors group. Based in Los Angeles, McLaren will be responsible for strengthening the firm's relationships with financial sponsors on the West Coast. Previously, McLaren was with Wells Fargo Securities, where he led the firm’s coverage of middle-market financial sponsors on the West Coast.
3 min read · 26 August 2013
Baird Capital said Monday that its China Growth Equity team has invested in Kedu Healthcare. Financial terms weren't announced. Kedu, of Shanghai, is a medical equipment service provider.
2 min read · 26 August 2013
Onex Corp. has agreed to sell its majority stake in TMS International to The Pritzker Organization. Terms of the deal call for Pritzker to pay $17.50 a share, or $410 million, for 60% of TMS, Onex says. Onex invested $249 million in TMS in 2007 and will receive $172 million in proceeds, including $10 million in carried interest, fromt he sale. Onex says it has received $504 million in total proceeds from TMS, including funds from an earlier IPO and prior distributions. Onex says the sale will result in a gross multiple of capital invested of approximately 2 times.
3 min read · 26 August 2013
The Pritzker Organization has agreed to buy TMS International in a deal valued at about $1 billion, including debt. Terms of the deal call for Pritzker to pay $17.50 in cash for each share of TMS Class A common stock and Class B common stock. Pittsburgh-based TMS provides outsourced industrial services to steel mills in North America. Goldman Sachs Bank USA and J.P. Morgan are providing debt. The transaction is expected to close in the fourth quarter of 2013.
6 min read · 26 August 2013
To start your week, we have news that Ballmer's exit from MSFT was actually pretty sudden, tech IPOs aren't rallying this year and R.I.P. Muriel Siebert.
1 min read · 26 August 2013
Brookfield Asset Management has agreed with AIG to terminate two related 25-year interest rate swap agreements. Brookfield has agreed to pay a single lump sum payment of US$905 million to AIG. The agreement resolves a dispute between Brookfield and AIG that reportedly dates back to 2009.
2 min read · 26 August 2013
Slice, of Palo Alto, Calif., has closed $23 million in funding, led by Rakuten. Siguler Guff’s Russia Partners and NPD Group joined the round, while existing investors DCM, Innovation Endeavors and Lightspeed Venture Partners also participated. Slice's flagship app helps consumers manage their purchases, organize receipts, track shipping and take advantage of price adjustment.
3 min read · 23 August 2013
KV Asia Capital, of Singapore, has collected $263 million with its first fund. Investors of KV Asia Capital Fund I include global institutions, pension funds, endowments, financial institutions, fund of funds and family offices. KV Asia Capital invests in mid-sized companies in South East Asia. MVision Private Equity Advisers acted as global placing agent. O'Melveny & Myers was legal counsel.
2 min read · 23 August 2013
QTS said Friday that Jeffrey Berson was named its first chief investment officer. Berson will be responsible for QTS’ investment strategy, including business development, strategic projects and investor relations. Most recently, Berson was an MD in UBS' Media and Communications Group.
2 min read · 23 August 2013
