PE Hub Staff

Tennenbaum Closes DIP Fund with $454 Million

Tennenbaum Capital Partners has held a $454 million final close on its first fund focused on debtor-in-possession (DIP) financing.

PE Firms Bid for Motorola's Set Top Boxes

NEW YORK (Reuters) - U.S. mobile phone maker Motorola Inc's set-top box unit has generated a lot of private equity interest, with a number of major buyout firms putting in initial bids this week, sources familiar with the matter said. Motorola is exploring a potential sale of its television set-top box and wireless networking equipment business, sources told Reuters last month. Called "home and networks mobility," the unit had $10.1 billion in 2008 sales. The first round expressions of interest, due Wednesday, came from private equity firms including Bain Capital, TPG Capital, Blackstone Group LP, KKR and Silver Lake Partners, the sources said.

J.F. Lehman Buys Drive Dynamics Unit

Defense Venture Group, a portfolio company of J.F. Lehman & Co., has acquired the run-flat tire business of Drive Dynamics, for an undisclosed amount.

Buyout Firms Bid for UK's Pets at Home

Blackstone Plans $2 Billion IPO for Travelport

Airvana Being Acquired for $530 Million

Airvana Inc. (Nasdaq: AIRV), a Chelmsford, Mass.-based provider of broadband network infrastructure, has agreed to be acquired for approximately $530 million, or $7.65 cash (23% premium to yesterday's closing price). The buying consortium includes S.A.C. Private Capital Group, GSO Capital Partners, Sankaty Advisors and ZelnickMedia.

Jones Stephens Files for Bankruptcy

Levine Leichtman Raises New Fund

Nortek Emerges from Bankruptcy

NTK Holdings Inc. (Nortek), a Providence, R.I.-based maker of ventilation, air conditioning and heating products, has completed its financial restructuring and emerged from Chapter 11 bankruptcy. The restructuring eliminated around $1.3 billion in debt, and includes a new $250 million asset-based credit facility for working capital. Prior to its bankruptcy, Nortek had been owned by THL Partners.

SVB To Repay TARP Funds

SVB Financial Group (Nasdaq: SIVB), the parent company of Silicon Valley Bank, said that it has received U.S. Treasury Department approval to repay $235 million in TARP funds (plus accrued but unpaid dividends).