FleetPride, an independent aftermarket distributor of heavy-duty truck and trailer parts, has acquired Multibearings Service Co., which has one location in Hialeah, Florida. No financial terms were disclosed. FleetPride is owned by Investocrp, Banc of America Capital Investors and company management.
2 min read · 23 February 2009
1 min read · 23 February 2009
Standard & Poor’s has cut the corporate credit rating of Clear Channel Communications from B to B-, and also cut its issue-level ratings. Both ratings remain on S&P CreditWatch. Clear Channel was acquired last year by Bain Capital and THL Partners.
3 min read · 23 February 2009
1 min read · 23 February 2009
Waterbury Companies Inc., a portfolio company of Wind Point Partners, has sold its CB Professional Products line of insect control products to FMC Corp. (NYSE: FMC). No financial terms were disclosed.
1 min read · 23 February 2009
Scottish Re Group Ltd. (OTC BB: SKRRF) has completed the sale of its ING individual life reinsurance business to Hannover Ruckversicherung AG. No financial terms were disclosed. Scottish Re raised $600 million from Cerberus Capital Management and MassMutual Capital Partners in late 2006, via a placement of convertible preferred shares.
2 min read · 23 February 2009
Aladdin Knowledge Systems (Nasdaq: ALDN) shareholders have approved Vector Capital’s offer to buy the company for $11.50 per share, or approximately $160 million. Last year, Aladdin rejected a $13 per share offer from Vector. Wells Fargo Foothill has committed to provide leveraged financing for the buyout. Aladdin is an Israeli maker of security software.
3 min read · 23 February 2009
American Greetings Corp. (NYSE: AM) has received bankruptcy court approval to acquire bankrupt rival Recycled Paper Greetings Inc. The deal has been strongly opposed by Monitor Clipper Partners, which bought Recycled Paper Greetings in 2006. www.americangreetings.com
1 min read · 23 February 2009
Standard & Poor’s has cut the corporate rating of Bankruptcy Management Solutions Inc. from B- to CCC+, and also downgraded part of the company’s debt. BMS is an Irvine, Calif.-based provider of hardware and support services to bankruptcy trustees and certain other fiduciaries. It was acquired in 2006 by Charlesbank Capital Partners.
2 min read · 23 February 2009
Patheon Inc. (TSX: PTI) said that a special committee determined that a US$2 per share takeover offer from JLL Partners “significantly undervalues” the company. JLL currently holds a 30% stake in Patheon, but said earlier this month that it would commence an offer for the remaining shares. Patheon is a Canadian provider of contract development and manufacturing services to the global pharmaceutical industry.
3 min read · 23 February 2009
