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Gilt Confirms Buy of BuyWithMe But CEO Crowley's Status UnclearToday, Gilt Groupe made it official. New York-based Gilt said it has acquired BuyWithMe http://www.giltcity.com/company/press_release/139310 Financial terms of the deal, which closed yesterday, weren't announced. Boston-based BuyWithMe offers daily deals to a customer base of millions in 13 markets around the country, according to a statement. BuyWithMe is being integrated into Gilt City, which offers “local experiences,” a spokeswoman says.
- Bain and BC Partners Compete for C1000 Deal
Bain Capital and BC Partners are up against domestic retailers in the 1 billion euro ($1.4 billion) competition to buy the Netherlands' number two supermarket chain C1000, Reuters reported. The buyout shops have entered into the second round of the sale process. Dutch groups Jumbo and Sperwer Holding are also in the running.
- Encompass Supply Chain Buys Encompass Group Affiliates
Encompass Supply Chain Solutions Inc., a provider of forward and reverse logistics for electronics products and replacement parts, has completed its acquisition of the assets of Encompass Group Affiliates Inc. Terms were not released. The board of Encompass Supply Chain Solutions includes representatives from Sankaty Advisors, the credit affiliate of Bain Capital.
- BuyWithMe Said to Have Found a Buyer
BuyWithMe is being sold to Gilt Groupe, according to a report from Beta Beat http://www.betabeat.com/2011/10/28/after-big-layoffs-buywithme-being-acquired-by-gilt-groupe-slashes-more-staff/ Financial terms weren't disclosed. The daily deals site will officially become part of Gilt, an online seller of designer fashion, on Nov. 1, the story says. The sale comes after BuyWithMe reportedly laid off half http://www.bostonherald.com/business/general/view.bg?articleid=1374742&srvc=business&position=recent of its staff earlier this month. BuyWithMe has secured about $30 million in funding, Beta Beat says. This includes $5.5 million in funding from Matrix Partners in January 2010. BuyWithMe, the following July, scored another $16 million http://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsId=20100707006318&newsLang=en in a round led by Bain Capital Ventures.
- Slideshow: Add-Ons Boost PE-Backed M&A. Here's The Top 5 Deals, Including Kinder Morgan--CORRECTED
Market volatility may have slowed down M&A but there still are some bright spots. So far in 2011 there have been 503 U.S. announced mergers that are private equity backed. These deals are valued at$77.5 billion, which compares to the 632 deals for all of 2010 that totaled $69.34 billion, Dealogic says. Transaction values, according to the data, are up 12%. However, these totals don't include the mammoth Kinder Morgan deal. Kinder Morgan agreed to buy El Paso Corp. /122462/kinder-morgan-to-buy-el-paso-for-21-billion-in-big-bet-on-natural-gas-market/ for about $38 billion, including debt, earlier this month. CORRECTED: The Carlyle Group, and Goldman Sachs Inc.’s buyout arm, Highstar Capital, along with Riverstone Holdings, bought Kinder Morgan in 2007 /122462/kinder-morgan-to-buy-el-paso-for-21-billion-in-big-bet-on-natural-gas-market/ Kinder Morgan went public earlier this year but the PE firms still hold stakes.