Bain Capital related stories
All articles and analysis
Sale of Russell Investments Could Be A Whopper: UPDATEDWhile many people may still be talking about the BK sale, there is another deal that has the potential to be a whopper. Northwestern Mutual Life Insurance is thinking about selling Russell Investments. Before you laugh, a Russell sale would be a big deal in the asset management space. Anyone who has invested in the stock market knows Russell, which is best known as the index provider behind many biggest mutual funds. Northwestern Mutual has decided that Russell Investments isn’t a core asset anymore and is seriously considering putting the $140 billion asset manager up for sale http://www.investmentnews.com/article/20100829/REG/308299978 according to Investment News. Northwestern Mutual bought Russell in 1998 in a deal that was estimated at $1.2 billion. Earlier this year, Russell sold Pantheon Ventures, its PE firm, to Affiliated Managers Group for $775 million.
- 3G Capital Scoops Up Home Of The Whopper for $4 Billion
Burger King is changing hands again. 3G Capital has agreed to buy the home of the Whopper for about $4 billion. 3G Capital is paying $24 a share, according to an announcement Thursday http://www.marketwatch.com/story/burger-king-holdings-inc-to-be-acquired-by-3g-capital-2010-09-02?reflink=MW_news_stmp The WSJ says that banks are financing http://online.wsj.com/article/SB10001424052748704206804575467370505104544.html?mod=WSJ_hps_MIDDLETopStories about $2.8 billion of the deal. John Chidsey, BK’s Chairman and CEO, will stay through the transition in these roles and then become co-chairman. Alex Behring, a 3G managing partner, will also become co-chairman. TPG Capital, Goldman Sachs Capital Partners and Bain Capital currently own a combined 31% of BK. They are tendering their shares in the deal. So who is 3G Capital? The Financial Times says it’s a hedge fund http://www.ft.com/cms/s/0/f257d888-b5f9-11df-a048-00144feabdc0.html based in New York that is backed by a group of Brazilian entrepreneurs, collectively known as “the Trio." The Trio are best known for building the Brazilian brewery that became InBev.
- UPDATE: It's 3G Capital, not 3i Group, That Is Hungry For BK
Today’s big news is that Burger King is holding potential sales talks with buyout shops. The Wall Street Journal, which reported the discussions http://online.wsj.com/article/SB10001424052748703467004575464521824398544.html says BK has been in talks with PE firms for weeks and one interested firm was 3i Group. However, 3i is denying the discussions. “We are not in talks to buy Burger King,” a 3i spokeswoman wrote in an email Wednesday. This isn’t the first time BK has sought out help from PE firms. In fact, buyout firms once owned Burger King. Diageo, in 2002, sold the home of the whopper to TPG, Bain Capital and Goldman Sachs for $1.5 billion. Burger King then went public in 2006 and the PE firms sold much of their holdings. TPG still owns a roughly 11% stake, Bain has 10% and Goldman Sachs also holds about 10% as of June 30, according to Yahoo Finance.
About that Beaver Coat ...THE PEOPLE PAGE: The story behind the beaver coat, secretive VC can't avoid his 15 minutes, Herron defends VCs, VC Rick Snyder still in race to be Michigan governor, Doerr joins “The Giving Pledge”
- Brockway Moran Buys Turning Tech From Talisman
Brockway Moran & Partners has bought Turning Technologies, which provides response systems used by educators and presenters. The seller is Talisman Capital Partners, a PE shop in Columbus. peHUB reported the sale /80637/talisman-is-selling-turning-tech-to-brockway-moran/ to Brockway Moran last week. Now we have confirmation but no deal value. Turning Technologies’ management appears to be retaining a stake, according to a press release http://www.turningtechnologies.com/company/pressroom/pressreleases/?i=373
- FT: PE Shops Looking to Invest in Nokia Siemens Networks
PE firms are in talks to invest in Nokia Siemens Networks, the network equipment joint venture owned by Nokia and Siemen. However, neither Nokia nor Siemens is seeking an early exit from NSN, the Financial Times reported Sunday. A handful of investors are interested in NSN. A deal could be worth $1 billion and raises the possibility of an IPO, the FT said. Last month, the FT said that Blackstone and TPG were interested in NSN while Silver Lake Partners and Bain Capital were linked. Not all of the companies are still involved, a source told the FT.
- Bain Beats Warburg In Air Medical Auction
Just a short post on the Air Medical Group sale before I head out for the weekend. Bain Capital inked a deal last night to buy Air Medical for $1 billion. Brockway Moran & Partners and MVP Capital Partners are the sellers. Air Medical, which flies people in need of critical care to hospitals or medical centers, is a combination of several companies that the Brockway and MVP began buying in 2004. The sale to Bain is expected to close during the third or fourth quarter.