Bain Capital related stories
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Lehman’s $30bn private equity portfolio still up for grabsAs British bank Barclays snaps up Lehman’s core investment banking businesses, the fate of the bankrupt bank’s investment management division and private equity portfolio has yet to be sealed. Reports that CVC is bidding for the investment management division are false, PEO has confirmed.
- Lehman Euronext fund resumes trading
The publicly listed fund of funds is now trading at almost a 50 percent discount to NAV. In a statement, the fund says it is “hopeful” that a deal for Lehman’s asset management and alternatives units “will be made within a very short period of time”.
- Debt in two deals selling at 70% of par
Leveraged loans from buyouts are selling at a steep discount. According to reports, KKR and Permira have purchased more than €100m of portfolio company ProSiebenSat.1’s leveraged loans and banks are struggling to offload Clear Channel debt.
- Report: PE firms vie for $2.5bn Asian telecoms deal
TPG, MBK Partners, Providence and Macquarie are reportedly among the firms that have made it through the first round of bidding for the media and telecommunications assets of Hong Kong-listed PCCW. Apax, Bain and Carlyle may also be second-round bidders.
- Leonard Green completes $754m exit
The Los Angeles-based buyout shop has sold floral delivery business FTD Group to United Online for roughly $754m in cash and stock, four years after purchasing the business in a $422m take-private. The deal value is roughly $46 million below the original announced purchased price.
- CD&R in £417m materials testing carve-out
In its first deal of 2008, the New York-based buyout firm beat bids from CCMP, CVC and Warburg Pincus to buy the materials testing division of Bodycote, a global provider of industrial heat treatment services.
- CCMP to build Houston office around famed turnaround pro
The JPMorgan Partners spinout has appointed Quiznos' chief executive Greg Brenneman, best known for his private equity sponsored restructurings of Continental Airlines and Burger King, as chairman and investment committee member. The firm says more operation-focused hires will follow.
- Apollo, Blackstone to acquire $13bn in LBO loans
The private equity mega-firms have agreed to purchase some $8bn in debt from Royal Bank of Scotland in addition to $5bn in debt related to the $18bn buyout of Clear Channel by Bain Capital and Thomas H Lee.
- US Venture Partners raises $625m
The technology and healthcare specialist has also participated in a $13m financing round for myYearbook.com, a teen social networking website.
- Care Bears buyout for OMERS, Birch Hill
A portfolio company owned by the two Canadian private equity firms will pay $195m for Strawberry Shortcake and Care Bears, two US cartoon properties wildly popular in the 1980s. The deal also includes the acquisition of Sushi Pack, a Saturday morning cartoon, and DIC Entertainment.