Cerberus Capital Management related stories
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Chatham, Cerberus Close $1.02 Bln Buy of 64 Innkeepers HotelsChatham Lodging Trust and Cerberus Capital Management said Thursday that they have completed their buy of 64 hotels of Innkeepers USA Trust. The total gross purchase price was about $1.02 billion. Cerberus/Chatham were locked in a bitter dispute with Innskeeper USA Trust for two months after backing out of a deal to buy the hotels at a higher price.
- Buyers Circle Cooper Standard
Carlyle Group, Cerberus Capital Management and Platinum Equity are among the private equity firms interested in buying US auto parts maker Cooper Standard, but tough financing markets make a deal uncertain, people familiar with the matter said to Reuters.
- Cerberus, Innkeepers Trial Postponed
A trial over whether Cerberus Capital Management and Chatham Lodging Trust were justified in backing out of a $1.12 billion deal to buy hotels run by Innkeepers USA Trust has been postponed, Reuters reported Monday. The trial has been pushed back to Tuesday.
- Garanti and Cerberus Form Turkish J-V
Garanti Bank subsidiary Garanti Securities and Cerberus Capital Management have formed a joint initiative to pursue investments in Turkey. Cerberus Turkey, an affiliate of Cerberus Capital Management already has US$400 million to invest in Turkish businesses. Garanti Securities and Cerberus anticipate raising additional capital starting next year to reach a total of up to US$1 billion in a new, jointly managed fund. Target equity value will be US$50 million to US$250 million.
- Q3 Fundraising Drops 41% to $44.8 Billion
Third quarter has officially ended so it's time to tally up the damage. As expected, global fundraising slowed in Q3 with 97 PE funds http://www.preqin.com/docs/press/Private_Equity_Fundraising_Q3_11.pdf reaching a final close. These funds raised an aggregate of $44.8 billion, according to Preqin (the numbers may increase by 10% to 20% as more data becomes available, Preqin said). The totals are roughly half of the $82.8 billion raised by 175 funds in second quarter earlier this year. What's more, the amount raised is off 41% from the $77.1 billion collected by 150 funds in third quarter 2010. “Private equity fundraising was extremely challenging in the third quarter of 2011, with September a particularly slow month for fundraising; just $8.9bn was raised by the 33 funds to close that month," said Helen Kenyon, a Preqin senior manager, in a statement.
- Sea Dragon is unleashed
Stamford-based Daniel R. Frank, in conjunction with MM Dillon & Co, has unveiled Sea Dragon Healthcare Partners L.P., a new healthcare fund that will invest in U.S.-based healthcare companies with a focus on medical devices and technology, diagnostics imaging and specialty pharmaceuticals. The fund has already secured approximately $15 million in seed round funding from internal sources and close associates and has closed on its first investment GlucoTec Incorporated.
- Cerberus Fund V May Go Bigger than $3.75 Bln
Cerberus Capital Management is looking to raise $3.75 billion with its fifth fund, a person says. Fundraising for the pool is in the early stages. Cerberus has received lots of interest in Fund V and the New York PE firm may boost the size of the fund, the source says. However, the firm is unlikely to increase the pool to $5 billion or more, the person says. Monument Group is placement agent for Fund V, the source says.
- Cerberus-backed NewPage Files Chapter 11
NewPage Corp., the largest producer of magazine paper in North America, filed for bankruptcy Wednesday, chalking up a loss for its owner Cerberus Capital Management. Cerberus paid $2.3 billion for the company in 2005, and had been trying to restructure $4.2 billion in debt since earlier this year, Reuters reports. With $3.4 billion in assets, the bankruptcy is the biggest Chapter 11 filing of the year and the largest filing of a non-financial company since 2009, according to Bankruptcydata.com.