KPS Capital Partners related stories
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American & Efird to buy majority of Vardhman Yarns and ThreadsAmerican & Efird, a portfolio company of KPS Capital Partners LP, has acquired a majority of Vardhman Yarns and Threads Ltd. The seller was its joint venture partner Vardhman Textiles Ltd. Once the deal closes, A&E will own 89 percent of the joint venture while Vardham will have 11 percent. Vardhman Yarns, of India, makes and distributes industrial and consumer sewing thread. McGuireWoods LLP and J.Sagar Associates served as legal counsel to A&E.
New Flyer to buy PE-backed Motor Coach Industries for $603 mlnNew Flyer Industries Inc (TSX: NFI) has agreed to buy Motor Coach Industries International Inc (MCI), a manufacturer of intercity coaches in North America. New Flyer agreed to pay US$455 million ($603 million) in cash to MCI's current owner U.S. private equity firm KPS Capital Partners. The deal is expected to close by the end of the year. Winnipeg-based New Flyer, a maker of heavy-duty transit buses, said the acquisition will provide it with growth and diversification opportunities, as well as potential synergies and new sources of collaboration. KPS bought Des Plaines, Illinois-based MCI in 2010. New Flyer was backed by Harvest Partners between 2004 and 2008.
- KPS to sell MCI to New Flyer for about $480 mln
KPS Capital Partners has agreed to sell Motor Coach Industries International Inc to New Flyer Industries Inc for consideration of about $480 million. The deal is expected to be completed during the fourth quarter of this year. J.P. Morgan is serving as financial advisor to MCI on the transaction. Headquartered in Des Plaines, Illinois, MCI is a provider of intercity coaches in the U.S. and Canada.
On the move, 9.28.2015The following hires, promotions and appointments are for the September 28, 2015, issue of Buyouts.
- Heritage names de Villeméjane its President and CEO
Pierre de Villeméjane was named President and CEO of Heritage Home Group LLC. Richard Lozyniak, who had been serving as Heritage Home’s Interim CEO, will remain on as a member of HHG’s Board of Directors. Heritage Home, a portfolio company of KPS Capital Partners, designs, makes, sources and retails home furnishings.
- KPS-backed ECI completes recap
Electrical Components International Inc, a portfolio company of KPS Capital Partners, has closed a recapitalization. The recap was backed by a $50 million upsizing of an ECI term loan. Proceeds of the recap were used to fund a $50 million dividend to company shareholders. BofA Merrill Lynch served as lead arranger for the financing of the transaction. Based in St. Louis, Missouri, ECI is a maker of wire harnesses.
- KPS recaps A&E for about $275 mln
KPS Capital Partners has recapitalized American & Efird Global for about $275 million. Based in Mount Holly, North Carolina, A&E is a maker of industrial and consumer sewing thread, embroidery thread and technical textiles.
- KPS-backed Anchor Glass completes recap
Anchor Glass Container Corp. which is backed by KPS Capital Partners, has completed a recapitalization. As a result of the transaction, Anchor Glass secured a $465 million term loan with Credit Suisse Securities (USA) LLC and Barclays Bank PLC serving as lead arrangers and joint bookrunners. The proceeds of the recap were used to pay down debt, support growth and fund a $150 million dividend to stockholders. Anchor Glass is a a maker of premium glass packaging products.
KPS repairs and returns shine to broken china businessThe $437 million cash sale of luxury home products maker WWRD Holdings Ltd to strategic buyer Fiskars Corp capped one of the most dramatic turnarounds in the 24-year history of KPS Capital Partners, the co-founder of the industrial turnaround specialist said.
Sale of WWRD caps most dramatic turnaround for KPSThe $437 million cash sale of luxury home products maker WWRD Holdings Ltd to strategic buyer Fiskars Corp capped one of the most dramatic turnarounds in the 24-year history of KPS Capital Partners, the co-founder of the industrial turnaround specialist said.