Sun Capital Partners related stories
All articles and analysis
S&P: Private equity-backed retailers in troubleStandard & Poor’s has a bleak outlook for the US retail sector in 2009. The ratings agency has ranked three retail companies backed by private equity firms at risk of defaulting on their debt payments.
- Sun Capital to cut about 10% of its workforce
The Florida-based firm joins several other high-profile private equity firms that have cut back on staff to control costs amid recession.
- Sun Capital shifts retail brands to new platform
The Florida-based firm’s portfolio company Kellwood has finalised a $179m divestiture, selling off two brands to a newly created Sun Capital platform company to repay its debt.
- Judge approves Warburg-backed Wellman's bankruptcy plan
Warburg invested $126m in polyester manufacturer Wellman in 2003 but saw the company collapse into bankruptcy in February amid rising raw material costs and a mountain of debt.
- Private equity-backed BTWW files for bankruptcy
The Texas-based western-style clothing retailer, backed by Sage Capital and Luther King Capital, has sold 22 stores to Marwit Capital on its way to total liquidation. BTWW is one of 35 private-equity backed companies that have crashed into bankruptcy in 2008.
- AIG Private Equity sells $21m in fund interests
The Swiss fund of funds investor, which is not a subsidiary to insurance giant AIG, has sold stakes in Avista and Sun Capital at a discount of nearly $7m.
- Sun Capital-backed Mervyns to liquidate
Department store Mervyns, bought in 2004 by Cerberus Capital Management and Sun Capital Partners for $1.2bn, will liquidate after filing for bankruptcy protection in July.
- Cerberus, Sun Capital named in Mervyns lawsuit
The US department store, which filed for Chapter 11 bankruptcy protection in July, has filed a lawsuit against its buyers, including funds controlled by Cerberus Capital, Sun Capital and Lubert-Adler, alleging the firms stripped it of its real estate assets in order to leverage the buyout.
- Patterson compares current volatility to Great Depression
MatlinPatterson co-founder Mark Patterson yesterday characterised today's economy as the most troubled since the period following the US stock market crash in 1929. Operational concerns are now second to broader financial markets considerations when conducting due diligence, he said.
- Recession-proof retail?
Recent deals and proprietary PEI research show the asset class continues to bet on pockets of the retail sector, despite gloomy consumer confidence, writes Suzanne Weinstock.