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Newell Rubbermaid is to sell its Hardware business, which includes the Amerock, Ashland, Bulldog and Shur-Line brands, to Nova Capital, an acquirer of corporate and private equity portfolios.
Newell Rubbermaid is an American manufacturer and distributor of many household items.
The transaction is expected to close within the third calendar quarter, subject to certain customary conditions.
2013 sales for the Hardware business are estimated to be approximately USD255m. Gross proceeds from the transaction are expected to be USD214m, which includes the retention of accounts receivable. The company anticipates after-tax cash proceeds of approximately USD175m. Rothschild acted as
Forstmann Little & Co, a private equity firm based in New York, has begun a strategic evaluation of alternative courses of action that may be taken in connection with IMG Worldwide, the sports, college, entertainment and media business owned by the firm.
During this process, the full range of alternatives, including a possible sale of IMG, will be considered.
Evercore and Morgan Stanley have been engaged to serve as financial advisors during the strategic review process.
No decision has been made regarding a specific course of action for IMG. A definitive timetable has not been set and there
Law firm Eversheds has advised Pinstripe, a US-based recruitment process outsourcing (RPO) business, and its private equity backer Accel-KKR on the purchase of UK-based Ochre House.
The acquisition will form the largest independent provider of global RPO and strategic talent management solutions.
Financial investments from both leadership teams and technology-focused private equity firm Accel-KKR enabled the transaction.
Pinstripe and Ochre House’s combined presence includes 767 employees, serving 88 clients in 43 countries around the world. This footprint includes Ochre House’s 2012 acquisition of two strategic resourcing firms in the Middle East and North Africa, TAAHEED and Carmichael
Private equity fund manager SightLine Partners has closed SightLine Healthcare Opportunity Fund II, a USD107m fund dedicated to secondary direct investments in medical technology companies.
Fund II was oversubscribed, exceeding its original target of USD100m.
Buzz Benson, managing director at SightLine, says: "We are encouraged by the tremendous interest in the fund, from an excellent group of investors. Our investment strategy of providing creative financial alternatives to existing investors in late-stage medical technology companies has been well-received in the market, as evidenced by the over-subscription in Fund II. There continues to be a critical financing gap for many high-quality companies
Private equity firm Superior Capital Partners has recapitalised two businesses in the architectural glass and aluminium industry.
The deal was brought to Superior by industry veteran Leon Silverstein and included the acquisition of two businesses – Silverstein’s company Aldora Glass Holdings (based in Ft. Lauderdale, Florida) and Coastal Glass Distributors (based in Charleston, South Carolina).
The combined company will be led by Silverstein, who has spent his entire career in the architectural aluminium and glass industry. These investments represent the 14th and 15th acquisitions, and the sixth platform company, from Superior’s inaugural fund.
Aldora and Coastal are
Despite a slowdown in US retail and consumer merger and acquisition (M&A) activity in the second quarter of 2013, consumer sentiment and retail sales trends remain positive, along with strong corporate balance sheets and availability of private equity "dry powder," which should help trigger M&A activity during the second half of 2013.
According to PwC’s US retail and consumer deals insights Q2 2013 report, in the second quarter of 2013, there were a total of 21 deals worth USD50m or more in the retail and consumer sector, accounting for USD5.4bn in deal value, a 49 per cent decrease in
Private equity firm Harvest Partners’ portfolio company TruckPro has purchased CCI Corporation from Illinois Tool Works.
Terms of the transaction have not been disclosed.
TruckPro is one of the largest independent distributors of heavy duty aftermarket truck parts and accessories in the US. TruckPro distributes a full range of maintenance and repair products for heavy duty vehicles of substantially all makes and models. The company sells its products to a diverse, growing base of customers in numerous end markets, including small, regional and national trucking companies, private fleets, waste services companies, construction companies, municipalities, and independent repair shops.
Ares Management has appointed William Hickey, the former chairman and chief executive of Sealed Air Corp, as an operating advisor to the firm’s private equity group, where he will assist in the sourcing and evaluation of new investment opportunities.
"We are extremely pleased that Bill has chosen to partner with Ares in the next stage of his illustrious career,” say Bennett Rosenthal and David Kaplan, global co-heads of the Ares private equity group. “Bill was instrumental in the development of Sealed Air Corp. into one of the largest packaging companies in the world. His relationships and experiences will be invaluable
Drive Capital, a venture capital investment firm targeting promising companies in the Midwest, has made its first two investments – Roadtrippers, a web-based company that helps travellers plan road trips, and CrossChx, which provides patient identification and security technologies for healthcare facilities.
According to Drive Capital’s co-founders and principals, Mark Kvamme and Chris Olsen, both are consistent with the firm’s commitment to Midwest-based companies and investments.
“Aspiring entrepreneurs like Sean Lane and James Fisher represent some of the great individuals in the Midwest building world class companies," says Olsen. "We are excited to be given the opportunity to
HIG WhiteHorse, a credit affiliate of investment firm HIG Capital, has arranged and provided a GBP28.4m unitranche debt financing for Kelvin Hughes, a supplier of maritime navigational data and a designer and manufacturer of surveillance radars and navigation systems.
With the new support of HIG WhiteHorse and continued support of its majority shareholder ECI Partners, Kelvin Hughes will be further leveraging its position as a supplier of maritime navigational data and continue developing radar solutions globally.
Appu Mundassery, managing director at HIG WhiteHorse, says: “We are pleased to support Kelvin Hughes with a financing package that allows the
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