SS&C Technologies Inc., a Windsor, Conn.-basedfinancial management software company backed by The Carlyle Group, has set its IPO terms to 10.73 million shares being offered at between $13 and $15 per share.
This is a reduction in the company’s plans, as it originally filed last December to raise $300 million. It had previously filed for, and withdrawn, a $200 million offering.
Read more »Meru Networks Inc., a Sunnyvale, Calif.-based developer of wireless infrastructure solutions, has set its IPO terms to 4.39 million common shares being offered at between $13 and $15 per share. It would have a market cap of approximately $223 million, were it to price at the high end of its range.
Meru Networks plans to trade on the NYSE under ticker symbol MERU, with BoA Merrill Lynch serving as lead underwriter.
Read more »LONDON (Reuters) - Private equity firm KKR and Warner Music Group (WMG.N) are in talks to launch a break-up bid for Warner’s indebted British rival EMI, the Sunday Times newspaper said.
The paper said KKR is interested in acquiring the music publishing arm of EMI, which it says bankers value at around 1.2 billion pounds ($1.8 billion), while Warner Music wants EMI’s recorded music division, which it says is more difficult to value.
Read more »Kohlberg Kravis Roberts has appointed four professionals within its USD13bn asset management platform, KKR Asset Management.
Read more »Stonegate Mortgage Corporation has received an equity investment from Second Curve Partners, an Indianapolis based private equity firm.
Read more »Cinemark Holdings, a publicly traded movie house operator, completed a $660 million fundraising from a joint venture between AMC and Regal Entertainment Group, led by JPMorgan and Blackstone Advisory Partners. The company’s backers, Madison Dearborn Capital Partners, Syufy Enterprises LP Mitchell Special Trust, will sell some of their shares, leaving Madison Dearborn with a 32.1% stake, Syufy Enterprises with 5.3% and the Mitchell Special Trust 4.9%.
Read more »(Reuters) - Private equity fund CVC Partners has agreed to sell Paperbox Holdings Ltd to Japan’s Oji Paper Co Ltd for an undisclosed amount, Oji said on Friday.
CVC acquired Paperbox, a unit of Malaysia’s GS Paper & Packaging, in 2007 from Malaysian gaming group Genting (GENT.KL) for $212 million.
The deal comes amid a series of private equity exits in Asia, helped by an improvement in market sentiment.
Read more »MCM Capital Partners and Blue Point Capital have sold portfolio company Amprep, Inc., Marietta, Georgia-based manufacturer of specialty chemicals, to Zep, Inc. Total enterprise value for the transaction approximately $74 million.
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Read more »Mubadala Development Company has agreed to acquire a 9 percent equity stake in The Raine Group LLC, a firm which they seeks to capitalize on emerging investment opportunities in the media, entertainment and sports sectors around the world. Mubadala Development Company and William Morris Agency will be investors in Raine alongside private equity pioneer Ted Forstmann. Raine, a boutique merchant bank, was founded by Joe Ravitch, former senior partner and global head of media at Goldman Sachs, and Jeff Sine, former Vice-Chairman and global head of Technology, Media & Telecom at UBS.
Read more »Willbros Group, Inc. agreed to acquire InfrastruX Group, Inc., a utilities services company backed by Tenaska Capital Management, for $480 million in cash and stock. The company had previously filed to undergo a $290 million IPO. Tenaska acquired InfrastruX from Puget Energy Inc for $275 million in 2006.
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Read more »(Reuters) - Hopes for a recovering auto industry buoyed car parts maker Sensata Technologies Holding (ST.N) in its market debut on Thursday, sending its shares up as much as 5.6 percent.
Sensata manufactures sensors for automakers, thermal circuit breakers for aircraft, temperature controllers for electric motors, and other industrial technology. In 2009 more than half of its revenue came from the auto industry.
“One of its biggest customers right now is Ford and Ford is cranking on all cylinders,” said IPO Boutique Senior Managing Partner Scott Sweet.
Read more »Genetix Pharmaceuticals, a gene therapy company developing treatments for severe genetic disorders, completed a $35 million Series B financing with new investors Third Rock Ventures and Genzyme Ventures joining TVM Capital, Forbion and Easton Capital.
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Read more »(Reuters) - Kabel Deutschland’s premium pricing for its $1 billion IPO could invite a similar fate to other recent failed private equity-led offerings, and some still think it’s a ploy to smoke out trade buyers.
On Wednesday, the price range emerged on the offering, valuing KDG at an enterprise value of 6.75-7.25 times earnings before interest, tax, depreciation and amortization (EV/EBITDA), about a 10 percent premium to European cable peers.
Asking equity investors to pay a premium when they typically expect a 10-15 percent IPO discount is ambitious.
Read more »(Reuters) - Courts Asia, a furniture and electronics retailer with operations in Singapore and Malaysia, is planning to raise more than $100 million in a Singapore initial public offering, sources said on Friday.
The IPO, comprising a mix of new and existing shares, will raise funds to support Courts’ consumer finance business and the opening of new stores, according to a draft prospectus on the Monetary Authority of Singapore’s website.
Read more »(Reuters) - E-learning software maker SkillSoft Plc (SKIL.O) said the $1.1 billion offer made by a group of private-equity firms was the only option left at the end of its go-shop period, disappointing investors who were expecting better.
The news sent the American depositary shares of the company down more than 5 percent on heavy volumes on Thursday.
The cash offer of $10.80 per share was made last month by SSI Investments III Ltd, a company formed by funds owned by Berkshire Partners, Advent International and Bain Capital.
Read more »Florida Mezzanine Fund has been launched by former partners of Gator Mezzanine Fund with backing from CapitalSouth Partners of up to $450 million. The fund will invest from $500,000 up to $30 million in debt and equity in small and mid-sized Florida companies. The firm made two investments in tandem with its official launch, in Great HealthWorks, Inc., a Fort Lauderdale-based marketing and distribution company, and Association Financial Services, a Miami-based financial services company for condo and homeowner associations.
Read more »(Reuters) - U.S. buyout firm Advent International has appointed advisors to assess a possible sale of budget store chain Poundland, the Financial Times reported on Friday.
The private equity group, which also owns German fashion retailer Takko, has hired Close Brothers as it assesses its options for the single-price retailer, which could include a sale to a rival firm or another buyout house, the FT said.
Poundland has seen rapid sales growth, as cash-strapped shoppers fled to discount retailers, and opened its 250th store late last year.
Read more »Future Capital Partners, the GBP6n alternative investment boutique, is hosting a 12 date roadshow for its newly launched renewable transport fuel investment product, Future Fuels.
Read more »AVEO Pharmaceuticals Inc., a Cambridge, Mass.-based oncology drug company, raised around $81 million via its IPO. The company priced nine million shares at $9 per share, compared to plans to sell seven million shares at between $13 and $15 per share.
The company will trade on the Nasdaq under ticker symbol AVEO, while J.P. Morgan and Morgan Stanley served as co-lead underwriters.
Read more »The Shanghai-Pudong government has granted SinoLatin Capital the approval to raise and manage RMB-denominated private equity funds.
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