SFW Capital Partners, a specialized private equity firm that invests in mid-sized companies providing analytical tools and related services, has sold Spectro Scientific to AMETEK for approximately $190m.
“SFW’s unique sector-focused experience and business building expertise proved to be incredibly valuable to Spectro as we made substantial investments to pursue our strategy. SFW’s support and the resources they provided allowed us to develop a truly unique position in the market for predictive analytics for maintenance, enabling us to serve our customers more effectively and create significant opportunities for our employees and business partners." Brian Mitchell, Spectro Scientific CEO.
Golden Gate Capital has invested $200m in Nassau Reinsurance, which operates a range of insurance businesses including reinsurance, distribution and asset management. The funds will be used to launch the company's fixed annuity and life insurance divisions. Golden Gate founded Nassau with an initial $750m investment in 2015.
Nielsen attracts interest from Madison Dearborn.
Madison Dearborn has joined the pack of buyout firms exploring a bid for all or part of Nielsen, a TV rating group, setting the stage for a takeover battle.
A successful buyout would be done after Nielsen’s recently appointed chief executive, David Kenny, who is to start in early December. Mr. Kenny joins from IBM and has been promised stock options and restricted stock units.
Including Nielsen’s more than $8bn of net debt, the company’s current enterprise value is close to $18bn.
Group led by Blackstone and Hellman & Friedman — together with Singapore’s GIC and Canada’s CPPIB — is studying a potential bid for the company. Washington-based Carlyle is also exploring ways it can acquire the business, people familiar with its intentions said.
Nielsen hired advisers to explore a full sale after it came under pressure from activist hedge fund investor Elliott Management, which is unsatisfied with the way the company has performed.
WhiteWater Midstream looks into $2bn sale.
WhiteWater Midstream LLC is exploring a sale that its private equity owners hope will value the USA oil and gas pipeline operator at more than $2bn, including debt. WhiteWater’s main asset is a stake in the Agua Blanca natural gas pipeline in the Delaware portion of the Permian Basin.
The move shows how operational pipeline systems in the Permian Basin, the heart of the U.S. shale boom, have become highly-prized assets.
This has led to some pipeline companies or stakes in them being sold, attracting interest from private equity and infrastructure funds, which like the steady revenue streams these assets generate.
WWM is backed by a $200m equity commitment from Denham Capital Management and Ridgemont Equity Partners.
Lampert’s hedge fund and Cyrus Capital are joining forces for future Sears deal.
Sears Holdings Corp Chairman, Eddie Lampert’s hedge fund and Cyrus Capital Partners LP are preparing a potential takeover bid to keep the bankrupt retailer running.
On Tuesday, Sears won court approval for $350m in critical bankruptcy financing that will keep the retailer open through the holidays.
A pair of private equity-owned sports data providers is teaming up with the NBA.
Sportradar and Genius Sports have announced non-exclusive agreements with the league to provide real-time game data that will be distributed to sports books and other gambling providers in the US. The arrangement, which is set to begin this season, comes after the US Supreme Court in May struck down a federal law that banned sports gambling in the US everywhere except Nevada.
The NBA's other new US gambling partner has its ties to PE. The same month CPPIB and TCV invested in Sportradar, Apax Partners agreed to acquire Genius Sports from the company's founders, management and Three Hills Capital Partners, the latter of which had backed the London-based business since 2015.
Jack in the Box explores a potential sale.
US hamburger restaurant chain with more than 2,000 restaurants, is exploring options that could include a sale of the company.
A sale would be the latest in a series of deals in the fast food sector this year, including the sale of drive-in burger chain Sonic to Arby’s owner Inspire Brands for about $1.6bn.
Jack in the Box started talks with potential buyers this month, including private equity firms, however, there is no certainty that any deal will be reached.
Jack in the Box's capitalisation stands at around $2.3bn.
Apollo teamed up with Northwest Broadcasting in order to acquire Tribune Media.
Apollo Global Management has teamed up with regional TV station owner Northwest Broadcasting in its bid to acquire another US TV station owner, Tribune Media.
Tribune, which has a market value of about $3.5bn, put itself on the auction block three months ago, after its $3.9bn sale to peer Sinclair Broadcast Group failed to get regulatory clearance.
Apollo is now competing against Nexstar Media Group in the auction for Tribune.
Elliott tries to help Arconic achieve a higher price in the sale process.
The activist hedge fund that sits on Arconic's board, is working to address potential liabilities weighing on the sale process for the US aluminum products maker.
Elliott’s move comes after Arconic rejected an acquisition offer of more than $11bn from Apollo Global Management as inadequate. Elliott hopes its intervention can help Arconic fetch a higher price.
Arconic has asked Apollo, as well as a buyout consortium led by Blackstone and Carlyle, to now submit new offers for the company.
