Rent-A-Center shunned takeover interest from HIG, Lone Star, say sources: Reuters

Rent-A-Center Inc (RCII.O) snubbed takeover interest from private equity firms HIG Capital and Lone Star Funds before it turned down an offer of $800 million from buyout firm Vintage Capital this month, people familiar with the matter said on Monday. HIG and Lone Star did not offer a price for the company, but each said it would pay a premium for the business, the sources said. They asked not to be identified because the expressions of interest in an acquisition were not public. HIG and Lone Star did not immediately return calls seeking comment. Rent-A-Center declined to comment. The company said on July 11 it had rejected a $15 per share offer from Vintage, first reported by Reuters, in order to focus on its “strategic plan to restore growth and improve profitability.” Rent-A-Center rents out furniture and electronics and also allows customers the ability to own the products
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Gurnet Partner closes take-private acquisition of Innocoll

Gurnet Point has acquired Innocoll for about $209 million in a take-private deal. As a result of the transaction, Innocoll will no longer trade on the NASDAQ. Innocoll is a pharmaceutical and medical device company. PRESS RELEASE CAMBRIDGE, Mass. & ATHLONE, Ireland–(BUSINESS WIRE)–Gurnet Point L.P., a healthcare investment fund, and Innocoll Holdings plc (NASDAQ:INNL), a global pharmaceutical and medical device company, today announced that Gurnet Point has completed its acquisition of Innocoll. As a result, Innocoll’s shares (NASDAQ:INNL) will no longer be traded on the NASDAQ Global Select Market as of today. Under the terms of the agreement, Gurnet Point will acquire Innocoll for $1.75 per share in cash, and up to $4.90 in cash from a contingent value right (CVR), for a total potential per share value of up to $6.65 or up to approximately $209 million in aggregate.
As previously announced, Gurnet Point
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Riverside backs home care service franchisor ComforCare

The Riverside Company has made an undisclosed investment in ComforCare Health Care Holdings LLC. Jones Day provided legal counsel on the transaction while Saratoga Investment Corp. provided financing and West Monroe provided IT diligence. Based in Bloomfield Hills, Michigan, ComForCare is a home care service franchisor. PRESS RELEASE The Riverside Company has invested in Bloomfield Hills, Michigan based ComForCare Health Care Holdings, LLC (ComForCare), the franchisor of ComForCare Home Care and At Your Side Home Care home care agencies. With 196 locations in 34 states and three Canadian provinces, ComForCare franchisees provide non-medical and private duty nursing services to the elderly, physically handicapped, and injured all in the comfort of their homes. They also offer supplemental staffing services to healthcare facilities. “ComForCare provides tremendous value for its customers,” said Riverside Managing Partner Loren Schlachet. “Home care allows seniors and others with limited mobility to stay in their homes, which is
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Centre Partners invests in Chesapeake Eye Care

Centre Partners has made an undisclosed investment in Chesapeake Eye Care Company. Based in Annapolis, Maryland, Chesapeake is an eye care platform. PRESS RELEASE New York, NY (July 24, 2017) – Centre Partners, a leading middle market private equity firm with offices in New York and Los Angeles, announced today that it has completed an investment in Chesapeake Eye Care Company, LLC (“Chesapeake” or the “Company”), a newly formed entity that combines two leading Mid-Atlantic ophthalmology practices, Chesapeake Eye Care and Laser Center and Whitten Laser Eye. Terms of the transaction were not disclosed. Headquartered in Annapolis, Maryland, Chesapeake is a leading eye care platform serving the Maryland, Virginia and Washington, DC markets. Led by its two founding physicians, Maria Scott and Mark Whitten, the Company has a proven track record of clinical excellence and leading patient outcomes. Drs. Scott and Whitten, both nationally recognized eye surgeons, have established a
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The carve-out curveball

By Gary Moran, managing director, and Naseem Ansari, vice president, Accordion. “I cannot hit curveball. Straight ball I hit it very much. Curveball, bats are afraid.” — Pedro Cerrano, “Major League” (1989) Cerrano was no Ricky Vaughn, but the slugger had a point. It’s hard to put wood on the curveball. Fourteen years later, researchers studying the elusive nature of the pitch would give him a scientific excuse for striking out: We tend to see an object’s position with great accuracy when it’s in the center of our visual field and less accurately in our visual periphery. The carve-out is the financial equivalent of the curveball, a critical lesson given its rising dominance in the private equity pitcher’s arsenal. Indeed, as valuations and competition remain at historic highs, buyers with record amounts of dry powder are seeking alternative deal vehicles, of which the carve-out is becoming king, accounting for 10%
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Trilantic North America to invest in OrthoLite

Trilantic North America has agreed to acquire a majority stake in Amherst, Massachusetts-based OrthoLite, a maker of branded open-cell foam insoles and other footwear components.  The seller is Blue Point Capital Partners. No financial terms were disclosed. William Blair & Company served as financial adviser to OrthoLite on the deal. PRESS RELEASE New York – July 24, 2017 – Trilantic North America, a leading private equity firm, today announced that it has entered into a definitive agreement to invest, in partnership with management, in OrthoLite (“OrthoLite” or the “Company”), a global manufacturer of branded open-cell foam insoles and other footwear components supplied to over 250 footwear brands. Following the close of the transaction, Trilantic North America will hold a majority stake in OrthoLite, with the Company’s founder and CEO, Glenn Barrett, COO, John Barrett, and other key members of management retaining significant ownership interests. “Glenn is a tremendous leader
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Highview and VPC acquires Katy assets, renames it American Plastics

Highview Capital LLC and Victory Park Capital Advisors LLC have acquired St. Louis, Missouri-based Katy Industries, Inc, a maker of commercial cleaning and consumer storage products. No financial terms were disclosed. Katy has been renamed American Plastics LLC and will be led by Robert Guerra, recent president and CEO of Katy. PRESS RELEASE LOS ANGELES, CA, ST. LOUIS, MO and CHICAGO, IL – July 24, 2017 – Highview Capital, LLC (“Highview”) and Victory Park Capital Advisors, LLC (“VPC”) announced today the completion of the acquisition of substantially all of the assets of Katy Industries, Inc. (OTC:KATY) (“Katy” or the “Company”), a leading manufacturer, importer and distributor of commercial cleaning and consumer storage products. The assets will be consolidated under a newly formed holding company owned by Highview and VPC, named American Plastics, LLC. This new platform will be led by Robert Guerra, recent President and Chief Executive Officer of
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