June 14, 2015 |
Saladworks, the 108-store chain that pioneered vegetable-based restaurant franchising, has been acquired by Centre Lane Partners L.L.C., a New York buyout firm. Centre Lane agreed to pay $16.9 million to the Conshohocken company's owners and creditors to acquire the chain, and to spend an initial $2 million "to help us accelerate growth" and update the stores, Saladworks CEO Paul Steck said. "We will be adding new products - upscale cheeses, organic greens, antibiotic-free poultry, quinoa," and boosting headquarters and field staff to 22 from 15, Steck said.
March 3, 2015 |
INDIANAPOLIS - JaVale McGee was able to keep all of his money. The former 76ers big man was opposed to being bought out, because that wouldn't enable him to receive his full salary. So the Sixers agreed to waive the 7-footer Sunday night after a 94-74 setback to the Indiana Pacers at Bankers Life Fieldnouse. He is eligible to join a postseason team once he clear waivers since he was released before the midnight postseason eligibility deadline. The Sixers (13-46) also have to pay McGee, the salary that he's owned since he didn't take the buyout.
July 1, 2014 |
The buyout industry (members prefer we call it "private equity") has an image problem. Americans tend to admire wealth, success, and investor rescues like Carlyle Group 's 2012 buyout of Sunoco 's aging Philadelphia refinery, followed by a taxpayer-assisted makeover that kept hundreds working. But it's less of a crowd-pleaser when billionaire buyout artists like NBA 76ers owner Joshua Harris and his partners, who control Caesars Entertainment Corp. , do crushing things like telling workers last week that they will shutter Atlantic City's Showboat casino-hotel, ending 2,000 jobs.
June 15, 2014 |
The Rational Group, which owns the world's largest online poker site and tried to buy the now-closed Atlantic Club in Atlantic City last year to get a foothold in New Jersey's legal online gambling market, has agreed to a $4.9 billion buyout by Amaya Gaming Group Inc. A history of U.S. legal troubles has blocked the Rational Group, which is based on the Isle of Man, from launching its brands, PokerStars and Full-Tilt Poker, in Nevada, Delaware, and...
May 11, 2014 |
Seven months after a state official called his retirement package "excessive," the Upper Perkiomen School Board has rehired former superintendent Timothy F. Kirby, this time as interim chief. The school board voted 8-0 Thursday to bring back Kirby from July 1 to Dec. 31 at a salary of $335 a day. If a permanent replacement isn't found by Dec. 31, Kirby then will be paid $735 a day until June 30, 2015. Kirby's contract also calls for extending up to $55,000 in health benefits to his wife.
April 3, 2014 |
SunGard, which built Sunoco's old computer-backup service into a global software conglomerate that stopped growing after it was purchased in 2005 by a group of buyout firms for $11.4 billion, has split into two companies, both still based in Wayne. Sungard Availability Services, or Sungard AS for short, is now an independent, $1.4 billion-in-yearly-sales systems-recovery and cloud-computing services company run by veteran manager Andrew A. Stern and chaired by James H. Greene Jr. of buyout firm KKR & Co. L.P., a SunGard investor.
February 28, 2014 |
Danny Granger got his wish. The 76ers negotiated a buyout of what's left of the forward's expiring contract on Wednesday, six days after he was acquired in a trade with the Indiana Pacers. Sixers general manager Sam Hinkie wouldn't disclose the buyout amount. Granger, however, was slated to receive around $4 million for the rest of the season. Assuming he clears waivers by 5 p.m. Friday, the 6-foot-9, 228-pounder can sign with a team of his choice. He is reportedly looking at championship contenders: the Miami Heat, Los Angeles Clippers, Houston Rockets, Chicago Bulls, and San Antonio Spurs.
December 24, 2013 |
Representatives of Penn State coach Bill O'Brien have asked university officials to further reduce a contract buyout that had been lowered in June after a renegotiation of O'Brien's contract, ESPN reported Sunday. ESPN cited a source who quoted a Penn State official as saying university officials were approached in an effort to discuss the buyout. O'Brien's agent, Neil Cornrich, could not be reached for comment. A Penn State official said he had "no information" on the report.
November 1, 2013 |
A FRESH ROUND of volleys was fired yesterday in the ongoing battle between warring factions of Interstate General Media, the parent company of the Daily News , Inquirer and Philly.com. George Norcross III, IGM's co-managing partner, and William Hankowsky, one of the company's managing directors, released a joint statement detailing a $29 million offer to buy out Lewis Katz, the company's other co-managing partner, and chairman H.F. "Gerry" Lenfest. The offer was rejected.
October 21, 2013 |
Shares of ViroPharma Inc., a drugmaker with headquarters in Exton that specializes in medicines for rare diseases, soared after recent reports that the European pharmaceutical companies Sanofi and Shire P.L.C. might be interested in buying the company. ViroPharma stock closed Sept. 17 at a 13-year high of $40.78. Since then, some analysts say, it has become unclear whether the buyout will happen. "A deal would make sense, but it's still speculative," said Akiva Felt, biotechnology analyst with Oppenheimer & Co. in San Francisco.