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BUSINESS
April 5, 2011 | By Harold Brubaker, Inquirer Staff Writer
Aramark Corp., a privately held Philadelphia food service provider and facilities manager, said Monday that it would borrow money to pay a $712 million dividend to its shareholders. The company's shareholders include private equity firms GS Capital Partners, Thomas H. Lee Partners, and Warburg Pincus L.L.C., which in aggregate own more than 60 percent of the company. In addition, longtime chief executive Joseph Neubauer owns 9.54 percent of the company, which was taken private in January 2007 for $8.3 billion, including equity and assumed debt.
BUSINESS
March 17, 2011
In the Region Blackstone offers to sell stake The private-equity giant the Blackstone Group is looking to unload its stake in Universal Orlando, triggering a chain of events that could put the entire resort on the auction block. Blackstone has offered to sell its half of the resort to fellow co-owner NBCUniversal , the media-and- entertainment conglomerate that was acquired in January by Comcast Corp. , Philadelphia. NBCUniversal now has three months - until June 12 - to accept the offer and buy out the private-equity firm.
NEWS
September 1, 2010 | ASSOCIATED PRESS
NEW YORK - Shares of Burger King Holdings Inc. soared nearly 17 percent Wednesday after published reports said the fast food chain was in talks to be acquired by a private equity firm. Both The New York Times and The Wall Street Journal reported that 3G Capital was among parties interested in pursuing a deal with Burger King. Neither publication named its sources. Earlier in the day, The Wall Street Journal reported that the interested party was a different firm, 3i Group PLC. When 3i denied its involvement, Burger King momentarily lost much of its hefty stock gains it made during the morning.
BUSINESS
March 6, 2010 | By Harold Brubaker INQUIRER STAFF WRITER
Saying it is owed $7.3 million, Aramark Corp., the Philadelphia food-services provider, has sued a New Jersey operator of correctional facilities. In the suit, Aramark contends Community Education Centers Inc., of West Caldwell, N.J., has been in default on bills since at least June 2008. Locally, Aramark services Community Education Centers facilities in Philadelphia, Delaware County, Reading, and Trenton. Aramark's lawsuit, filed Feb. 18 in U.S. District Court in Philadelphia, said Community Education Centers was overdue on $5.2 million of the total, and it requested that a judgment, including interest, costs, and attorney's fees, be entered in its favor.
BUSINESS
July 11, 2009 | By Alan J. Heavens INQUIRER STAFF WRITER
Maax USA, which makes shower doors for the residential market, will close its plants in Southampton, Bensalem, and Warminster on Sept. 1. Daniel Stewart, the company's vice president and retail-division manager, notified the state Bureau of Workforce Development on July 1 of the decision to close the plants, as required under the Worker Adjustment and Remaining Notification Act. Maax USA is a subsidiary of Maax Holdings Inc. of Ste.-Marie, Quebec....
BUSINESS
August 1, 2008 | By Maria Panaritis INQUIRER STAFF WRITER
The top executive at Boscov's Department Store L.L.C. would neither confirm nor deny yesterday a report that the Reading department store chain could file for bankruptcy as early as Monday. Chief executive officer Ken Lakin instead struck a note of optimism, saying in an interview that new merchandise was continuing to flow into his family's stores, despite a cash crunch that had stalled deliveries by some vendors. "I think we're making progress," Lakin said. He would not say what, if any, progress the chain of mall-based stores founded by the Boscov family nearly a century ago had made in securing alternative financing to uncork the supply bottleneck.
BUSINESS
July 30, 2008 | By Maria Panaritis INQUIRER STAFF WRITER
Most shelves were full yesterday at Boscov's in Plymouth Meeting Mall, but the scene of normalcy concealed the turbulence rattling the region's only surviving family-owned department store chain. The Reading company, in the hunt for a private-equity deal to rescue it from a potential merchandise shortage ahead of the critical fall shopping season, has waded into the kind of troubled waters that pulled California department store Mervyn's L.L.C. into Chapter 11 bankruptcy yesterday.
BUSINESS
July 30, 2008 | By Maria Panaritis, Inquirer Staff Writer
Most shelves were full yesterday at Boscov's in Plymouth Meeting Mall, but the scene of normalcy concealed the turbulence rattling the region's only surviving family-owned department store chain. The Reading company, in the hunt for a private-equity deal to rescue it from a potential merchandise shortage ahead of the critical fall shopping season, has waded into the kind of troubled waters that pulled California department store Mervyn's L.L.C. into Chapter 11 bankruptcy yesterday.
BUSINESS
July 29, 2008 | By Maria Panaritis INQUIRER STAFF WRITER
Contending with a cash shortage that has limited its ability to sufficiently stock its store shelves, Boscov's said yesterday that it was looking to the private-equity world for a loan to replenish inventory in time for back-to-school season. The Reading chain, whose department stores anchor a number of Philadelphia-area shopping malls, hopes to have the financing in place in a matter of weeks, said chief executive officer Ken Lakin. Lakin said the company was exploring a private-equity deal because traditional lenders had cut back acutely on loans - even to existing businesses such as retailers, who typically use revolving credit lines to pay for merchandise.
BUSINESS
July 26, 2008 | By Bob Fernandez INQUIRER STAFF WRITER
Private-equity firm Blackstone Group is buying King of Prussia-based AlliedBarton Security Services Inc., a company that employs 52,000 security guards and others in the United States. Terms of the deal, announced yesterday, were not disclosed. AlliedBarton, formerly SpectaGuard Inc., had revenue of $1.5 billion in 2007 and net income of $347,000, according to a regulatory filing. Before taxes, interest payments and other items, or EBITDA, the firm earned $89.1 million. MacAndrews & Forbes Holdings Inc., which is controlled by financier Ronald O. Perelman, acquired the security firm in 2003 for $263 million.
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