June 8, 2011 |
It could be a vanity purchase or a bargain buy - a high-priced bid to pose at any time with your very own professional sports franchise, or a shrewd play to scoop up a big-market team at a discount price, experts said. But while theories abounded Tuesday, the only thing abundantly clear as word spread of talks to sell the 76ers was this: The investors leading the group seeking to buy the NBA franchise from Ed Snider and Comcast-Spectacor were not talking. Those two men are Joshua Harris and David S. Blitzer, graduates of the University of Pennsylvania's Wharton School who have become big figures in private-equity finance.
June 7, 2011 |
Comcast Corp.'s NBCUniversal agreed to buy the 50 percent stake in two Universal Studios theme parks it doesn't already own from the private-equity firm Blackstone Group L.P. for about $1 billion. The transaction puts the overall value of the Orlando, Fla., parks at about $3.17 billion, Philadelphia-based Comcast said in a statement Monday. Blackstone, based in New York, paid about $275 million for its stake in 2000. Blackstone had set a June 12 deadline for NBCUniversal to buy its stake, after which the private-equity firm would have had 270 days to sell the entire operation.
April 7, 2011 |
TRENTON - A New York-based private equity fund has won an auction to buy what's left of the bankrupt Charlie Brown's Steakhouse chain. Praesidian Capital Opportunity Fund III-A LP offered $9.5 million for the 20 restaurants, including 17 in New Jersey. The Asbury Park Press of Neptune first reported the deal. A federal bankruptcy court hearing to approve the sale is scheduled for April 11. The restaurant chain's parent company, Mountainside, N.J.-based CB Holding Corp., filed for bankruptcy protection in November and closed 47 restaurants.
April 6, 2011 |
Joseph Frick , who stepped down last year as the $2 million-a-year boss of Independence Blue Cross , after cutting one-sixth of the workforce to shore up sagging profits, is the new vice chairman and managing partner at Judith von Seldeneck's Diversified Search , the Center City-based executive headhunter. "I've had an opportunity to recharge my batteries," Frick told me from a golf course in Naples, Fla. "I can't play golf every day. " Frick's insurance ties made him valuable to von Seldeneck.
April 5, 2011 |
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.
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.
September 1, 2010 |
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.
March 6, 2010 |
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.
July 11, 2009 |
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....
August 1, 2008 |
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.