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Bain has been interviewing investment banks to hire financial advisers that will help the private equity firm come up with a plan to cash out on its majority stake in Varsity Brands, the sources said. Varsity Brands generates more than $400 million in 12-month earnings before interest, taxes, depreciation and amortization, the sources added, asking not to be identified because the matter is confidential. Varsity Brands and Bain declined to comment. Varsity Brands consists of two main businesses, BSN SPORTS and Varsity Spirit. Varsity kept the yearbooks business when it sold Herff Jones to private equity firm Atlas Holdings earlier this year.

Persons: Kim Kyung, Bain, Varsity's Herff Jones, Herff Jones, Catterton, Abigail Summerville, Nick Zieminski Organizations: Bain Capital, REUTERS, Varsity Brands, BSN SPORTS, Spirit, Nike, Varsity, Atlas Holdings, Bain, Charlesbank Capital Partners, Partners Group, Birkenstock, ACON Investments, Kelso, Co, Equity, Thomson Locations: Tokyo, Japan, U.S, Varsity's, New York, Augusta

☆ US Private Equity Firms Challenge Amentum in Race for Jacobs Unit -Sources
▼ + stars: | 2023-10-04 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +2 min

By David CarnevaliNEW YORK (Reuters) - U.S. buyout firms Veritas Capital and Platinum Equity are vying to acquire Jacobs Solutions Inc's government consulting business, competing against rival contractor Amentum, according to people familiar with the matter. Dallas-based Jacobs is seeking final offers this week for the unit, which is known as Critical Mission Solutions (CMS), and could be valued at more than $4 billion, the sources said. Veritas and Platinum Equity plan to make all-cash offers, while Amentum's private equity owners Lindsay Goldberg and American Securities intend to offer Amentum shares as part of their bid, the sources added. Veritas and Platinum Equity did not respond to requests for comment. These operations generated $10.5 billion in revenue in Jacobs' latest fiscal year.

Persons: David Carnevali, Amentum, Jacobs, Lindsay Goldberg, Robert Pragada, Artemis, Cynthia Osterman Organizations: Veritas Capital, Equity, Jacobs Solutions, Veritas, American Securities, CMS, NASA, PA Consulting Locations: Dallas, New York

☆ DuPont to sell Delrin resins unit to PE firm for around $1.8 bln - Bloomberg News
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

A logo is pictured outside of Dupont offices in Geneva, Switzerland, April 15, 2021. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsAug 20 (Reuters) - Materials and chemicals maker DuPont De Nemours Inc (DD.N) is in advanced talks to sell its Delrin resins unit to private equity firm The Jordan Company for about $1.8 billion, Bloomberg News reported on Sunday, citing people familiar with the matter. Jordan Company could announce the deal as soon as this week, the report said, adding that no final decision has been made and that talks could still fall apart. Lone Star and Platinum Equity were the other bidders for the assets, Bloomberg News had reported earlier in the month. Dupont and Jordan Company did not immediately respond to Reuters' request for comment.

Persons: Denis Balibouse, Delrin, Dupont, Gokul Pisharody, Kanjyik Ghosh, Muralikumar Anantharaman, Christopher Cushing Organizations: REUTERS, DuPont De Nemours Inc, Jordan Company, Bloomberg, Lone Star, Equity, Bloomberg News, DuPont, Reuters, Thomson Locations: Dupont, Geneva, Switzerland, Bengaluru

☆ This little-known data center servicer could see A.I. tailwinds, says Bank of America
▼ + stars: | 2023-08-04 | by ( Hakyung Kim | ) www.cnbc.com time to read: +1 min

Vertiv is well-positioned for gains as its margins recover due to the artificial intelligence boom, according to Bank of America. Analyst Andrew Obin upgraded the data center servicer's shares to buy from underperform and raised his price target 54% to $40 from $26. Artificial intelligence adoption within data centers adds incremental demand for Vertiv's thermal management products," Obin wrote in a Wednesday note. Vertiv's strong portfolio in thermal management , which helps protect IT spaces and data centers, also leaves it better-positioned than its peers to see upsides from AI tailwinds, Obin said. Adoption of AI will drive more graphics processing unit chips into data centers, generating more heat and requiring thermal management, said Obin.

Persons: Vertiv, Andrew Obin, Obin, — CNBC's Michael Bloom Organizations: Bank of America, Emerson Network Power, Emerson Electric, Platinum Equity

☆ Exclusive: NielsenIQ's GfK deal set for conditional EU antitrust approval
▼ + stars: | 2023-06-28 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, June 28 (Reuters) - Advent-owned NielsenIQ is set to secure EU antitrust clearance for its proposed acquisition of German market research firm GfK on the condition GfK sells its consumer panel business, people familiar with the matter said. U.S. consumer market research company NielsenIQ, which is present in more than 90 markets covering more than 90% of the world's population, announced the deal a year ago. GfK's consumer panel business covers 122,500 households and 1,800 retailers, with its data showing patterns, trends and predictions. The European Commission, which is scheduled to complete its preliminary review of the deal by July 4, declined to comment. The list includes French peer Ipsos, the UK's Kantar, YouGov, Dynata, Circana, Omnicon Group, Publicis Group, Cision and private equity firms such as H.I.G.

Persons: Ipsos, Foo Yun Chee, Jan Harvey, Barbara Lewis Organizations: European Commission, EU, Omnicon, Publicis, Equity, Bregal, Oakley, Symphony Technology, Thomson Locations: BRUSSELS, TowerBrook, Equistone

☆ How asset managers see the investment outlook at Milken
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +2 min

[1/4] Edwin Conway Global Head, BlackRock Alternatives, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2023. REUTERS/Mike BlakeBEVERLY HILLS, May 1 (Reuters) - Big money managers gathered at the Milken Institute Global Conference, in Beverly Hills, California, on Monday to discuss the environment for investments amid higher interest rates, sticky inflation, banking turmoil and geopolitical tension. KAREN KARNIOL-TAMBOUR, CO-CIO AT BRIDGEWATER ASSOCIATES"The problem is that when you get paradigm shifts that really change the nature of the market environment, it takes a long time for that to get fully digested by investors." So fixed income long-short hedge fund managers feel that there's going to be very interesting distressed opportunities in eight, ten, twelve months." Reporting by Carolina Mandl and Svea Herbst-Bayliss, in Beverly Hills; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ Buyouts are getting complicated
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +2 min

The terms say that the buyer cannot be forced to close before Oct. 15 – seven months after the deal’s announcement. A Tuesday proxy filing shows that’s to give Platinum enough time to sort out its debt financing. Qualtrics, meanwhile, sold in March for $12.5 billion – but it turns out it almost got more. An unnamed bidder offered $21 per share, more than the $18.15 that Qualtrics accepted from Silver Lake and CPP Investments. Buyouts are getting done, but they’re also getting complicated.

☆ Solenis to take disinfectant maker Diversey private in $4.6 bln deal
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

March 8 (Reuters) - Specialty chemicals maker Solenis will buy disinfectant maker Diversey Holdings Ltd (DSEY.O) in an all-cash deal valued at $4.6 billion including debt, the companies said on Wednesday. It will contribute about 56% of its existing equity into Solenis and sell the remaining to the company for cash. Headquartered in Wilmington, Delaware, Solenis manufactures specialty chemicals used in water-intensive industries and was acquired by Platinum Equity in 2021. In 2021, Diversey became Solenis' distribution partner for its complete portfolio of water and process treatment chemicals to the food and beverage industry. The company plans to finance the deal with a combination of committed debt and equity financing, including contribution from Bain.

☆ Activist Starboard takes a stake in Vertiv, and an opportunity to boost margins is in sight
▼ + stars: | 2022-10-29 | by ( Kenneth Squire | ) www.cnbc.com time to read: +5 min

Activist Commentary: Starboard is a very successful activist investor and has extensive experience helping companies focus on operational efficiency and margin improvement. Starboard sees Vertiv as a great business in a solid industry with secular tailwinds – more data is being generated every day requiring more data centers. After going public, Vertiv delivered solid results, which allowed management to continue to focus on revenue growth, rather than operating margins. This is a typical situation for Starboard: a private company CEO running a public company like a private company leading to underperforming operating margins. Both Starboard and Vertiv seem to be on the same page.

☆ Ingram Micro confidentially files for U.S. IPO even as markets remain dull
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +1 min

Sept 19 (Reuters) - Electronics distributor Ingram Micro said on Monday it had confidentially filed for a U.S. initial public offering, looking past the tough market conditions due to rate hikes and inflation that have blunted demand for new listings this year. The California-based company was valued at about $7.2 billion last year when private equity firm Platinum Equity bought it. Ingram recently sold its commerce and lifecycle services business to French shipping company CMA CGM Group for $3 billion. Companies looking to go public often file confidentially to keep their financial details under wraps for longer. Register now for FREE unlimited access to Reuters.com RegisterReporting by Niket Nishant in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

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