Apax Partners has agreed to buy rue21 for $42 per share cash or about $1.1 billion. The deal represents a roughly 23% premium to rue21′s closing price yesterday. The board of rue21 has approved the deal. Rue21 is a specialty apparel retailer of girls and guys apparel and accessories. The deal includes a 40 day go-shop where the rue21 special committee can actively solicit, evaluate and enter into negotiations with other parties offering a superior proposal. J.P. Morgan Securities LLC, BofA Merrill Lynch and Goldman Sachs are providing financial advice to Apax. Perella Weinberg Partners is the financial advisor to the special committee. BofA Merrill Lynch, J.P. Morgan and Goldman Sachs are providing debt financing.

PRESS RELEASE

Warrendale, PA and New York, May 23, 2013 – rue21, inc. (Nasdaq: RUE), a leading specialty apparel retailer of girls and guys apparel and accessories, and Apax Partners, a global private equity firm, today announced a definitive agreement under which funds advised by Apax Partners will acquire all outstanding shares of rue21 for $42.00 per share in cash.  The transaction is valued at approximately $1.1 billion.  The transaction price represents a premium of approximately 23% to yesterday’s closing share price and approximately 42% to the 90-day volume weighted average price (VWAP).

The rue21 Board of Directors approved the agreement based on the unanimous recommendation of a Special Committee comprised of three independent directors: Bruce Hartman, Arnold Barron and Harlan Kent.  The Special Committee is being advised by Perella Weinberg Partners, as financial advisor, and Kirkland & Ellis LLP and Potter Anderson & Corroon LLP, as legal advisors.  Two rue21 directors who are partners of Apax recused themselves from Board discussions and the Board vote regarding the transaction.  Bob Fisch, rue21’s Chairman, President and CEO, also recused himself from the Board vote.

As part of the agreement, the Special Committee, with the assistance of its advisors, will conduct an initial 40-day “go-shop” process starting today during which it will actively solicit, evaluate and potentially enter into negotiations with any parties willing to offer a superior acquisition proposal.  The go-shop process provides for a low termination fee of 1% (approximately $10 million) to be paid to Apax.  rue21 management, including Bob Fisch, has not entered into any arrangements with Apax and is willing to work with any party that emerges through the go-shop process.
The SKM II funds, which collectively own approximately 30% of the outstanding shares of rue21, have entered into a support agreement to vote their shares in favor of the transaction with Apax. Pursuant to the terms of the support agreement, if the agreement with Apax is terminated and rue21 enters into a superior transaction, the SKM II funds have agreed to vote their shares in favor of such superior transaction on the same pro rata basis as unaffiliated stockholders.  In addition, the transaction with Apax is subject to approval by a majority of the rue21 shares excluding SKM II’s shares. The SKM II funds were established in 1998 and the rue21 stake is their last remaining investment.  Since 2005, the SKM II funds have been associated with Apax Partners.   The SKM II funds were independently advised in this transaction.

Bruce Hartman, Chairman of the Special Committee, stated, “This transaction is the result of diligent analysis and thoughtful deliberations by the Special Committee over many months with the assistance of our advisors.  This all-cash transaction delivers substantial and certain value, and we believe it is in the best interests of rue21 stockholders.  To ensure we are maximizing value for rue21 stockholders, we are also committed to running a comprehensive go-shop process to determine if there are any superior alternatives that may exist to the Apax transaction.”

John Megrue, Chief Executive Officer of Apax Partners U.S. and Partner in the firm’s Retail & Consumer team, said,  “We are very proud of the growth that rue21 has achieved.  I have worked closely with Bob Fisch to support the Company’s growth from less than 100 stores at the time of the initial investment in 1998 to over 900 stores today, and Apax is excited to continue the journey with the Company’s senior management team.”

Bob Fisch, Chairman, President and CEO of rue21, said, “Thanks to the hard work of our associates, rue21 has generated strong top and bottom line growth both as a private company and as a public company.  We are proud that a sophisticated investor such as Apax continues to believe in our core strategy and recognizes our value-generating capabilities.  This transaction will allow us to focus on achieving our long-term objectives, including growing our business to over 1,700 stores in the U.S. and successfully implementing new initiatives such as e-commerce and rueMan.”

Preliminary First Quarter 2013 Results
rue21 also announced preliminary earnings per share and comparable store sales results for the first quarter ending April 30, 2013.  Net sales for the quarter increased 9.1%, while comparable store sales decreased 4.6% from the year-ago quarter.  Diluted EPS is expected to be $0.44.

Commenting on the results, Fisch said, “This quarter rue21 was impacted by the same challenges that affected the entire industry – unseasonably cool weather, higher payroll taxes and delayed tax refunds.  All of these factors affected shopping patterns and resulted in a tougher quarter than we had forecasted in terms of sales growth.   Looking ahead we expect both the weather and consumer spending to improve and believe our 2013 strategic initiatives, including opening 125 stores in 2013, will allow us to deliver consistent, strong profit growth to our stakeholders.”

rue21 will announce full first quarter fiscal 2013 results on June 5, 2013, and host a conference call that day at 4:30 p.m. Eastern Time. The conference call will also be webcast live at www.rue21.com under the Investor Relations section.  A replay of this call will be available on the Investor Relations section of the Company’s website, www.rue21.com, within two hours of the conclusion of the call and will remain on the website for 90 days.

Additional Transaction Details
The transaction is expected to close before the end of calendar 2013, subject to approval by the majority of the stockholders unaffiliated with the SKM II funds as well as customary closing conditions.  The transaction is not subject to financing.  Following completion of the transaction, rue21 will remain headquartered in Warrendale, Pennsylvania.

Perella Weinberg Partners is acting as financial advisor to the Special Committee of the rue21 Board of Directors.  Kirkland & Ellis LLP and Potter Anderson & Corroon LLP are acting as legal advisors to the Special Committee.

J.P. Morgan Securities LLC (lead advisor), BofA Merrill Lynch and Goldman Sachs are providing financial advice to Apax.  Committed debt financing for the transaction is being provided by BofA Merrill Lynch, J.P. Morgan and Goldman Sachs.  Simpson Thacher & Bartlett LLP and Richards, Layton and Finger, P.A. are acting as legal advisors to Apax Partners.  Ropes & Gray LLP is acting as legal advisor to the SKM funds.

About rue21, inc.
rue21 is a leading specialty apparel retailer offering exclusive branded merchandise and the newest trends at a great value. rue21 currently operates 932 stores in 47 states. Learn more at www.rue21.com.

About Apax Partners
Apax Partners is one of the world’s leading private equity investment groups. It operates globally and has more than 30 years of investing experience. Funds under the advice of Apax Partners total over $40 billion. These Funds provide long-term equity financing to build and strengthen world-class companies.

Over the past 10 years, funds advised by Apax have invested approximately $6.3 billion of equity in retail and consumer businesses. Apax has extensive experience in fashion apparel, footwear and accessories through current and previous investments including Tommy Hilfiger Corporation, an apparel retail company and one of the world’s leading lifestyle brands, which was acquired by PVH Corp. Apax also partnered with PVH in the company’s successful acquisition of Calvin Klein. Other fund investments include Advantage Sales & Marketing, the premier outsourced sales and marketing services provider to consumer packaged goods companies and retailers in North America, and Cole Haan, a leading designer and retailer of premium footwear and related accessories. Internationally, funds advised by the firm are currently invested in New Look, a UK-based value fashion retailer and Takko, a value apparel retailer operating in Germany, Central Europe and Russia. Notable investments in retail and consumer businesses by Apax include Dollar Tree, Children’s Place, Bob’s Discount Furniture, Sunglass Hut, Charlotte Russe, Tommy Bahama, Hibbett Sporting Goods, Teavana, Ollie’s Bargain Outlet, Comark, CBR, Lifetime Fitness, Spyder Active Sports, Miller’s Ale House and Café Rio.
Important Additional Information and Where to Find It
In connection with the proposed transaction, rue21 intends to file a proxy statement with the Securities and Exchange Commission (the “SEC”) and mail it to its stockholders. Stockholders of rue21 are urged to read the proxy statement and the other relevant material when they become available because they will contain important information about rue21, the proposed transaction and related matters. STOCKHOLDERS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT AND THE OTHER RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PROPOSED MERGER. The proxy statement and other relevant materials (when available), and any and all documents filed by rue21 with the SEC, may also be obtained for free at the SEC’s website at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents filed with the SEC by rue21 by directing a written request to rue21, Attention Corporate Secretary, 800 Commonwealth Drive, Warrendale, Pennsylvania, 15086.
This announcement is neither a solicitation of proxy, an offer to purchase nor a solicitation of an offer to sell shares of rue21. rue21, its executive officers and directors may be deemed to be participants in the solicitation of proxies from the security holders of rue21 in connection with the proposed merger. Information about those executive officers and directors of rue21 and their ownership of rue21 common stock is set forth in the rue21 proxy statement for its 2013 Annual Meeting of Stockholders, which was filed with the SEC on April 26, 2013, and its Annual Report on Form 10-K for the year ended February 2, 2013, which was filed with the SEC on April 3, 2013. These documents may be obtained for free at the SEC’s website at www.sec.gov, and from rue21 by contacting rue21, Attention Corporate Secretary, 800 Commonwealth Drive, Warrendale, Pennsylvania, 15086. Additional information regarding the interests of participants in the solicitation of proxies in connection with the transaction will be included in the proxy statement that rue21 intends to file with the SEC.
Forward-Looking Statements
This release may include predictions, estimates and other information that might be considered forward-looking statements, including, without limitation, statements relating to the completion of this transaction. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from those anticipated as a result of various factors, including: (1) rue21 may be unable to obtain stockholder approval as required for the transaction; (2) conditions to the closing of the transaction may not be satisfied; (3) the transaction may involve unexpected costs, liabilities or delays; (4) the business of rue21 may suffer as a result of uncertainty surrounding the transaction; (5) the outcome of any legal proceedings related to the transaction; (6) rue21 may be adversely affected by other economic, business, and/or competitive factors; (7) the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction agreement; (8) the ability to recognize benefits of the transaction; (9) risks that the transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the transaction; and (10) other risks to consummation of the transaction, including the risk that the transaction will not be consummated within the expected time period or at all. Additional factors that may affect the future results of rue21 are set forth in its filings with the SEC, including its Annual Report on Form 10-K for the year ended February 2, 2013, which is available on the SEC’s website at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Except as required by applicable law, rue21 undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

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Caroline Bibb has joined J.F. Lehman & Co. as an MD, operations. Bibb spent more than a decade at Honeywell International where she most recently served as a Senior Vice President and General Manager.

PRESS RELEASE

NEW YORK – J.F. Lehman & Company, a leading middle-market private equity firm focused on the defense, aerospace and maritime sectors, is pleased to announce the addition of Caroline R. Bibb as Managing Director, Operations. Ms. Bibb will be involved in all aspects of the firm’s private equity investment program, from due diligence and evaluation of investment opportunities to development and execution of J.F. Lehman’s strategic plan for new portfolio companies. In particular, Ms. Bibb will focus on the operational evaluation, oversight and direction of portfolio companies from acquisition through exit.
Ms. Bibb brings 30 years of management, operations and engineering experience to her role at J.F. Lehman. For more than a decade at Honeywell International, Ms. Bibb held roles of increasing responsibility and managed operating units ranging in size from $220 million to $900 million and up to 3,000 employees; she most recently served as a Senior Vice President and General Manager. Ms. Bibb also served in a variety of management and engineering roles at AlliedSignal prior to its merger with Honeywell.
“Carol is a seasoned industry executive with a background perfectly suited to her role at J.F. Lehman & Company. We expect she will be an outstanding addition to our operations team,” said Steve Brooks, a Partner with the firm. “We expect our portfolio companies to benefit immensely from Carol’s years of experience in running all aspects of successful businesses.”
Ms. Bibb earned a B.S. in Chemical Engineering from Tennessee Tech University and an M.B.A. from The College of William & Mary. She completed the Director Development Program at the Kellogg School of Executive Management at Northwestern University. Ms. Bibb is Six Sigma Black Belt certified.

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GiftCards.com has agreed to buy Giftly. Financial terms weren’t announced.  San Francisco-based Giftly lets consumers buy and deliver digital gifts via its website and free app.

PRESS RELEASE

PITTSBURGH, May 22, 2013 /PRNewswire/ – GiftCards.com™, the leading website for gift cards, today agreed to acquire Giftly, the leading mobile gifting app, to build a digital and mobile commerce platform in the $110 billion gift card industry.
Founded in 1999, GiftCards.com commands strong positions in both the plastic and digital gift card spaces. With long-standing bank relationships and as a certified issuer of all three major payment networks, the company prints on-demand custom gift-cards in its own facility. As the number one gift cards website in traffic and leading organic searches on all things gift cards, it offers the widest range of products: personalized, pre-designed, virtual, local, group, and discount gift cards. It has 3 industry-related patents issued and another 38 pending for game-changing business concepts.
Giftly, a two-year old startup based in San Francisco, enables consumers to buy and deliver digital gifts via its website and free app. Giftly has pioneered a new platform for gift cards which sends gift credits to recipients when they redeem a gift, rather than issuing plastic cards, and requires no point of sale integration.
“Digital and mobile gifting is the future of the industry and we have invested heavily in patenting technologies in this space” stated, Jason Wolfe, CEO of GiftCards.com. “The Giftly acquisition is a logical and exciting step into building the industry’s future with an established partner in the fast-growing m-commerce space.” CEB estimates that 85% of US consumers exchanged gift cards in 2012 and projects electronic gifting will grow to $15 billion by 2015.
Giftly will be rolled into the GiftCards.com operation but will maintain its offices in San Francisco. “This is an exciting opportunity for Giftly,” commented CEO Timothy Bentley, “by partnering with GiftCards.com, we can combine the strengths of a traditional gift card player with the innovative platform that Giftly has developed.”
GiftCards.com is talking to a number of venture firms and strategic investors to raise its first round of funding to accelerate the combined companies’ growth.
About GiftCards.com
GiftCards.com, is the online leader in gift cards, has been selling gift cards online for over 10 years.  GiftCards.com is the most trafficked gift card website, and has sold over 5 million gift cards to consumers and corporations.  GiftCards.com has been a leader in gift card innovation and has over 38 patents filed with 3 issued patents, some patents currently licensed in the gift card industry.
About Giftly
Giftly is pioneering the future of the gift card industry by re-inventing gift cards to incorporate social and mobile technologies. Giftly turns each gift given into an interactive experience. Giftly makes it possible to give a gift card for an item or experience at any merchant nationwide.

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Spencer Wang is joining Berenson & Company as senior advisor. Wang is the former Head of US Media & Internet Equity Research at Credit Suisse.

PRESS RELEASE

NEW YORK, May 22, 2013 /PRNewswire/ – Berenson & Company, a leading independent merchant-banking firm, announced today that Spencer Wang , the former Head of US Media & Internet Equity Research at Credit Suisse, will join Berenson as a Senior Advisor.  Mr. Wang left Credit Suisse in 2012 to pursue a number of media and internet investment opportunities on his own, and will continue to spend time on such activities.

During his career as a top equity analyst, Mr. Wang was named to Institutional Investor’s prestigious All-America Research Team for eight consecutive years in multiple and different categories, including Entertainment, Internet, Cable/Satellite TV, and Broadcasting.  He joined Credit Suisse in 2008 as the senior analyst covering the Internet and Entertainment sectors, and as Sector Head oversaw a team of 12 research professionals across Media, Internet and Telecom. Prior to joining Credit Suisse, he worked in a similar capacity for numerous leading investment banks including Bear Stearns, JP Morgan, and Salomon Smith Barney .
“Spencer is yet another example of how our firm is building a truly proprietary set of capabilities in the Media, Entertainment, Telecom and Technology sectors,” said Jeffrey Sechrest , President of Berenson & Company.  “He is well-known among the major Media and Internet companies for his deep understanding of the convergence of media and technology, and what it means for the future of their businesses.  Spencer joins Jon Newcomb and Keith Cowan as true industry experts we have added over the past year who provide us a level of operational and strategic insight that is unique among investment banks.”
Lisbeth Barron , Head of the Media, Entertainment & Leisure practice at Berenson, added, “I have known Spencer for many years going back to our time together at Bear Stearns, and have been seeking a partnership with him for some time. I am delighted that we will once again be able to work closely together.  He is visionary in his understanding of the media and internet sectors, and is a perfect fit for our strategy of delivering deep domain expertise and unique insights to our clients.”
“The convergence of media, telecom and technology is causing enormous change, which is in turn creating unprecedented opportunity,” said Mr. Wang.  “Berenson & Company is clearly building a franchise to help clients understand and take advantage of those new possibilities, and I very much look forward to leveraging my knowledge and engaging my network as part of the firm.”
Mr. Wang holds a B.S. in International Trade from Johns Hopkins University. He lives in New York City.
About Berenson & Company (www.berensonco.com) 
Founded in 1990, Berenson & Company is an independent investment banking firm that provides high quality financial advice to a broad range of public and private corporations, financial institutions, equity sponsors, management teams and entrepreneurs. The Firm’s investment banking capabilities include a comprehensive suite of mergers & acquisitions advisory services, public and private financings of debt and equity, and financial restructuring and recapitalizations. Its business philosophy is characterized by an objective, client-focused approach, and it is recognized for its unique insights and creative problem-solving in industries that are undergoing significant disruption.

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Blackstone Group LP and Prologis Inc have agreed to buy a portfolio of 17 million square feet of warehouse and distribution centers whose majority owner is Lehman Brothers for about $960 million, sources tell Reuters.

NEW YORK, May 22 (Reuters) – Blackstone Group LP and Prologis Inc have agreed to buy a portfolio of 17 million square feet of warehouse and distribution centers whose majority owner is Lehman Brothers for about $960 million, two sources familiar with the deal said on Wednesday.

Under the deal, Blackstone’s IndCor Properties Inc will operate about 9.5 million square feet of properties in Reno, Nevada. Prologis will buy the remaining properties that are chiefly in Pennsylvania and some in Las Vegas, the sources said.

The sources did not want to be named because they were not authorized to speak on the record about the pending deal.

Through a series of deals dating back to 2010, Blackstone will have a portfolio of about 100 million square feet of warehouse and distribution centers, managed under IndCor. That makes Blackstone one of the top three owners of warehouse and distribution centers, typically referred to as industrial real estate. IndCor’s chief executive is Tim Beaudin, the former executive vice president of Catellus Development Corp, which Prologis acquired in 2008.

If Blackstone chooses to take IndCor public, the IPO is not likely to happen this year, one source said.
The deal for the properties, comes after Blackstone announced on Monday it would buy 4 million square feet of warehouse and distribution centers from First Potomac Realty Trust for $241.5 million.

Within the past three years, Blackstone has digested big bites of the industrial real estate sector. Last year, it paid $770 million for 65 U.S. properties owned by Australia’s Dexus Property Group. It also took control of about 95 warehouse and distribution centers, a mostly California-portfolio known as CalWest, from Walton Street Capital LLC by buying the debt on the portfolio.

Rent and occupancy in the U.S. industrial real estate sector have been slowly improving over the past few years, with occupancy picking up at a more rapid rate over the past few quarters, Green Street analyst John Stewart said.

“However, the run up in asset values is definitely outstripping the improvement in fundamentals,” he said. “It says we are in a low-return world.”
Lehman first became involved in the property in 2007 when it agreed to provide about $1.5 billion in the form of a debt and equity loan to Prologis – then known as ProLogis – to acquire the properties known as the Dermody industrial portfolio. But the investment bank got stuck with the majority of the properties during the credit crisis. Lehman got stuck with 80 percent of the portfolio, and Prologis 20 percent.

Representatives from Blackstone declined to comment, and San Francisco-based Prologis was not immediately available to comment. Brokers from Eastdil Secured marketed the portfolio, which attracted “robust” interest, one source said.

This week, Lehman, which emerged from bankruptcy last year, continued its efforts to repay creditors, raising $1.88 billion selling claims it had against its former brokerage.

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Building products maker CPG International is being prepared for a sale by its private equity owner, a deal that could fetch between $1 billion and $1.5 billion, sources tell Reuters.

NEW YORK, May 22 (Reuters) – Building products maker CPG International is being prepared for a sale by its private equity owner, a deal that could fetch between $1 billion and $1.5 billion, according to three people familiar with the matter.

Buyout firm AEA Investors LP has hired Barclays and Deutsche Bank to find a buyer for CPG, which makes building supplies for residential and commercial markets such as outdoor decking and porch boards, the people said on Wednesday.

The company, which was acquired by AEA Investors in 2005 for an undisclosed sum, is expected to start conversations with potential buyers in the next few weeks that could include private equity firms as well as industry rivals, said one of the people.

They asked not to be identified because the sale process is not public. Representatives for AEA Investors did not immediately respond to requests for comment. Barclays and Deutsche Bank declined to comment.

The potential sale of CPG comes as investors are looking to capitalize on a rebound in the U.S. housing market, which was hit hard by the turmoil in the U.S. credit market in late 2007. Low interest rates and rising rents have pushed many consumers to buy homes, boosting the outlook for the housing and building products markets.
Headquartered in Scranton, Pennsylvania, CPG International makes synthetic construction and building products to replace wood, metal and other materials, according to its website.

Its products include deck, trim, rail molding; bathroom partitions, lockers and industrial plastic sheet products. They are sold under several brands such as AZEK Building Products, Santana Products and Comtec Industries.

Founded in 1968, AEA focuses on investing in middle-market companies in the industrial products, specialty chemicals, consumer products and services industries.

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Title insurer Fidelity National Financial Inc and buyout firm Thomas H. Lee Partners are in advanced talks to acquire mortgage service provider Lender Processing Services Inc, Reuters reports.

(Reuters) – Title insurer Fidelity National Financial Inc (FNF.N: Quote, Profile, Research, Stock Buzz) and buyout firm Thomas H. Lee Partners are in advanced talks to acquire mortgage service provider Lender Processing Services Inc (LPS.N: Quote, Profile, Research, Stock Buzz), a source familiar with the matter said.

The deal, worth about $2.9 billion, would value Lender Processing shares at around $33 per share, the Wall Street Journal reported earlier on Wednesday, citing people familiar with the matter.

The buyers would pay with a mix of cash and Fidelity National Financial stock, the paper said, adding that Thomas H. Lee would hold a 19.9 percent stake in Lender Processing.

The deal could be announced as soon as early next week, the source told Reuters.

Fidelity National and Lender Processing Services were not immediately available for comment. Thomas H. Lee declined to comment.

If the deal is completed, Lender Processing Services would become a subsidiary of Fidelity National Financial, the Wall Street Journal said.

Shares of Lender Processing closed down 3.2 percent at $29.11 on Wednesday on the New York Stock Exchange, while those of Fidelity National Financial were down 4 percent at $24.37.

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A team including former General Motors Co executive Bob Lutz and China’s largest parts maker is looking to buy Fisker Automotive for $20 million, a fraction of the “green” car company’s estimated worth almost a year and a half ago, writes Reuters. In the spring of 2012, Fisker competed a fundraising round that valued the company at $2.2 billion.

Reuters – A team including former General Motors Co (GM.N) executive Bob Lutz and China’s largest parts maker is looking to buy Fisker Automotive for $20 million, a fraction of the “green” car company’s estimated worth almost a year and a half ago.

People familiar with the matter said on Wednesday that VL Automotive, a venture between Lutz and industrialist Gilbert Villarreal, and China’s Wanxiang Group submitted the bid earlier this month to buy Fisker through a prepackaged bankruptcy deal.

This is one of at least two investor groups looking to gain control of Fisker, which has not built a car since July. Earlier this year, the company hired bankruptcy advisers and fired the bulk of its staff, while continuing to seek a buyer.

VL Automotive, Lutz and Pin Ni, president of Wanxiang’s U.S. division, declined to comment. Representatives for Fisker did not immediately comment.

The $20 million bid is a far cry from Fisker’s estimated value during the launch of its flagship Karma plug-in hybrid sports car. In December 2011, Fisker told prospective investors that its total capitalization was “approaching” $2 billion, according to an investor document filing obtained by Reuters.

In the spring of 2012, Fisker competed a fundraising round that valued the company at $2.2 billion, according to regulatory filings analyzed by venture capital data provider VC Experts.

VL Automotive is building a car called the Destino, which has the shell of a Fisker Karma with the powertrain of a Chevrolet Corvette. Wanxiang bought Fisker’s battery supplier out of bankruptcy, a deal that was approved by a U.S. judge this year.

Since its founding in 2007, Fisker has raised $1.2 billion in private funds. The company won a $529 million U.S. Department of Energy (DOE) loan, but the department halted payments in mid-2011 after Fisker missed certain performance milestones.

Fisker now owes the DOE about $171 million in loans. A separate team of investors is looking to buy out the DOE’s position in Fisker at a discount, sources previously said.

The DOE declined to comment.

(Reporting by Deepa Seetharaman in Detroit and Norihiko Shirouzu in Tokyo; additional reporting by Ben Klayman in Detroit; Editing by Chris Reese, Bernard Orr)

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Fitch Ratings has upgraded the credit ratings of DDR Corp. The rating outlook has been revised to stable from positive. The upgrade of the IDR to ‘BBB-’ reflects that pro forma for the $1.46 billion acquisition of a portfolio of power centers from DDR’s joint venture with Blackstone Real Estate Partners VII, recurring cash flow will remain in excess of fixed-charges at a level consistent with an investment-grade rating.

PRESS RELEASE

Fitch Ratings has upgraded the credit ratings of DDR Corp. (NYSE: DDR) as follows: –Issuer Default Rating (IDR) to ‘BBB-’ from ‘BB+’; –$815 million unsecured revolving credit facilities to ‘BBB-’ from ‘BB+’; –$350 million unsecured term loans to ‘BBB-’ from ‘BB+’; –$2.1 billion senior unsecured notes to ‘BBB-’ from ‘BB+’; –$320.5 million senior unsecured convertible notes to ‘BBB-’ from ‘BB+’; –$405 million preferred stock to ‘BB’ from ‘BB-’. The Rating Outlook has been revised to Stable from Positive. KEY RATING DRIVERS The upgrade of the IDR to ‘BBB-’ reflects that pro forma for the $1.46 billion acquisition of a portfolio of power centers from DDR’s joint venture (JV) with Blackstone Real Estate Partners VII, DDR’s recurring cash flow will remain in excess of fixed-charges at a level consistent with an investment-grade rating. The upgrade also takes into account a management team continually focused on improving credit metrics, as well as good liquidity and strong access to capital. Pro forma leverage is high relative to the REIT universe, though expected to be within a range reflective of a ‘BBB-’ rating given DDR’s good portfolio quality. Further, the company continues to grow the unencumbered pool and improve financial flexibility. Blackstone JV Portfolio Purchase a Credit Positive Properties within the Blackstone JV portfolio are located in markets with stronger demographics such as higher household income and greater population density than properties within the existing DDR portfolio. The Blackstone JV portfolio has a larger big-box component than the existing DDR portfolio, as shown by annualized base rents of $13.81 per square foot, which is 5% below the DDR-defined prime portfolio. Notably, DDR has been leasing and managing the portfolio under various ownership structures (i.e., EDT Retail Trust, EPN Group, the Blackstone JV) for more than 10 years, lessening underwriting and operational risk. Improving Fixed-Charge Coverage First quarter 2013 (1Q’13 pro forma fixed-charge coverage is 2.3x compared with 2.0x in 2012 and 1.7x in 2011. Same-store net operating income (NOI) growth (derived from rising occupancy as well as positive lease rollover) along with incremental cash flow from redevelopment activity and joint ventures, and lower fixed charges, drove the increase. Fitch defines fixed-charge coverage as recurring operating EBITDA including Fitch’s estimate of recurring cash distributions from unconsolidated entities less recurring capital expenditures less straight-line rent adjustments, divided by total interest incurred and preferred dividends. Property-level fundamentals are favorable as evidenced by leasing activity on vacant space as well as positive rent rollover. Since reaching a cyclical trough of 90.7% in 1Q’09, the leased percentage stood at 94.4% in 1Q’13. Leasing spreads including new and renewal leases grew by 7.6% in 1Q’13 compared with 6.7% in 2012 and 6.1% in 2011, and rental rate growth should be the primary driver of same-store NOI growth going forward. Same-store NOI increased by 3.3% in 1Q’13, following increases of 4.0% in 2012 and 3.5% in 2011, and Fitch projects 2%-3% same-store growth in 2013 due to a supply-demand dynamic in DDR’s favor. Fitch anticipates that coverage will approach 2.5x in 2014-2015 due to same-store growth along with the full-year impact of the Blackstone JV portfolio NOI, as the acquisition is expected to close in 4Q’13. Coverage in the 2.0x-2.5x range is strong for a shopping center REIT at the ‘BBB-’ level. In a stress case not anticipated by Fitch in which the company repeats its same-store NOI results from 2009-2010, coverage would remain at 2.0x, which is adequate for the ‘BBB-’ rating. Big-Box Retailer Exposure The company’s top tenants as of March 31, 2013 were Walmart (Fitch IDR of ‘AA’ with a Stable Outlook) at 4.0% of pro rata rental revenues followed by TJX Companies at 2.6% and Bed Bath & Beyond at 2.5%, indicative of confined tenant credit risk. Lease expirations are measured, with 1.8%, 6.7%, and 6.8% of revenue on big-box space greater than 10,000 square feet expiring in 2013, 2014, and 2015, respectively. On small-shop space less than 10,000 square feet, 5.1%, 6.5%, and 5.9% of revenues expire in 2013, 2014, and 2015, respectively. DDR has a broad geographic footprint, and its top three geographic regions in 1Q’13 were Brazil at 9.7% of annual base rent, followed by Florida at 8.7% and Georgia at 8.3%. Credit-Focused Management Team Since the 2009-2010 period, DDR’s management team has been steadfast in decreasing leverage via common equity offerings and retained cash flow, extending debt duration, and improving liquidity. The company’s liquidity coverage ratio, calculated as liquidity sources divided by uses, is 2.0x for the period April 1, 2013 to Dec. 31, 2014, which is strong for the ‘BBB-’ IDR. Liquidity sources include unrestricted cash pro forma for capital raising related to the Blackstone JV portfolio acquisition, availability under unsecured revolving credit facilities, and projected retained cash flows from operating activities after dividends and distributions. Liquidity uses include consolidated and pro rata joint venture debt maturities and projected recurring capital expenditures. When including development cost to complete as a liquidity use, liquidity coverage remains good at 1.7x. Liquidity coverage improves to 4.8x assuming 90% of 2013-2014 secured debt maturities are refinanced. The company has no unsecured debt maturities until May 2015, and pro forma debt maturities are manageable in 2013-2014 when 0.8% and 6.8% of respective pro rata debt matures, followed by 15.6% in 2015. The company’s 1Q’13 adjusted funds from operations payout ratio was 49.3%, up from 41.2% and 20.1% in 2011, but still reflective of strong internally-generated liquidity. Strong Access to Capital Capital access remains solid and terms have continued to improve. In June 2012, the company issued $300 million 4.625% senior unsecured notes due 2022 priced to yield 4.865% to maturity, or 325 basis points over the benchmark treasury rate, and in July 2012, DDR issued $200 million 6.5% class J preferred stock. In November 2012, DDR re-opened the 4.625% notes due 2022 and priced $150 million to yield 3.465% to maturity, or 185 basis points over the benchmark treasury rate. DDR also accessed the secured debt market and its at-the-market equity offering program in 4Q’12. In January 2013, the company refinanced its unsecured revolving credit facilities with a pricing reduction to LIBOR plus 140 basis points (a decrease of 25 basis points from the previous rate) and refinanced its secured term loan with a pricing reduction to LIBOR plus 155 basis points (a decrease of 15 basis points). DDR subsequently issued $150 million of 6.25% class K preferred stock. On May 15, in connection with the Blackstone JV portfolio acquisition, the company forward-funded a follow-on common stock offering for 34 million shares at $18.90 per share, which including the overallotment option will total approximately $739 million. On May 16, the company issued $300 million 3.375% senior unsecured notes due 2023 priced to yield 3.447% to maturity or 158 basis points over the benchmark treasury rate. Fitch has assigned a ‘BBB-’ rating to these securities. Leverage Expected to be Consistent with ‘BBB-’ Pro forma leverage is slightly high for the ‘BBB-’ rating at 7.2x, compared with 8.0x in 2011 and 8.2x in 2010. Debt repayment via follow-on common stock offerings and retained cash flow has accelerated leverage reduction. Fitch projects that leverage will fall below 7.0x in 2014-2015 due to positive fundamentals and the full year impact of the Blackstone JV portfolio NOI. Leverage in the 6.5x-7.0x range is appropriate for a ‘BBB-’ rating for a shopping center REIT. In a stress case not anticipated by Fitch which DDR repeats its same-store NOI results from 2009-2010, leverage would remain around 7.5x, which would be weak for the ‘BBB-’ rating. Growing Unencumbered Pool DDR has incrementally added power centers and other retail assets across multiple MSAs to the unencumbered pool. The company is selectively re-developing unencumbered assets such as Plaza Del Sol in San Juan, Puerto Rico and Aspen Grove in Denver, CO to bolster unencumbered cash flow. Unencumbered properties, defined as pro forma unencumbered NOI divided by a stressed 8% capitalization rate plus a 50% haircut on unencumbered land, covered unsecured debt by 1.8x as of Mar. 31, 2013 pro forma, which is low for the ‘BBB-’ rating. However, a haircut on land is conservative given impairments incurred on DDR’s land during previous years. Stable Outlook The Stable Outlook reflects Fitch’s expectation that coverage will sustain between 2.0x and 2.5x, due principally to 2%-3% same-store NOI growth, that leverage will sustain just below 7.0x, and that unencumbered asset coverage will approach 2.0x as DDR continues to reduce secured debt levels via unsecured debt and common stock offerings. In addition, the covenants in the company’s debt agreements do not restrict financial flexibility. Preferred Stock Notching The ‘BB’ rating of the preferred stock (a two-notch differential from the IDR) is consistent with Fitch’s criteria for corporate entities with an IDR of ‘BBB-’. Based on Fitch’s research on ‘Treatment and Notching of Hybrids in Nonfinancial Corporate and REIT Credit Analysis,’ these preferred securities are deeply subordinated and have loss absorption elements that would likely result in poor recoveries in the event of a corporate default. RATING SENSITIVITIES The following factors may have a positive impact on DDR’s ratings and/or Outlook: –Fitch’s expectation of fixed-charge coverage sustaining above 2.3x (pro forma coverage is 2.3x); –Fitch’s expectation of leverage sustaining below 6.5x (pro forma leverage is 7.2x and leverage is expected to fall below 7.0x in 2014). The following factors may have a negative impact on DDR’s ratings and/or Outlook: –Fitch’s expectation of fixed charge coverage sustaining below 2.0x; –Fitch’s expectation of leverage sustaining above 7.5x; –Base case liquidity coverage sustaining below 1.25x. Contact: Primary Analyst Sean Pattap Senior Director +1-212-908-0642 Fitch Ratings, Inc. One State Street Plaza New York, NY 10004 Secondary Analyst Steven Marks Managing Director +1-212-908-9161 Committee Chairperson Philip Zahn Senior Director +1-312-606-2336 Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278, Email: sandro.scenga@fitchratings.com. Additional information is available at ‘www.fitchratings.com’. Applicable Criteria and Related Research: –Criteria for Rating U.S. Equity REITs and REOCs (Feb. 26, 2013); –Treatment and Notching of Hybrids in Nonfinancial Corporate and REIT Credit Analysis (Dec. 13, 2012); –Recovery Ratings and Notching Criteria for Equity REITs (Nov. 12, 2012); –Corporate Rating Methodology (Aug. 8, 2012). Applicable Criteria and Related Research: Corporate Rating Methodology here Recovery Ratings and Notching Criteria for Equity REITs here Treatment and Notching of Hybrids in Nonfinancial Corporate and REIT Credit Analysis here Criteria for Rating U.S. Equity REITs and REOCs here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM’. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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Indian local search service provider Just Dial Ltd‘s up to $170 million initial public offer was subscribed 11.6 times on closing in what is the biggest IPO in the country so far this year, writes Reuters. The response to the equity offering signals strong investor appetite for new shares, although bankers said this would unlikely open up the moribund IPO market in the near term with few medium-to-large sized issues in the pipeline, writes Reuters.

Reuters – Indian local search service provider Just Dial Ltd’s up to $170 million initial public offer was subscribed 11.6 times on closing on Wednesday, in what is the biggest IPO in the country so far this year.

The response to the equity offering signals strong investor appetite for new shares, although bankers said this would unlikely open up the moribund IPO market in the near term with few medium-to-large sized issues in the pipeline.

Just Dial’s IPO, in which the company’s founders and private equity investors including Sequoia Capital and Tiger Globe sold some of their shares, is the biggest since Bharti Infratel Ltd’s about $750 million IPO in December last year.

Although 12 IPOs were launched in the Indian market in the first quarter this year, all raised less than $100 million each.

Investors in Mumbai-based Just Dial, which offers search for local businesses through Internet and mobile platforms, were selling 17.5 million shares through the IPO in an indicative price band of between 470 rupees and 543 rupees apiece.

Just Dial is benefiting from rising income levels in Asia’s third-largest economy that also has the world’s second-highest number of mobile phone connections. Cheaper smartphones have helped fast growth in Internet usage.

Citigroup, which topped the Indian equity market league table as bookrunner in the first quarter of this year, and Morgan Stanley were the lead managers for the Just Dial issue.

Just Dial had first filed papers with the regulators for an IPO in 2011, but shelved the issue due to a sharp fall in the markets that affected appetite for new shares. ($1 = 55.2850 rupees) (Reporting by Devidutta Tripathy and Sumeet Chatterjee; Editing by Anand Basu)

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Belgian postal operator bpost will list a minority stake, currently held by private equity group CVC Funds, on the Brussels stock exchange, writes Reuters. The Belgian state will continue to hold a 50.01 percent stake in the former monopoly and will not sell shares in the offering.

Reuters – Belgian postal operator bpost will list a minority stake, currently held by private equity group CVC Funds, on the Brussels stock exchange, the group said on Thursday.

The Belgian state will continue to hold a 50.01 percent stake in the former monopoly and will not sell shares in the offering, bpost said.

Belgium also owns a majority stake in telecoms operator Belgacom, which is also listed on the Brussels stock exchange.

Bpost, which did not indicate when the initial public offering (IPO) would take place, said it plans to return at least 85 percent of its annual net profit to shareholders.

The group made an operating profit of 404 million euros ($520 million) last year, on revenue of 2.42 billion euros.

Bpost said that JP Morgan, Nomura and BNP Paribas Fortis would act as joint coordinators of the IPO.

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Capital Dynamics has invested in a 21-megawatt (MW) onshore wind farm project in Northern Ireland. Capital Dynamics holds a 100% ownership stake in the project called the Dunmore wind farm.

PRESS RELEASE

Capital Dynamics, a global private asset manager, is pleased to announce it has invested in a 21-megawatt (MW) onshore wind farm project in Northern Ireland.

Capital Dynamics holds a 100% ownership stake in the project called the Dunmore wind farm. Capital Dynamics has commenced construction of the project and has secured a 15-year agreement with a major UK power retailer for the purchase of the energy produced by the seven turbine scheme. This means investors will begin receiving steady streams of income immediately upon completion of the project and commencement of power generation, both of which are expected in the first quarter of 2014.

Capital Dynamics has partnered with highly experienced wind developer TCI Renewables, whose specialist onshore wind development activities span Great Britain, Ireland and North America. The project is fully complemented by a 15-year warranty, operation and maintenance contract with Danish turbine supplier Vestas Wind Systems.

The Dunmore wind farm is situated just eight kilometers from the North Sea coast, near Limavady in County Derry, one of the highest wind speed locations in all of Europe. The project also benefits from exposure to the single “All Island” electricity market between Northern Ireland and the Republic of Ireland. The “All Island” electricity market has committed to delivering 40% of its total electricity supply from renewable energy sources by 2020, the majority of which is expected to be supplied by wind power.

“The Dunmore wind farm is an outstanding wind power project with very strong fundamentals in its location, both in proximity to the grid and a robust wind supply,” said Rory Quinlan, Managing Director in the Clean Energy and Infrastructure team at Capital Dynamics. “Using well-proven Vestas V90 turbines, this clean energy investment will offer our investors attractive cash yields year-on-year under a 15-year sales contract with one of Ireland’s leading energy suppliers. Our team has significant experience in onshore wind power in the UK, adding value throughout the construction and long-term operation phase.”

“We are delighted to have made an investment in such a compelling wind power project and in such a strategic location,” said Stefan Ammann, CEO of Capital Dynamics. “With this latest direct investment in renewable energy, our Clean Energy and Infrastructure program continues to gain momentum. We expect to make further investments in high-quality clean energy projects over the coming months, offering strong and stable cash returns.”

Capital Dynamics’ CEI team
Capital Dynamics’ CEI team collectively holds over 100 years of experience in investing, financing, owning and operating conventional and clean energy businesses globally. Established to capture attractive investment opportunities in this new class of real assets, Capital Dynamics’ CEI business mandate is to invest directly in proven clean energy technologies – such as solar, wind, biomass, geothermal, small hydro and landfill gas – across the globe. Since establishment of Capital Dynamics’ CEI business, the CEI team has successfully acquired, built and now manages more than 170 MW of clean energy capacity in North America and Europe.

Capital Dynamics
Capital Dynamics is an independent, global asset manager, investing in private equity and clean energy infrastructure. We are client-focused, tailoring solutions to meet investor requirements. We manage investments through a broad range of products and opportunities including separate account solutions, investment funds and structured private equity products. Capital Dynamics currently has USD 17 billion in assets under management1.

Our investment history dates back to 1988. Our senior investment professionals average over 20 years of investing experience across the private equity spectrum. We believe our experience and culture of innovation give us superior insight and help us deliver returns for our clients. We invest locally while operating globally from our London, New York, Zug, Beijing*, Tokyo, Hong Kong, Silicon Valley, Sao Paulo, Munich, Birmingham, Seoul, Brisbane, Shanghai* and Scottsdale offices.

1Capital Dynamics comprises Capital Dynamics Holding AG and its affiliates; assets under management, as of December 31, 2012, include assets under discretionary management, advisement (non-discretionary), and administration across all Capital Dynamics affiliates. Investments are primarily on behalf of funds managed by Capital Dynamics. *Capital Dynamics China is a legally separate company operating under a strategic cooperation with Capital Dynamics.

For further information, please contact:
MHP Communications
Virginia Furness, Consultant +44 (0) 203 138 8157 CapitalDynamics@mhpc.com
Jade Neal, Associate Director +44 (0) 203 138 8215 CapitalDynamics@mhpc.com

Capital Dynamics
Rory Quinlan, Managing Director +44 (0) 783 347 6370 rquinlan@capdyn.com

Virginia Furness
Consultant

MHP Communications
60 Great Portland Street, London, W1W 7RT
Tel: +44 (0)20 3128 8100

Direct Dial: +44 (0)20 3128 8157
Mobile: +44 (0)7780 481 909

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MediSwipe, a data management solutions company for the medicinal marijuana and health care industry, has received the first $100,000 of a total of $600,000 in funding from a Chicago-based private equity fund. The company plans to use the capital to expand its marketing efforts for its cloud-based patient management system.

PRESS RELEASE

MediSwipe Inc, a data management solutions company for the medicinal marijuana and health care industry, today announced that the company has received the first $100,000 of a total of $600,000 in funding from a Chicago based private equity fund as of Tuesday this week. The Company plans to use the infusion of capital to expand its marketing efforts for its cloud-based patient management system or “MediSwipe DMS” to medicinal dispensaries across 20 states and distribution of its’ new Hemp based beverages “Chillo” and C+ Swiss Tea.

“We are extremely pleased to finally have the capital on our balance sheet to execute our business model in an aggressive manner at the very time we have completed our applications and introduced our wellness division. We are already receiving numerous requests from new clients for our beverages across the country and are fulfilling orders everyday. Our new shipping facility in Detroit is over 10,000 square feet with offices, loading docks and is both FDA and TSA monitored. We share trucking, shipping docks and inventory control with name brand food companies, and are moving product to Oregon and California this for new orders,” stated B. Michael Friedman, CEO of MediSwipe Inc.

“Our new Digital ID Hotline product announced just last week, allowing patients once certified and registered with the state to scan their records and have access via fax or mobile and be authenticated by live operators 24/7 for just $19.99 a year is also gaining traction. We are migrating 3,500 patients to the system now, and we expect this system with the feedback we are getting to be one of the biggest revenue generators of our Company. With the recent events in Southern California dispensaries last week closing and now re-opening, why would patients be held hostage with their medical records and history? For about two bucks a month, they can have complete control and by calling an 800 number send their records anywhere they want in seconds. I want MediSwipe to have 100,000 patients on this system by the third quarter. It’s a goal I believe is reachable, but more important is necessary for the patients,” further stated Friedman.

About MediSwipe Inc.
MediSwipe Inc. (www.MediSwipe.com) provides innovative patient solutions for electronically processing transactions within the healthcare industry. MediSwipe provides terminal-based service packages and integrated Web Portal add-ons for physicians, clinics, hospitals and medical dispensaries that include: digital patient records, Electronic Referrals, Credit/Debit Card merchant services, Check Guarantee and Accounts Receivable Financing.

FORWARD-LOOKING DISCLAIMER
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of MediSwipe Inc. to be materially different from the statements made herein.

Contact Information

Contact:
MediSwipe Inc.
248.262.6850
info@mediSwipe.com

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North American Partners in Anesthesia (NAPA), a specialty anesthesia and perioperative management company has announced New Jersey Anesthesia Group has joined NAPA. In April 2011, Moelis Capital Partners led a recapitalization of NAPA’s practice management company, providing the company with the ability to pursue growth opportunities and maintain its leadership position in the expanding anesthesia management market.

PRESS RELEASE

North American Partners in Anesthesia (NAPA), the largest single specialty anesthesia and perioperative management company in the United States, today announced New Jersey Anesthesia Group (NJAG), located in Paterson, NJ, has joined NAPA. With the addition of NJAG, NAPA continues its expansion in the New Jersey anesthesia market. An additional 73 NJAG clinicians will join NAPA’s operations.

“From our first interactions with NJAG leadership, it was clear that NAPA and NJAG shared a similar clinical philosophy and approach to delivering care,” said Timothy J. Dowd, CEO and Managing Partner of North American Partners in Anesthesia. “As NAPA looks to strategically expand, we are seeking high quality practices with a strong leadership and focus, which is exactly what NJAG embodies. We look forward to providing our newest partner with the foundation to flourish and continue to advance our shared goal of providing quality anesthesia care.”

New Jersey Anesthesia Group is a multifaceted anesthesia practice located in northern New Jersey. The group provides anesthesia services for St. Joseph’s Regional Medical Center, St. Joseph’s Wayne Hospital, Meadowlands Hospital Medical Center, and St. Michael’s Medical Center. In addition, NJAG provides anesthesia services to more than 12 outpatient facilities in the region. Total Pain Care, a division of NJAG that delivers state-of-the-art pain management services in Passaic and Bergen counties, is also included in the transaction.

“NJAG was attracted to NAPA because of its commitment to clinical excellence and leading infrastructure to support our facility clients in an evolving healthcare environment,” said Stephen Winikoff, M.D., president of NJAG. “At our core is quality, and joining NAPA will enable us to continue to practice medicine with the same local focus on quality, while incorporating the business infrastructure NAPA offers. NAPA’s wealth of knowledge, data and resources will provide our clinicians with the essential tools to continue to improve the quality of patient care we provide as well as enhance our residency program.”

In April 2011, Moelis Capital Partners, the private equity business of Moelis & Company, led a recapitalization of NAPA’s practice management company, NAPA Management Services Corporation (NMSC) providing the company with the ability to pursue growth opportunities and maintain its leadership position in the expanding anesthesia management market.

About North American Partners in Anesthesia

Founded in 1986, North American Partners in Anesthesia (NAPA) is the leading single specialty anesthesia management company in the United States. NAPA is comprised of the most respected clinical staff, providing thousands of patients with superior and attentive care. The company is known for partnering with hospitals and other health care facilities across the nation to provide anesthesia services and perioperative leadership that maximize operating room performance, enhance revenue, and demonstrate consistent patient and surgeon satisfaction ratings.

About New Jersey Anesthesia Group

Founded in 1988, New Jersey Anesthesia Group has developed into the preeminent provider of anesthetic care and pain services in northern New Jersey. The dedicated physicians of NJAG span many subspecialties of anesthesiology including pediatrics, obstetrics, cardiac, neurosurgery and pain medicine. NJAG has one of the largest residency programs in the state of New Jersey and is an affiliate of Mount Sinai School of Medicine.

ABOUT MOELIS CAPITAL PARTNERS

Moelis Capital Partners is a middle market private equity firm founded in 2007 in connection with the formation of Moelis & Company, a global investment bank. Moelis Capital Partners manages $800 million of committed private equity capital and specializes in traditional private equity investments in the middle market. For more information, please visit www.moeliscapital.com.

Contact Information

Media Contacts:
Jill Aaronson
Marketing Coordinator
North American Partners in Anesthesia
t: (516) 945-3030
jaaronson@NAPAanesthesia.com

Andrea Hurst
Marketing & Communications
Moelis & Company
t: (212) 883-3666
m: (347) 583-9705
andrea.hurst@moelis.com

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Del Monte Foods and Natural Balance Pet Foods have signed a merger agreement. Natural Balance Pet Foods, makers of super-premium pet food for dogs and cats sold throughout North America and also in Europe and Asia, will join Del Monte’s robust pet products portfolio.

PRESS RELEASE

Del Monte Foods and Natural Balance Pet Foods®, Inc. announced today that the companies have signed a merger agreement. Natural Balance Pet Foods®, makers of super-premium pet food for dogs and cats sold throughout North America and also in Europe and Asia, will join Del Monte’s robust pet products portfolio.

“Natural Balance was created nearly 25 years ago to give pet parents the best super-premium pet food on the market,” said Joey Herrick, president and founder, Natural Balance Pet Foods®, Inc. “After careful consideration, we believe we’ve found the perfect partner to help the business grow for the next 25 years. Not only does Del Monte care about pets as much as we do, they have a complementary culture and set of values, their respected brands are found in eight out of ten U.S. households and they have been a trusted name for healthy, quality consumer food for more than 100 years. Natural Balance looks forward to working hand-in-hand with Del Monte to leverage their strong distribution, supply chain and innovation resources that will help the brand achieve its next level of growth.”

“Natural Balance will continue to offer pet parents super-premium, high quality formulas that they have come to know and expect, and we look forward to continuing to nurture our valued relationships with our customers and other partners,” continued Herrick.

“Del Monte Foods is proud to welcome Natural Balance® into the Del Monte family of brands,” said Dave West, CEO, Del Monte Foods. “Natural Balance is well-positioned in the super-premium pet specialty channel and Del Monte looks forward to supporting and further strengthening that position, while honoring the brand’s esteemed culture and history.”

Continued West, “This merger is consistent with our long-term strategy for Del Monte to further strengthen our pet food and snacks brand portfolio and accelerate growth by expanding in the pet specialty channel. This offers us exciting prospects for continued growth, particularly in terms of strengthening our reach to independent pet retailers.”

The merger includes the equity interest held by private equity firm VMG Partners. “We are very proud to have worked side by side with Joey and the Natural Balance team in building one of the strongest brands in the pet specialty channel. We are excited about passing the baton to Del Monte Foods, who we believe will continue to grow and strengthen the Natural Balance brand,” said David Baram, VMG Managing Director.

Natural Balance Pet Foods®, Inc. was founded in 1989 by Dick Van Patten and Joey Herrick. Today, the brand includes both dog and cat formulas and spans wet food, dry food and treats. Natural Balance is headquartered in Pacoima, CA.

The purchase price and financial terms are not disclosed. The merger includes all Natural Balance® brands, products and other trademarks. The companies anticipate the merger will close in mid-June, subject to customary closing conditions and regulatory clearances.

About Dick Van Patten’s Natural Balance Pet Foods®
Natural Balance® Pet Foods, created in 1989 by Dick Van Patten and Joey Herrick, is a leading premium pet food brand, offering more than 225 dog and cat products. Natural Balance products include Original Ultra® Ultra Premium Pet Foods, L.I.D. Limited Ingredient Diets® Formulas, ALPHA® Grain-Free Formulas, Delectable Delights™ Stews for dogs and cats and many more.

About Del Monte Foods
Del Monte Foods is one of the country’s largest producers, distributors and marketers of premium quality, branded pet products and food products for the U.S. retail market, generating approximately $3.7 billion in net sales in fiscal 2012. With a powerful portfolio of brands, Del Monte products are found in eight out of ten U.S. households. Pet food and pet snacks brands include Meow Mix®, Kibbles ‘n Bits®, Milk-Bone®, 9Lives®, Pup-Peroni®, Gravy Train®, Nature’s Recipe®, Canine Carry Outs®, Milo’s Kitchen® and other brand names. Food product brands include Del Monte®, Contadina®, S&W®, College Inn® and other brand names. The Company also produces and distributes private label pet products and food products.

CONTACTS:

Chrissy Trampedach, Del Monte Foods, (415) 247-3420, media.relations@delmonte.com
Joanna DiNizio, Coyne PR for Del Monte Foods, (973) 588-2000, jdinizio@coynepr.com
Rob Bailey, RBCPR for Natural Balance Pet Foods, Inc., 201-760-0200 ext. 101, rbailey@rbcpr.com

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European lower mid-market private debt manager Beechbrook Capital has raised 67 million euros ($86 million) at the first close of its latest fund, Beechbrook Mezzanine II. With pledges of a further 25 million euros for additional closes later in the year, Beechbrook is well on course for its target fund size of 100 million euros to 120 million euros.

PRESS RELEASE

Beechbrook Capital, one of Northern Europe’s most active lower mid-market private debt managers, has raised €67 million at the first close of its latest fund, Beechbrook Mezzanine II. With pledges of a further €25 million for additional closes later in the year, Beechbrook is well on course for its target fund size of €100 million to €120 million.

Beechbrook Mezzanine II has been backed by six institutional investors, including the European Investment Fund and the UK Department of Business, Innovation and Skills (in conjunction with the Business Finance Partnership scheme), both of which are responding to the continuing dearth of funding available to lower mid-market companies from banks and mainstream institutional lenders.

The scarcity of traditional finance is reflected in the excellent deal flow being seen by Beechbrook. The firm specialises in supporting smaller and medium-sized private companies with an enterprise value of €10 million to €100 million across a range of industries in the UK and Northern Europe. Its strong team of investment professionals, led by Nick Fenn and Paul Shea, has already identified a promising pipeline of investment opportunities. They expect to make several investments before the end of 2013.

Beechbrook’s first fund, which raised around €100 million, is fully invested in a portfolio comprising 16 companies across its four target regions: the UK and Ireland, the Nordics, Benelux and the German-speaking countries.
ENDS

For further information, please contact: Nick Fenn, Beechbrook Capital,
020 3551 5970
nick.fenn@beechbrookcapital.com

Caroline Cecil, Caroline Cecil Associates,
020 7610 4110
ccecil@carolinececil.co.uk

Note to editors
Beechbrook Capital, a specialist fund manager founded in 2008, actively lends to and invests in SMEs across a range of industries in the UK and Northern Europe. Beechbrook supports companies with a typical enterprise value of £10 million to £100 million, investing an average of £4 million to £7 million per transaction. The mezzanine finance Beechbrook provides often fills a funding gap between equity and bank debt faced by SMEs as banks focus on big corporate and capital market activities. Beechbrook is backed by institutional investors drawn to the attractive risk-adjusted, circa double digit returns it provides.

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BDCA Adviser has hired a team of lower middle market executives: Lloyd Sams, Scott Chappell, and Damien Dovi. The three execs previously worked at BIA Digital Partners. BDCA, which is backed by American Realty Capital, focuses on middle market investment opportunities in a variety of industries.

PRESS RELEASE

NEW YORK, May 20, 2013 /PRNewswire/ — BDCA Adviser LLC, an SEC-registered investment adviser that manages Business Development Corporation of America, a non-traded business development company, has hired a team of veteran lower middle market investors to launch its lower middle market investing activities. Lloyd Sams , Scott Chappell , and Damien Dovi joined the firm in May to spearhead this initiative.
BDCA Adviser focuses on both sponsored and non-sponsored middle market investment opportunities in a variety of industries. This new team has significant experience providing both senior and junior capital to small and medium-sized businesses seeking funding for acquisitions, refinancings, or organic growth.
“Lloyd, Scott and Damien bring tremendous experience to BDCA’s platform as we continue to increase our participation in direct-to-company, lower middle market financings,” comments Bob Grunewald , Chief Investment Officer at BDCA Adviser. “In addition to attractive senior secured financing opportunities in the lower middle market, they also will expand our product offering into higher-yielding, junior capital solutions.”
Sams, Chappell and Dovi have worked together for the past 11 years at BIA Digital Partners, a set of private mezzanine funds focused on the business services, media and telecom sectors. Both funds are Small Business Investment Companies (SBICs) and serve the lower middle market, generally defined as companies with between $3 million and $20 million of EBITDA and $30 million to $150 million of total enterprise value. They will pursue a similar strategy at BDCA and can deliver senior solutions as well as unitranche, subordinated debt and structured equity.
Managing Directors, Sams and Chappell, previously worked at First Union National Bank (now Wells Fargo). Sams managed the Communications and Media Finance Group, the largest specialized lending division at the bank, for seven years. Previously he was a team leader and banker at The First National Bank of Chicago (now JP Morgan). Sams was a co-founder of BIA Digital Partners in 1999. Chappell was a banker in the Private Placements and High Yield Groups within First Union Capital Markets for six years. He later joined Thomas Weisel Partners (now Stifel Nicholas) as an investment banker before joining BIA Digital Partners in 2001. Dovi, a Director at BDCA, was hired by BIA Digital Partners in 2002 after three years in the Sports and Entertainment Group at Bank of America. He moved from an underwriting role into an origination role at BIA Digital Partners in 2010.
“When combined with our recently-hired Middle Market team of Joe Taylor , Jim Fisher and Doug Lyons , this Lower Middle Market Team gives BDCA Adviser full coverage of U.S. businesses that have been starved for growth capital since the financial crisis of 2008 and 2009. We believe BDCA can deliver flexible, cost-effective capital to the entire middle market through this expanded team,” states Pete Budko , Chief Executive Officer of BDCA Adviser.
BDCA Adviser is owned by American Realty Capital, a full-service investment advisory firm sponsoring a series of investment programs with an emphasis on publicly registered non-traded real estate offerings.

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Seaport Capital said Wednesday it completed the sale of MCV Broadband to NTT DOCOMO for an enterprise value of about $130 million. MCV is a cable and internet provider on Guam.

PRESS RELEASE

NEW YORK, NY–(Marketwired – May 22, 2013) – Seaport Capital, a private equity firm focused on investments in the communications, information technology, and business services sectors, announced today that it has completed the sale of MCV Broadband, the leading triple-play cable television, internet, and telephone provider on Guam, to NTT DOCOMO, INC., a Japan-based global operator of wireless communications networks, for an enterprise value of approximately $130 million USD.
Since the company’s acquisition by Seaport Capital in 2005, MCV has upgraded its network and programming distribution capabilities, and expanded its product offering from analog video to a fully-digitized triple-play solution. Over the last two years, MCV has further expanded its telephone, Internet, and video services to the commercial market on Guam.
The combined company will have the capability to offer a fully-integrated quadruple-play video, internet, home telephone, and mobile telephone solution leveraging the combined network infrastructure of MCV and NTT DOCOMO’s wholly-owned Guam subsidiary, DOCOMO Pacific.
“We are very excited about the combination of MCV with DOCOMO,” said MCV’s Craig Thompson. “We are proud of all that we’ve accomplished over the last 8 years with Seaport Capital, and very much appreciate their support and investment.”
“We appreciate the efforts of Craig Thompson and his team at MCV over the past 8 years,” said Bill Luby, partner at Seaport Capital. “We are proud of MCV’s reputation as the premier communications provider on Guam and consider it a testament to the team’s commitment to customer service. The DOCOMO-MCV combination will create a dynamic company that will deliver even greater customer satisfaction in the years ahead, and we wish the company continued success.”
Waller Capital Partners served as exclusive advisor to Seaport Capital and MCV on the transaction. Kramer Levin Naftalis & Frankel LLP served as legal counsel to Seaport Capital and MCV.
About Seaport Capital
Founded in 1997, Seaport Capital provides capital to middle market companies in the communications, information and business services sectors. Seaport works with talented management teams to create valuable companies that are leaders in their market segments. Seaport’s extensive investing experience enables it to develop winning strategies; its relationship and resources help achieve them. The firm seeks to invest $5 to $25 million of equity capital in each portfolio company. For additional information, visit www.seaportcapital.com.
About MCV Broadband
MCV Broadband is the leading cable and internet provider on Guam, offering cable television, internet and home telephone to residential and commercial customers. MCV was the first to bring “real-time” digital cable to Guam along with being the first ISP registered in the Marianas. The company provides service to over 30,000 subscribers and employs over 200 island residents. For additional information, visit http://www.mcvguam.com/.

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American Capital Energy & Infrastructure said Wednesday that Lisa Pinsley and Pol Mijares have joined. Pinsley will be director of Africa investments while Mijares will be a senior associate. American Capital Energy & Infrastructure also said that Peter Bird and Venu Nambiar were named senior advisors. Most recently, Pinsley was a VP of AES Africa Power Company, while Mijares worked at The AES Corporation in business development. American Capital Energy & Infrastructure is part of American Capital.

PRESS RELEASE

ANNAPOLIS, Md., May 22, 2013 /PRNewswire/ — American Capital Energy & Infrastructure announced today that is has expanded its global investment team with two new members: Lisa Pinsley , Director of Africa Investments and Pol Mijares, Senior Associate. The company also appointed Peter Bird and Venu Nambiar as Senior Advisors. The team will focus on sourcing investments opportunities in global energy infrastructure assets as well as product and service companies in the power and energy sectors.
“We are delighted that Lisa, Pol, Peter and Venu, all experienced industry professionals, are joining the investment team,” said Paul Hanrahan , Chief Executive Officer of American Capital Energy & Infrastructure. “Their combined experience in investing, managing and advising in the energy and infrastructure sectors, as well as their established relationships worldwide, will enable us to navigate the global energy and infrastructure market and find the best investment opportunities.”
Investment Team
Lisa Pinsley is responsible for sourcing opportunities in sub-Saharan Africa. Prior to joining American Capital Energy & Infrastructure, Ms. Pinsley served as a Vice President of AES Africa Power Company, where she focused on power and energy infrastructure opportunities on the African continent. Ms. Pinsley has 15 years of experience in emerging markets and finance. In addition, she served as Chief of Staff to the Afghan Minister of Finance focusing on the country’s economic reform programs with the International Monetary Fund and World Bank.
Prior to joining American Capital Energy & Infrastructure, Pol Mijares worked at The AES Corporation (“AES”) in a number of roles in business development, commodities, and risk management supporting businesses located throughout the United States, Europe, Asia, and Latin America. Prior to AES, Mr. Mijares was an investment banker at Bear Stearns & Co. and Banc of America Securities, LLC where he focused on executing buy-side and sell-side M&A engagements, as well as structuring high-yield and investment grade debt financings for public and closely held companies.
Senior Advisors
Peter Bird advises American Capital Energy & Infrastructure on sourcing opportunities in Asia. Until June 2012, Mr. Bird served as an Executive Vice-Chairman of Rothschild’s South East Asian global financial advisory business. In this role, Mr. Bird’s experience included advising leading corporations on acquisitions and divestitures in the infrastructure sector; advising numerous governments on privatizations in both developed and emerging economies; advising borrowers on project finance, acquisition financing, refinancing, insolvency and debt restructuring; advising utilities and public sector bodies on competitive solicitations and tender design; and advising governments on energy industry restructuring in the U.K., Europe, Australia, South America and Asia. Prior to joining Rothschild in 1990, Mr. Bird worked as an economic consultant and economic researcher focused on the energy sector and as an academic economist at the University of Stirling.
Mr. Bird serves on the board of InfraCo Asia Development Pte., Ltd., a donor-funded infrastructure development company focused on low-income emerging markets in Asia, and Vector, Ltd., a listed infrastructure group that owns and manages a portfolio of energy and fiber optic infrastructure networks in New Zealand.
Venu Nambiar advises American Capital Energy & Infrastructure on sourcing opportunities in the Middle East, North Africa, and South Asia. Prior to joining the company, Mr. Nambiar served as a Vice President of AES with primary regional responsibilities for the Middle East, North Africa and South Asia. During his tenure at AES, Mr. Nambiar held various senior positions including serving as the CEO of AES Oasis Limited, Chairman and Managing Director of AES India, and Managing Director for Business Development and M&A in Asia and Middle East. Mr. Nambiar has over 21 years of experience in the energy industry with 15 years dedicated to investing and managing growth in emerging markets.
American Capital Energy & Infrastructure is part of American Capital, Ltd.’s (Nasdaq: ACAS) (“American Capital”) asset management affiliate, American Capital Asset Management, LLC. American Capital Asset Management is dedicated to creating, capitalizing and managing alternative investment funds across asset classes, including energy and infrastructure, real estate, private equity and private finance. American Capital has committed $200 million to support American Capital Energy & Infrastructure initiatives.
ABOUT AMERICAN CAPITAL ENERGY & INFRASTRUCTURE
American Capital Energy & Infrastructure invests in global energy infrastructure assets, including power generation facilities, power distribution and transmission networks, energy transportation assets, fuel production opportunities and product and service companies focused on the power and energy sectors. For further information, please refer to www.ACEI.com.
ABOUT AMERICAN CAPITAL
American Capital, Ltd. (Nasdaq: ACAS) is a publicly traded private equity firm and global asset manager. American Capital, both directly and through its asset management business, originates, underwrites and manages investments in middle market private equity, leveraged finance, real estate and structured products. American Capital manages $21.2 billion of assets, including assets on its balance sheet and fee earning assets under management by affiliated managers, with $112 billion of total assets under management (including levered assets). Through an affiliate, American Capital manages publicly traded American Capital Agency Corp. (Nasdaq: AGNC) with approximately a $13 billion market capitalization and American Capital Mortgage Investment Corp. (Nasdaq: MTGE) with approximately a $1.5 billion market capitalization. From its eight offices in the U.S. and Europe, American Capital and its affiliate, European Capital, will consider investment opportunities from $10 million to $750 million. For further information, please refer to www.AmericanCapital.com.

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MassChallenge said it selected 128 startups for its 2013 MassChallenge Accelerator Program. The companies come from eighteen states and 11 locations abroad. The four-month accelerator program begins in June.

PRESS RELEASE

MassChallenge Unveils 128 Global Finalist Startups Entering 2013 Accelerator

Boston Community Rallies Around Global Innovators in Show of Massive Engagement

BOSTON, May 22, 2013 /PRNewswire-USNewswire/ – Today, MassChallenge unveiled 128 Global Finalists for the 2013 MassChallenge Accelerator Program at its finalist announcement event. The 2013 class was selected over a six-week evaluation process led by hundreds of industry professionals in the Boston community and dozens in Israel. In June, the finalist companies will convene in Boston to engage in the four-month accelerator program. The 2013 season is poised to draw the most community engagement to date.

“Based on feedback from the judges, this will be the highest-quality MassChallenge finalist pool yet,” said MassChallenge Founder and President Akhil Nigam. “Very high-potential startups from around the world are choosing to join MassChallenge to participate in the uniquely collaborative and engaged Boston startup community.”

MassChallenge increased its class size from 125 to 128 this year as a tribute to Route 128, underscoring the continued innovation renaissance in Boston. The 128 startups hail from eighteen U.S. states and eleven international locations.

“These 128 remarkable startups show the economic vitality of the Innovation District and this city,” says Honorable Thomas Menino, Mayor of Boston. “We welcome these bold thinkers and the creative energy they bring to the strong Boston Community.”

During the rigorous selection process, over 300 globally renowned experts volunteered their time as MassChallenge judges to evaluate ~1,200 applicant companies from 40 countries and 30 states. These judges provided 500,000 words of written feedback during an estimated 3,000 judge-hours of evaluation.

Many key partners from the MassChallenge community attended the announcement event, which highlighted the most engaged partners from the community who helped source applications and secure key resources for the program.

MassChallenge also introduced two new funders, Pfizer and the Richard and Susan Smith Family Foundation, who will join the notable assembly of existing sponsors, including Fidelity Investments, Verizon, The Deshpande Foundation, and Fan Pier.

“Like Pfizer, MassChallenge is a global organization with a mission focused on driving innovation,” says Pfizer Vice President of Worldwide Innovation Wendy Mayer. “We are proud to continue a long tradition of innovation and eager to leverage our resources to support high-impact entrepreneurs alongside our new accelerator partner.”

An abundance of high-profile speakers and mentors engage with MassChallenge finalists throughout the four-month program, including Robert Kraft, Colin Angle, Linda Henry, Dharmesh Shah, Diane Hessan, and many more. The program culminates on October 30 at the MassChallenge Awards Ceremony where winners will be awarded over $1 million in cash prizes.
Links: 
Full Global Finalist List & PDF: http://masschallenge.org/startups/2013

About

MassChallenge is the largest-ever startup accelerator, and the first to support high-impact, early-stage entrepreneurs with no strings attached. Over $1 million in cash prizes is awarded to winning startups, with zero equity taken. Additional benefits for startups include world-class mentorship and training, free office space, access to funding, legal advice, media and over $15 million of in-kind support.

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