UK private equity firm Lion Capital eyes takeover of Kurt Geiger: Sky News

(Reuters) — British private equity firm Lion Capital, former owner of high-end footwear designer Jimmy Choo, is considering returning to the upscale footwear market with a takeover of luxury shoe retailer Kurt Geiger, Sky News reported citing people familiar with the matter. Lion Capital, who along with a number of bidders presented initial offers on Monday, is believed to have received financial information about Kurt Geiger and may value the brand at about 250 million pounds ($379.28 million), Sky News said. Earlier this year, Kurt Geiger hired Goldman Sachs (GS.N) to explore a sale of part or all of the business, and even issue an initial public offering. Kurt Geiger was sold to Jones Group in 2011 for $350 million, including debt. However, following pressure from activist hedge fund manager Barington Capital, Jones Group sold itself to U.S. private equity firm Sycamore Partners for $2.2 billion, thereby making Sycamore the owner of Kurt Geiger. Lion Capital and Kurt Geiger could not be reached for comment outside regular UK business hours. Sycamore Partners could not be immediately reached for comment.

Read more from the original source:
UK private equity firm Lion Capital eyes takeover of Kurt Geiger: Sky News

Cision prepares bid for UBM’s PR Newswire: Reuters News

(Reuters) — Cision, a provider of public relations software and intelligence, is working on a bid to acquire press release distributor PR Newswire Association LLC, according to people familiar with the matter. Cision, owned by private equity firm GTCR LLC, is participating in an auction run by British communications and events company UBM Plc (UBM.L), which owns PR Newswire, the people said this week. Cision faces competition for PR Newswire and there is no certainty it will prevail, the people added. The sources asked not to be identified because the deliberations are confidential. Cision and UBM declined to comment, while PR Newswire and GTCR did not respond to requests for comment. Reuters reported earlier this year, based on sources, that UBM was looking to sell PR Newswire for more than $700 million. UBM is looking to sell PR Newswire so it can focus on increasing the company’s market share in trade shows and events. It bought trade show company Advanstar Communication Inc for $972 million last year. Based in Chicago, Cision has several products serving PR professionals and journalists. It owns a service called “Help a Reporter Out,” that matches experts with journalists, and PRWeb, a competing service to PR Newswire. GTCR has been acquiring several companies in the public relations software space recently. Last year it bought Cision and merged it with peer Vocus. It subsequently used Cision to acquire Gorkana Group Ltd, a media intelligence and data insights service provider. PR Newswire had revenue of 195.8 million pounds ($300.6 million) in 2014, accounting for 26 percent of UBM’s total revenue and down 3 percent from 2013. Its adjusted operating profit was 44.8 million pounds, down 1.8 percent.

Read the original post:
Cision prepares bid for UBM’s PR Newswire: Reuters News

BBA Aviation proposes to buy Landmark Aviation for $2.07 billion: Reuters News

(Reuters) — British aircraft services company BBA Aviation Plc (BBA.L) said it proposed to buy U.S. competitor Landmark Aviation [LNDAV.UL] for $2.065 billion, a deal that would make the combined entity the biggest fixed-base operator in the world. The proposed deal would merge BBA Aviation’s Signature Flight Support business, which has the highest number of fixed base operations (FBO) in the United States, with Landmark’s, which has the third highest, in a market that continues to remain highly fragmented. “This is the right time to buy this asset, it’s the right price and we know the business very well,” Chief Executive Simon Pryce said in a media call, terming the acquisition sizeable and relatively low risk. Landmark Aviation, which is owned by private equity firm Carlyle Group LP (CG.O), has been exploring a sale as the corporate jet market is slowly recovering from a downturn sparked by the global financial crisis, helping valuations for companies offering services in the industry. “We remain concerned about the outlook for the business aviation market, and BBA is significantly increasing its exposure to it with this deal,” Liberum analysts said in a note. Pryce, however, shrugged away concerns over tardy growth and said the slow and steady recovery after a few relatively flat years, coupled with a long-term outlook for accelerated growth, looked exciting. Shares in the company fell to a more than two-year low, ranking among the top percentage losers on the FTSE-250 Midcap Index .FTMC on Wednesday. THE DEAL BBA Aviation said it expected the acquisition to add to its earnings in 2017 and the return on invested capital to exceed the weighted average cost of capital in 2018. The acquisition will be funded via new debt facilities and a fully underwritten rights issue of 562,281,811 shares at an issue price of 133 pence per share, raising about 748 million pounds ($1.15 billion), the company said. J.P. Morgan Cazenove, Jefferies International Ltd, Barclays Bank Plc and HSBC Bank Plc are the underwriters for the rights issue. BBA Aviation expects to save $35 million annually in costs by 2017 and sees tax benefits of $240 million. Reuters reported exclusively on Tuesday that BBA Aviation was in talks to acquire Landmark. A peer of Landmark Aviation, Scottsdale, Arizona-based aircraft maintenance services company StandardAero, was sold by Dubai Aerospace Enterprise Ltd to buyout firm Veritas Capital Fund Management LLC in July for $2.1 billion. ($1 = 0.6521 pounds)

Continued here:
BBA Aviation proposes to buy Landmark Aviation for $2.07 billion: Reuters News