Neiman Marcus leaves IPO bankers hanging: Reuters

(Reuters) — Investment bankers put on their best business attire to pitch luxury department store operator Neiman Marcus Group Inc for underwriter roles in an initial public offering. Yet more than a month after their beauty parade, banks are still in the dark. At stake for bankers are not just tens of millions of dollars in underwriting fees, but assignments in what was expected to be one of this year’s biggest and most high-profile IPOs in the United States. “For a marquee name such as Neiman Marcus, it is not just the fees you generated, but the ability to leverage that name. Everybody knows the name Neiman Marcus, whether you shop there or not,” said Timothy Golomb, executive director at Dresner Corporate Services, an investor relations and IPO advisory firm. Neiman Marcus’ delay in handing out roles finds IPO bankers already on the edge, with many of their deals having frozen due to the stock market turmoil that started last month. Among other high-profile IPOs that are waiting in wings are Spanish language broadcaster Univision Holdings Inc and payments processor First Data Corp. While Neiman Marcus has not provided a reason for the holdup to banks, carrying out underwriter interviews without following up with appointments is rare in investmentbanking, according to people familiar with the matter who requested anonymity to discuss the matter. “It’s like getting engaged without getting married,” one banking source said. Neiman Marcus, which also operates under the Bergdorf Goodman and MyTheresa brands, registered with the U.S. Securities and Exchange Commission on Aug. 4 for an IPO, close to two years after private equity firm Ares Management LLC (ARES.N) and Canada Pension Plan Investment Board acquired it for $6 billion. Earlier this month, Neiman Marcus reported that its adjusted earnings before interest, tax, depreciation and amortization were $710.6 million in the 12 months to Aug. 1, slightly up from $698.4 million the year prior.

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Neiman Marcus leaves IPO bankers hanging: Reuters

Apax invests in Ideal Protein

Apax Partners LLP said Friday it has agreed to invest in Ideal Protein. Financial terms weren’t announced. The founders, Dr. Tran Tien Chanh and Olivier Benloulou, will continue to have a significant stake. Ideal Protein, of Gatineau, Quebec, is a weight loss and wellness solutions company. Jefferies LLC advised Ideal Protein while BMO Capital Markets acted as financial advisor to Apax. PRESS RELEASE NEW YORK and GATINEAU, Quebec, Sept. 25, 2015 /PRNewswire/ — Funds advised by Apax Partners LLP (“Apax”), a global private equity firm, today announced that they have entered into a definitive agreement to acquire an interest in Ideal Protein, a proprietary weight loss and wellness solutions company. Terms of the transaction were not disclosed. Ideal Protein has developed a comprehensive protocol that is intended to help individuals successfully achieve and maintain their weight-loss goals. The company has partnered with over 3,000 physician offices, medical clinics, multi-provider practices, chiropractors and pharmacies in the U.S. and Canada who offer and administer the program to dieters. Patients follow a nutritional ketogenic weight loss protocol and receive education and coaching through trained clinic partners. The company was founded in 2004 by Dr. Tran Tien Chanh, a doctor of medicine and nutritional expert, and Olivier Benloulou, an entrepreneur in the food and natural health industries. The founders will continue to have a significant ownership interest in the company following the closing of the transaction. Buddy Gumina, Partner and Co-Head of Healthcare at Apax Partners, said, “Olivier Benloulou and Dr. Tran Tien Chanh have created an industry-leading platform in the weight-management space. Ideal Protein’s unique clinic-partner model has rapidly expanded in the U.S. and Canada, and we look forward to working with the founders and management team to build upon its success and further accelerate growth globally.” “We are thrilled to partner with the Apax Partners team and leverage their vast expertise in healthcare and other sectors,” said Olivier Benloulou, President and CEO of Ideal Protein. “As we continue to expand our clinic partnerships, enter new markets and work to help more individuals achieve their weight-loss goals, Apax’s resources and deep knowledge of healthcare services will be instrumental.” “We founded Ideal Protein with the vision to revolutionize the approach to helping the over 150 million adults who are overweight in today’s market,” said Dr. Tran Tien Chanh, co-founder of Ideal Protein. “Many people have achieved success using our weight loss protocol and we look forward to working with Apax to further enhance our services, brand recognition and market presence to take our business to the next level.” Apax is one of the leading global investors in the healthcare sector, having completed more than 100 investments over the last 30 years across multiple geographies in North America, Europe and Asia. The Apax Healthcare team has deep sector expertise in key fields including healthcare services, devices and products, pharmaceuticals and healthcare IT. Current and past healthcare investments include Acelity, One Call Care Management, Genex and TriZetto Corporation in the U.S.; Capio, Unilabs and Mölnlycke in Europe; and Apollo Hospitals in India. The transaction is subject to customary closing conditions and is expected to close in the coming weeks. Ideal Protein and its Shareholders were advised by Jefferies LLC and PricewaterhouseCoopers Corporate Finance LLC and were represented by McCarthy Tétrault LLP in Canada and by Duane Morris LLP in the United States. Kirkland & Ellis LLP, Epstein Becker & Green P.C. and Blake, Cassels & Graydon LLP represented Apax Partners. BMO Capital Markets acted as financial advisor to Apax. About Ideal Protein Ideal Protein is a proprietary, ketogenic weight loss program that was developed over 20 years ago by physician Dr. Tran Tien Chanh. Ideal Protein’s protocol is based on validated science that is designed for weight loss. Ideal Protein’s program helps maintain vitality while triggering ketosis, a mechanism by which the body burns fat efficiently. This data-driven protocol coupled with turnkey coaching is designed to move dieters toward an ideal weight as well as help them support and maintain their weight. Ideal Protein is now available in thousands of physician, cardiologist and health care practitioners’ offices, pharmacies and weight loss clinics in North America. Ideal Protein also has manufacturing operations in Quebec City, all of which will be included in this transaction. For more information visit our website www.idealprotein.com. About Apax Partners LLP Apax Partners is a leading global private equity advisory firm. It operates globally and has more than 30 years of investing experience. Apax Partners has advised funds that total over €34 billion in aggregate as at 31 March 2015. Funds advised by Apax invest in companies across four global sectors of Healthcare, Consumer, Tech & Telco and Services. These funds provide longterm equity financing to build and strengthen world-class companies. For further information about Apax, please visit www.apax.com. Apax Partners LLP is authorised and regulated by the FCA in the UK and is subject to the FCA’s rules and guidance. Apax Partners’ registered office is 33 Jermyn Street, London, SW1Y 6DN, UK.

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Apax invests in Ideal Protein

Sverica Capital sells MC Sign Company

Sverica Capital Management LLC said Wednesday it sold MC Sign Company to Caltius Capital Management. Financial terms weren’t announced. Mentor, Ohio-based MC provides signage and lighting services to a variety of multi-site industries, including quick serve restaurant, retail, convenience stores, and hospitality. TM Capital advised MC Sign Company and Sverica. PRESS RELEASE NEW YORK–(BUSINESS WIRE)–Sverica Capital Management LLC (“Sverica”), a private equity investment firm, announced today it closed on the sale of MC Sign Company (“MC Sign”) to Caltius Capital Management (“Caltius”). Based in Mentor, OH, MC Sign provides mission critical signage and lighting services to a variety of multi-site industries, including quick serve restaurant, retail, convenience stores, and hospitality. Sverica acquired a majority interest in MC Sign in 2008. Over the course of its investment, Sverica guided the company through robust top line growth, identified & entered high growth adjacent service lines, and completed one add-on acquisition. “We are proud to have been partners with MC Sign and its talented management team,” said Dave Finley, Managing Director at Sverica. MC Sign has grown from a company focused on sign installation and maintenance, to a diversified facilities maintenance organization serving a number of trades including lighting and electrical. Both Sverica and management felt it was an opportune time to explore another financial partner.” “Sverica has been a tremendous partner, said Timothy Eippert, MC Sign’s Chief Executive Officer. Their strategic guidance has been invaluable to our success. The company would not have achieved what it has without Sverica.” “Sverica’s growth-oriented investment model and analytical support has helped MC Sign increase revenue by nearly 65% during their ownership.” TM Capital served as advisor to MC Sign Company and Sverica. About MC Sign Company MC Sign is a leading national sign and lighting company, meeting customers’ needs from new sign design and manufacturing, installation, on-demand service as well as lighting upgrades and retrofits. MC Sign is proactive in its strategic plans by investing time and resources into developing products and services that bring value to its current and potential customers. The company’s experienced project managers and customer services representatives provide cost-effective sign and lighting products and services for some of the largest retail, restaurant, hospitality, and financial companies in the United States and Canada. For more information, visit www.mcsign.com. About Sverica Capital Management Sverica is a leading private equity firm that has raised over $500 million of investment capital across multiple funds. The firm seeks to invest in companies that are or could become leaders in their industries, and works closely with the management of such companies to facilitate their growth. Since 2001, Sverica has maintained a “high touch” operating philosophy of taking an active role in portfolio companies. Sverica devotes significant internal resources to help its management teams develop and execute growth strategies. For more information, visit www.sverica.com. Contacts

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Sverica Capital sells MC Sign Company

Hannover Finanz eyes options for Schlemmer, including sale, say sources: Reuters

(Reuters) German private equity firm Hannover Finanz is exploring options for its cable equipment maker Schlemmer including a potential sale which may value the company at more than 500 million euros ($556 million), two people familiar with the matter said. The Germany-focused buyout group has mandated investment bank Baird to prepare a potential auction of the supplier of cable protection systems for automotive and industrial applications. Hannover Finanz and Schlemmer declined to comment. The potential sale is the latest in a string of deals in the German automotive supplier sector, which has seen Mann + Hummel buying U.S. peer Affinia, Canada’s Magna acquiring Getrag and Mahle taking control of U.S.-based Delphi’s air-conditioning unit. Schlemmer posted earnings before interest and taxes (EBIT) of 27 million euros on sales of 270 million euros in 2014. The group, which has 2,300 employees and is targeting 400 million euros in sales by 2020, is expected to post earnings before interest, taxes, depreciation and amortisation (EBITDA) of about 40 million euros this year, the sources said. Potential strategic or private equity buyers may value Schlemmer at more than 500 million euros if they value the company at a similar earnings multiple as that seen in the recent sale of a peer. In July, U.S. car parts maker Delphi bought British cable equipment maker HellermannTyton for 1.1 billion pounds ($1.7 billion), or 14.7 times its core earnings. Since a 2012 buyout, Hannover Finanz owns 66 percent of Schlemmer, while the founding family Mackprang holds the remaining stake. It has expanded Schlemmer’s product portfolio with a bolt-on acquisition in 2013.

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Hannover Finanz eyes options for Schlemmer, including sale, say sources: Reuters