MidMarketREWIND
November 22, 2010
Everything seemed to move in pairs last week. Centerbridge simultaneously acquired restaurants Rock Bottom and Gordon Biersch, while Gryphon Investors acquired Ann’s House of Nuts and American Importing Company. You also had Code Hennessy facing the second of two restructurings for its infrastructure holdings, Penhall and LVI, and Vertis going through its second bankruptcy in two years.
Steven Rattner finally settled with the SEC, but now faces a lawsuit from the New York attorney general and governor elect Andrew Cuomo. If there’s a bright side to all this, it could be the increased exposure to Chooch. John Sialiano, the star of the movie, is working on three separate projects according to IMDB, including Horrorween, due out next year.
Just as dealflow started to pickup, there were a handful of bankruptcies last week that seemed to reflect some end-of-year housecleaning. Welsh Carson’s Local Insight restructured, while Loehmann’s filed for bankruptcy protection curiously close to Black Friday.
In more positive news, private equity was able to breathe new life into Atkins Nutritionals, as a sale of the company appeared imminent after the FTC cleared a deal between Roark Capital Group and North Castle Partners, which bought the company from lenders roughly three years ago. A sale right around Thanksgiving seems appropriate.
On the personnel front, hirings like Avista’s recruitment of Arthur Zuckerman will probably become more common as the deadline for registration closes in on sponsors. Avista brought Zuckerman in to serve as COO, a role that has already been popping up for the first time a number of shops.
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