A compilation of the most recently announced middle-market deals and other M&A developments, updated continuously throughout the day
Updated 11:25 a.m., Thursday, January 19, 2012
Eastman Kodak Co. has filed for Chapter 11 bankruptcy protection, the 131-year-old film pioneer announced. The Rochester, N.Y.-based company obtained a $950 million, 18-month credit facility from Citigroup to continue operating. It expects the reorganization process to “bolster liquidity in the U.S. and abroad” as well as “monetize non-strategic intellectual property,” something Kodak had been trying to do since July 2011 by selling its digital imaging patents.
Overland Park, Kan.-based NPC International Inc., the largest franchisee of Pizza Hut Inc. in the U.S., agreed to spend $18.8 million in cash on 36 additional Pizza Hut locations. This acquisition will be funded with available cash on hand and borrowings from the company’s $100 million revolving credit facility. The move is the first sign of expansion since Stamford, Conn.-based private equity firm Olympus Partners added NPC to its portfolio in November. NPC owns over 1,153 Pizza Hut restaurants in 28 states—about 19 percent of the franchise.
Seattle-based American Seafoods Group LLC has acquired Good Harbor Fillet LLC, a fish processor and distributor in Gloucester, Mass., for an undisclosed sum. Good Harbor was owned by Creo Capital Partners, which purchased the company out of bankruptcy in 2006 for $8 million. Ignacio Kleimen of Glacier Securities LLC, the New York-based subsidiary of Iceland’s Islandsbanki, advised American Seafoods.
Waltham, Mass.-based Constant Contact Inc. purchased CardStar Inc., a developer of mobile applications that extend the use of coupons for consumers. Terms of the deal were not released. Boston-based CardStar was backed by venture-capital investors, including Amplifier Venture Partners, Acta Wireless and LaunchCapital.
Evenflo Co. Inc., a Miamisburg, Ohio-based producer of baby and child products, has agreed to sell its worldwide feeding business, not including its Ameda breast pump business, to Kimberly-Clark de Mexico SAB de CV. Evenflo, a portfolio company of private equity firm Weston Presidio, tapped Rothschild as its financial adviser, and Ropes & Gray and Jones Day for legal counsel. Financial terms of the deal, announced late Wednesday, Jan. 18, were not released.
Aliso Viejo, Calif.-based Microsemi Corp. has acquired Maxim Integrated Products Inc., a semiconductor manufacturing firm, for an undisclosed sum. Weil Gotshal and Manges represented Sunnyvale, Calif.-based Maxim in the transaction. The Weil team consisted of Craig Adas, Andrew Nelson, Alex Purtill, Karen Ballack and Kwang-chien Ger.
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