April 21, 2010 / 8:32 PM / 7 years ago

UPDATE 1-TPG buys American Tire for $1.3 bln

2 Min Read

* Deal has fully committed financing

* Buying company from consortium of private equity

NEW YORK, April 21 (Reuters) - Private equity firm TPG Capital [TPG.UL] is buying American Tire Distributors [AMTDS.UL] in a $1.3 billion deal, the companies said on Wednesday, a sign that buyouts are picking up.

TPG is buying the Charlotte-based company from private equity firms Investcorp, Berkshire Partners and Greenbriar Equity Group.

The deal has fully committed financing, the companies said. It includes equity from TPG and debt financing from Bank of America (BAC.N), Barclays Capital, General Electric Capital, RBC Capital Markets, UBS UBSN.VX and Wells Fargo Capital Finance.

Barclays Capital, RBC Capital Markets and UBS advised TPG. Bank of America Merrill Lynch and Deutsche Bank (DBKGn.DE) advised American Tire.

The number of leveraged buyouts has been increasing as financing becomes more available. TPG, together with the Canada Pension Plan, struck a $4 billion deal in November to buy prescription drug sales provider IMS Health. (Reporting by Megan Davies. Editing by Robert MacMillan)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below