Restaurant operator Cosi files for bankruptcy protection
Sept 28 Fast-casual restaurant chain operator Cosi Inc and its units filed for Chapter 11 bankruptcy protection on Wednesday and said it would pursue a sale.
TORONTO, June 4 Canadian private equity firm Fulcrum Capital Partners said on Wednesday it has acquired a majority interest in privately-held Canadian defence and infrastructure firm Weatherhaven Global Resources, a maker of portable shelters.
The two parties did not disclose the terms of the deal, but said Weatherhaven's founding shareholders are stepping back and will assume an advisory role while its current management team, led by CEO Ray Castelli, have reinvested and will continue to lead the firm.
Last year, the Burnaby, British Columbia-based Weatherhaven engaged an M&A firm in the defence and aerospace industry to assist in identifying a financing partner. The company said it received over a dozen competitive bids, but chose Fulcrum due to its Canadian heritage and track record of growing small and medium-sized companies.
Fulcrum said its decision to invest in Weatherhaven was tied to Canada's announcement of a new defence procurement strategy this year. It said Weatherhaven has enjoyed tremendous growth in the last six years, and with new shelter designs, the company is poised to build on this trajectory.
Last month, Fulcrum was one of two winners of the Canada Venture Capital & Private Equity Association (CVCA) deal of the year award for 2014 for its investment in A&B Rail Services Ltd, a rail track construction and maintenance firm.
In 2008, Fulcrum invested C$9.6 million to buy a controlling interest in A&B Rail. It aggressively grew the business along with the A&B Rail management team and in 2013, Fulcrum sold A&B to a private equity investor group led by TorQuest Partners, realizing total cash proceeds of C$137 million.
Fulcrum's larger rival Brookfield Asset Management was the other winner of the CVCA award for its bet on Longview Fibre Paper and Packaging. In 2013, Brookfield sold Longview to KapStone Paper & Packaging Corp and realized proceeds of about $1.1 billion. (Reporting by Euan Rocha; Editing by Sofina Mirza-Reid)
LONDON, Sept 28 At least four private equity funds including BC Partners are in talks to buy a majority stake in Italy's fourth-biggest supermarket chain Esselunga in a deal worth up to 6 billion euros ($6.7 billion), sources familiar with the matter told Reuters.
WASHINGTON, Sept 28 Federal Reserve Chair Janet Yellen was thrust into the election-year boxing ring during a congressional committee hearing on Wednesday, defending the central bank's regulatory role, taking and landing punches on Wells Fargo and other banks considered too big to fail, and addressing accusations of political conflicts of interest.