Transactions and Initiatives
On December 18, 2012, the company began divesting its assets in Freedom Group, makers of the AR-15 modern sporting rifle used in the Sandy Hook Elementary School shooting.
On May 31, 2012, Cerberus Capital Management completed the sale of textile company Guilford Mills to Lear Corporation.
On March 8, 2012, an affiliate of Cerberus closed its acquisition of a controlling interest in AT&T Advertising Solutions and AT&T Interactive, which were combined into a new entity YP Holdings LLC. AT&T received approximately $750 million in cash, a $200 million note and a 47-percent equity interest in YP Holdings LLC. David Krantz, former CEO and president of AT&T Interactive, was named CEO of YP.
On January 18, 2012, RG Steel, LLC announced that affiliates of Cerberus committed new capital to the company.
On December 22, 2011, Covis Pharma, a specialty pharmaceutical company owned by affiliates of Cerberus, announced that it had agreed to acquire full commercial rights for Fortaz (ceftazidime), Zinacef (cefuroxime), Lanoxin (digoxin), Parnate (tranylcypromine sulfate), and Zantac Injection (ranitidine hydrochloride) in the United States and Puerto Rico from GlaxoSmithKline.
On October 27, 2011 Cerberus and Chatham Lodging Trust closed their purchase of Innkeepers USA Trust for $1.02 billion. Innkeepers operates hotels, including the Marriott, Hyatt, Hilton, and other brands.
On October 19, 2011 J.P. Morgan Worldwide Securities Services announced that it was selected by Cerberus Capital Management, to provide fund administration and related securities services for Cerberus investment funds.
On October 4, 2011, Cerberus and Garanti Securities announced the formation of a joint initiative to pursue investments in Turkey with an initial commitment of $400 million.
On May 16, 2011, an affiliate of Cerberus agreed to acquire the U.S.-based global billing and payments unit of 3i Infotech Ltd. for $137 million.
On May 16, 2011, Cerberus completed the acquisition of Silverleaf Resorts, for $2.50 in cash per share.
On March 31, 2011, Cerberus acquired a real estate portfolio consisting of 45 Metro Cash & Carry properties in Germany from the three major shareholders of Metro AG.
On March 17, 2011, Cerberus acquired the senior bank debt and completed a debt restructuring of Maxim Office Park, a one million square foot office and logistics complex located between Glasgow and Edinburgh, Scotland.
On November 19, 2010, Cerberus and Drago Capital acquired a real estate portfolio of 97 bank branches from Spain’s fourth largest financial group, Caja Madrid, in a 25-year lease back transaction.
In June 2010, Cerberus agreed to sell Talecris to Spain’s Grifols S.A. The transaction closed on June 1, 2011 at a value of 4.2 billion.
On April 12, 2010 Cerberus acquired the private government services contractor DynCorp International for approximately $1 billion and the assumption of $500 million of debt.
In March 2010, Cerberus agreed to buy New England’s largest community-based health-care system Caritas Christi Health Care for $830 million. Caritas Christi was rebranded Steward Health Care in November 2010.
In March 2010, Cerberus was the lead investor that gained an ownership stake in Panavision as part of a debt restructuring agreement with shareholder MacAndrews & Forbes, the holding company of billionaire Ronald Perelman.
On March 10, 2010, Cerberus entered into a financing deal with GeoEye in which the firm would provide the satellite imagery company funds of up to $215 million.,
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Famous quotes containing the word initiatives:
“It is well known, that the best productions of the best human intellects, are generally regarded by those intellects as mere immature freshman exercises, wholly worthless in themselves, except as initiatives for entering the great University of God after death.”
—Herman Melville (1819–1891)