Kahala Brands, a quick-service restaurant franchising business, has bought the Planet Smoothie and Tasti D‑Lite brands based in Brentwood, Tennessee. The financial terms of the deal were not disclosed. Kahala said the acquisitions strengthen its leadership position in the healthy treats segment. It said it will consolidate operations and run the franchising platform for both brands from the company's headquarters in Scottsdale, Arizona. Kahala is a portfolio investment of Canadian private equity firm Serruya Private Equity, which invests on behalf of the Serruya family. It is also backed by the Delavaco Group.
Revolights has received $1 million of Series A funding in a round co-led by Sierra Angels and Sacramento Angels. The business is a maker of revolutionary bike lights.
Christopher Fraser has joined Advent International’s operating partner program. He will advise the private equity firm on deals in the industrial sector, with a focus on chemicals and materials. Fraser worked previously as chief executive of Chemical Lime, a leading producer of inorganic chemicals. He has also worked as president and CEO of OCI Chemical, a producer of carbonates.
Malaysia’s Multi-Purpose Holdings has offered to buy Magnum Corp. from the Hong Kong arm of private equity firm CVC Capital Partners, Reuters reported. CVC owns a 47% stake in Magnum. CIMB and Newfields are joint advisers for the deal, Reuters said.
Industrial Opportunity Partners of Evanston, Ill., completed a strategic acquisition for its platform company FAS Controls Inc. The maker of pressure switches, valves, circuit breakers and other products bought Honeywell International Inc.’s lighting and heavy-duty electromechanical flasher business.
3i Group PLC’s Trescal portfolio company plans to acquire Dynamic Technology Inc., a Detroit, Mich.-based company that offers calibration and repair services of test and measuring equipment. The deal allows Trescal to enter the U.S. market. Trescal provides calibration services.
Activist investor Starboard Value LP said in a regulatory filing on Friday that it planned to vote in favor of the $4.7 billion offer for Smithfield Foods Inc by China's Shuanghui International, saying it has not been able to line up an alternative proposal ahead of a meeting next week, Reuters reported.
Beer maker Foster's Group rejected a $10.1 billion cash takeover offer from SABMiller – saying the bid was too low, Reuters reported. Investors predict, however, that the Australian brewer would succumb to a slightly higher offer, Reuters added. Foster’s, which has a 50% market share in Australia, has been the subject of takeover talk since it announced plans last year to spin off its struggling wine operations.
Molson Coors Brewing Co. and Mexico's Grupo Modelo may make a joint bid for Australian brewer Foster’s Group, according to a report from Reuters. Bank of America and Deutsche Bank are reportedly helping Molson and Modelo devise financing for a possible offer. Foster’s has been the subject of buyout speculation since it revealed plans to spin-off its struggling wine business last year.
Australian brewing company Foster’s Group will vote April 29 on the proposed spin-off of its wine unit – a business with net assets of about $2.8 billion, Reuters said. The beer and wine businesses are both expected to attract private equity firms as well as trade buyers, Reuters said. Foster’s turned away buyout shop Cerberus Capital last September, when it offered $2.5 billion for the wine business.