Ascena Retail Group entered into an asset purchase agreement with Sycamore Partner’s affiliate, Premium Apparel, to sell Ann Taylor, LOFT, Lane Bryant and Lou & Grey brands for $540 million on a cash-free and debt-free basis.
Jacobs is acquiring a 65% stake in PA Consulting and also providing debt financing in the form of a £650 million ($845 million) term loan and a revolving credit facility of up to £100 million ($130 million) to fund future growth.
Hertz entered into a stock and asset purchase agreement to sell substantially all of the assets of its wholly-owned subsidiary, Donlen Corporation, a fleet management and financing provider, to Athene Holding for an anticipated cash payment of $825 million before adjustments.
New York-based private equity firm The Jordan Company agreed to sell Dallas-based Dimora Brands, a provider of branded specialty hardware and home accessories, to Clearlake Capital Group. Baird served as financial advisor to Dimora.
Hunter Street Partners and Five Crowns Credit Partners will increase the total size of their senior secured term loan for TriStruX to $14.25 million. The funds will be used to finance the acquisition of High Point Utilities.
Pathlight Capital is serving as administrative agent on a $180 million senior secured credit facility for Christmas Tree Shops, a brick-and-mortar discount retailer with a focus on seasonal products, to finance the company’s acquisition by Handil Holdings.
According to a survey from Bank Director, the barriers to dealmaking may prove difficult to surmount in today’s environment, with 63% of respondents pointing to concerns about the quality of a potential target’s loan book as a top barrier to an acquisition.
The PNC Financial Services Group and the Spanish financial group, Banco Bilbao Vizcaya Argentaria, signed a definitive agreement for PNC to acquire BBVA USA Bancshares, including its U.S. banking subsidiary, BBVA USA, for a purchase price of $11.6 billion.
Enterprise Financial Services, the holding company of Enterprise Bank & Trust (EB&T), completed its merger with Seacoast Commerce Banc Holdings and the merger of EB&T with Seacoast’s wholly-owned subsidiary, Seacoast Commerce Bank.