Latest news with #ManhattanBeach-based
Los Angeles Times
7 days ago
- Business
- Los Angeles Times
Manhattan Beach Private Equity Firm Acquired Copenhagen Cement Firm
Pacific Avenue Capital Partners, a Manhattan Beach-based private equity firm focused on corporate carve-outs and other complex transactions in the middle market, announced the acquisition of FLSmidth Cement from FLSmidth & Co. A/S. through an affiliate in a deal valued at approximately $170 million. FLSmidth Cement is a solutions provider for the cement production industry, focused on providing aftermarket parts and services as well as new and replacement equipment to cement plants around the globe. The company is headquartered in Copenhagen, Denmark and has manufacturing locations in North America, Europe and Asia. 'We are honored to be the trusted partner for FLSmidth Cement on this highly complex transaction. We strive to be the buyer of choice for corporate sellers, with the ability to seamlessly complete cross-border transactions,' said Chris Sznewajs, managing partner of Pacific Avenue, in a statement. FLSmidth Cement's offerings and expertise span the cement value chain from entry to exit of the production plant. Specifically, it offers a wide array of production equipment and software, including crushers, mills, kilns, feeders, loading systems, pneumatic conveyers and automation controls. J.P. Morgan served as the M&A advisor, McDermott Will & Emery served as the legal advisor, and KPMG provided accounting and tax services to Pacific Avenue Capital Management. The transaction is expected to close during the second half of 2025, subject to customary closing conditions and regulatory approval. Information for this article was sourced from Pacific Avenue Capital Partners.
Yahoo
05-05-2025
- Business
- Yahoo
Southern California footwear giant acquired for $9.4 billion
Manhattan Beach-based Skechers USA announced Monday that it was being acquired by 3G Capital, a global investment firm, in a deal valued at approximately $9.4 billion. The sale will see the iconic footwear company become privately held, with 3G Capital paying $63 per share in cash. Skechers, known primarily for its casual and athletic shoes, was founded by Robert Greenberg in 1992. It has grown to become the third-largest footwear brand in the United States and has over 5,300 stores around the world. Its headquarters will remain in Manhattan Beach at its campus on the 3300 block of Sepulveda Boulevard, the company said. 'Over the last three decades, Skechers has experienced tremendous growth. Our success has been due to our commitment to excellence and innovation across the entire Skechers organization, in-demand comfort-focused product offering, and loyal partners,' Greenberg, who remains CEO, said in a statement. 'With a proven track record, Skechers is entering its next chapter in partnership with the global investment firm 3G Capital.' Greenberg and the rest of the current management team will continue to run the business, the company said. 'We are thrilled to be partnering with Skechers and look forward to working with an entrepreneur of Robert's caliber and the talented Skechers team,' said Alex Behring, co-founder of 3G Capital. 'Skechers is an iconic, founder-led brand with a track record of creativity and innovation. We have immense admiration for the business that this team has built and look forward to supporting the company's next chapter.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
