Latest news with #Amy-JoCrowley
Yahoo
7 days ago
- Business
- Yahoo
Reckitt eyes new options to advance Air Wick unit sale, sources say
By Amy-Jo Crowley and Richa Naidu LONDON (Reuters) -Britain's Reckitt is considering new options to advance a sale of its Essential Home business, home to Air Wick fresheners and Cillit Bang cleaners, after bids came in below expectations, two people with knowledge of the process said. The company still plans to pursue a sale, the people said, who spoke on condition of anonymity because the talks are private. Private equity firm Advent remains in talks for the assets, one of the people and a third person said. Reckitt, which also makes Mucinex cold medication and Durex condoms, said in July it was looking to offload a portfolio of homecare brands by the end of 2025. The proposed sale comes at a challenging time for businesses with factories around the world as they navigate U.S. President Donald Trump's tariffs, which are roiling supply chains, boosting costs and dampening shopper sentiment. Reckitt could keep a stake in the business or structure a sale another way to bridge a gap in valuations, one of the people said, adding that some of the bids came in below its hopes of over 4 billion pounds ($5.4 billion). Reuters could not determine if other bidders remained in the process. Reckitt and Advent declined to comment. Bankers and CEOs have hit the brakes on mergers and acquisitions since Trump launched his trade war, with fewer deals getting signed than during the bleakest days of the COVID-19 pandemic and the 2008-2009 global financial crisis. Reckitt said in April that it was "continuing to progress" the sale of the Essential Home business but that market conditions might affect the time frame. Consumer staples companies are considered relatively resilient to economic downturns, but big brands like Reckitt, P&G and Unilever increasingly face competition from cheaper private label brands that gained popularity during the pandemic. Reckitt's Essential Home business has struggled for several quarters, with sales falling 7% in the first quarter of this year to 482 million pounds, about 13% of total revenue for the quarter. Reckitt has been undergoing a turnaround under CEO Kris Licht, who has sought to reassure shareholders concerned about the strength of the company's brands in North America and Europe, where consumer confidence has been dwindling. ($1 = 0.7397 pounds) Sign in to access your portfolio
Yahoo
7 days ago
- Business
- Yahoo
Reckitt eyes new options to advance Air Wick unit sale, sources say
By Amy-Jo Crowley and Richa Naidu LONDON (Reuters) -Britain's Reckitt is considering new options to advance a sale of its Essential Home business, home to Air Wick fresheners and Cillit Bang cleaners, after bids came in below expectations, two people with knowledge of the process said. The company still plans to pursue a sale, the people said, who spoke on condition of anonymity because the talks are private. Private equity firm Advent remains in talks for the assets, one of the people and a third person said. Reckitt, which also makes Mucinex cold medication and Durex condoms, said in July it was looking to offload a portfolio of homecare brands by the end of 2025. The proposed sale comes at a challenging time for businesses with factories around the world as they navigate U.S. President Donald Trump's tariffs, which are roiling supply chains, boosting costs and dampening shopper sentiment. Reckitt could keep a stake in the business or structure a sale another way to bridge a gap in valuations, one of the people said, adding that some of the bids came in below its hopes of over 4 billion pounds ($5.4 billion). Reuters could not determine if other bidders remained in the process. Reckitt and Advent declined to comment. Bankers and CEOs have hit the brakes on mergers and acquisitions since Trump launched his trade war, with fewer deals getting signed than during the bleakest days of the COVID-19 pandemic and the 2008-2009 global financial crisis. Reckitt said in April that it was "continuing to progress" the sale of the Essential Home business but that market conditions might affect the time frame. Consumer staples companies are considered relatively resilient to economic downturns, but big brands like Reckitt, P&G and Unilever increasingly face competition from cheaper private label brands that gained popularity during the pandemic. Reckitt's Essential Home business has struggled for several quarters, with sales falling 7% in the first quarter of this year to 482 million pounds, about 13% of total revenue for the quarter. Reckitt has been undergoing a turnaround under CEO Kris Licht, who has sought to reassure shareholders concerned about the strength of the company's brands in North America and Europe, where consumer confidence has been dwindling. ($1 = 0.7397 pounds)
Yahoo
20-05-2025
- Business
- Yahoo
Blackstone launches Clarion sale as markets stabilise, sources say
By Amy-Jo Crowley and Emma-Victoria Farr LONDON/FRANKFURT (Reuters) -Blackstone has kicked off the sale of Clarion Events, four people familiar with the matter said, in a test of demand for takeovers after weeks of market turmoil stymied dealmaking. Blackstone bought Clarion, which runs international trade shows in electronics, gaming, energy, security and defence, in 2017 for 600 million pounds ($802 million) and supported it through the COVID pandemic, when the events industry came to a sudden halt, hammering the company's revenue and earnings. The U.S.-based private equity fund distributed information memoranda earlier this month and has drawn interest from funds including CVC, KKR, PAI Partners and Ardian, the four people said, speaking on condition of anonymity. Asian private equity firm Hillhouse Investment is also interested in Clarion, which hosts trade shows in China via its Global Sources business, one of the people said. Clarion could fetch around 12 times earnings before interest, tax, depreciation and amortisation, that person said, potentially valuing the company around 2 billion pounds. Reuters reported last year that Blackstone had started exploring options for the business. Spokespeople for Blackstone, KKR, Hillhouse, CVC, PAI Partners and Ardian declined to comment. Clarion did not immediately return requests for comment. The business would be one of the biggest private equity assets to come to market after weeks of volatility triggered by U.S. President Donald Trump's tariff policies, which led to the biggest decline in dealmaking globally for 20 years. Blackstone has been waiting for clarity on the economic outlook and the impact of Trump's tariffs before launching the process, the people said. Clarion has been managing its cost base and cashflows and monitoring economic pressures, it said in a review of the first half of its 2024-2025 financial year, adding that cashflows were outperforming budget. There is no guarantee that a deal will emerge, the people said. Investor sentiment has picked up in recent weeks after the U.S. and China agreed to temporarily slash tariffs. Share benchmarks in Europe and the U.S. have recovered from their tumbles after Trump's April 2 tariff announcement. Prada's $1.38 billion purchase of smaller rival Versace from Capri Holdings, DoorDash's $3.6 billion offer for Deliveroo, and KKR's $3.1 billion deal for post-trade services business OSTTRA are among deals that have reached the finish line. Clarion, which organises the London International Horse Show among other events, saw revenue jump to 432.9 million pounds in the 12 months through January 2024 from 257 million pounds a year earlier, as the industry returned to normal in China and Hong Kong, according to its most recent results. ($1 = 0.7484 pounds) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20-05-2025
- Business
- Yahoo
Blackstone launches Clarion sale as markets stabilise, sources say
By Amy-Jo Crowley and Emma-Victoria Farr LONDON/FRANKFURT (Reuters) -Blackstone has kicked off the sale of Clarion Events, four people familiar with the matter said, in a test of demand for takeovers after weeks of market turmoil stymied dealmaking. Blackstone bought Clarion, which runs international trade shows in electronics, gaming, energy, security and defence, in 2017 for 600 million pounds ($802 million) and supported it through the COVID pandemic, when the events industry came to a sudden halt, hammering the company's revenue and earnings. The U.S.-based private equity fund distributed information memoranda earlier this month and has drawn interest from funds including CVC, KKR, PAI Partners and Ardian, the four people said, speaking on condition of anonymity. Asian private equity firm Hillhouse Investment is also interested in Clarion, which hosts trade shows in China via its Global Sources business, one of the people said. Clarion could fetch around 12 times earnings before interest, tax, depreciation and amortisation, that person said, potentially valuing the company around 2 billion pounds. Reuters reported last year that Blackstone had started exploring options for the business. Spokespeople for Blackstone, KKR, Hillhouse, CVC, PAI Partners and Ardian declined to comment. Clarion did not immediately return requests for comment. The business would be one of the biggest private equity assets to come to market after weeks of volatility triggered by U.S. President Donald Trump's tariff policies, which led to the biggest decline in dealmaking globally for 20 years. Blackstone has been waiting for clarity on the economic outlook and the impact of Trump's tariffs before launching the process, the people said. Clarion has been managing its cost base and cashflows and monitoring economic pressures, it said in a review of the first half of its 2024-2025 financial year, adding that cashflows were outperforming budget. There is no guarantee that a deal will emerge, the people said. Investor sentiment has picked up in recent weeks after the U.S. and China agreed to temporarily slash tariffs. Share benchmarks in Europe and the U.S. have recovered from their tumbles after Trump's April 2 tariff announcement. Prada's $1.38 billion purchase of smaller rival Versace from Capri Holdings, DoorDash's $3.6 billion offer for Deliveroo, and KKR's $3.1 billion deal for post-trade services business OSTTRA are among deals that have reached the finish line. Clarion, which organises the London International Horse Show among other events, saw revenue jump to 432.9 million pounds in the 12 months through January 2024 from 257 million pounds a year earlier, as the industry returned to normal in China and Hong Kong, according to its most recent results. ($1 = 0.7484 pounds) Sign in to access your portfolio
Yahoo
20-05-2025
- Business
- Yahoo
Blackstone launches Clarion sale as markets stabilise, sources say
By Amy-Jo Crowley and Emma-Victoria Farr LONDON/FRANKFURT (Reuters) -Blackstone has kicked off the sale of Clarion Events, four people familiar with the matter said, in a test of demand for takeovers after weeks of market turmoil stymied dealmaking. Blackstone bought Clarion, which runs international trade shows in electronics, gaming, energy, security and defence, in 2017 for 600 million pounds ($802 million) and supported it through the COVID pandemic, when the events industry came to a sudden halt, hammering the company's revenue and earnings. The U.S.-based private equity fund distributed information memoranda earlier this month and has drawn interest from funds including CVC, KKR, PAI Partners and Ardian, the four people said, speaking on condition of anonymity. Asian private equity firm Hillhouse Investment is also interested in Clarion, which hosts trade shows in China via its Global Sources business, one of the people said. Clarion could fetch around 12 times earnings before interest, tax, depreciation and amortisation, that person said, potentially valuing the company around 2 billion pounds. Reuters reported last year that Blackstone had started exploring options for the business. Spokespeople for Blackstone, KKR, Hillhouse, CVC, PAI Partners and Ardian declined to comment. Clarion did not immediately return requests for comment. The business would be one of the biggest private equity assets to come to market after weeks of volatility triggered by U.S. President Donald Trump's tariff policies, which led to the biggest decline in dealmaking globally for 20 years. Blackstone has been waiting for clarity on the economic outlook and the impact of Trump's tariffs before launching the process, the people said. Clarion has been managing its cost base and cashflows and monitoring economic pressures, it said in a review of the first half of its 2024-2025 financial year, adding that cashflows were outperforming budget. There is no guarantee that a deal will emerge, the people said. Investor sentiment has picked up in recent weeks after the U.S. and China agreed to temporarily slash tariffs. Share benchmarks in Europe and the U.S. have recovered from their tumbles after Trump's April 2 tariff announcement. Prada's $1.38 billion purchase of smaller rival Versace from Capri Holdings, DoorDash's $3.6 billion offer for Deliveroo, and KKR's $3.1 billion deal for post-trade services business OSTTRA are among deals that have reached the finish line. Clarion, which organises the London International Horse Show among other events, saw revenue jump to 432.9 million pounds in the 12 months through January 2024 from 257 million pounds a year earlier, as the industry returned to normal in China and Hong Kong, according to its most recent results. ($1 = 0.7484 pounds)
