Latest news with #ClearlakeCapital
BBC News
2 days ago
- Business
- BBC News
Chelsea defender Samuels-Smith set to join Strasbourg
Chelsea defender Ishe Samuels-Smith has agreed a five-year deal to join 19-year-old is highly regarded at Stamford Bridge and was valued at £6.5m as he moves across to another Todd Boehly and Clearlake Capital-owned club in is the second such permanent deal between the two clubs after midfielder Mathis Amougou moved for a similar are also expected to be three loan deals into Strasbourg from Chelsea, with goalkeeper Mike Penders already having joined as new number Mamadou Sarr and midfielder Kendry Paez are also expected to join a club that qualified for the Conference League by finishing seventh in Ligue move shows the strength of Chelsea's fledgling multiclub model but may also lead to criticism about the club using it in order to remain compliant with financial never made an appearance for Chelsea's first team in his two-year spell after joining in a £4m deal from Everton in 2023.
BBC News
24-07-2025
- Business
- BBC News
Chelsea's raft of signings under Boehly
Chelsea's summer spending shows no signs of relenting, and only Liverpool have splashed more cash than the £200m shelled out by the Club World Cup champions during this transfer they do push ahead and acquire Ajax defender Jorrel Hato and RB Leipzig attacker Xavi Simons as expected, the Dutch duo would be the 49th and 50th signings of the Todd Boehly and Clearlake Capital half of the 48 players purchased so far have been midfielders or American businessman Boehly took control in May 2022, Chelsea have spent almost £1.5bn on players, including more than £100m on both Moises Caicedo and Enzo current squad appears overpopulated in attacking positions, with more than 10 attacking players - including new additions Joao Pedro, Jamie Gittens and Liam Delap - competing for just four places in Enzo Maresca's usual 4-2-3-1 formation.
Yahoo
23-07-2025
- Business
- Yahoo
Private equity bids for Forward Air rolling in, report says
Shares of Forward Air were up 10% in late-day trading on Wednesday following a Reuters report that 'a handful of private equity firms' have submitted bids to acquire the trucking and logistics company. Potential buyers were reported to include Clearlake Capital, which holds a 13% stake in the company. Also, buyout firms, including Apollo Global Management (NASDAQ: APO) were reported to have submitted bids. Activist investors have pushed Forward Air (NASDAQ: FWRD) to entertain a sale or other strategic alternatives following its heavily contested merger with Omni Logistics. That deal, which was announced in August 2023, was quickly panned by shareholders as well as some of Forward's legacy customers. Forward's shareholders took issue with the way the transaction was structured as it circumvented their vote. They also had concerns that the deal placed a large debt burden on Forward (a 5.3 times net debt leverage ratio at the end of the 2025 first quarter) and gave Omni's private equity backers voting control. The merger eventually closed in January 2024 after months of litigation, including efforts from Forward to get out of the deal. Forward announced a strategic review earlier this year, but activists said that was too late and claimed the company was 'slow-walking' the process after months of pressure. Activists were successful in forcing three directors – who they blamed for 'massive value destruction' as a result of the ill-conceived merger – to resign from the board last month. The departing board members included Chairman George Mayes, who was voted out by shareholders at the company's annual election. At the same election, shareholders approved the company's reincorporation to Delaware, which may make it easier to sell given the state's favorable corporate governance policies. Forward's stock traded at $110 per share before the deal was announced in 2023. Shares slumped more than 40% in the months following the announcement, later cratering further once the deal closed in early 2024. The stock gapped below $10 shortly after Liberation Day tariffs were announced in April, but has steadily stepped higher in recent weeks as takeout speculation has ramped. Shares stood at $30.60 late in the session on Wednesday. Analysts and investors have told FreightWaves that shares of Forward could be valued at $40, or higher, in a takeout scenario. The back-of-the-envelope math assumes a low-double-digit multiple on the company's roughly $300 million in annual earnings before interest, taxes, depreciation and amortization. Backing out roughly $1.6 billion of net debt from a more than $3 billion enterprise value leaves equity value somewhere between $1.5 billion and $2 billion. (The company has roughly 42 million shares on a fully diluted basis.) Forward is scheduled to release second-quarter results on Aug. 11. FreightWaves has reached out to Forward Air for comment. More FreightWaves articles by Todd Maiden: FedEx Freight gives shippers 'more time' to adjust to new LTL class rules New LTL freight class rules take effect on Saturday ArcBest CEO Judy McReynolds to retire The post Private equity bids for Forward Air rolling in, report says appeared first on FreightWaves.
Yahoo
23-07-2025
- Business
- Yahoo
Private equity firms including Clearlake have bid for Forward Air, sources say
By Svea Herbst-Bayliss and Abigail Summerville NEW YORK (Reuters) -A handful of private equity firms, including Clearlake Capital, Platinum Equity and EQT, have submitted bids to buy Forward Air, three sources familiar with the matter said, as the process to sell the U.S. trucker picks up speed. Forward Air, which specializes in moving hauls which do not take up a full truckload, signaled to investors it wants the strategic alternatives review it announced in January to be wrapped up in a few weeks, possibly around the time the company is expected to release earnings on August 11. Sources said buyout firms Apollo Global Management and AIP have also made bids to buy Forward Air. It could not be immediately learned what the bidders were offering to pay, the sources said. Representatives for Forward Air and AIP declined to comment. Clearlake, Apollo, Platinum and EQT did not immediately respond to requests for comment. The sources spoke on the condition of anonymity to discuss the private talks, and cautioned no deal is guaranteed and other bidders could still emerge. In June, Reuters reported that Apollo and Blackstone, as well as Platinum and Clearlake, had expressed interest in bidding for the company, signing confidentiality agreements in order to review documents that would help inform their decisions. Greeneville, Tennessee-based Forward Air's share price has tumbled roughly 75% since the company said two years ago it would acquire Omni Logistics, a deal that closed in early 2024. But it has jumped 27% over the last month, pushed by expectations the company will eventually be sold. It traded at $28.14 on Wednesday. The company is currently valued at $855 million, but on a fully diluted basis, including net debt, analysts said the company's enterprise value is closer to $3 billion. Frustrated by the unpopular acquisition, several investors last year began pushing for a sale of the company, which was officially announced in January. Ancora Holdings, which owns 4% of the company, in May sought to speed up the process by pushing for the removal of three long-serving directors it blamed for signing off on the Omni deal and stalling the sales process. The directors resigned soon after the company's annual meeting. 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
Reuters
23-07-2025
- Business
- Reuters
Private equity firms including Clearlake have bid for Forward Air, sources say
NEW YORK, July 23 (Reuters) - A handful of private equity firms, including Clearlake Capital, Platinum Equity and EQT, have submitted bids to buy Forward Air (FWRD.O), opens new tab, three sources familiar with the matter said, as the process to sell the U.S. trucker picks up speed. Forward Air, which specializes in moving hauls which do not take up a full truckload, signaled to investors it wants the strategic alternatives review it announced in January to be wrapped up in a few weeks, possibly around the time the company is expected to release earnings on August 11. Sources said buyout firms Apollo Global Management (APO.N), opens new tab and AIP have also made bids to buy Forward Air. It could not be immediately learned what the bidders were offering to pay, the sources said. Representatives for Forward Air and AIP declined to comment. Clearlake, Apollo, Platinum and EQT did not immediately respond to requests for comment. The sources spoke on the condition of anonymity to discuss the private talks, and cautioned no deal is guaranteed and other bidders could still emerge. In June, Reuters reported that Apollo and Blackstone (BX.N), opens new tab, as well as Platinum and Clearlake, had expressed interest in bidding for the company, signing confidentiality agreements in order to review documents that would help inform their decisions. Greeneville, Tennessee-based Forward Air's share price has tumbled roughly 75% since the company said two years ago it would acquire Omni Logistics, a deal that closed in early 2024. But it has jumped 27% over the last month, pushed by expectations the company will eventually be sold. It traded at $28.14 on Wednesday. The company is currently valued at $855 million, but on a fully diluted basis, including net debt, analysts said the company's enterprise value is closer to $3 billion. Frustrated by the unpopular acquisition, several investors last year began pushing for a sale of the company, which was officially announced in January. Ancora Holdings, which owns 4% of the company, in May sought to speed up the process by pushing for the removal of three long-serving directors it blamed for signing off on the Omni deal and stalling the sales process. The directors resigned soon after the company's annual meeting.
