Investors are doling out a beating to Noranda Aluminum Holding shares, which late yesterday said its largest investor planned to sell all of its 33 percent stake. As of 11:10 a.m., the shares (Ticker: NOR) were off a whopping 27 percent to $2.18, their lowest level since going public five years ago. Volume was massive, with 10.4 million shares already having been traded versus a daily average of about 330,000.
A Chinese company has acquired personal transportation company Segway from Brentwood-based private equity fund Summit Strategic Investments. The local firm had acquired Segway, which is sold in 80 countries, in early 2013 with plans to expand its reach but that appears to have not happened in any meaningful way. From the companies' release:
“After the strategic combination, Ninebot and Segway will be able to cooperate closely with each other on technology and marketing, strengthening their research and development, manufacturing, marketing and sales capabilities. Intelligent hardware has grown quickly worldwide during the past several years. Our combination with Ninebot will enable us to provide more intelligent and valuable products to our customers. We are confident in our future,” said Rod Keller, President of Segway.
There's something of a Pac-Man feel to the deal announced today: TechCrunch points out that Segway and its founder, Dean Kamen, last year accused Ninebot — and a number of other Chinese companies — of infringing on Segway's intellectual property.
Two veteran local executives running a leadership management firm out of downtown Franklin have raised $22.5 million for a private-equity fund that will focus on health care and industrial services businesses. Steve Simpson, on the right in the photo, and Mark Graham are now on the hunt for investments from $10 million to $30 million. Simpson, a former CEO of Spheris, tells Scott Harrison at the Business Journal the Wheelhouse team will be more involved operationally than traditional private-equity investors have been. Check out more details here and visit the firm's press release here.
Norwest Equity Partners has invested an undisclosed amount in Old Hickory Smokehouse, a Lewisburg-based maker of smoked meats. Old Hickory CEO Wayne Wolf, a former McDonald's executive, invested alongside Minnesota-based Norwest, whose leaders say they have been targeting the food sector.
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