FCP and DRB buy Sweet Leaf Tea and Tradewinds businesses from Nestlé :
Fireman Capital Partners and Dunn's River Brands have acquired the Sweet Leaf Tea and Tradewinds businesses from Nestlé Waters North America. No financial terms were disclosed. McDermott Will & Emery LLP provided legal advice to Fireman Capital Partners on the transaction.
BPOC buys Zenith American from Water Street :
Beecken Petty O'Keefe & Company has acquired Tampa, Florida-based Zenith American Solutions, a third-party administrator of benefits to Taft-Hartley trust funds. The seller was Water Street Healthcare Partners. No financial terms were disclosed. Harris Williams and Waller Helms provided financial advice to Zenith American on the transaction.
L Catterton Asia backs Impresario Entertainment & Hospitality :
L Catterton Asia has made an investment in India-based Impresario Entertainment & Hospitality, a operator of cafes and restaurants. No financial terms were disclosed.
TSG buys majority stake in Planet Fitness franchisee Sunshine Fitness :
TSG Consumer Partners has acquired a majority stake in Sunshine Fitness, a franchisee of Planet Fitness clubs. No financial terms were disclosed. Piper Jaffray & Co served as financial adviser to TSG on the transaction while Fidus Partners LLC advised Sunshine Fitness. And, Ropes & Gray LLP provided legal counsel to TSG and Akerman LLP did likewise for Sunshine Fitness.
Apollo to acquire Sun Country Airlines :
Apollo Global has agreed to acquire Sun Country Airlines, an independent airline. The sellers are Marty and Mitch Davis. No financial terms were disclosed. The deal is expected to close during the first quarter of 2018. Barclays provided financial advice to Sun Country Airlines on the transaction.
Old Mutual Global Investors chief near buyout deal backed by TA Associates, says source: Reuters :
The chief of Old Mutual Global Investors (OMGI) Richard Buxton is nearing a 550 million pound buyout of the company, sources told Reuters.
KKR wins auction for Unilever’s spreads business, say sources: Reuters :
Private equity firm KKR (KKR.N) is in exclusive talks to buy Unilever’s (ULVR.L) margarine and spreads business, sources told Reuters, in a deal expected to top $7 billion.
Lightview Capital exits NexusTek :
Lightview Capital has exited NexusTek as a result of Abry Partners' recapitalization of the Denver-based IT services and consulting firm. No financial terms were disclosed.
Apollo to buy Phoenix Services :
Apollo Global Management has agreed to acquire Phoenix Services LLC, a provider of industrial services to steel mill customers. The sellers included Olympus Partners. No financial terms were disclosed.
ATX secures up up to $780 million in equity financing :
Warburg Pincus, Yorktown Partners and Pine Brook have provided an equity commitment of up to $780 million to ATX Energy Partners. Based in Austin, Texas, ATX Energy Partners is a newly formed oil and gas exploration and production company.
Tulcan invests in Momentum Exterior Systems :
Houston-based Momentum Exterior Systems, a glass and glazing company, has secured an undisclosed amount of funding. The investor was Tulcan, a lower middle-market private equity firm.
Silverfleet Capital to take a majority stake in 7days :
Silverfleet Capital has agreed to acquire a majority stake in 7days, a German maker of medical workwear. No financial terms were disclosed. Alvarez & Marsal provided financial advice to Silverfleet on the transaction.
THL to invest in Guaranteed Rate :
Thomas H. Lee Partners has agreed to make an investment in Chicago-based Guaranteed Rate Inc, a retail mortgage company. No financial terms were disclosed. Goldman Sachs served as financial adviser to Guaranteed Rate on the transaction while Barclays did likewise for THL.
Revelstroke recaps ONsite Mammography :
Revelstroke Capital Partners has recapitalized Westfield, Massachusetts-based ONsite Mammography, a provider of in-office mammography services. No financial terms were disclosed. Winston & Strawn LLP provided legal advice to Revelstoke on the deal while Kahan, Kerensky, & Capossela LLP did likewise to ONsite Mammography.
Goldman Sachs takes control of Financeit in recap financing :
Toronto-based point-of-sale financing provider Financeit Canada Inc has closed a recapitalization round with the merchant banking division of Goldman Sachs. The undisclosed deal gives Goldman Sachs, a Financeit shareholder since 2015, a majority stake in the company. It also helped Financeit acquire Centah Inc, a Canadian provider of home improvement software. President and CEO Michael Garrity said the acquisition expands his company’s’s offering with a complete solution for the home services industry. Founded in 2011, Financeit has worked with more than 7,000 merchants and processed over $1.9 billion in loan applications.
Finnish power grid company Elenia sold to Allianz, Macquarie: Reuters :
Goldman Sachs Infrastructure Partners, London-listed 3i Infrastructure (3IN.L) and Finnish pensions insurance company Ilmarinen are selling Finnish power grid company Elenia Oy to Allianz Capital Partners (ALVG.DE), Australian infrastructure investor Macquarie (MQG.AX) and the State Pension Fund of Finland, , Reuters reported.
HK’s Li & Fung to sell furniture, beauty, sweaters businesses for $1.1 bln: Reuters :
Hong Kong’s Li & Fung Ltd said it would divest its furniture, beauty and sweaters businesses for $1.1 billion to a consortium backed by private equity firm Hony Capital, a deal that is expected to trigger net loss in 2017.
L Catterton to invest in Danish contemporary fashion brand Ganni :
L Catterton has agreed to make an investment in Ganni, a Danish contemporary fashion brand. No financial terms were disclosed.
Quantum Energy Partners to provide $489 mln to FourPoint Energy :
Quantum Energy Partners has agreed to invest $489 million in Denver-based FourPoint Energy, an acquisition, exploration and production company. Jefferies LLC was financial adviser to FourPoint while Andrews Kurth LLP provided legal advice.
Andean Tower Partners buys Torres Unidas :
Andean Tower Partners has acquired Torres Unidas, an owner and operator of communication towers in South America. The sellers included Berkshire Partners. No financial terms were disclosed.
OneMain to sell 7.5 mln shares in secondary :
OneMain Holdings Inc said Dec. 13 that it is selling 7.5 million shares of common stock owned by Springleaf Financial Holdings LLC. Fortress Investment Group LLC owns Springleaf. OneMain will not receive any proceeds from the sale of shares.
TSG Consumer invests in Huda Beauty :
TSG Consumer Partners has acquired a minority stake in Huda Beauty. Financial terms of the transaction were not disclosed. Huda Beauty is a beauty brand founded by Huda Kattan, a beauty blogger. Financo acted as financial advisor to Huda Beauty, while Gibson, Dunn & Crutcher LLP was legal advisor. Moelis & Co provided financial advice to TSG and Ropes & Gray LLP acted as legal advisor.
Shoemaker Rockport explores options including sale: Reuters :
The Rockport Group is exploring its options, including a possible sale, after one of the U.S. footwear maker’s major debtholders took ownership of the company, Reuters reported.
Abry Partners recaps NexusTek :
Abry Partners has closed its recapitalization of Denver-based NexusTek, an IT services and consulting firm. No financial terms were disclosed.
Seacoast Capital provides debt to seafood restaurant chain Legal Sea Foods :
Seacoast Capital has provided debt financing for Boston-based Legal Sea Foods, the seafood restaurant chain. No financial terms were disclosed. Dunn Rush & Co. LLC was financial adviser to Legal Sea Foods on the transaction.
Silverfleet Capital to take majority stake in escorted tours operator Riviera Travel :
Silverfleet Capital has agreed to acquire a majority stake in UK-based Riviera Travel, an operator of escorted tours. No financial terms were disclosed. Alvarez & Marsal provided financial and tax advice to Silverfleet on the deal.
Clearlake recaps oilfield rental tool company Knight :
Clearlake Capital Group has recapitalized Lafayette, Louisiana-based Knight Energy Holdings LLC, an oilfield rental tool company. No financial terms were disclosed for the transaction that was done in partnership with Knight's management, the Knight family and other unnamed stakeholders.
Abraaj to take minority stake in Tunisie Telecom :
The Abraaj Group has agreed to acquire a "significant" minority stake in Société Nationale des Télécommunications, Tunisia’s telecom operator. The seller was Emirates International Telecommunications LLC. No financial terms were disclosed.
KKR invests in Joulon :
KKR has made an investment in Joulon, an asset management services provider for the energy industry. No financial terms were disclosed.
CORE Industrial Partners has acquired Prototek :
CORE Industrial Partners has acquired New Hampshire-based Prototek Sheetmetal Fabrication, a rapid prototyping service provider of CNC machined and sheet metal fabricated parts and components. No financial terms were disclosed; however, Monroe Capital provided a senior credit facility to support the transaction.
Banks eye Paris airports operator in Macron privatisation drive, say sources: Reuters :
Investment banks are vying to work with potential buyers or the French government on the sale of its majority stake in Aeroports de Paris (ADP) , sources told Reuters, in one of the largest infrastructure deals expected to come to market in 2018.
Finnish power company Elenia draws three bids as auction wraps up, say sources: Reuters :
Three groups have submitted final bids for Finnish power company Elenia Oy, including China Southern Power Grid, Macquarie and Allianz and a consortium of infrastructure and pension investors, sources told Reuters.
Onex to acquire venue management company SMG World :
Canadian private equity firm Onex Corp has agreed to acquire SMG Holdings Inc (SMG World), a West Conshohocken, Pennsylvania-based manager of convention centers, stadiums, arenas, theatres, performing arts centers and other venues. No financial terms were released for the deal, which is expected to close in early 2018. Founded in 1977, SMG provides management services to nearly 240 venues worldwide. It was bought in 2007 by American Capital, which was bought earlier this year by Ares Capital Corp. Onex is acquiring SMG through Onex Partners IV, which raised $5.7 billion in 2014. Onex Partners V closed last month at $7.15 billion.
Buyout firm Ardian sells 1 bln euro infrastructure asset portfolio: Reuters :
Ardian has agreed to sell its stake in infrastructure assets to existing shareholder pension fund APG, in a deal which values the entire portfolio at more than 1 billion euros ($1.2 billion) the private equity firm told Reuters.
Blackstone buys back 10 percent in warehouse firm Logicor, says source: Reuters :
A Blackstone real estate fund is buying a 10 percent stake in Logicor Ltd (IPO-LOG.L) just months after selling the European warehouse firm to a Chinese sovereign wealth fund, a source told Reuters.
North Branch backs Randazzo :
North Branch Capital has made an investment in Macomb, Michigan-based Randazzo Mechanical Heating & Cooling LLC, a provider of residential heating, ventilation and air conditioning replacement and maintenance services. No financial terms were disclosed.
Warburg Pincus to invest up to $350 mln in Bharti Telemedia Limited :
Warburg Pincus has agreed to acquire up to a 20 percent equity stake in Bharti Telemedia Limited, the direct-to-home arm of Airtel, an India-based telecommunications services provider. The price of the transaction is about $350 million.
Riverside Co. sells pet toy business to JW Childs :
The Riverside Co. sold Kyjen to JW Childs. Terms of the deal were not disclosed. Kyjen, doing business as Outward Hound, designs and distributes interactive pet toys.
Blue Wolf sells American Builders Supply to Kodiak Finance :
Blue Wolf Capital Partners sold American Builders Supply to Kodiak Finance Inc., a subsidiary of Kodiak Building Partners. Terms of the deal were not disclosed. American Builders Supply distributes and installs doors, millwork, windows and trusses in Florida.
Blue Equity takes majority stake in news talent agency Napoli Management Group :
Blue Equity has acquired a majority stake in Beverly Hills, California-based Napoli Management Group, a news talent agency. No financial terms were disclosed.
Vista completes Datto acquisition and merges it with Autotask :
Vista Equity Partners has closed its previously announced buyout of Norwalk, Connecticut-based Datto, a provider of data protection solutions for businesses. No financial terms were disclosed. Vista has merged Datto with portfolio company Autotask.
Carlyle invests in Prime Clerk :
The Carlyle Group has made an undisclosed investment in Prime Clerk. Based in New York, Prime Clerk is a claims and noticing administrator.
Italian fund denies seeking to raise stake in Aston Martin: Reuters :
Italy’s Investindustrial is not in talks to increase its stake in Aston Martin and no decision has been taken on a possible stock market listing for the British carmaker, the private equity group said, denying an earlier newspaper report.
Eurazeo set to take control of private equity firm Idinvest: Reuters :
Eurazeo is in exclusive talks with French investment group IDI to take a 51 pct stake in mid-cap private equity firm Idinvest, Les Echos reported on Monday.
Hong Kong activist fund tells Toshiba chip unit sale to Bain group not necessary: Reuters :
A Hong Kong-based activist investor in Toshiba Corp has told the embattled conglomerate that the $18 billion sale of its chip unit sale to a Bain Capital-led group is no longer necessary after its recent capital injection, according to a letter seen by Reuters.
KKR and FS Investments to launch BDC platform :
KKR and FS Investments have agreed to form a business development company platform. The platform will have $18 billion in combined assets under management.
KKR to buy Hyperion from Sandvik :
KKR is acquiring Fair Lawn, New Jersey-based Hyperion, a maker of industrial tool components. The seller is Sandvik. No financial terms were disclosed. The deal is expected to close during the first half of 2018. Latham & Watkins LLP, Advokatfirman Vinge, Deloitte and SEB Corporate Finance advised KKR on the transaction.
K1 provides over $200 mln to SecureAuth Corp, which is merging with CoreSecurity :
K1 Investment Management has invested over $200 million in SecureAuth Corp, which is also backed by Toba Capital. SecureAuth is merging with Roswell, Georgia-based CoreSecurity, a provider of vulnerability discovery, identity governance and threat management solutions. Based in Irvine, California, SecureAuth Corp is a provider of adaptive access control solutions.
SK Capital to buy ICL’s fire safety and oil additives businesses for about $1 bln :
SK Capital has agreed to acquire Israel Chemicals' fire safety and and oil additives businesses for about $1 billion. The deal is expected to close in the first half of 2018. The Valence Group, Rothschild & Co and HSBC Securities (USA) Inc were M&A advisers to SK Capital on the transaction.
Wind Point buys two California custom food manufacturers :
Wind Point Partners acquired Pacifica Foods and Stir Foods, two California-based businesses in custom foods manufacturing, in partnership with Milt Liu, ex-president and COO of Flying Food Group. Pacifica and Stir make soups, sauces, dressings, fresh salsas and muffin batters for retail and food service customers.
MFG invests in Mail Communications Group :
MFG Partners has made an undisclosed investment in Mail Communications Group. Cleary Gull was financial adviser to MCG on the transaction. Based in Des Moines, Iowa, MCG is a provider of omnichannel communication services.
Tiger Infrastructure backs Crosslake Fibre :
Tiger Infrastructure Partners has made an investment in Crosslake Fibre, which was formed to develop fiber optic cable projects in North America. No financial terms were disclosed.
Mill Point invests in KKSP Precision Machining :
Mill Point Capital has made an undisclosed investment in KKSP Precision Machining. Based in Glendale Heights, Illinois, KKSP Precision Machining is a maker of of machined metal components produced on automatic screw machines.
KKR completes take-private PharMerica acquisition :
KKR has completed its previously announced take-private acquisition of PharMerica Corp, a pharmacy services provider, for $29.25 per share. PharMerica will stop trading on the New York Stock Exchange before it opens on December 8, 2017. As a result of the transaction, Walgreens Boots Alliance will have a minority stake. UBS Investment Bank and BofA Merrill Lynch are providing financial advice to PharMerica on the deal.
Bain wins WPP support for $1.4 billion Asatsu-DK buy: Reuters :
U.S. private equity firm Bain Capital has won enough shareholder support to complete its tender offer of Asatsu-DK Inc (ADK) (9747.T), allowing the Japanese advertising agency to end a bitter two-decade partnership with top shareholder WPP (WPP.L), Reuters reported.
New Mountain backs Censeo and Advance Health :
New Mountain Capital has acquired a majority ownership stake in two companies: Dallas-based CenseoHealth, a provider of prospective health assessments for health plans and healthcare delivery organizations; and Chantilly, Virginia-based Advance Health, a provider of prospective health assessment. No financial terms were disclosed. Goldman Sachs was financial adviser to Censeo while TripleTree provided financial advice to Advance Health. And, Deutsche Bank served as financial adviser to New Mountain Capital.
Blackstone acquires TITUS :
Blackstone has acquired a majority stake in Ottawa-based TITUS, a provider of data classification and categorization solutions. No financial terms were disclosed. AGC Partners served as financial adviser to TITUS while Gowlings WLG provided legal advice. Davies Ward Phillips & Vineberg LLP was legal adviser to Blackstone.
Ardian gets bids for French engineering group Fives, say sources: Reuters :
Buyout group Ardian has received binding bids for its stake in Fives, which may value the French engineering group at about 1.5 billion euros ($1.8 billion), sources told Reuters.
H.I.G. Growth Partners funds Carlton Group :
H.I.G. Growth Partners has made an undisclosed investment in Carlton Group, which will be rebranding to Carlton One Engagement. Based in Toronto, Carlton One Engagement is a provider of engagement and reward technology solutions.
Auxo Investment Partners buys MG :
Auxo Investment Partners has acquired New Orleans-based MG, a dry barge transportation and logistics company. No financial terms were disclosed.
Livingbridge exits Crew Clothing Company :
Livingbridge has sold UK-based Crew Clothing Company, a British "smart casual lifestyle" brand. The buyer was not named. No financial terms were disclosed.
Rhône Capital closes $500 mln HBC investment :
Rhône Capital has closed its previously announced $500 million investment in retailer HBC. In connection with the transaction, HBC has named M. Steven Langman, managing director of Rhône, and Eric Gross, managing partner of WeWork Property Investors, to the HBC board.
SGE provides $12.7 mln to alumni software provider Graduway :
Graduway, a provider of alumni software, has secured $12.7 million in funding. The investor was Susquehanna Growth Equity.
LPC invests in Woolpert :
Long Point Capital has closed its minority recapitalization of Woolpert, an architecture, engineering and geospatial firm. No financial terms were disclosed.
New Harbor Capital acquires LGM Pharma :
New Harbor Capital LLC has acquired Nashville-based LGM Pharma, an API company. No financial terms were disclosed. Generational Equity advised LGM Pharma on the transaction.
ABRY Partners buys majority stake in BTG :
ABRY Partners has acquired a majority stake in Breakthrough Technology Group, a private cloud service provider focused on supporting enterprise workloads and IT services. No financial terms were disclosed.
Wind Point-backed VPI Holding acquires Aware Products :
Wind Point Partners-backed VPI Holding Co. acquired Aware Products, which works as an innovation partner to brands in the beauty industry. Aware adds a West Coast operation to the platform.
Shamrock invests in OOH media company Branded Cities :
Shamrock Capital has acquired a "large" minority stake in Branded Cities, an out-of-home media company. No financial terms were disclosed. Rothschild & Co served as financial adviser to BC while Ropes & Gray provided legal counsel. And, Latham & Watkins provided legal counsel to Shamrock on the transaction.
GCP and PSP Capital acquire Beachfront Media :
Growth Catalyst Partners and PSP Capital have acquired a majority stake in Beachfront Media, a mobile video monetization company. No financial terms were disclosed.
Oak Spring and Wentworth acquire PKS :
Oak Spring Holdings and Wentworth have acquired Albany, New York-based Purshe Kaplan Sterling Inc, a financial services firm. No financial terms were disclosed; however, Monroe Capital provided $43.5 million in financing to support the acquisition.
Water Street acquires Alliance Life Sciences and Health Strategies Group :
Water Street Healthcare Partners has acquired Alliance Life Sciences and Health Strategies Group. No financial terms were disclosed. Water Street will merge Alliance and Health Strategies with portfolio company The Access Group. Alliance is a provider of global pricing analytic tools and data, outsourced contract and revenue management services for the life sciences sector while Health Strategies is a provider of market access intelligence and customized research for pharmaceutical and biotech professionals.
ONCAP acquires IntraPac from CI Capital Partners :
ONCAP, the mid-market arm of Canadian private equity firm Onex Corp, has acquired IntraPac International Corp, a Mooresville, North Carolina-based maker of rigid packaging solutions. ONCAP IV, which raised $1.1 billion last year, invested $120 million in the undisclosed deal and will support IntraPac’s organic and acquisition-led growth. The seller is CI Capital Partners, which acquired the company in 2012. Founded in 2003, IntraPac operates nine production facilities in Canada, the United States and Costa Rica, and sells its products to customers in the personal care, household products, food and beverage, and pharmaceutical sectors.
Investors line up for Germany’s Techem, which could fetch $5 billion, say sources: Reuters :
Canadian pension funds and private equity investors are lining up to buy German metering company Techem with a multi-billion euro sale expected to launch in early 2018, sources told Reuters.
HCAP exits Datashield : HCAP Partners
has sold its stake in Scottsdale, Arizona-based Datashield,
a cybersecurity company. No financial terms were disclosed. As previously reported
by PE HUB, Datasheld was recently sold to ADT
, which is backed by Apollo Global Management.
China Broadband Capital provides funding to Payoneer :
China Broadband Capital has made an investment in New York-based Payoneer, a digital payments company. No financial terms were disclosed.
Warburg Pincus to sell majority stake in INEA to MEIF5 :
Warburg Pincus has agreed to sell its majority stake in INEA, a Polish fiber-to-the home and cable operator. The buyer is Macquarie European Infrastructure Fund 5, managed by Macquarie Infrastructure and Real Assets. No financial terms were disclosed.
Runway Growth Credit lands $275 mln :
Runway Growth Credit Fund Inc, a provider of term debt to companies seeking an alternative to raising equity, has raised $275 million in funding. The investors included Oaktree-managed OCM Growth Holdings LLC.
H.I.G. buys Velocity Solutions :
H.I.G. Capital has acquired Fort Lauderdale, Florida-based Velocity Solutions Inc, a provider of software and solutions to banks, credit unions and insurers. No financial terms were disclosed. William Blair & Company LLC served as financial adviser to Velocity on the transaction.
OEP backs OneLink :
One Equity Partners has made an investment in OneLink, a provider of business process outsourcing services. No financial terms were disclosed.
Stone-Goff Partners invests in DSG :
Stone-Goff Partners has made an undisclosed investment in DSG, a provider of outsourced sales training and enablement services to Fortune 500 and middle market companies in North America and Europe. CHILDS Advisory Partners provided financial advice to DSG on the deal.
AEA Investors completes Excelitas acquisition :
AEA Investors has closed its previously announced acquisition of Waltham, Massachusetts-based Excelitas Technologies, a provider of photonics technology solutions. No financial terms were disclosed. The seller was Veritas Capital.
BV buys majority stake in Precision Nutrition :
BV Investment Partners has acquired a majority stake in Toronto-based Precision Nutrition, a certification and coaching software and services provider. No financial terms were disclosed.
Great Range Capital-led investor group buys Labor Source :
Great Range Capital has led a group of investors that include The Bradley Family Office in acquiring Olathe, Kansas-based Labor Source, a professional staffing company. No financial terms were disclosed.
TPG Capital and Exactech amend deal terms :
TPG Capital and Exactech have amended the details of their previously announced deal. According to the new terms, TPG Capital has agreed to acquire Exactech in a take-private buyout for $49.25 per share as opposed to the previously agreed amount of $42 per share. After the closing of the deal, Exactech will no longer trade on the NASDAQ. J.P. Morgan Securities LLC is serving as financial adviser to Exactech on the transaction. Greenberg Traurig, P.A. (Miami) and Greenberg Traurig, LLP (NYC) are providing legal advice to Exactech while Ropes & Gray is legal adviser to TPG. Based in Gainesville, Florida, Exactech is a developer of orthopaedic implant devices and surgical instrumentation for extremities and large joints.
VPC backs UK digital micro-lender Oakam :
London-based Oakam, a digital micro-lender, has secured 35 million pounds in funding. The investor was Victory Park Capital Advisors LLC. Financial Technology Partners served as financial adviser to Oakam on this transaction.
Audax explored sale of minority stake: Wall Street Journal : Audax Group
held talks to explore a sale of a stake in itself to other PE firms, the Wall Street Journal reported
. The Boston PE firm considered selling a minority stake for a new source of money but decided not to proceed with a deal, the story said. Audax tapped Perella Weinberg Partners
to advise on the deal, the WSJ
Align Capital buys Lewellyn Technology :
Align Capital Partners has acquired a majority of Lewellyn Technology LLC. Evolution Capital Partners is the seller. Financial terms weren’t announced. Lewellyn, of Indianapolis, provides electrical safety training and inspection services for Fortune 1000 companies nationwide.
Abu Dhabi investment Authority buys minority of KKR India Financial Services :
Abu Dhabi investment Authority for ADIA has acquired a minority stake in KKR India Financial Services. Financial terms weren’t announced. KKR India Financial Services provides financing solutions to corporations and mid-sized enterprises in India.
The Hartford sells Talcott Resolution to Cornell Capital-led group for $1.443 bln :
Cornell Capital LLC is leading an investor group to buy Talcott Resolution from The Hartford for $1.443 billion. The consortium includes Atlas Merchant Capital LLC, TRB Advisors LP, Global Atlantic Financial Group, Pine Brook and J. Safra Group. The Hartford will receive a 9.7 percent stake, valued at $164 million, in the new company, along with $300 million in a pre-closing dividend. The Hartford will also retain Talcott Resolution tax benefits with an estimated GAAP book value of $950 million. Talcott Resolution is the Hartford’s run-off life and annuity businesses.
Hudson’s Bay reaches agreement with activist investor Litt on Rhone investment: Reuters :
Canadian luxury retailer Hudson’s Bay Co (HBC) said on Friday it reached an agreement with shareholder Land & Buildings, under which the U.S. activist hedge fund investor would withdraw its appeal against the conditional approval given for an investment by Rhône Capital.
Centerbridge Partners completes Davis Vision buyout, will merge it with Superior Vision :
Centerbridge Partners LP has closed its previously announced acquisition of a majority stake in Davis Vision, a managed vision care company. No financial terms were disclosed. Centerbridge will merge Davis Vision with portfolio company Superior Vision while Highmark takes a minority stake in the combined managed vision care business. And, in a separate deal, Centerbridge has acquired a minority stake in Visionworks, an optical retailer, with Highmark retaining its controlling ownership stake in Visionworks.
Nestle, Stada prepare rival bids for Germany’s Merck consumer health, say sources: Reuters :
Swiss food giant Nestle (NESN.S) and the private equity owners of German drug firm Stada (STAGn.DE) are both preparing tentative bids for Merck KgaA’s (MRCG.DE) consumer health unit, sources told Reuters.
Mednax fielding takeover interest from buyout firms, say sources: Reuters :
Mednax Inc, a U.S. healthcare network operator targeted by activist hedge fund Elliott Management Corp, is fielding acquisition interest from several private equity firms, sources told Reuters.
Hamilton Robinson invests in GrayMatter :
Hamilton Robinson Capital Partners has made an investment in GrayMatter. No financial terms were disclosed; however, Gladstone Capital Corp provided $9.5 million in debt financing to back the transaction. Based outside Pittsburgh, GM is a provider of operational technologies and industrial IoT consulting services to the manufacturing, water and energy sectors.
The Krauter Group backs Cannasure :
Cleveland and Denver-based Cannasure Insurance Services, a cannabis insurance brokerage, has secured an undisclosed amount of equity funding. The investor was The Krauter Group, the parent company of Krauter & Company, a commercial insurance brokerage that specializes in private equity firms.
Altice to sell Swiss telecom solutions, data centre businesses: Reuters :
Altice (ATCA.AS) has agreed to sell its Swiss telecommunications solutions business and Data Center operations, the telecoms and cable company said on Friday, as it seeks to reduce its 50 billion euro ($59.6 billion) debt burden.
Vitruvian Partners takes minority stake in Bitdefender :
Vitruvian Partners has acquired a minority stake in Bitdefender from Axxess Capital. No financial terms were disclosed. Based in Bucharest, Romania, Bitdefender is a cybersecurity tech company.
Highlander buys Biamp Systems :
Highlander Partners has acquired Beaverton, Oregon-based Biamp Systems, a provider of commercial audio systems for business, education, and government facilities. No financial terms were disclosed. As a result of the transaction, Lormar Corp will be a minority shareholder. Duff & Phelps' Pagemill Partners served as financial adviser to Biamp on the deal.
Clearlake-backed ConvergeOne agrees to merge with SPAC, become listed company :
Clearlake Capital-backed ConvergeOne, an IT service provider, agreed to merge with special purpose acquisition company Forum Merger Corp to become a Nasdaq-listed public company. After the merger, ConvergeOne will have an anticipated initial enterprise value of $1.2 billion. Clearlake will remain the largest shareholder in the combined company upon completion of the transaction.
Nippon Life Insurance agrees to buy minority stake in TCW from Carlyle :
Nippon Life Insurance Co. agreed to buy a 24.75 percent stake in TCW Group from Carlyle Group. Once the transaction closes, TCW's employee ownership will increase to 44.07 percent. Carlyle will retain a significant interest in TCW through its long duration fund, which is acquiring a 31.18 percent stake. Financial terms were not disclosed.