Pharos launches Verdi platform, acquires Horizon Oncology :
Pharos Capital Group LLC has launched Verdi Oncology, an oncology practice and clinical research management company and made its first acquisition for the platform: Lafayette, Indiana-based Horizon Oncology, a provider of oncology and hematology services. No financial terms were disclosed. Wes Chapman will serve as CEO of Verdi.
Apax to acquire BD’s remaining minority stake in Vyaire Medical :
Apax Partners has agreed to acquire Becton, Dickinson and Company's remaining minority stake in Chicago-based Vyaire Medical, a provider of respiratory care solutions. No financial terms were disclosed. Upon closing of the transaction, which is expected to happen at the end of April, Apax will own 100 percent of Vyaire Medical. In October 2016, Apax acquired a minority stake in Vyaire Medical, previously BD's respiratory solutions business.
Acacia Partners invests in Red River :
Acacia Partners has acquired a minority stake in Claremont, New Hampshire-based tech services provider Red River. No financial terms were disclosed.
YFM backs Checkmate Fire MBO :
YFM Equity Partners has made an investment to support the management buyout of UK-based Checkmate Fire Solutions Limited, a passive fire protection company. No financial terms were disclosed. Alison Palmer of Eaton Smith and Martin Holden of Saffery Champness advised Checkmate Fire.
Runnymede Investments acquires craft brewery Smuttynose :
Runnymede Investments has acquired Smuttynose Brewing Company from The Provident Bank. No financial terms were disclosed. Based in Hampton, New Hampshire, Smuttynose is a craft brewery.
Cerberus completes Cyanco acquisition :
Cerberus Capital Management has closed its previously announced acquisition of Pearland, Texas-based Cyanco, a producer of sodium cyanide, from Oaktree Capital Management LP. No financial terms were disclosed.
Canadian pension fund CDPQ wants to be its own private equity investor: Reuters :
Caisse de depot et placement du Quebec (CDPQ), one of Canada’s biggest public pension funds, has relied on private equity firms to invest in leveraged corporate buyouts. Now it is building its own investing team to depend less on buyout firms as middle men, Reuters reported.
Spectrum Equity invests in Origami Risk :
Spectrum Equity has invested in Origami Risk. Financial terms weren’t announced. Spectrum has a minority stake. Origami Risk, of Chicago, is a risk and insurance Software as a Service (SaaS) technology firm.
Pinnacle Asset Management buys Five Rivers Cattle Feeding :
Pinnacle Asset Management LP said March 16 that it acquired Five Rivers Cattle Feeding for about $200 million. JBS USA was the seller. Five Rivers, of Greeley, Colorado, is a cattle feeding operation.
ZMC invests in Dynasty Sports and Entertainment :
ZMC has invested in Dynasty Sports and Entertainment. Financial terms weren’t announced. Dynasty, of Boca Raton, Florida, provides ticket pricing, yield optimization and analytics services for professional sports teams and other live events rights holders. J2 Advisors and Comiter, Singer, Baseman & Braun LLP acted as legal advisers, while Lincoln International LLC provided financial advice to Dynasty. Lowenstein Sandler LLP acted as legal adviser to ZMC.
Accessories retailer Claire’s Stores files for bankruptcy: Reuters :
Claire’s Stores Inc said on Monday it filed for Chapter 11 bankruptcy protection and expects to reduce debt by about $1.9 billion, as the struggling retailer of girls’ accessories combats a fall in mall traffic, Reuters reported.
Parthenon backs Trinity Partners :
Parthenon Capital Partners has made an investment in Waltham, Massachusetts-based Trinity Partners, a life sciences strategy consulting firm. No financial terms were disclosed. Baird was financial adviser to Trinity on the transaction.
ACON Investments to invest in hardware retailer True Value :
ACON Investments has agreed to invest in Chicago-based hardware retailer True Value. No financial terms were disclosed.
Equistone will acquire BOAL Group :
Equistone will acquire a majority stake in BOAL Group, a Dutch maker of high-performance aluminium greenhouse roof and side-wall systems for glass and poly greenhouses. The sellers are BOAL's current CEO Ronald Boers and Marinus Boers, the founder of the BOAL Group. No financial terms were disclosed. The deal is expected to close in April 2018.
Macquarie sells minority stake in Norte III to InfraRed and Invex :
Macquarie Capital has sold a minority stake in Norte III, a power generation facility in Ciudad Juárez, Mexico, to InfraRed and Invex. No financial terms were disclosed. As a result of the transaction, InfraRed and Invex now hold a 35.5 percent and 10 percent stake, respectively, in Norte III. Milbank, Tweed, Hadley & McCloy LLP advised Macquarie on the sale.
Abu Dhabi state investor weighs sale of Spain’s Cepsa, says spokesman: Reuters :
Abu Dhabi state investor Mubadala Investment Company [MUDEV.UL] is considering a partial or total sale of Spanish oil and gas company Cepsa and would use proceeds for expansion, a Mubadala spokesman told Reuters on Friday.
J&J says offered $2.1 billion for Lifescan diabetes business: Reuters :
Johnson & Johnson (JNJ.N) said on Friday that it was offered about $2.1 billion for its LifeScan Inc unit, which makes blood glucose monitoring products, by private investment firm Platinum Equity.
Michael Dusi Logistics pulls in funding :
Paso Robles, California-based Michael Dusi Logistics, a third-party logistics firm that caters to the wine and craft beer industry, has secured an undisclosed amount of funding. The investors were Tattooed Dog Holdings and Headhaul Capital Partners LLC. Bluejay Advisors, LLC advised the investors on the transaction.
Baring Private Equity Asia and CITIC Capital completes WSE acquisition for $300 mln :
Baring Private Equity Asia and CITIC Capital has closed its previously announced acquisition of Wall Street English for $300 million. The seller was Pearson. WSE is an English language training network.
Apax Partners to take control of Italian consultancy BIP, says source: Reuters :
French private equity fund Apax Partners has clinched a deal to buy a majority stake in Italian consultancy Business Integration Partners (BIP) for more than 200 million euros ($248 million), a source told Reuters.
HCS invests in Figo Pet Insurance :
Chicago-based Figo Pet Insurance has secured $4 million in funding. The investor was HCS Capital Partners.
YFM backs Ncam :
YFM Equity Partners has invested UK-based Ncam, a provider of augmented reality solutions for the entertainment industries. No financial terms were disclosed.
Bridger acquires Old Mill Brick :
Bridger Capital Partners has acquired Bluffdale, Utah-based Old Mill Brick, a provider of brick web and panel systems. No financial terms were disclosed. Bridge Bank provided a revolving credit facility for the transaction while Assurance Mezzanine Fund contributed both mezzanine debt and co-invest equity.
Tritium Partners invests in RateGenius :
Tritium Partners has invested in RateGenius Inc through a recapitalization. Financial terms weren’t announced. RateGenius, of Austin, is an online auto loan refinance origination and marketplace platform.
Largest U.S. radio company iHeartMedia files for bankruptcy: Reuters :
IHeartMedia Inc filed for Chapter 11 bankruptcy on Thursday as the largest U.S. radio station owner reached an in-principle agreement with creditors to restructure its overwhelming debt load, Reuters reported.
Toys ‘R’ Us plans to close all U.S. stores; 33,000 jobs at risk: Reuters :
Bankrupt Toys ‘R’ Us Inc is preparing to sell or close all 885 stores in its U.S. chain, risking up to 33,000 jobs, after failing to reach a deal to restructure billions of dollars in debt, Reuters reported.
Deal-sourcing robots: Applying intelligent automation to M&A :
By Catherine Daly and Nadim Malik, Sutton Place Strategies Record capital overhang, increased competition and perpetually high valuations are afflicting this market, and buyers are struggling to deploy capital on worthy investments. But enterprising firms can use current economic conditions as an opportunity to modernize their deal-sourcing strategy and stand out among the competition. Intelligent […]
Nordic Capital to buy Trustly: Financial Times :
Nordic Capital is buying Trustly in a deal that values the payment company at 700 million euros ($865.2 million), the Financial Times said. Nordic is buying the majority stake from shareholders including Bridgepoint Development Capital, while Alfven & Didrikson is reinvesting in the deal, the story said. Trustly, of Stockholm, lets consumers pay directly from one account to another without relying on credit or debit cards.
IOP acquired Royston :
Industrial Opportunity Partners said March 15 that it acquired Royston LLC. Financial terms weren’t announced. Royston, of Jasper, Georgia, designs, makes and installs check out and merchandising fixtures and equipment. Comerica Bank, Stifel Bank, Associated Bank and Norwest Mezzanine Partners provided debt financing. Winston & Strawn LLP acted as legal adviser to IOP.
Delos Capital buys India-based specialty metal products maker Sage :
Delos Capital has acquired Delhi, India-based Sage, a maker of specialty metal products. No financial terms were disclosed.
Argentum funds LAUNCH Technical Workforce Solutions :
LAUNCH Technical Workforce Solutions, a provider of staffing for the aviation industry, has secured an undisclosed amount of funding. The investor was Argentum.
Cipio Partners backs B2X :
B2X, a provider of customer care services for smart mobile and consumer IoT devices, has secured 6.25 million euros (about $7.7 million) in funding. The investor was Cipio Partners.
L Catterton to buy Airxcel :
L Catterton has agreed to acquire Airxcel, a maker of branded, market leading heating, ventilating, air conditioning and appliance products. No financial terms were disclosed. Jefferies LLC, Morgan Stanley and Citizens Capital Markets Inc will provide debt financing for the deal.
Carlyle and 22C Capital invest in DiscoverOrg :
Vancouver, Washington-based DiscoverOrg, a sales and marketing intelligence provider, has secured an undisclosed amount of funding. The investors were The Carlyle Group and 22C Capital. As a result of the transaction, TA Associates will retain a "significant" equity stake in DiscoverOrg. Raymond James & Associates and Cascadia were financial advisers to DiscoverOrg while Goodwin Procter LLP provided legal advice to DiscoverOrg and TA Associates. Debevoise & Plimpton provided legal advice to Carlyle.
NexPhase buys Gulf Coast Pain Institute :
NexPhase Capital LP has acquired Pensacola, Florida-based Gulf Coast Pain Institute, a pain management practice. No financial terms were disclosed. Brown Gibbons Lang & Company was financial adviser to Gulf Coast Pain Institute on the transaction.
Ridgewood Infrastructure sells stake in Neptune :
Ridgewood Infrastructure LLC has sold its stake in the Neptune Regional Transmission System, a operator of a 65-mile submarine power transmission line connecting New Jersey and Long Island. The buyer was not identified. No financial terms were disclosed. RBC Capital Markets LLC provided financial advice to Ridgewood Infrastructure while Stroock & Stroock & Lavan LLP acted as legal counsel.
Riverside acquires 360 as an add-on for Omnigo Software :
The Riverside Company has acquired 360° Stay Safe, a provider of personal safety information for students, faculty and staff within higher education, as an add-on for portfolio company Omnigo Software. No financial terms were disclosed. Deloitte provided accounting diligence services for Riverside on the transaction while West Monroe provided technology diligence services.
One Rock completes Robertshaw buyout from Sun Capital :
Sun Capital Partners has closed its previously announced sale of Itasca, Illinois-based Robertshaw Controls Company to One Rock Capital Partners, according to a Sun Capital announcement. No financial terms were disclosed. Based in Itasca, Illinois, Robertshaw is a provider of thermal, flow and control management products and solutions.
Luminate Capital invests in Conexiom :
San Francisco-based Luminate Capital Partners has made an investment in Vancouver, British Columbia-based Conexiom, a provider of cloud-based supply chain document automation software solutions. No financial terms were disclosed. In conjunction with the funding, Hollie Haynes, Mark Pierce, Scott Kingsfield, David Ulrich and Sanjay Palakshappa from Luminate will join Conexiom’s board of directors. DCS Advisory and Harper Grey LLP advised Conexiom on the transaction.
Cairngorm Capital buys Parker Building Supplies :
Cairngorm Capital Partners said March 14 that it acquired Parker Building Supplies. Financial terms weren’t announced. Founder Tom Parker is the seller. Parker Building, of Polegate, East Sussex, provides heavyside building materials to trade and retail customers.
Investors challenge Tilton’s U.S. bankruptcy plan for her Zohar funds: Reuters :
A lawyer for investors in Lynn Tilton’s distressed debt empire told a U.S. judge on Tuesday that his clients plan to challenge her plan to use a bankruptcy filing to end years of legal battles over her private equity portfolio, Reuters reported.
How to scale a venture capital (or private equity) fund :
By David Teten, HOF Capital VC fund managers typically want to grow their businesses aggressively, just like the founders we back. But we normally have a clear ceiling on how high we can grow AUM before hitting practical limits to deploying capital within the traditional VC model. My partners at HOF Capital are younger than I am, […]
CIC sells Blackstone stake: Financial Times :
China Investment Corp has sold its stake in Blackstone, the Financial Times reported March 13. CIC’s original stake in Blackstone accounted for 9.9 percent of the buyout shop when China’s sovereign wealth fund originally invested in 2007 for $3 billion, the story said. CIC bought and sold stakes in Blackstone in the years following the original 2007 investment but began reducing its stake over the past 18 months, the FT said.
KKR, American Tower bidding for Altice’s telecom towers: Bloomberg :
KKR and American Tower Corp are among the bidders for Altice NV’s telecommunications towers, Bloomberg is reporting. Other parties interested in the telecom towers include private equity firms and TDF, the infrastructure operator, the story said. Altice NV’s telecommunications towers could be valued at about 3 billion euros ($3.7 billion), Bloomberg said.
TA Associates buys Confluence :
TA Associates has acquired a majority stake in Confluence. Financial terms weren’t announced. Confluence, of Pittsburgh, Pennsylvania, provides investment data management automation for regulatory, investor communications and performance reporting. Polaris Partners invested in Confluence in 20016, according to PitchBook. Goodwin provided legal counsel to TA Associates. Jones Day provided legal counsel and Raymond James served as financial advisor to Confluence.
Silver Lake and Battery Ventures to acquire EDR for $205 mln :
Silver Lake and Battery Ventures have agreed to acquire Shelton, Connecticut-based EDR, a provider of real estate data and software-as-a-service, for $205 million. The sellers are Daily Mail and General Trust plc. Goldman Sachs International advised DMGT on the deal.
ICV acquires Outpatient Imaging Affiliates :
ICV Partners has acquired Franklin, Tennessee-based Outpatient Imaging Affiliates, a provider of outpatient radiology services. The sellers were OIA's founder Frank Kyle and MedCare Investment Funds, a family office. Canaccord Genuity provided financial advice to the sellers on the transaction.
Aquiline sells Togetherwork to GI Partners :
GI Partners has acquired New York City-based Togetherwork, a provider of group management software and payments, from Aquiline Capital Partners. No financial terms were disclosed. Harris Williams & Co. was financial adviser to Aquiline Capital Partners on the deal.
MetaSource closes dividend recap, debt refinancing :
MetaSource, a portfolio company of LaSalle Capital, has completed a debt refinancing and dividend recap. Financial terms weren’t announced. MetaSource, of Draper, Utah, offers services including business process management and content management solutions delivered via premise-based and SaaS-based platforms.
Ambulatory-surgery centers can help unlock investment value in orthopedic practices :
By Patrick Krause, MHT Partners The Centers for Medicare and Medicaid Services’ change of policy last summer to pay for total knee- and hip-replacement procedures in outpatient settings has made independent orthopedic practices — and in particular those that own ambulatory-surgery centers — an interesting area for investment. A blueprint for investment in orthopedics has been established […]
Shamrock Capital invests in Wpromote :
Shamrock Capital has invested in Wpromote, taking a minority stake. Financial terms weren’t announced. Wpromote, of El Segundo, California, is a digital marketing agency.
Palamon Capital to sell OberScharrer to Nordic Capital :
Palamon Capital Partners said March 13 that it agreed to sell OberScharrer Group to Nordic Capital. Financial terms weren’t disclosed. OberScharrer, an ophthalmology group in Germany, provides more than 85,000 treatments per year through its clinics. The sale will generate investment returns of 3.6x invested capital for Palamon.
AMP Capital to buy Everstream :
AMP Capital has agreed to acquire Everstream Solutions LLC, a super-regional network service provider bringing fiber-based ethernet, internet and data center solutions to businesses in the Midwest. The sellers include M/C Partners and investors advised by the private equity group of J.P. Morgan Asset Management and Morgan Stanley Alternative Investment Partners. No financial terms were disclosed. Evercore and MVP Capital served as lead financial advisers to Everstream and M/C Partners on the transaction while Goldman Sachs served as financial adviser to AMP Capital.
Beekman recaps REVA :
Beekman Investment Partners has closed a recapitalization of Cleveland-based REVA, a global fixed wing air medical platform. No financial terms were disclosed for the deal that was done alongside Directional Aviation LLC and Goldman Sachs Specialty Lending Group.
Warburg Pincus to invest $370 million in Techcombank in Vietnam’s biggest buyout deal: Reuters :
Warburg Pincus is investing more than $370 million in Vietnam Technological and Commercial Joint Stock Bank (Techcombank) IPO-VTC.HM, in what it said was the largest ever private equity investment to date in the Southeast Asian nation, Reuters reported.
Silver Lake to invest in Oak View Group: Amplify :
Silver Lake is investing $100 million in Oak View Group, the company founded by Tim Lieweke and Irving Azoff, according to Amplify. Oak View Group, of Los Angeles, is an entertainment and sports facility company.
JZ Capital to sell Bolder Healthcare :
JZ Capital Partners Ltd has agreed to sell Bolder Healthcare Solutions. Cognizant is the buyer. JZCP will realize about $108 million in gross proceeds from this sale. Bolder Healthcare, of Louisville, Kentuck, provides healthcare revenue cycle management services to the hospital and physician marketplace in the United States.
Gen Cap America buys CoreMedical Group :
Gen Cap America Inc said March 12 that it acquired CoreMedical Group. Financial terms weren’t announced. Management also invested. CoreMed, based in Manchester, New Hampshire, is a healthcare staffing and recruiting agency specializing in travel and permanent placement for nurses, allied health professionals and physicians.
Clearlake buys Provation Medical :
Clearlake Capital Group said March 12 that it acquired Provation Medical Inc. Wolters Kluwer is the seller. Financial terms weren’t announced. Provation, of Minneapolis, provides software for intelligent procedure documentation. TripleTree served as financial adviser to Clearlake. Financing for the transaction was provided by Wells Fargo, Varagon Capital Partners and Ares Management LP.
Stone Point Capital acquires majority stake in Genex :
Stone Point Capital LLC has closed its previously announced acquisition of a majority stake in Genex Services, a provider of cost containment services for the workers’ compensation, disability and auto industries. The seller was Apax Partners. No financial terms were disclosed. SunTrust Robinson Humphrey was strategic and financial adviser to Genex.
GTCR completes EagerPicher Technologies acquisition :
GTCR has closed its previously announced acquisition of St. Louis, Missouri-based EaglePicher Technologies, a provider of power solutions for customers in the defense, aerospace and medical end markets. The seller was Vectra, a portfolio company of Apollo Global Management LLC. No financial terms were disclosed. Goldman Sachs provided financial advice to Vectra on the deal.
NEP sells Gopher Resource to Energy Capital Partners :
Energy Capital Partners has acquired Eagle, Minnesota-based Gopher Resource, a national environmental solutions provider, from Norwest Equity Partners. No financial terms were disclosed. J.P. Morgan was financial adviser.
Muse Paintbar raises $9 mln from Chatham Capital :
Chatham Capital has invested $9 million in Muse Paintbar, a paint and sip operator. Lazard Middle Market provided financial advice to Muse on the transaction.
MPK and AHR invest in Urban Air :
MPK Equity Partners and AHR Growth Partners has made an investment in Texas-based Urban Air Adventure Park, an operator and franchisor of active family entertainment centers. No financial terms were disclosed.
Searchlight invests $150 mln in Global Eagle Entertainment :
Searchlight Capital Partners invested $150 million in Global Eagle Entertainment, which provides media, content, connectivity and data analytics to various markets. Searchlight expects the deal to close before March 31, 2018. Nasdaq has completed its review of the transaction.
Shell, Blackstone eye $10 billion bid for BHP U.S. shale assets: Sky News :
Royal Dutch Shell Plc (RDSa.L) and U.S. private equity firm Blackstone Group LP (BX.N) are working on a joint $10 billion bid for BHP Billiton Plc’s (BLT.L) U.S. shale assets, Sky News said on Thursday.
PE, VC activity hits record in Latin America in 2017 :
Private equity and venture capital activity in Latin America hit a record in 2017 driven by an upsurge in VC and mid-market deal making, according to the Latin American Private Equity and Venture Capital Association.
Energy Capital Partners-led group acquire Calpine in take-private buyout :
An Energy Capital Partners-led consortium has acquired Calpine for $15.25 per share. Other co-investors include Access Industries and Canada Pension Plan Investment Board. As a result of the closing of this deal, Calpine will stop trading on the New York Stock Exchange prior to the opening of the market on March 9, 2018. Lazard was financial adviser to Calpine while Barclays Capital Inc did likewise for Energy Capital Partners. Calpine is a generator of electricity from natural gas and geothermal resources.
TA Associates acquires equity in Flexera, will partner with Ontario Teachers’ :
U.S. private equity firm TA Associates
has closed its previously announced investment in Itasca, Illinois-based Flexera
, a software supply chain company, according to a blog post
on the latter's site. No financial terms were disclosed. Ontario Teachers' Pension Plan
, which acquired a majority stake in Flexera from U.S. private equity firm Thoma Bravo
in 2011, will be working in partnership with TA Associates to continue to grow Flexera.
Comvest Partners buys Engage2Excel :
Comvest Partners has acquired Statesville, North Carolina-based Engage2Excel, a provider of employee recognition, sales incentives, talent acquisition and consumer loyalty solutions and services. No financial terms were disclosed. Lincoln International, Robert W. Baird and Moore & Van Allen advised E2E while Raymond James and McDermott Will & Emery advised Comvest. UPDATE: The seller was Gridiron Capital LLC.
Spice Private Equity to buy Bravo Brio Restaurant Group :
Spice Private Equity Ltd is buying Bravo Brio Restaurant Group Inc in a deal valued at about $100 million. Bravo Brio owns and operates BRAVO! Cucina Italiana and BRIO Tuscan Grille restaurant concepts. Spice is an affiliate of GP Investments Ltd.
Kinderhook invests in StudyKIK :
Kinderhook Industries LLC said March 8 that it invested in StudyKIK. Financial terms weren’t announced. Matt Miller and Jerome Chiaro, StudyKIK's founders, also invested. StudyKIK, of Costa Mesa, California, uses social media to provide patient recruiting solutions for clinical trials.
Capzanine to exit Oui Care :
Capzanine said March 8 it was selling its stake in Oui Care as part of a sponsorless transaction arranged by the group’s founder, Guillaume Richard. Capzanine acquired its stake in Oui Care in January 2015. Oui Care, of Paris, provides personal and household services.
Riveria backs LMP :
Riviera Investment Group has acquired a minority stake in LMP Automotive Holdings, an ecommerce platform for buying, selling and financing used cars. No financial terms were disclosed.
KKR to buy majority stake in Heartland Dental from Ontario Teachers’ :
KKR has agreed to acquire a majority stake in Effingham, Illinois-based Heartland Dental, a dental support organization. The sellers include Ontario Teacher's Pension Plan. No financial terms were disclosed. Jefferies LLC was the financial adviser.
Leonard Green completes ProMach acquisition from AEA Investors :
Leonard Green & Partners has closed its previously announced buyout of Cincinnati-based ProMach, a provider of packaging machinery solutions. The seller was AEA Investors. No financial terms were disclosed.
RatPac Dimmers pulls in funding from Vopne Capital :
Vopne Capital has made an investment in Van Nuys, California-based RatPac Dimmers, a maker of lighting control and power distribution products for the motion picture and entertainment industry. No financial terms were disclosed. Metropolitan Capital Investment Banc Inc advised RatPac Dimmers on the deal.
Liebman Group buys majority stake in C-Slide :
Liebman Group has acquired a majority stake in Utah-based C-Slide, a maker of patented web camera covers. No financial terms were disclosed.
Salt Creek Capital buys Sound Building Supply :
Salt Creek Capital has acquired Renton, Washington-based Sound Building Supply Inc, a maker of metal flashing, roofing, and building products. No financial terms were disclosed.
Advent to seek buyer for conveyor belt firm Ammeraal Beltech, say sources: Reuters :
Private equity firm Advent has hired Goldman Sachs (GS.N) and Rothschild (ROTH.PA) to sell Dutch conveyor belt company Ammeraal Beltech in a process expected to begin around the end of this month, sources told Reuters.
Wind Point buys Ox Engineered Products :
Wind Point Partners has acquired Constantine, Michigan-based Ox Engineered Products, a specialty maker of structural sheathing and thermal insulation building products. No financial terms were disclosed for the deal that was done in partnership with Dave Ulmer. Reed Smith LLP was legal counsel to Wind Point on the transaction.
Accel-KKR invests in Kimble Applications :
Accel-KKR has made an investment in Kimble Applications, a provider of professional services automation. No financial terms were disclosed. In conjunction with the funding, Greg Williams and Maurice Hernandez of Accel-KKR will be appointed to Kimble’s board.
GoldPoint backs Spectrum Vision Partners :
Spectrum Vision Partners, a management services organization serving the ophthalmology sector, has raised an undisclosed amount of funding. The investors were GoldPoint Partners and Spectrum's current private equity backer Blue Sea Capital as well as GCM Grosvenor and Hamilton Lane on behalf of the New York State Common Retirement Fund.
Flexpoint Ford supports Dash Financial Technologies MBO :
Flexpoint Ford is backing the management buyout of Dash Financial Technologies, a provider of a multi-asset trading technology and execution service platform. No financial terms were disclosed. Dash co-founders Peter Maragos and David Karat are acquiring the business from GTCR. In conjunction with the transaction, Maragos will continue as a CEO and a board member while Steven Begleiter, managing director of Flexpoint Ford, will serve as a non-executive chairman, and Daniel Edelman, a principal at Flexpoint Ford, will join the Dash board. The deal is expected to close in the second quarter.
UnitedHealth bids for Envision ambulatory unit: Bloomberg :
UnitedHealth Group is bidding for the ambulatory unit put up for sale by Envision Healthcare Corp, Bloomberg is reporting. Separate groups of PE firms, including a consortium comprised of Hellman & Friedman, Onex Corp and Clayton Dubilier & Rice, as well as one group led by Carlyle Group LP, are still interested in buying the whole company but would be open to acquiring parts, the story said.
PE firms bid for PT BFI Finance Indonesia: Bloomberg :
PE firms are vying with suitors across Asia to buy an Indonesian lender PT BFI Finance Indonesia, Bloomberg is reporting. PE firms such as Warburg Pincus along with Cathay Financial and Shinhan Financial Group are bidding for BFI Finance, which is backed by TPG, the story said. Trinugraha Capital, which owns BFI, is looking to sell 43 percent of the lender and has received at least 10 bids, Bloomberg said.
Ace Gathering buys Recoil Energy Systems :
Ace Gathering Holdings LLC, a Rock Hill Capital portfolio company, said March 6 that it closed its buy of Recoil Energy Systems LLC. Financial terms weren’t announced. Recoil, of Abilene, Texas, provides oil reclamation services including tank cleaning, oil recovery, oilfield waste fluid handling and disposal services throughout the Permian Basin for salt water disposal wells, crude oil production tanks and pipelines.
Northern Pacific leads group to buy Pipeworks :
Northern Pacific Group, along with DGB Investments and St. Cloud Capital, has acquired Pipeworks Inc in a carve-out from parent Digital Bros. Financial terms weren’t announced. Pipeworks, of Eugene, Oregon, is a studio specializing in advanced consumer and commercial games with “real world” scenarios. The company employs more than 80 people.
Satori Capital buys majority of Zorch International :
Satori Capital has acquired a majority of Zorch International Inc. Financial terms weren’t announced. Zorch, of Chicago, designs and distributes branded merchandise and promotional products. Petsky Prunier, led by Norm Colbert, Michael Petsky, and Marc Flor, advised Zorch.
Wynnchurch completes acquisition of Heartland Automotive Services :
Wynnchurch Capital completed the acquisition of Heartland Automotive Services, Inc., the largest operator of Jiffy Lube service centers with around 523 locations. Heartland will be renamed Team Car Care, LLC. The deal was completed in partnership with Mid-Atlantic Lubes, Inc., an existing Jiffy Lube franchise. Wynnchurch made the investment from its $1.3 billion Fund IV.
Northern Pacific Group, DGB Investments, St. Cloud Capital carve out Pipeworks Studios :
Interactive technology company Pipeworks Studios has been acquired by Northern Pacific Group, DGB investments and St. Cloud Capital from Italian parent Digital Bros..
GTCR, Sycamore to buy CommerceHub for $1.1 bln :
GTCR and Sycamore Partners said March 6 that they agreed to buy CommerceHub in a deal valued at about $1.1 billion. CommerceHub, of Albany, New York, provides a distributed commerce network for retailers and brands. CommerceHub was advised by Evercore and Baker Botts LLP. GTCR and Sycamore were advised by William Sorabella, Stephen Ritchie and Mikaal Shoaib of Kirkland & Ellis LLP.
LDC pus PEI Media up for sale: Wall Street Journal : LDC
, the PE arm of Lloyds Banking Group
, has hired bankers to sell PEI Media Group
, the Wall Street Journal is reporting
. Livingstone Partners
is running the process; the business is likely to fetch 100 million pounds ($139 million), the story said.
Most likely to succeed: How PE investors can identify winning CEOs :
By Sapna S. Werner, Kim R. Powell and Elena L. Botelho, ghSMART If history is a guide, fewer of your CEOs are equipped to deliver on your investment thesis than you think. In a Bain study of PE deals a few years ago, nearly half the sponsors changed their CEOs during the life of deals […]
HCR ManorCare files for bankruptcy with $7.1 billion in debt: Reuters :
The second-largest U.S. nursing home operator, HCR ManorCare Inc, filed for Chapter 11 protection late Sunday with $7.1 billion of debt as part of a pre-arranged deal to transfer ownership to its landlord Quality Care Properties Inc (QCP.N), Reuters reported.
Madison Dearborn, Tornante may seek sale of Topps: Bloomberg :
Madison Dearborn Partners and Tornante Co are considering putting Topps Co up for sale, Bloomberg is reporting. The PE firms are talking to banks about strategic options for Topps, a baseball card maker, the story said. The most likely option is to split Topps card and candy business. The candy unit, which contributes most of Topps $40 million EBITDA, will likely be sold first, Bloomberg said. The total value of the company is $400 million.
Nordstrom rejects offer from Nordstrom family :
A Nordstrom special committee said March 5 that it has received and rejected an initial offer from the Nordstrom family to buy the retailer at $50 a share as too low. The Nordstrom committee said it plans to terminate discussions unless the family can “promptly and substantially” improve the price it is proposing to pay. Leonard Green has been working with the family on the take private and is looking to contribute $1.5 billion to $2 billion equity, CNBC said. The group of Nordstrom family members owns 31.2 percent of the Seattle retailer, CNBC said.
Promus takes majority stake in Quest Products :
Promus Equity Partners has acquired a majority stake in Pleasant Prairie, Wisconsin-based Quest Products, a provider of consumer packaged goods and ecommerce services. In conjunction with this deal, Quest has acquired Clinere Products and its line of consumer ear-cleaning products. No financial terms were disclosed for either transaction.
Riverside Company exits Grace Hill :
Stone Point Capital has acquired Greenville South Carolina-based Grace Hill, a provider of online training, credentialing, and mystery shopping solutions for property managers. The seller was The Riverside Company. No financial terms were disclosed.
Altamont buys North Carolina Planet Fitness franchisee :
Altamont Capital Partners has acquired PF Eastern NC, a North Carolina-based Planet Fitness franchisee. No financial terms were disclosed. Marks & Klein LLP advised and represented PF Eastern NC while Ropes & Gray LLP and Bass, Berry & Sims PLC advised and represented Altamont.