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Large private equity firms will likely be interested in Russell Investments, but PE isn’t a shoo-in to win the Seattle asset manager. TA Associates and Reverence Capital Partners have put Russell up for sale after three years, sources said. Goldman Sachs is advising on the process, the Financial Times said. It’s unclear how much TA […]
Tribeca Venture Partners is expected to begin fundraising for its next early-stage fund in early 2020, a source said. Tribeca Venture Partners III is seeking $150 million, a person said. The hardcap for Fund III is between $200 million to $225 million, the source said. Marketing is expected to begin in the first quarter and […]
KPS Capital Partners LP, which just finished fundraising, exited International Equipment Solutions after eight years. Angeles Equity Partners said Tuesday, Nov. 5, that it acquired Crenlo Cab Products LLC. Crenlo was the remaining unit of IES that KPS still owned. With the sale, KPS made 3x its money on its overall investment in IES, a source […]
Fiserv’s sale of its wealth platform has progressed to the final rounds, but the winner is still unclear, sources said. Thoma Bravo and Thomas H. Lee Partners were making a run for the unit, two people said. One GP mentioned Broadridge as possibly involved. “Thoma and THL are no longer in the process,” said a […]
Private equity is apparently picking up another wealth manager. Ladenburg Thalmann, a network of five independent broker-dealers, is in talks to be sold to Advisor Group, Bloomberg reported Nov. 1. Jefferies is advising on the process, sources said. Bids for Ladenburg were due last week, according to a GP who passed on the deal. Ladenburg […]
Conduent, the business process services company that spun off from Xerox, is putting BenefitWallet up for sale, four sources said. The sale comes after Conduent in August said it was undertaking a strategic and operational review of the company and each of our business lines. BenefitWallet is one of the largest HSA administrators with more […]
As the M&A market evolves, more and more parties are using adjustments to boost the value of companies up for sale, according to a report from KPMG. Ten years ago, M&A deals rarely featured adjustments. Buyers would show up to processes and conduct their own due diligence, said Joe Hartman, co-head of the private equity […]
GIACT Systems, one of the most coveted fintech businesses, is not up for sale, two sources said. GIACT hired Raymond James in 2018 to handle interest in the company, but no party is actively conducting due diligence, one of the people said. “The business is performing very well but there is no active process underway,” […]
Snow Phipps may finally get to exit Velocity Financial LLC after nearly a dozen years. Velocity, a mortgage lender to residential rental and small commercial properties, has filed to go public again. Velocity plans to list on the New York Stock Exchange, under the ticker “VEL,” a regulatory filing dated Oct. 18 said. The Westlake […]
Swift Prepaid, which rebranded itself over the summer as daVinci Payments, has moved forward with its sales process. Books for Swift Prepaid are out, sources said. Bids for the fintech company are due later in October, people said. Raymond James is advising on the sale. In July, Buyouts reported that Swift Prepaid was considering a […]

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