It’s been a busy last few weeks for
The spurt of deals began on April 12, when JLL Partners, which invests in mid-sized companies in need of turnarounds, sold Mosaic Sales Solutions in a secondary deal to
The hot month continued with a $147 million equity investment in Patheon Inc., a publicly traded Canadian company that manufacturers drugs on a contract basis for big pharmaceutical companies. The PIPE deal gives JLL Partners a 25 percent stake in Patheon and three seats on the company’s nine-member board of directors. The infusion came from JLL Partners Fund V, a $1.5 billion pool closed in 2005 and now nearly 60 percent invested.
Last week, the firm was due to close its $870 million carve-out of McKechnie Aerospace from British holding company Melrose PLC. JLL Partners was to contribute $220 million in equity, coupled with $150 million more from unnamed co-investors. McKechnie makes new and replacement parts for aircraft, a business expected to be in greater demand as air fleets age, said Brian Wade, JLL Partners director of investor and public relations.
JLL Partners was also slated last week to complete a dividend recapitalization of Iasis Healthcare, a hospital network bought out in 2004 for $1.4 billion by a group of investors led by
The LBO firm also completed another recap in April, its second in the last year since acquiring JG Wentworth, which brokers structured settlements. The recaps have provided JLL Partners with a return of 2.33x its $125 million investment in JG Wentworth, made in July 2005.—J.H.