Return to search

Deals

British buyout shop 3i has secured €205 million ($280 million) in loans to back its acquisition of French building fastener and fixing company Etanco from IK Investment Partners, Reuters reported. French banks CIC, Credit Agricole and Societe Generale are arranging the debt package. European private equity firm IK Investment Partners acquired Etanco in 2008 backed by €172 million of debt, according to Thomson Reuters.

Accel-KKR has made a majority equity investment in Infinisource Inc., a provider of benefits administration technology and services, the company announced Monday. The added capital will be used to expand its suite of products and fuel growth efforts. As part of the deal, Gary Trainor, a former division president at both ADP and First Data, will become chief executive. Gary Hart will continue as president of the company. Financial terms were not released.

Accel-KKR has taken an undisclosed stake in Paymentus Corp., a provider of electronic bill payment, presentment and customer communication technology and services. Terms of the deal were not released. The cash infusion will be used to expand the company’s platform development and distribution efforts. The Paymentus platform provides enterprise bill payment, presentment and revenue management technology through a self-service model, the company said. Pagemill Partners advised Paymentus.

Advent International has acquired a 49.998 percent stake in MAXAM from Vista Capital and Portobello Capital. The remaining 50.002 percent of the company is controlled by MAXAM’s management team. The deal value has not been released. MAXAM develops, manufactures and sells civil explosives and initiation systems for mining, quarries and infrastructure; cartridges, sports ammunition and gunpowder for sports use; and products for the defense industry.

Ares Capital said it committed $59 million in a $110 million second lien term loan that supports the refinancing of La Paloma Generating Co. Kern County, Calif.-based La Paloma is a four-unit, 1,022 MW natural gas-fired power facility owned by EIG Global Energy Partners and Rockland Capital.

Ascent Capital, a Bangalore-based private equity firm, has put 2 billion rupees ($42.3 million) into Karaikal Port Pvt Ltd, a unit of Chennai headquartered MARG Ltd, Reuters reported. The money will be used for expansion of its southeast India-based seaport.

Baird Capital Partners portfolio company Backyard Discovery has acquired wood shed maker Classic Manor, the firm announced. The deal was completed though Backyard’s subsidiary SHEDS USA. No terms were released.

The Blackstone Group is paying a reported £600 million ($948.4 million) for European hotel chain Mint. Blackstone, which owns the Hilton Worldwide chain, will take over Mint’s eight 4-star hotels, which are based in Britain and Amsterdam, Reuters reported.

The Blackstone Group is working with Prestige Brands of America to bid on a portfolio of over-the-counter drugs owned by GlaxoSmithKline, Reuters reported, citing the Times of London. The deal is worth a reported £2 billion ($3.1 billion), according to the Times. GlaxoSmithKline recently put up for sale several business units marketing over-the-counter products.

The Carlyle Group has acquired ITRS Group, a provider of trade monitoring technology and services to the financial services sector for an undisclosed sum. Equity for this investment will come from Carlyle Europe Technology Partners II (CETP II), a €530 million ($713 million) fund that closed in November 2008. Carlyle will support ITRS’ international expansion and is committed to broadening the company’s specialized product offering.The Carlyle Group will pay ¥11.5 billion ($149 million) to buy Japan’s N.I.C. Corp., which provides medical administrative and staffing services, Reuters reported. The firm teamed up with N.I.C. management on the buyout. Carlyle, the only major private equity firm with a Japan-focused, yen-denominated investment fund, manages the ¥165.6 billion Carlyle Japan Partners II fund.

Charterhouse Capital Partners portfolio company Tunstall Healthcare Group has agreed to buy American Medical Alert Corp. Tunstall is paying $8.55 a share cash, or $82.3 million for AMAC. New York-based AMAC provides telecare/telehealth services such as remote patient monitoring devices and emergency response systems. Jefferies advised Tunstall while Houlihan Lokey served as financial adviser to AMAC.

An unnamed European financial investor has made a proposal to buy out the portfolio of companies in a fund of private equity group Cognetas, Reuters reported, citing news in the Financial Times. The group’s current portfolio includes Morrison Utility Services, a British infrastructure maintenance provider for utility groups; Tokheim, a French maker of fuel dispensing equipment; and Arcaplanet, an Italian pet food retailer, Reuters wrote.

DFW Capital Partners portfolio company North East Dental Management has acquired Dental Associates of Northern Virginia. The deal was announced by NXT Capital, which said it provided a $61 million senior secured credit facility to back the deal and acted as joint lead arranger and administrative agent for the transaction.

Blue Wolf Capital Partners has invested in Pharmaceutical Strategies Group. Financial terms weren’t disclosed. PSG, of Plano, Texas, is an independent pharmacy benefits consulting firm.

Century Park Capital Partners portfolio company ROM Corp., has acquired Bustin Industrial Products, a division of MW Supply Inc. ROM Corp. is a manufacturer of specialty components for vehicles in the emergency, trucking and military sectors. Terms of the acquisition were not released. Bustin Industrial Products is based in East Stroudsburg, Pa.

CI Capital Partners portfolio company Tech Air has agreed to buy Corp Brothers. Financial terms weren’t announced. Providence, R.I.-based Corp Brothers distributes specialty and industrial gases, safety equipment, welding supplies, dry ice and other related products.

Clearview Capital has acquired Child Health Holdings from Harbert Private Equity, the firm announced. Tampa-based Child Health, which does business as Pediatric Health Choice, provides health care services for medically complex, technology-dependent and behaviorally challenged children. The deal closed on Sept. 2. Terms were not released.

An attempt by private equity-backed ConvaTec to buy U.S. wound-care firm Kinetic Concepts has collapsed, Reuters reported, citing a report in Dagens Industri. The deal reportedly fell apart when a pharmaceutical firm that had agreed to buy one of Kinetic’s daughter companies as part of the deal pulled out. In August, sources told Reuters that Kinetic Concepts had received a takeover bid from ConvaTec, which is owned by Nordic Capital and Avista Capital Partners LLC. Kinetic Concepts has agreed to a $5 billion deal with Apax Partners LLP.

CVC

is considering a bid for Orange Switzerland despite resistance from seller France Telecom to let it into the auction for Switzerland’s third-largest mobile phone company, Reuters reported. The sale reportedly could fetch as much as €1.5 billion ($2.04 billion).

First Reserve Corp., a private investment firm focused on energy and natural resources, has put an undisclosed amount into Amromco Energy, an oil and gas producer in Romania. No terms of the investment were given. The deal is part of First Reserve’s plans to build an oil and gas platform in the Central and Eastern European region, the firm said.

Francisco Partners acquisition vehicle EFR Holdings has acquired a controlling stake in eFront, a Paris-based software provider serving the financial industry, for approximately €68 million ($91 million). The new partnership will help accelerate international expansion and product innovation.

Friedman Fleischer & Lowe portfolio company TriTech Software Systems said it has acquired VisionAIR. Financial terms weren’t announced. Castle Hayne, N.C.-based VisionAIR provides software for 911 centers, law enforcement, fire service and corrections.

Giant Interactive Group Inc. said it will invest $50 million in Chinese e-commerce company Alibaba Group through an investment in Yunfeng e-Commerce Funds. Yunfeng e-Commerce Funds was established by Yunfeng Capital, a China-based private equity firm co-founded by Alibaba CEO Jack Ma. The share purchase is expected to close before the end of the year, Giant Interactive said in a statement.

Goldman Sachs Capital Partners portfolio company USI Insurance has bought substantially all of the assets of First Place Insurance Agency. Financial terms weren’t disclosed. Youngstown, Ohio-based First Place, a mid-market insurance firm, is expected to contribute about $3.6 million in revenues to USI on an annual basis. Separately, USI said it has closed its acquisition of de la Parte & Associates. Financial terms weren’t disclosed. Tampa, Fla.-based de la Parte is an employee benefits and insurance consulting firm.

Goldman Sachs’s private equity arm plans to invest up to 10 billion rupees ($202 million) in Indian renewable energy start ReNew Wind Power, Reuters reported. The deal is the single largest investment in India’s renewable energy sector. Reuters said Goldman would take a majority stake, but no other details were released.

Kansas City-based Great Range Capital has acquired specialty transportation company LLL Transport. Terms of the deal were not released. LLL Transport is based in Brookfield, Mo., and employs roughly 130 people.

GTCR portfolio company AssuredPartners, a Florida-based manager of property and casualty and employee benefits brokerage businesses, completed its deal to buy Neace Lukens, the 24th largest private insurance broker in the U.S. with $88 million annual revenue. Specifics of the deal were not publicized.

GTCR broke up a merger between Fundtech and S1 Corp. GTCR offered to buy Fundtech for about $400 million, or $23.33 a share cash. At $23.33, the offer is a near 33 percent premium to Fundtech’s closing share price the day before the deal was announced. GTCR said it plans to combine Fundtech, a provider of transaction banking software and services, with portfolio company BankServ. Fundtech already has a merger agreement on the table. In June, S1 inked a deal to buy Fundtech, offering 2.27 shares of S1 stock for every Fundtech share. The deal, which was all stock, was reportedly valued at about $320 million at the time of the announcement.

Hg Capital launched a 550 pence per share bid for domain name supplier Group NBT, Reuters reported. The deal, at a 22.5 percent premium to the company’s closing price on the day before the bid was disclosed, values Group NBT at about £153 million ($235.8 million).

IDB Holding Corp. has ended talks to sell its majority stake in Clal Insurance to private equity firm Permira, Reuters reported. The two parties failed to reach an agreement. IDB’s subsidiary IDB Development owns 55 percent of Clal Insurance, one of Israel’s top two insurers, Reuters wrote.

A fund managed by JPMorgan Chase & Co. is investing $400 million into India’s SKIL Infrastructure, sealing a stake of just under 20 percent, Reuters reported. SKIL controls ship-builder Pipavav Defence and Offshore Engineering Ltd. The company plans to use the infusion to pay down debt, Reuters wrote.

Malaysian government fund Khazanah Nasional is in talks to buy a stake in Turkish hospital group Acibadem, Reuters reported. The deal could be valued at around $500 million, Reuters said. Acibadem is owned by Almond Holding, a joint venture between Dubai-based private equity group Abraaj Capital and the Turkish Aydinlar family.

Kohlberg Kravis Roberts & Co. portfolio company Visma, a provider of software and services tax and accounting, will invest an unspecified amount of capital in Acumatica, a Bethesda, Md.-based cloud services company. Advisers on the deal were not publicized.

McLarens Young International is merging with Airclaims, which is backed by LDC. Financial terms weren’t announced. MYI has secured additional funding from Altamont Capital Partners. Mclarens Young is loss adjuster while Airclaims provides claims, risk and asset management services to the aviation community. LDC is a mid-market firm in Britain.

Milestone Capital and other investors will provide Xinhua Travel, an online tourism service provider in China, with $23 million. The money will help Xinhua with growth efforts. Milestone is a private equity investment fund management company specializing in direct investment in China.

Monroe Capital has provided a $22.5 million unitranche facility and an equity co-investment in West World Media, the firm announced Wednesday. The money will be used to refinance existing debt and provide growth capital. West World provides movie theater showtimes, movie content, advertising services, marketing services, Web hosting services and local event data.

Morgenthaler Private Equity portfolio company RotoMetrics has acquired Denmark’s Gerhardt International, the firm announced. Gerhardt is a manufacturer of flexible tooling and related accessories for the converting and printing industries. Terms of the deal were not released.

Oaktree Capital Management Funds sent a letter to toymaker Jakks Pacific outlining its intention to buy the company for $670 million, Reuters reported. Los Angeles-based Oaktree first made the offer in March and has been rebuffed by the company repeatedly. Oaktree said it would raise its offer if Jakks could “demonstrate to us further value over the course of our due diligence process,” Reuters wrote, quoting the letter.

OpenGate Capital has completed its purchase of a Waukesha, Wis.-based dairy processing plant and related assets from publicly traded Dean Foods Co. OpenGate acquired the “Golden Guernsey” and “La Vaca Bonita” brands as part of the transaction. Terms of the deal were not released. OpenGate Capital is based in Los Angeles.

Data analytics company Opera Solutions has raised $84 million from a group of investors including Silver Lake Sumeru, Accel-KKR, Invus Financial Advisors, JGE Capital Management and Tola Capital, Reuters reported. Silver Lake led the round, which is the company’s first institutional funding.

Permira is buying a 61 percent stake of Netafim Ltd, an Israeli maker of irrigation systems, Reuters reported. The terms of the deal were not released. The firm is buying the stake from the kibbutzim Hatzerim, Yiftach and Magal and Israeli funds Markstone and Tene, Reuters reported.

Renaissance Learning said it has received a definitive buyout proposal from Plato Learning, which is backed by Thoma Bravo and HarbourVest Partners. Plato is bidding $15.50 a share cash, which includes $128 million equity plus $410 million in debt. However, Renaissance’s board said it is still recommending a lower offer from Permira, which is offering $14.85 a share cash.

RRJ Capital, a $2.4 billion Asian private equity firm and a unit of Hong Kong’s Cheung Kong, has poured $80 million into AAB, a Chinese maker of baby diapers, Reuters reported. AAB China does around 70 percent of its sales in China and 30 percent overseas, Reuters wrote.

Sigma3, a new software technology and services company focused on the oil and gas industry, has been created out of the merger of FusionGeo Inc. and Prism Seismic Inc. Backed by Symphony Technology Group, the company provides software, training and services designed to advise oil and gas companies where and how to drill the most prolific wells. The company is based in San Antonio, Texas.

Silver Lake, Russian technology investment firm DST Global and Yunfeng Capital are leading a $1.6 billion tender offer for privately held employee and shareholder stock of Alibaba Group. The deal would reportedly give Alibaba an enterprise valuation of about $32 billion, Reuters wrote.

Silver Lake is mulling a bid for Yahoo, Reuters reported, citing reports by Bloomberg and the Wall Street Journal. As part of a deal, Silver Lake would reportedly sell off Yahoo’s Asian assets and then attempt to turn around the main operations or find a buyer for that business. According to the Wall Street Journal, Yahoo has not met with Silver Lake.

Summit Partners has led an undisclosed amount of growth equity financing for PeerApp Ltd, a provider of transparent Internet caching and content delivery platforms. Cedar Fund, Evergreen Partners and Pilot House Ventures Group also participated in the round, which will be used for expansion.

Symphony Technology Group portfolio company ImpactRx, a medical marketplace data analytics firm, is buying TargetRx. Terms of the deal were not publicized. Gregory Ellis, the president and CEO of ImpactRx, will lead the combined company.

Charlotte, N.C.-based Tillery Capital has recapitalized Venture Technology Groups Inc., a Michigan-based maker of specialty flow control products. Terms of the deal were not released. Tillery Capital said that management is keeping a “significant ownership” in the company.

Trivest Partners is recapitalizing Group III International, maker of outdoor products. Abacus Finance Group, which was the administrative agent and joint lead arranger for the $32.5 million senior secured credit facility, was joined in the financing by Madison Capital Funding LLC with legal counsel provided by Goulston & Storrs LLP.

Mumbai-based metals trader and wind farm operator Ushdev International is attempting to raised between $20 million and $40 million from private equity investors, Reuters reported. The company is talking with unnamed private investors about an expansion capital round, and considering selling up to 20 percent equity in the company, Reuters reported.

Vista Equity Partners is paying $320 million to buy the health care unit of British software company Sage, Reuters reported. Sage will return all of the proceeds to shareholders through a share buyback program.

Vista Equity Partners

is acquiring Thomson Reuters‘s trade and risk management software business, which includes flagship product Kondor. Vista beat bids from other private equity firms including Cinven, Bridgepoint and Montagu Private Equity. The value of the sale was not disclosed, but the loan supporting the leveraged buyout is expected to be around $200 million, Reuters wrote.

Warburg Pincus and Vestar Capital Partners have jointly acquired transportation industry technology firm International Asset Systems. Terms of the deal were not released. The company’s current management team will continue with the company.

WestView Capital Partners has taken a minority stake in Columbus, Ohio-based Resource Interactive, an interactive marketing agency specializing in social media marketing, mobile and digital commerce. Terms of the investment were not released. WestView Capital Partners is a Boston-based buyout firm.

Chicago-based Winona Capital Management has acquired an undisclosed stake in Petsense, a national chain of specialty pet supply retail stores. Terms of the deal were not released. The company said that Winona’s investment would allow it to build more than 100 new stores across the United States. Petsense currently has 50 company-owned stores across 16 states. With offices in Chicago and Seattle, Winona Capital manages roughly $125 million.