3i Group has bought a 45 percent stake in OT Companies, a provider of oil tank storage services in Singapore, Amsterdam and Malta, for €305 million. The transaction included €115 million in equity from 3i’s listed Infrastructure fund, and a €190 million debt facility arranged by RBC Capital Markets. The deal is expected to close at the end of August.
Actis has acquired a majority stake in Mouka Ltd., a Nigerian maker of branded foam products. No financial terms were disclosed. In related news, former UTC Nigeria CEO Peja Adebajo has joined Mouka as CEO, while Accenture Nigeria chairman Adedotun Sulaiman has joined as non-executive chairman.
Advanced Medical Optics has withdrawn its $4.2 billion bid for Bausch & Lomb Inc., thus clearing the way for Warburg Pincus to proceed with its $3.67 billion acquisition. AMO chief executive James Mazzo said that his company’s $75 per share offer was superior, but that Bausch & Lomb remains “intent on delivering Bausch & Lomb to Warburg Pincus at $65 per share.”
Alliance Data Systems Corp. (NYSE: ADS) shareholders have approved an $81.75 per share buyout offer from The Blackstone Group. The total deal is valued at $7.8 billion, including assumed debt, and is expected to close in the fourth quarter. Alliance Data provides marketing, loyalty and transaction services.
Allied Capital has acquired Worldwide Express Inc., a U.S. reseller of DHL express and ground shipping services to the small and medium-sized business market. Allied provided $15.7 million in equity and subordinated notes, while “third-party lenders” provided the senior financing and majority of subordinated notes. Fidus Partners advised Worldwide Express on the deal.
Allied Capital has sponsored a management-led recapitalization of Higginbotham & Associates, a Fort Worth, Texas-based mid-market insurance brokerage and risk management firm. Allied committed $93.4 million in non-voting common equity, senior notes and subordinated notes. Higginbotham management and employees provided both equity and debt.
Apax Partners and Guardian Media Group are in early talks to launch a £2 billion bid for U.K. media company Emap, the Telegraph reported without citing sources. Emap confirmed last month that it was considering a sale of some of its constituent businesses, and the two prospective buyers are thought to be planning to draw up a list of potential buyers for Emap’s consumer publishing business which neither Apax nor GMG would likely want to retain. Guardian sold a 49 percent stake in Trader Media group to Apax earlier this year for £650 million.
Apollo Management has completed its $2 billion take-private buyout of EGL Inc., a Houston, Texas-based logistics provider. EGL stockholders received $47.50 per share.
ArcLight Capital has agreed to acquire interests in 18 geothermal, wind and solar renewable power generation projects from Caithness Energy LLC. The projects have an installed capacity of 824 megawatts. No financial terms were disclosed.
Avalign Technologies Inc., a medical device outsourcing platform backed by RoundTable Healthcare Partners, has acquired Nemcomed, a Hicksville, Ohio–based maker of precision-machined medical implants and instrumentation for orthopedic specialties.No financial terms were disclosed. Nemcomed is the third Avalign acquisition, following Instrumed International and Advantis Medical.
The Blackstone Group has agreed to invest $500 million for a minority position in Stiefel Laboratories Inc., a Coral Gables, Fla.-based skincare pharmaceutical company. The transaction is expected to close within the next week, with the Stiefel family to retain control and a majority ownership position.
Behrman Capital has acquired a portfolio of 35 post-acute care facilities from a group of private investors for approximately $250 million. Merrill Lynch Capital arranged a senior term loan to help finance the deal. The 35 facilities, which collectively have more than 3,500 patient beds, will be owned by a newly created entity, Ark Holdings, which Behrman intends to use as a platform for a build-up strategy in the post-acute care sector.
Belvedere Capital has agreed to acquire Spectrum Bank, an Irvine, Calif.-based community bank, for $37 million. It also intends to enter into a strategic alliance with Newport, Calif.-based commercial bank First Heritage Bank. Both moves are part of Belvedere’s plan to build a Southern California banking platform, following its planned acquisition of a majority interest in Professional Business Bank (OTC BB: PBBK). The combined institution would have over $650 million in assets.
Brinker International Inc. (NYSE: EAT) said that it is exploring a sale of its Romano’s Macaroni Grill restaurant chain, which includes 217 units. Earlier this year, Brinker sold 95 Chili’s Grill & Bar restaurants to Olympus Partners for $155 million.
Campbell Soup Co. (NYSE: CPB) has retained Centerview Partners to explore strategic alternatives, including possible divestiture, for its Godiva Chocolatier business. Godiva has annual sales of approximately $500 million.
Candover is still struggling to acquire Stork, a Dutch maker of food processing equipment. The firm had agreed to acquire Stork for €1.5 billion, or €47 per share, earlier this year, but needed to receive 80 percent shareholder approval. Standing in its way has been Marel HF, which holds a 25 percent stake in Stork and has said the Candover bid is too low. The two sides had been in negotiations, but they have now broken down. Marel is now considering upping its stake, while Candover says it is committed to its offer and may try lowering the acceptance threshold. ABN Amro is advising Stork on the deal, while Candover is being advised by Goldman Sachs.
The Carlyle Group and Onex Partners have completed their acquisition of Allison Transmission from General Motors Corp., for $5.575 billion. The $1.5 billion equity tranche was split evenly between Carlyle and Onex, while current Allison president Lawrence Dewey has become CEO of the newly-independent company.
CDW Corp. (Nasdaq: CDWC) shareholders have okayed a $7.3 billion buyout of the company by Madison Dearborn Partners and Providence Equity Partners. The deal values CDW at $87.75 per share, and is expected to close by early Q4. CDW is a Vernon Hills, Ill.-based technology retailer.
Citicorp Venture Capital has acquired Big Red Ltd., a Waco, Texas-based maker of carbonated soft drinks. No financial terms were disclosed. CVC said that it would install Gary Smith, former co-CEO of Red Bull, as Big Red’s new CEO.
Clarey Capital has acquired Health-Link Transportation Corp., California’s largest non-emergency medical transportation company. The seller was Tectrans Inc., a portfolio company of Huron Capital Partners. No financial terms were disclosed.
Clearlake Capital Group paid $20 million to acquire a 9 percent stake in online retailer Buy.com, according to a regulatory filing. The deal was announced last month, but without any financial information.
CLSA Capital Partners has invested $20 million into listed Taiwanese company Unitech Printed Circuit Board Corp.
Comm-Works Holdings LLC, a Minneapolis-based provider of enterprise communications solutions, has acquired Harbor Technologies, a Mt. Laurel, N.J.-based enterprise networking company. No financial terms were disclosed. Comm-Works is a portfolio company of Morgenthaler Partners.
Community Bank Investors of America has agreed to acquire a 9.9 percent equity stake in Silvergate Capital Corp., parent of Silvergate Bank. No financial terms were disclosed. As part of the deal, CBIA will apply for regulatory approval to increase its ownership to as much as 24.9 percent, which would make it a controlling shareholder.
Conner Steel Products Inc., a San Angelo, Texas-based manufacturer of above-ground storage tanks for the oil and gas industry, has acquired Aggregate Plant Products Co., a San Antonio-based provider of material handling equipment for the oil and gas well fracturing services business. Conner Steel is a portfolio company of Empeiria Capital. Terms were not disclosed.
DC Capital Partners has acquired a controlling interest in The Spectrum Group, an Alexandria, Va.-based consulting group. No financial terms were disclosed. Most of Spectrum’s 80 associates are former flag and general officers, with the remainder comprised of ambassadors, political appointees, legislative experts and corporate executives.
Diamond Castle has agreed to acquire Managed Health Care Associates Inc., an alternate site group purchasing organization (GPO), from GTCR and Advent International. No financial terms were disclosed. Bear Stearns and Credit Suisse provided leveraged financing, while Credit Suisse also served as financial advisor to Diamond Castle. MHA was advised by Harris Williams & Company. MHA
Duke Street Capital and Europa Capital Partners have completed their acquisition of CI Traders Ltd., a retail and leisure conglomerate that owns around 200 properties on the U.K. Channel Islands. The deal was valued at around £260 million.
Eckler Industries Inc., an aftermarket supplier of parts and accessories for Corvettes and Classic Chevys, has acquired Rick’s First Generation Camaro, an Atlanta-based provider of restoration parts for “first generation” (1967-1969) Camaros. No financial terms were disclosed. Eckler is a portfolio company of Century Park Capital Partners.
EK Success Ltd., a Clifton N.J.-based scrapbooking company owned by GTCR, has acquired both Wilton Industries Inc. and Dimensions Holdings LLC. The combined companies will be named Wilton Products, with headquarters in Woodridge, Illinois. GTCR provided $126 million in equity to help finance the deals, while debt came from UBS and Deutsche Bank. Wilton is a Woodridge, Ill.-based food crafting company, while Dimensions is a Reading, Penn.-based maker of craft and hobby products for adults and children.
FDC Vitamins LLC, a Miami, Fla.-based portfolio company of MBF Healthcare Partners, has acquired Nutri-Force Nutrition Inc., a provider of vitamin contract manufacturing. No financial terms were disclosed.
Fidelity National Financial Inc. (NYSE: FNF) has acquired Property Insight from Fidelity National Information Services Inc. (NYSE: FIS) for $95 million. Property Insight manages maintains and updates title plants that are owned by FNF, and manages title plant construction activities for FNF. FIS minority shareholders include TPG and Thomas H. Lee Partners.
Fox Paine has agreed to acquire Icicle Seafoods Inc., a Seattle-based seafood harvesting and processing company with processing facilities throughout Alaska. No financial terms were disclosed.
General Motors CFO Fritz Henderson said yesterday that the company’s next divestiture could be its medium-duty tuck unit. Earlier this week, GM completed the $5.575 billion sale of its Allison Transmission unit to The Carlyle Group and Onex Partners.
Generation Equity Investors has acquired a minority stake in Scandinavian Child LLC, a Raleigh, N.C.–based marketer and distributor of children’s products. No financial terms were disclosed.
GI Partners has acquired a majority stake in winemaker Duckhorn Wine Company. No financial terms were disclosed. Duckhorn is a collection of three wineries focused on the Napa and Anderson Valleys.
GoAmerica Inc. (Nasdaq: GOAM) has agreed to acquire the Telecommunications Relay Services (TRS) division of Verizon for $50 million in cash. The deal also includes up to $8 million in cash earn-outs, and is being financed via a $65 million private equity and debt infusion from Clearlake Capital Group.
Gores Group has agreed to acquire CompuDyne Corp. (Nasdaq: CDCY), an Annapolis, Md.-based maker of security products like blast-resistant windows and doors for federal buildings. The deal is valued at approximately $59 million, with Compudyne stockholders to receive $7 per share. Clearlake Capital Group is providing both equity and debt to help finance the deal.
The Home Depot Inc. (NYSE: HD) said that it may change the terms and financing of its agreement for the sale of its HD Supply unit, which could result in a drop in the $10.33 billion sale price. The company is in talks with Bain Capital, Carlyle Group and Clayton, Dubilier & Rice about the possible changes, which are being prompted by the changed economic environment.
Hub International Ltd., a Chicago-based insurance brokerage, has acquired certain assets of Roslyn Heights, N.Y.-based brokerage Jacobs & Jacobs Inc. Hub also announced that it has acquired the stock of Templeton Southwest Insurance Agency and Templeton Southwest of Houston Insurance Agency Inc., Texan insurance brokers specializing in commercial trucking insurance services. No financial terms of either deal were disclosed. Hub International was taken private earlier this year for $1.8 billion, by Apax Partners and Morgan Stanley Principal Investments.
InfuScience Inc., a Gurnee, Ill.–based provider of infusion therapy services and specialized clinical programs, has acquired Palmetto Infusion Services LLC, a Charleston, S.C.-based provider of in-home and ambulatory infusion center services. The seller was Winyah Healthcare Group. No financial terms were disclosed. InfuScience was formed in January 2006 by company management and Thoma Cressey Bravo.
Insight Partners has acquired a majority stake in Coade Inc., a Houston, Texas–based provider of plant design and engineering software for the process industries. The deal was valued at $42 million, including $39 million in equity from Insight and $13 million in senior debt from Churchill Financial. It is Coade’s first round of external funding since being formed 23 years ago.
J.C. Flowers & Co. has completed its $600 million acquisition of the Bisys Group retirement and insurance services division from Citi. The deal followed Citi’s acquisition of Bisys for $1.45 billion, through which Citi retained Bisys’ investment services division, including its fund services and alternative investment services businesses.
KKR is considering a buyout offer for the hard-disk drive business of Singapore-based Beyonics Technology Ltd., according to Dow Jones. Such a deal could be valued at nearly $200 million.
KPAC Solutions has acquired the automotive operations of Morton Grove, Ill.-based John Crane Inc., for an undisclosed amount. The unit makes mechanical water pump seals for use in engine cooling systems, and includes an Illinois testing facility, Texas-based distribution operation and manufacturing plants in China, France and Mexico.
Lenovo Group Ltd. is in talks to acquire Dutch PC maker Packard Bell, which is valued at approximately $800 million. Lenovo is the world’s third-largest PC maker, following its 2005 acquisition of IBM’s ThinkPad unit. That deal was partially financed by a $350 million private equity infusion from TPG and General Atlantic.
Lion Capital has agreed to buy Russian juice producer Nidan Soki. No financial terms were disclosed, except that Nidan Soki generated around $270 million in 2006 sales. Lion was advised by Goldman Sachs, while Nidan Soki was advised by Troika Dialog.
Macquarie reportedly has approached U.K. airport operator BAA about acquiring at least one airport in Southeast England. BAA was acquired last year by Spain’s Grupo Ferrovial, which British regulators may force to sell Heathrow, Gatwick and/or Stansted airport.
Marketwire, a newswire and communications workflow company owned by OMERS, has agreed to acquire Press Release News Network, a social and multimedia press release distribution and archival network. No financial terms were disclosed.
Marlin Equity Partners has agreed to acquire Ronco Corp., a bankrupt maker of rotisserie ovens, knives and food dehydrators. The deal is valued at around $6.5 million, which does not cover the $8.1 million Ronco owes creditor Laurus Master Fund.
Merrill Lynch Global Private Equity and radio broadcaster Cumulus Media Inc. (NASDAQ: CMLS) have been hit with a class action suit, related to Merrill’s proposed $1.3 billion buyout of Cumulus. The suit alleges that the deal, which includes buy-side participation by Cumulus CEO Lewis Dickey, breaches the defendants’ fiduciary duties to Cumulus shareholders.
Midwest Airlines (AMEX: MEH) has accepted a $16-per-share buyout offer from TPG Capital. The move comes after rival bidder AirTran Holdings (NYSE: AAI) said that its best and final offer would be $15.75 per share in AirTran stock. TPG’s package will include a passive investment from Northwest Airlines.
McDonald’s Corp. has agreed to sell its Boston Market restaurant chain to Sun Capital Partners for an undisclosed amount. Boston Market, originally called Boston Chicken, was acquired in 2000 for $173.5 million as part of a McDonald’s initiative to diversify its business. Now the chain has 630 restaurants in 28 states. Sun Capital has a portfolio that also includes bakery chain Bruegger’s Enterprises, Garden Fresh salad restaurants and cheese-and-meat retailer Hickory Farms.
Meritage Hospitality Group Inc. (OTC BB: MHGU), a franchisee of Wendy’s and O’Charley’s restaurants, plans to engage a strategic advisor to consider options that could include a recap and/or the acquisition of additional Wendy’s units in Michigan.
Morris Capital Management has acquired Aerosol Specialties, a Canton, Ga.-based contract manufacturer and filler of aerosol and liquid products. Simultaneously, Columbus Nova Real Estate Acquisition Group has acquired a 106,000 square foot manufacturing facility and entered into a long-term lease with Aerosol Specialties. No financial terms were disclosed.
Nautic Partners has acquired Prince Sports Inc., a Bordentown, N.J.-based maker of racquet sporting goods. No financial terms were disclosed for the deal, which included the participation of company management. GE Antares Capital provided senior debt financing.
Network Communications Inc., a Lawrenceville, Ga.-based print and online publisher of real estate information, has acquired By Design Publishing, a provider of personal marketing solutions for real estate agents. No financial terms were disclosed. Network Communications was acquired by in January 2005 by Citigroup Venture Capital Equity Partners.
Penta Investments is interested in acquiring Polish retail kiosk chain Ruch, which has long been rumored to be on the Polish government’s asset deposal list. The Polish Treasury sold a minority stake in Ruch last year, and company management is apparently pressuring the Treasury to allow a strategic investor to take a majority stake. Ruch sells around half the newspapers in Poland.
Pride International Inc. (NYSE: PDE) has agreed to sell its Latin American land drilling and E&P services businesses to Brazilian private equity firm GP Investimentos, for approximately $1 billion. The deal includes a $400 million equity tranche and $600 million in leveraged financing. Goldman Sachs is advising Pride.
Providence Equity Partners has invested $100 million into a joint venture between NBC Universal and News Corp., which would bring both companies’ television shows and movies onto the Internet. The deal values the total project at $1 billion.
Resilience Capital Partners of Cleveland has acquired Penda Corp., a Portage, Wis.-based manufacturer of original equipment and aftermarket drop-in bedliners and tonneau covers. No financial terms were disclosed.
RoundTable Healthcare Partners has acquired a majority interest in Vesta Inc., a Franklin, Wisc.–based supplier of silicone medical products to the OEM medical device industry. No terms were disclosed, except that Vesta management and founders will retain an ownership position.
Rutland Partners has agreed to buy the Pulse leisure division of Alba PLC for £51.5 million. The business provides branded goods to the U.K. home electrical market, including kitchen appliances, electrical hair care products and power and garden tools.
Quintana Capital Group has acquired a majority stake in Directional Drilling Co., a Conroe, Texas-based provider of unconventional drilling technologies for large oil and gas exploration and production companies.
Sopris Partners has acquired WIT Postal Logistics, a New Lenox, Ill.-based mail distribution outsourcing company. No financial terms were disclosed. WIT was advised by RSM EquiCo Capital Markets.
Sparta Insurance Holdings Inc., a Hartford, Conn.-based property and casualty insurance startup, has raised $279.1 million in private equity funding. Corsair Capital led the deal, and was joined by Goldman Sachs, York Capital Management, Primus Capital Funds and KBW Capital Partners.
Stephens Capital Partners has acquired Royston LLC, a Jasper, Ga.-based maker of checkout and convenience store merchandising equipment, from Cinnabar Solutions. No financial terms were disclosed. Edgeview advised Royston on the sale.
Sun Capital Partners has closed its acquisition of a 75 percent stake in retail chain Limited Stores from Limited Brands Inc. (NYSE: LTD).
Sun Capital Partners has increased its ownership stake in residential furniture maker Furniture Brands International Inc. (NYSE:FBN) from 5 percent to 6 percent, according to a regulatory filing. Sun acquired its original shares back in March, which led to speculation that it would make an offer for the entire company.
SunSource Holdings Inc., a fluid products and systems distributor owned by Code Hennessy & Simmons, has expanded via the acquisition of Seattle-based George W. Warden Co. Inc. (a.k.a. Warden Fluid Dynamics). No financial terms were disclosed.
SV Investment Partners has acquired FocusVision Worldwide Inc., a Stamford, Conn.-based provider of video transmission and digital recording technologies for the qualitative market research industry. No financial terms were disclosed for the deal, which was done in partnership with FocusVision management.
Tharco Containers Inc., a packaging portfolio company of Tricor Pacific Capital, has acquired Design Packaging Inc., a Lithonia, Ga.-based independent sheet plant. In conjunction with the deal, Tharco completed a recapitalization that included a $145 million senior secured credit facility led by GE Antares Capital and GE Capital Markets. Subordinated financing was provided by S.A.C. Capital Advisors.
Thoma Cressey Bravo has completed its acquisition of Hyland Software Inc., a Cleveland-based provider of enterprise content management software. The deal is valued at around $265 million, including $150 million of equity.
Total Safety U.S. Inc., a Houston, Texas-based portfolio company of DLJ Merchant Banking Partners, has completed its acquisition of Inter-Mountain Safety Inc., an Evanston, Wyo.–based provider of safety services to the oil and gas industry in the Rocky Mountain region. No financial terms were disclosed.
Tricor Pacific Capital has acquired Golden Boy Foods Inc., a Burnaby, British Columbia-based maker of more than 400 private-label and branded food products. No financial terms were disclosed. BMO Capital Markets advised Golden Boy on the deal.
Universal Acceptance Corp., a Minneapolis-based provider of auto financing to the subprime market, has raised an undisclosed amount of private equity from Alpine Investors.
Veridiam Inc., a San Diego-based metal components manufacturer, has acquired Allied Swiss Screw Inc., an Oceanside, Calif.-based maker of custom-fabricated ultra-precision machined products. No financial terms were disclosed. Veridiam is a portfolio company of WHI Capital Partners.
Veronis Suhler Stevenson has acquired a majority stake in SureSource LLC, a Shelton, Conn.–based provider of outsourced direct-to-consumer ecommerce services, according to LBO Wire. The deal was valued at around $75 million.
Veyance Technologies Inc., the former Engineered Products division of Goodyear Tire & Rubber, has expanded its conveyor belt operations by acquiring the assets of the former Industrial Specialty Fabrics of Hogansville, Georgia. No financial terms were disclosed. Veyance was acquired last week by The Carlyle Group for $1.475 billion.
Wire Rope Corp. of America, a St. Joseph Mo.-based producer and marketer of specialty wire ropes, has agreed to buy German wire rope maker CASAR Drahtseilwerk Saar GmbH. No financial terms were disclosed. Fox Paine bought WRCA last year from KPS Capital Partners.
Wolseley Private Equity of Australia has agreed to acquire Cartridge World, an Emeryville, Calif.–based cartridge refill and manufacturing franchisor. No financial terms were disclosed. Wolseley will buy an 80 percent stake from company co-founders Bryan Stokes and Paul Wheeler, with current company management also participating.
XLHealth Corp., a Baltimore-based healthcare and disease management company for chronically-ill seniors, has raised $290 million in private equity and debt funding from MatlinPatterson Global Advisers. Past investor Goldman Sachs Capital Partners will retain an ownership position. XLHealth says that it will use the funding for working capital and to fund the acquisition of Leprechaun LLC, a healthcare information and clinical services company for Medicare Advantage plans.
Ziff Davis Enterprise, a media and demand generation company for the tech industry, has acquired Development Shed, a network of 12 complementary content websites targeting development and programming professionals. No financial terms were disclosed. Insight Venture Partners recently carved Ziff Davis Enterprise out of Ziff Davis Media for $150 million.