ActivStyle Inc., a Minneapolis-based medical supply company focused on incontinence products, has acquired Senior Care Services Inc., a Grand Junction, Colo.-based provider of incontinence products to Medicaid patients. No financial terms were disclosed. ActivStyle is owned by The Riverside Company.
Advent International has agreed to buy UK appliances insurer Domestic & General PLC, for approximately £523.9 million. D&G stockholders would receive £14.25 per share, which is a 25.7% premium over the trading price on May 18, when D&G announced that it had received a takeover approach.
AlpInvest Partners and Advent International have co-sponsored a management buyout of Nucletron, a Dutch radiation oncology company, from Delft Instruments. No financial terms were disclosed.
Apax Partners has agreed to acquire Qualitest and Vintage Pharmaceuticals, a Huntsville, Ala.-based distributor and manufacturer of generic pharmaceuticals. No financial terms were disclosed. RBC Capital Markets served as lead arranger and bookrunner for the leveraged financing, with GE Capital committing a lead order as first lien co-arranger and syndication agent. Bear Stearns advised Q&V on the sale.
Apax Partners France has acquired Telenor Satellite Solutions from Telenor ASA for $400 million. TSS will be merged with the former mobile satellite communications group of France Telecom – with the combined company to be renamed Vizada.
Aptuit Inc., a Greenwich, Conn.-based provider of streamlining and support services for drug developers, has agreed to acquire the chemical development business of Evotec AG (Frankfurt: EVT). The deal is valued at approximately €46.4 million in cash, and includes Evotec’s capabilities in process R&D, custom preparation, analytical development, pilot plant manufacturing and formulation. Aptuit said that it intends to retain all of the businesses 210 employees, who are split between Oxford and Glasgow, UK. Aptuit is backed by Welsh, Carson, Anderson & Stowe and Temasek Holdings.
Audax Group has acquired Cinelease Inc., a Burbank, Calif.-based company that rents motion-picture lighting and grip equipment to the television, feature film, commercial, music video and event industries. No financial terms were disclosed. American Capital Strategies provided one-stop financing for the transaction, while Goldsmith Agio Helms advised Cinelease.
Audax Group has acquired Thermon Industries Inc., a San Marcos, Texas-based manufacturer of heat-tracing equipment for the energy industry. No financial terms were disclosed. JPMorgan Securities advised Thermon on the deal. GSO Capital and CIT Commercial & Industrial provided leveraged financing.
Bear Stearns Merchant Banking has completed its $14.25 per share buyout of MC Shipping Inc. The total deal was valued at $284 million. MC Shipping is an international shipping company focused on maritime transportation of liquefied petroleum gas, with headquarters in Monaco and an office in London. It partially owns and operates a fleet of 19 vessels, and has contracted to purchase 4 others.
Bento Nouveau Company Ltd., a Canadian provider of take-out sushi, has received an undisclosed amount of funding from Whitecastle Private Equity Partners.
The Blackstone Group has agreed to acquire a 20% stake in Chinese specialty chemical maker China National BlueStar Group Corp. for up to $600 million. UBS advised ChemChina on the deal, while Merrill Lynch advised Blackstone. An earlier report had placed the deal at $500 million for an 18% stake.
The Blackstone Group is investing $178 million, as part of a privatization of Latvian telecom company Lattelecom. The total deal is valued at $575 million, and also includes Blackstone syndicate partners Unicredit, Nordea Bank, Parex Bank and DnB Nor. Sellers include the Latvian government (51%) and TeliaSonera (49%).
The Blackstone Group may enter the bidding for a 26% stake in Industrial Finance Corp. of India, according to The Economic Times. Blackstone declined to comment. Other suitors are reported to include Standard Chartered Bank, Citigroup, Reliance Capital, Barclays and UBS Securities.
Biomet Inc. (Nasdaq: BMET) shareholders have approved a $46 per share—or $11.4 billion—buyout offer from a private equity consortium that includes The Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. and TPG. Biomet manufactures products used by musculoskeletal medical specialists in both surgical and non-surgical therapy.
Bridgepoint Education, a San Diego-based portfolio company of Warburg Pincus, has acquired the Colorado School of Professional Psychology. No financial terms were disclosed. CSPP is a Colorado Springs, Colo.-based school that offers psychology degrees at the masters and doctorate levels. It has been renamed The University of the Rockies.
Brysam Global Partners has acquired a 28% stake in Mexican financial institution Ixe Grupo Financiero, for approximately $228 million. Ixe will use the proceeds to finance its expansion plans and strengthen its balance sheet.
Cadbury Schweppes reportedly has turned down a second offer for its beverages unit, due to concerns over the financing package. The offer had been in the range of $13 billion to $14 billion, from a group that included Blackstone Group, KKR and Lion Capital. The move indicates that Cadbury Schweppes will proceed with a de-merger rather than a sale.
Candover has withdrawn its €1.5 billion buyout offer for Stork, a Dutch maker of food processing equipment. The move is related to opposition led by Stork shareholder Marel HF, which holds a 25% stake. Stork now says that it is looking at “possibilities for an alternative transaction structure” with Candover and Marel.
The Carlyle Group reportedly has pulled Insight Communications Co. off the auction block, due to credit market troubles deflating the desired sale price. Carlyle had taken the New York cable company private in December 2005 for $2.1 billion, but offered it up earlier this year with Morgan Stanley and Waller Capital running the process.
Ceridian Corp. (NYSE: CEN) stockholders approved a $36 per share billion buyout offer from Thomas H. Lee Partners and Fidelity National Financial. The total deal is valued at $5.3 billion. Deutsche Bank Securities and Credit Suisse will provide leveraged financing. Ceridian is being advised by Greenhill & Company.
Common Resources LLC, a Houston, Texas-based oil and gas exploration and production company, has received a $125 million line-of-equity from Pine Brook Road Partners.
CVC Capital Partners has put its bid for Franco-Spanish tobacco group Altadis on hold until October due to credit concerns, according to La Gaceta de los Negocios. The report says that CVC is “very close” to abandoning the offer, which it originally made with PAI. The latter withdrew from the consortium after disagreement on the division of control if the deal went ahead. If CVC withdraws, it would leave the way clear for the UK’s Imperial Tobacco Group, which has offered €50 per share. Press reports over the last few months have said CVC may opt to buy Altadis’ logistics division as opposed to the whole company.
Danville Partners has acquired Oil Skimmers Inc., a Cleveland-based manufacturer of oil skimming equipment. No financial terms were disclosed.
Falfurrias Capital Partners has acquired a control stake in Charlotte, N.C.-based quick-service chain Bojangles Restaurants. No financial terms were disclosed for the deal, which also included participation by Carolina Panthers founder Jerry Richardson. Bojangles generated over $500 million in 2006 revenue, from its 386 locations. Falfurrias closed its debut fund earlier this year with $97 million. It was founded by former Bank of America CEO Hugh McColl Jr. former BoA CFO Mark Oken.
Farley’s & Sathers Candy Co., a portfolio company of Catterton Partners, has agreed to acquire Brach’s Confections Inc. from Barry Callebaut AG of Switzerland. No financial terms were disclosed. Brach’s is a Dallas-based manufacturer of branded and private label confectionery products. Harris Williams & Co. advised Brach’s on the sale.
FC Holdings Inc., a Houston -based network of community banks in Texas, has agreed to receive up to $150 million in private equity funding from JLL Partners. JLL will invest an initial $75 million in exchange for FC common stock, with FC having the right to call down additional $75 million over the next three years. Bear Stearns advised FC on the deal.
Gennum Corp. (TSX: GND) has agreed to sell its hearing instrument products and manufacturing operations to Sound Design Technologies Ltd., a portfolio company of Gores Equity. The deal is valued at C$14 million in cash, plus another C$1.3 million in possible milestone payments. Genuity Capital Markets advised Gennum on the transaction.
GoAmerica Inc. (Nasdaq: GOAM) has agreed to acquire Hands On Video Relay Services Inc., a Rocklin, Calif.-based provider of audio and video communications for deaf and hard-of-hearing people. The deal is valued at approximately $69 million, including $35 million in cash and 6.7 million shares of GoAmerica common stock. Clearlake Capital will help finance the acquisition, via $5 million in equity financing and $40 million of committed senior debt financing.
Gryphon Investors has sponsored a recapitalization of the National Youth Education Council (LeadAmerica), a provider of academic-oriented youth leadership conferences for promising student leaders in high school and middle school. No financial terms were disclosed.
GS Capital Partners has extended the close date for its $1.07 billion of Myers Industries Inc. (NYSE: MYE) until Q4. Myers is an Akron, Ohio-based manufacturer of polymer products for industrial, agricultural, automotive, commercial and consumer markets.
H&Q Asia Pacific, FAT Capital and Merrill Lynch have agreed to acquire Primax Electronics Ltd., a Taiwan-listed computer peripherals maker. The total deal is valued at NT$8.6 billion ($260 million). Primax management would retain a 30% ownership stake after the delisting.
Hancock Park Associates has agreed to buy Brown & Cole Stores LLC, a Washington state grocery store chain, out of bankruptcy. The Los Angeles-based firm will invest $40 million.
Hermes Private Equity has sponsored a management buy-in of UK food manufacturing company Symington’s, whose brands include Harriott, Mugshots and Symington’s. No financial terms were disclosed. Yorkshire Bank provided leveraged financing.
H.I.G. Capital has agreed to acquire Gienow Windows & Doors Income Fund (TSX: GIF.UN), a Calgary-based maker of windows and doors. The total deal is valued at approximately C$183 million, with Gienow stockholders to receive C$4.20 per share.
Insight Equity has completed its $160.2 million acquisition of Elkhart, Ind.-based Attwood Mobile Products from Dura Automotive Systems Inc. Institutional Shareholder Services is recommending that Avaya Inc. (NYSE: AV) shareholders approve a $17.50 per share buyout offer from Silver Lake Partners and TPG. The total deal would be valued in excess of $8 billion.
Istithmar has completed its $943.2 million buyout of department store chain Barneys New York from Jones Apparel Group (NYSE: JNY).
ITSolutions, a Silver Springs, Md.-based provider of IT services to federal, state and local government agencies, has agreed to acquire Codin Solutions Inc., a Herndon, Va.-based provider of IT services to the U.S. federal government. No financial terms were disclosed. ITSolutions is backed by Edgewater Funds.
J.C. Flowers & Co. has invested $100 million for a minority stake in The Kessler Group, a Boston–based financial services firm focused on affinity marketing. Some of the capital will be used to develop a business focused on investment opportunities in the credit card industry.
Kirtland Capital Partners has acquired Rent-a-PC, a national computer service and rental company. No financial terms were disclosed. In partnership with Rent-a-PC management, Kirtland formed SmartSource Holdings LLC, which will be used as a platform for future acquisitions. Rent-a-PC will operate as a wholly-owned subsidiary of SmartSource.
KKR has acquired a minority stake in Chinese cement company Tianrui Group Cement Co. Ltd., for $115 million in private equity. In related transactions, Tianrui has received an additional $335 million in commitments from the International Finance Corp. and an international banking syndicate led by JPMorgan. The loan facility is the first sponsor-related, RMB-denominated long-term syndicated loan arranged by international banks in China.
La-Z-Boy Inc. (NYSE: LZB) has agreed to sell its Clayton Marcus subsidiary to Rowe Fine Furniture Inc., a portfolio company of Sun Capital Partners. No financial terms were disclosed. Clayton Marcus is a Hickory, N.C.-based maker of mid-to-high priced upholstered furniture.
Leerink Swann & Co., a Boston-based I-bank focused on the healthcare market, has completed its previously-announced receipt of a $35 million minority investment from Lovell Minnick Partners and the March Group.
Lindsay Goldberg has acquired around a 50% stake in Rosetta, a Hamilton, N.J.-based provider of personalized marketing services. The deal includes a $250 million capital line for acquisitions and other company growth initiatives. Brown Brothers Harriman and the Winterberry Group advised Rosetta on the transaction.
Loving Care Agency Inc., a Fort Lee, N.J.–based provider of home healthcare services, has acquired Andventure Inc. (a.k.a. Links2Care), a Harrisburg, Penn.-based provider of pediatric homecare services throughout central Pennsylvania. No financial terms were disclosed for the deal, which results in a combined company with over $100 million in annual revenue. Financing was provided by Loving Care shareholders MTS Health Investors and Oaktree Capital Management.
Natixis Global Asset Management has agreed to acquire AlphaSimplex Group LLC, an investment management firm founded by MIT Sloan finance professor Andrew Lo. No financial terms were disclosed for the deal, which keeps Dr. Lo on board as chairman and chief scientific officer.
Network Communications Inc., a Lawrenceville, Ga.–based online and print publisher of real estate information in North America, has acquired DGP’s Apartment Publications of Louisiana, a publisher of apartment rentals in the state. No financial terms were disclosed. NCI is a portfolio company of CVC Equity Partners.
North Castle Partners has acquired a controlling interest in Atkins Nutritional Holdings Inc., a provider of nutrition weight management products and services. No financial terms were disclosed.
NRG Media, a Cedar Rapids, Iowa-based radio network, has purchased five radio stations in Lincoln, Nebraska. No additional information was disclosed. NRG was formed via a 2005 consolidation of radio stations owned by Waitt Media and NewRadio Group. Its shareholders include Alta Communications, Waitt Media and the McCarthy Group.
Olive Group, a global provider of critical infrastructure protection and security solutions, has raised an undisclosed amount of private equity funding led by Monitor Clipper Partners.
Palladium Equity Partners has acquired Castro Cheese Company Inc., a Houston, Texas-based maker of Hispanic cheeses and creams under the La Vaquita brand. Emporia Capital Management provided senior notes. No pricing terms were disclosed.
Palm Inc. (Nasdaq: PALM) shareholders approved a $325 million private equity infusion from Elevation Partners, in exchange for a 25% ownership stake. As part of the deal, Palm will pay a special distribution of $9 per share, or about $940 million in cash, to shareholders for their reduction in ownership.
PNC Equity Partners has acquired Bacharach Inc., a New Kensington, Pa.-based manufacturer of gas detection equipment. No financial terms were disclosed. PNC recently closed its second fund with $272 million.
PPG Industries (NYSE: PPG) has agreed to sell its automotive OEM glass and replacement glass business to Platinum Equity, for approximately $500 million.
Prairie Capital has acquired M. Lee Smith Publishers LLC, a Brentwood, Tenn.-based B2B publisher for human resources, employment and other law and political professionals. M. Lee Smith CEO Dan Oswald will remain in his current position with the company, which has been renamed Fortis Business Media. The total deal was valued at approximately $35 million, including $20.1 million in leveraged financing from NewStar Financial.
Pret A Manger, UK sandwich and coffee shop chain, reportedly has received takeover approaches from Iceland’s Kaupthing Bank and, separately, Bridgepoint Capital and PPM Capital. In June this year, Pret’s co-founder Julian Metcalfe hired NM Rothschild to advise his company on several approaches, having revealed plans in April to float the business. Pret’s 160 outlets generate around £200 million in annual revenue.
Sentinel Capital Partners has agreed to re-acquire Canadian yarn maker Spinrite Income Fund (TSX: SNF.UN), after having taken Spinrite public two years ago. The deal is worth nearly C$81 million, including C$35 million in assumed debt. Spinrite unit holders would receive C$2.25 per unit.
Shamrock Holdings has terminated its agreement to acquire AVP Inc. (OTC BB: AVPI), a Los Angeles-based lifestyle sports entertainment company focused on professional beach volleyball. The mutual decision came after AVP shareholder AmTrust Capital Management (22.8%) said that it would vote against the transaction. The total deal was valued at approximately $36.9 million, with Shamrock stockholders to receive $1.23 per share. Jefferies & Co. had been advising AVP on the deal.
Silver State Helicopters has received an undisclosed amount of private equity funding from Eos Partners. The deal will help Silver State expand its flight training and commercial operations.
TA Associates has acquired a minority position in Gandinnovations, a Mississauga, Ontario-based manufacturer of state-of-the-art wide format graphics printers and ink. No financial terms were disclosed. Harry Taylor, a senior vice president with TA, will join the Gandinnovations board of directors. Gandinnovations has a worldwide installed base of over 1,000 printers, operating in more than 50 countries.
Technology Crossover Ventures has sponsored a minority recapitalization of TradingScreen, which provides a trading service platform to institutional investors on a software-as-a-service model. No financial terms were disclosed. Continental Investors and other undisclosed investors also participated. FT Partners advised TradingScreen on the deal.
TXU Corp. (NYSE: TXU) shareholders approved a $45 billion buyout offer from KKR and TPG. The private equity firms hope to close the deal within several weeks.
United BioSource Corp., a Bethesda, Md.-based provider of evidence-based services and information to the pharma and life sciences markets, has acquired an ownership interest in ClinResearch GmbH, a Cologne, Germany-based provider of technology solutions and services for clinical trials. No additional information was disclosed. United BioSource has raised $153 million in private equity funding from firms like Grotech Capital Group, J.W. Whitney and Oak Investment Partners.
Wynnchurch Capital has acquired the North American operations of Metzeler Automotive Profile Systems, a Detroit-based designer and manufacturer of vehicle sealing systems for doors, windows, trunks, lift gates, sunroofs and hoods. Bank of America provided leveraged financing. No pricing terms were disclosed.