AIG Investments and Alumni Capital Network closed the buyout of the Personal Communications Division of UTStarcom, Inc. The deal for the mobile device distributer is the first for Alumni Capital Network, a private equity firm created in 2007 by former senior partners of Accenture.
Algorithme Pharma, backed by PE firm Kilmer Capital Partners, purchased the clinical pharmacology research unit of Bioanalytical Systems Inc. The Baltimore location is the Quebec-based company’s first play in the U.S. market. The company provides services for bioequivalence and Phase I studies to the generic, pharmaceutical, and bio-technology industries.
Apax Partners received shareholder approval for its $1.4 billion takeover of TriZetto Group Inc, a California-based health care software business.
Apollo Management-backed Hexion Specialty Chemicals was given permission to seek additional financing by its target, Huntsman Corp. The date for a trial between the counter-suing businesses is set for Sept. 8.
Ares Management and New Leaf Ventures will invest up to $300 million in a spin-out of Angiotech Pharmaceuticals Inc. The subsidiary, Angiotech Pharmaceutical Interventions (API), will run the company’s operations, while the publicly traded entity, Angiotech, will handle royalty operations. The investment comes in the form of convertible notes and values API at $625 million.
Ariston Global, a telecom platform company backed by Spire Capital Partners, acquired ACE*COMM, a Gaithersburg, Md.-based telecom service provider, for $19.5 million.
Audax Group, through its Bridgeport, Texas-based portfolio company, Bridgeport Tank Trucks, purchased oilfield fluid transport and disposal services business West Fork Tank Trucks Inc. The purchase price was not disclosed.
Bell Canada, along with its consortium of LBO backers and their lenders, reached an agreement to go forward with its buyout, priced at the original deal value of around $50 billion. The agreement stipulates BCE will cease to pay dividends for the rest of the year, saving around $1.9 billion for its buyers. The consortium is led by Providence Equity Partners and includes Ontario Teachers’ Pension Plan, Madison Dearborn Partners and Merrill Lynch Global Private Equity. Citigroup, Deutsche Bank, Royal Bank of Scotland and Toronto-Dominion Bank comprise the lending group.
Bioniche Pharma has acquired the Enlon line of products from Baxter Health Care Corp. Bioniche is backed by RoundTable Healthcare Partners.
Blue Sage Capital has invested $10 million in industrial marchinery manufacturer MultiCam Inc. The deal represents a majority stake sale. Fifth Third Bancorp served as a debt provider.
Bluff Point Associates, a Westport, Conn.-based private equity firm, acquired a controlling interest in Blue Frog Solutions, a Pompano Beach, Fla.-based insurance software service company.
Bonten Media, a media business owned by Diamond Castle, acquired WTFV-TV, a Nashville news station, from Landmark Communications for an undisclosed amount. The deal marks Bonten’s third add-on.
Carlyle Group-backed Applus has closed its previously announced acquisition of Michigan-based pipeline testing business JanX Integrity Group for $40 million. Applus is based in Barcelona.
Century Park Capital Partners acquired Moss Inc., a manufacturer of fabric-based signs serving the event, exhibit and retail industries. Under Los Angeles-based Century Park, the business will expand organically and through acquisitions. No deal terms were disclosed.
Chanticleer Holdings, a North Carolina-based BDC, will purchase Texas Wings Inc, a Hooters restaurant franchisee, for $106 million. Chanticleer purchased Hooters Inc. for $55 million in March and will merge the companies. The deal includes the following capital structure: $53 million in cash, $37 million in common stock and $16 million in convertible notes.
CI Capital Partners-backed Valley National Gases made its sixth add-on of the fiscal year with a purchase of Beaver Valley Welding Supply, Inc. The target, based in Aliquippa, Penn., sells gases to the medical and industrial industries. CI Capital acquired Cleveland, Ohio-based Valley National in February 2007.
D.E. Shaw Group and Indian outsourcer Quatrro BPO Solutions purchased a majority stake in Babel Media, an outsourcing firm serving the games and interactive entertainment industry.
First Reserve Corp. has extended the deadline to complete its buyout of CHC Helicopter, an offshore oil and gas helicopter service provider. The deal was struck in February for C$1.5 billion ($1.48 billion) and is now slated to close July 31.
GFI Energy Ventures, a private equity firm based in Los Angeles, has acquired a majority stake in Snelson Companies Inc, a Sedro-Woolley, Wash.-based industrial construction services business. Deal terms were not disclosed. GFI invests in energy-related service companies and is the co-general partner of OCM/GFI Power Opportunities Funds alongside Oaktree Capital Management.
Global Infrastucture Partners and Fortistar purchased Channelview power plant, a cogeneration facility backed by Reliant Energy, for $500 million. Global Infrastructure Fund is based in Stamford, Conn. and invests in infrastructure projects.
Golden Gate Capital recapitalized automobile insurance companies National Warranty Corporation, Payment Insured Plan, Inc. and their affiliates for an undisclosed amount. National Warranty Corporation and Payment Insured Plan are based in Eugene, Oregon.
Gordian Capital has purchased an undisclosed stake for an undisclosed price in HR outsourcing company, Staff One Inc. The New York and Minneapolis-based buyout firm seeks to control companies with revenues between $5 million and $50 million.
Halifax Group, an entrepreneur-focused buyout firm, alongside SV Life Sciences, backed the management buyout of Trio Clinical Research for an undisclosed amount. The Durham, N.C.-based company provides clinical trial management, functional outsourcing and professional resourcing services to biopharmaceutical companies.
Hellman & Friedman has completed its $2.4 billion take-private buyout of Getty Images Inc., a provider of still imagery, footage and multimedia products. Barclays Capital, GE Commercial Finance and RBS Greenwich Capital provided the debt financing.
Infinity Capital Group Inc. purchased 87.5 percent of the shares of shell company NPI08 Inc. with the intention of executing a reverse merger between NPIA and a privately held, growth-oriented operating business.
Intervale Capital LLC, a mid-market energy buyout firm, completed the recapitalization of Weatherford, Okla.-based wireline services company Casedhole Solutions for an undisclosed amount.
JMI Equity invested an undisclosed amount in Halogen Software Inc, an online employee performance management software based in Ottawa, Canada. Baltimore-based JMI invests in business services and software companies of all sizes.
Kohlberg & Co., a Mount Kisco, N.Y.-based LBO firm, purchased the automotive glass and services business of PPG Industries for $330 million in cash and a 40 percent stake in the new entity. The carve-out was originally slated to go to Platinum Equity for $500 million, but the firm backed out on the grounds that PPG had misrepresented the business.
Marwit Capital purchased the entertainment division of cinema operator Trans-Lux Corp for $8.5 million and an additional $16 million in debt. The buyout consists of ten movie theatres in the West and Southwest. The deal’s closing, scheduled for July, is subject to Marwit lining up financing.
Milestone Partners and L6 Holdings Corp. have acquired Global Connection Inc. of America, an Atlanta-based direct marketer of prepaid wireline home phone services. Harbert Management and Banyan Mezzanine Partners provided both debt financing and equity co-invest, while company management also participated. No financial terms were disclosed.
Monomoy Capital Partners acquired the assets and operations of Kurdziel Industries Inc., a Muskegon, Mich.-based manufacturer of large counterweights for the material handling, construction and aerial-lift equipment industries. Monomoy has renamed the company Carlton Creek Ironworks.
Najafi Companies, a private investment company based in Phoenix, agreed to buy the U.S. book club arm of German media conglomerate Bertelsmann. The price is not disclosed, but media reports placed the seller’s asking price at just under $400 million.
National Real Estate Partners (NRDC) is in talks to buy Hudson’s Bay Co., The Financial Post reported. NRDC already owns U.S.-based department store Lord & Taylor and would combine it with the Canadian department store. The firm holds a 20 percent stake in Hudson’s Bay.
North Castle Partners-backed International Fitness Holdings acquired Club Fit Inc, an Edmonton, Alberta-based fitness club chain. Terms were not disclosed; Club Fit has 19 fitness clubs. North Castle purchased International Fitness Holdings in March of this year.
Oak Hill Capital Partners closed its deal to acquire eight radio stations from News Corp for $1.1 billion. The stations will be renamed Local TV LLC. Geolo Capital, the private equity investment arm of the John A. Pritzker family, provided a minority investment. Deutsche Bank Securities Inc., UBS Securities LLC, Banc of America Securities LLC and BNP Paribas Securities Corp. provided debt financing, which comprised a $565 million senior secured credit facility and $200 million in senior notes.
Olympus Partners acquired Ann’s House of Nuts, a Maryland-based private label snack food maker. The Connecticut-based buyout firm did not disclose the terms of the transaction.
Open Text Corporation, a provider of enterprise content management software, acquired Seattle-based eMotion LLC, a division of Corbis Corporation, for $5 million. eMotion focuses on the digital media asset management market. Open Text is a public company with an investment from PE firm The Parkmead Group.
Peterson Partners has completed the previously announced purchase of the Consumer Solutions Business Unit of FranklinCovey. The carve-out will be named FranklinCovey Products. The Salt Lake City-based LBO shop paid $32 million in cash for the unit.
PQ Corp., a specialty chemical company owned by The Carlyle Group, has completed its acquisition of INEOS Silicas, a division of INEOS. No financial terms were disclosed, except that the combined company should have annual sale revenue in excess of $1 billion. Carlyle Group will hold around a 60 percent stake in the company, while INEOS will hold around 40 percent.
Riverside Co. has acquired the air filtration business of SPX Corp. with the firm’s European fund. The deal value for the Florida-based business was not announced. Riverside will move the company’s headquarters to Sweden.
Riverside Co. has acquired GTI Diagnostics, a Waukesha, Wis.-based maker of specialty test kits for the in vitro diagnostics industry. No financial terms were disclosed for the deal, which Riverside did out of its Micro-Cap Fund.
Rock Hill Capital Group has sponsored a leveraged recapitalizatoin of P.C. Image Systems Ltd., a provider of turnkey audio-visual solutions for educational institutions and corporations in Texas. No financial terms were disclosed. Guaranty Bank provided senior note financing.
Sciens Capital Management agreed to purchase the institutional investment management business of Atlas Capital Associates Limited, a London-based specialist investment manager. Deal terms were not disclosed. Sciens Capital Management is based in New York and invests in private equity, venture capital, real estate, aviation assets and funds of hedge funds.
Spire Capital Partners acquired a majority interest in Ashburn, Va.-based Carpathia Hosting Inc., an IT hosting services business. The buyout includes commitments from the company’s original investors.
Sun Capital Partners purchased two mills from Graphic Packaging International Inc. The Wabash, Ind., and Philadelphia-based mills produce recycled paperboard. They were sold in compliance with antitrust regulation from Graphic Packaging’s merger with TPG-backed Altivity Packaging LLC.
The Blackstone Group will invest more than €1 billion ($1.57 billion) in a wind farm project in the North Sea off of a German island, Reuters reported. The project is owned by German investment company Windland Energieerzeugungs GmbH.
The Blackstone Group, Bain Capital and NBC Universal purchased The Weather Channel, a cable television channel and subsidiary of Landmark Communications. Deal terms were not disclosed but news reports pegged the deal’s value at just under $3.5 billion. Deutsche Bank and GE Commercial Finance provided debt. Blackstone Group’s hedge fund, GSO Capital, and Bain Capital’s hedge fund, Sankaty Advisors, also contributed financing.
The Jordan Company-backed Worldwide Clinical Trials acquired MediQuest, a contract research organization based in Eastern Europe. MediQuest is Worldwide Clinical Trials’s fifth add-on. Deal details were not disclosed.
Thoma Bravo portfolio company Hyland Software purchased Liberty Information Management Systems for an undisclosed price. Liberty Information, based in Cleveland, Ohio, creates document management software systems.
Trinity Hunt Partners, a Dallas-based LBO shop, purchased Castlewood Treatment Center, an eating disorder rehabilitation clinic based in St. Louis. The firm invested $25 million for an undisclosed stake. Trinity Hunt plans to seek add-on acquisitions.
TSI Group Inc., a North Hampton, N.H-based buyout firm, acquired Sandy Bay Machine, a portfolio company of Arlington Capital Partners. Sandy Bay makes radio frequency, microwave and millimeter wave and fiber optic components. Financial terms were not disclosed.
Warburg Pincus acquired 5.4 percent of WuXi PharmaTech, a publicly traded biotechnology and medical device research company based in the United States and China. The buyout firm purchased the shares from affiliates of United Overseas Bank.
Weston Presidio portfolio company Cellu Tissue Holdings completed its acquisition of the converting operations Atlantic Paper & Foil for $68 million, with $36.9 million of that in senior notes. The acquisitions are located in Hauppague, N.Y. and Thomastown, Ga. JPMorgan is acting as placement agent for portions of the debt financing.
Wingspan Capital Partners acquired MexAmerica Foods Inc, a St. Marys, Pa.-based flour and corn producer, from its founders. Deal terms were not disclosed. Wingspan is based in Birmingham, Mich.
Winona Capital has purchased a controlling stake in Dragon Alliance LLC, a sport eyewear maker, from Oakley (now part of Luxottica Group). The deal terms were not disclosed, but management will invest alongside Winona. The firm, based in Chicago and Seattle, manages funds backed by high net worth families and individuals.
Winona Capital and Chicago Growth Partners-backed American Education Group has purchased Georgia-based private school operator Shreiner Academy from its founders. Deal terms were not disclosed, but the transaction is American Education’s fourth add-on since taking on a $40 million investment from the PE firms last year.
WL Ross & Co. will invest 3.45 billion rupees ($80 million) to buy more than half of the shares of SpiceJet LTD, a publicly traded Indian airline.