Acromas has raised its offer for Nestor Healthcare by 11 percent to about £112.9 million ($179.3 million). Acromas, partly owned by private equity firm Permira, is still undervaluing the British health care company, according to Nestor.
Advantage Partners, a Japanese private equity firm, is seeking an investor for Tokyo Star Bank to help it repay funds it borrowed to buy the bank, according to Reuters. The buyout firm borrowed ¥169.6 ($2.04 billion) in senior and mezzanine loans to buy the bank, with the senior loans, worth ¥124.6 billion ($1.49 billion), arranged by Merrill Lynch and due in 2013. Advantage has hired Nomura Holdings Inc. to find an investor.
Alfa Laval, the Swedish engineering group, has raised its offer for Munters, a Swedish manufacturer of pumps and heat-transfer products, in an attempt to trump a private equity offer for the company by Cidron, which is backed by buyout fund Nordic Capital VII Ltd. The new bid is worth 5.55 billion Swedish crowns ($821.7 million)—more than Cidron’s previous offer of 5.4 billion crowns ($787 million). Alfa Laval said that the Munters board has decided to recommend that shareholders accept the offer.
AllianceBernstein announced that it has acquired SunAmerica’s alternative investments group, which manages hedge fund and private equity fund investments. The transaction price wasn’t disclosed, nor was the amount of assets the alternative investment group manages.
The publicly traded private equity firm American Capital announced that it invested an undisclosed amount to support the acquisition of travel document company Travel Logistics by portfolio company CIBT Holdings, which American Capital purchased from Audax Group in 2008. CIBT is a visa and passport services provider. Travel Logistics is a London-based travel documents company.
American Securities said it has made a “significant” investment in Advanced Drainage Systems, of Hilliard, Ohio, which produces corrugated polyethylene pipe products. Financial terms were not disclosed. Berkshire Partners said previously it had sold ADS but didn’t identify the buyer.
Apax Partners and Providence Equity, among other private equity firms, are interested in buying BT Group’s stake in Tech Mahindra, an Indian IT services company, which is likely to be valued at $830 million, according to the Economic Times. BT holds about a third of Tech Mahindra, and is expecting a 30 percent premium over the current price, which values the deal at more than 37 billion rupees ($830 million).
Los Angeles-based Aurora Capital Group‘s investment vehicle NuCO2 formed a strategic alliance with Praxair Inc. that includes a long-term supply agreement for NuCO2’s purchase of bulk CO2 and beverage carbonation related high pressure cylinder gases from Praxair. NuCO2 also acquired certain retail beverage carbonation business assets in the U.S. from its new partner. NuCo2 is a supplier of beverage carbonation services.
Apollo Management is considering a joint bid with one of the other firms eyeing up CKX Inc., the company that produces the “American Idol” television show, according to the New York Post. Last month, Robert Sillerman, CKX’s founder and former CEO, said he was preparing a bid for the company of $5.50 to $5.75 per share, which values the company at just more than $500 million.
Chicago buyout firm Arbor Investments has bought Fieldbrook Foods Corp., a manufacturer of frozen novelty and ice cream products. The details of the sale were not disclosed. Arbor Investments has $258 million of capital under management and invests in the food, beverage and related industries.
Bain Capital Partners LLC of Boston signed a definitive agreement to acquire Gymboree Corp.’s outstanding stock for $65.40 per share, or $1.8 billion. The deal has the unanimous approval of Gymboree’s board of directors. The offer represents a 57.4 percent premium to the Gymboree’s share price on Sept. 30, before market rumors of the deal and a 23.5 percent compared to Gymboree’s closing stock price on the last day of trading before the deal was announced.
Blackstone Group will not increase its offer for Dynegy Inc., the Texas energy company, saying that the $4.7 billion bid represents a “full and fair” price, according to a Reuters report. Blackstone is currently offering $4.50 a share, but the shares have been trading higher than the bid, suggesting that some expect a higher offer.
Blackstone Group agreed to acquire engineered materials company Polymer Group for $326.2 million in a cash transaction. Polymer Group, of Charlotte, N.C., has been searching for a buyer for six months.
Blackstone Group is close to striking a deal with industrial real estate firm ProLogis to buy 180 properties for around $1 billion, according to Reuters and the Wall Street Journal. ProLogis is selling the properties to help pay down debts it incurred during boom-time expansion. Blackstone’s real estate assets were valued, at the end of June, at around $23.8 billion.
Blackstreet Capital of Chevy Chase, Md., has recapped Swisher Mower & Machine Co., a Warrensburg, Mo.-based maker and distributor of lawn and garden power equipment. News of the deal was announced by Livingstone, which acted as financial adviser to Swisher.
Brazos Private Equity Partners of Dallas and Bill Scheller, an industrial distribution executive, have acquired Duncan Industrial Solutions, an industrial distributor headquartered in Oklahoma City. Brazos manages approximately $1.4 billion of equity capital. Terms of the deal were not revealed.
Finnish investment firm CapMan intends to sell off OneMed, its medical supplies company. Potential buyers will be given information memoranda next week. Nordic buyout firms such as IK Investment Partners, Nordic Capital and EQT are likely to be interested by the sale. CapMan owns a 65.9 percent stake in OneMed.
Clayton, Dubilier & Rice and GS Capital Partners closed their acquisition of HGI Holding, a Cleveland-based medical supplies distributor, for an undisclosed amount. In July, a source told the Wall Street Journal that the purchase price was $850 million.
Clayton Dubilier & Rice portfolio company Sally Beauty has bought Aerial Co. Inc., a unit of Beauty Systems Group, for $70 million. Sally Beauty, of Denton, Texas, is a specialty retailer and distributor of beauty supplies. Marinette, Wis.-based Aerial owns 82 professional only beauty supply stores.
A joint venture formed by the Connecticut-based buyout firm First Reserve and the solar electricity company SunEdison have bought a 70 MW solar power plant that SunEdison owned near Rovigo, Italy, for approximately €276 million, or $378 million. Publicly traded MEMC Electronic Materials, of which SunEdison is a subsidiary, noted that SunEdison is a minority investor in the venture.
GTCR Golder Rauner LLC portfolio company Six3 Systems Inc. has bought Novii Designs, which provides large scale data fusion systems, cyber solutions and high-end enterprise architectures to the intelligence community. Financial terms were not disclosed.
GVK Power and Infrastructure, an Indian energy company, is seeking up to $600 million in private equity investment into two of its business, according to Reuters. TPG Capital and an investment arm of Standard Chartered are currently in talks to invest between $250 million and $300 million for a 30 percent stake in GVK’s airport business. 3i and Actis have struck “in-principle” agreements to buy stakes in GVK’s energy business for around $280 million.
Huntsman Gay Global Capital, a middle market buyout firm, has taken a majority holding in iQor Holdings, a New York-based outsourcing company, the firm announced. Financial details of the deal have not been disclosed. iQor claims more than $350 million in revenue for 2009, with 11,000 employees in 21 locations in North America, Europe, India and Asia.
Irving Place Capital agreed to acquire Thermadyne Holdings, a manufacturer of metal cutting and welding products based in St Louis, Mo., for a total transaction value of $422 million. Shareholders will receive $15 per share in cash. Irving Place Capital was formed in 1997 and has invested in more than 50 companies since then. It has $4 billion of equity capital, including its current $2.7 billion institutional fund.
KANA Software, a California-based software company, has entered into a definitive agreement to acquire Lagan Technologies, a software firm in Northern Ireland that focuses on government-to-citizen technology. KANA is backed by Accel-KKR, a technology-focused private equity investment firm. Financial terms were not disclosed.
Kohlberg Kravis Roberts & Co. has bought a 9 percent stake in India’s Avantha Power & Infrastructure Ltd. for 2.17 billion rupees ($49 million) ahead of the utility’s IPO.
Kraco Enterprises, a portfolio company of Sun Capital Partners, a buyout firm based in Boca Raton, Fla., has completed the acquisition of Auto Expressions, a California-based automobile accessories company. Auto Expressions was bought from Pennzoil-Quaker State Co. (doing business as SOPUS Products), which is itself owned by Shell Oil. The terms of the transaction were not disclosed.
KRG Capital Partners of Denver has invested in PAS Technologies, which provides repairs and advanced coatings for the aerospace, industrial gas turbine and oil and gas industries. The details of the deal were not revealed. KRG has a $1.96 billion Fund IV, which so far has acquired eight platform companies.
Leonard Green & Partners
portfolio company AerSale bought a fleet of 19 Boeing 747-400 series passenger aircraft powered by CF6-80C2B1F engines. The seller was Japan Air Lines. Coral Gables, Fla.-based AerSale provides aftermarket aircaft, engines and their components to airlines and leasing companies. Leonard Green of Los Angeles invested $250 million in AerSale this year.
Mason Wells, based in Milwaukee, has bought Appleton Performance Packaging from Appleton Papers Inc. Mason Wells will rename the business NEX Performance Films Inc. The details of the deal were not disclosed. Mason Wells recently closed on a $525 million equity fund called Mason Wells Buyout Fund III.
Murphy&Spitz Green Energy has bought a 660 kW photovoltaic power plant in northern Bohemia in the Czech Republic. Murphy&Spitz will benefit from proximity to Germany, price-indexed feed-in tariffs, and tax rebates. The firm is a 100 percent owned subsidiary of private equity firm Murphy&Spitz Green Capital.
Pareto, a Norwegian buyout firm, is set to buy Orkla Finans, a Norwegian rival, Pareto announced. The details of the deal were not disclosed. Pareto has more than 400 employees and equity capital of close to 3.3 billion crowns ($564 million). Pareto will buy all the shares in Orkla Finans.
Permira, the private equity firm, is set to make it first deal in the health care industry in a decade with the purchase of the Irish medical device maker Creganna-Tactx Medical for about €220 million ($304.7 million). Creganna is currently owned by the Quinn family and Altaris Capital Partners and they will retain a minority interest.
Pfingsten Partners, a Chicago-based private equity firm, has bought FKI Security Group, a manufacturer of fire security products based in New Albany, Ind., through its $525 million Fund IV. Pfingsten Partners was founded in 1989 and has more than $1.2 billion of capital under management.
Praesidian Capital LLC of New York invested $6 million in Meta Pharmaceutical Services LLC. The investment took the form of subordinated debt. The investment supports Meta Pharmaceutical’s recapitalization by DFW Capital Partners and management. Meta Pharmaceutical is a Pennsylvania-based company that provide sales and marketing data services.
Providence Equity Partners has closed a $150 million investment in ZeniMax Media. Providence made a prior $300 million investment in ZeniMax in 2007. The current investment is in ZeniMax’s convertible preferred stock. ZeniMax is a Rockville, Md.-based game publisher.
The Riverside Company, a global buyout firm, has bought EXFO Inc.’s Life Sciences and Industrial Division for $24.3 million in cash. The Life Sciences and Industrial Division generated $25.4 million in sales and $4.3 million in earnings in the year ended August 31.
The Roark Capital portfolio company FOCUS Brands has agreed to buy Auntie Anne’s, the hand-rolled soft pretzel chain. Financial terms were not announced. Auntie Anne’s, based in Lancaster, Pa., has 11 stores in 44 states. Roark is an Atlanta PE firm that invests in business and consumers services companies. FOCUS Brands owns ice cream shops, bakeries and restaurants including Carvel, Cinnabon and Schlotzsky’s
U.S. real estate investment company Rockefeller Group is reportedly in talks to buy London-based property fund manager Europa, according to the Financial Times. Europa is not believed to have solicited any offers, the report said.
A Royal Bank of Scotland portfolio of property loans worth £3 billion ($4.8 billion) is reportedly drawing the interest of U.S. bank Goldman Sachs, U.S. distressed debt specialist Lone Star and private equity firm Blackstone Group, according to a report in the Sunday Times. The report, which cited no sources for the identity of potential bidders, said the first-round bids are expected in the next two weeks. RBS did not comment on the story while the three potential bidders were not available for comment.
ST Acquisition Corp., controlled by the family of Canadian billionaire Frank Stronach, has made an offer to buy the remaining 40 percent of shares in Canadian real estate company MI Developments. ST Acquisition Corp. is offering $13 per share, worth $607 million overall. MI Developments’ closing share price on the day before the offer was announced was $10.67. ST Acquisition said the deal would be financed through cash on hand and third-party financing that is currently being arranged.
Sverica International has agreed to buy the Center for Wound Healing for about $41 million. White Plains, N.Y.-based Center for Wound Healing manages wound care centers that provide hyperbaric oxygen therapy and traditional wound care treatment. Sverica International has offices in Boston and San Francisco.
Growth equity firm TA Associates has invested in dental specialist Amann Girrbach AG, buying out the stake of Alpine Equity. The current owners of Amann Girrbach also will sell a portion of their stake. Financial terms of the deal have not been disclosed.
Torch Hill Investment Partners, a Washington, D.C., private equity firm, has bought Jameson, a manufacturer of military lighting systems, from Carousel Capital, a private equity firm based in Charlotte, N.C. Carousel bought Jameson in 2007 through its third investment fund. The terms of the deal were not disclosed.
TPG, the U.S. buyout firm, and the private equity unit of Goldman Sachs have received regulatory approval from the European Union to buy Belgian diaper maker Ontex from Candover, another buyout firm. The deal will cost €1.2 billion ($1.64 billion), making it the largest European buyout this year.
The continued break-up and sell-off by the Pritzker family of its business empire has attracted more private equity interest with the planned sale of Triton Container International Ltd, which could be worth about $1 billion. The company had hired Goldman Sachs to sell the company on a separate occasion in 2006. Bank of America Corp. is advising on the sale this time.
VantagePoint Venture Partners intends to invest in Xinjiang Goldwind Science & Technology Co. when the Chinese wind turbine manufacturer launches its IPO on the Hong Kong stock exchange next month. Vantage Point is a Silicon Valley-based investor in the cleantech industry. It has more than $4.5 billion in committed capital.
Warburg Pincus has invested $150 million in National Penn Bancshares through the purchase of newly issued common stock at $6.05 per share, the bank announced. Warburg Pincus will initially invest $63.3 million, the rest following regulatory approval, which should be granted in the fourth quarter of 2010.
Warburg Pincus has committed to invest C$35 million ($33 million) in Protox Therapeutics, of Vancouver, British Columbia, which develops receptor targeted fusion proteins for the treatment of cancer and diseases of the prostate.
Welsh, Carson, Anderson & Stowe has closed its acquisition of Peak 10, a Charlotte, N.C.-based data center operator. As part of the deal, Peak 10 has closed on a $155 million credit facility.
Wilmington Trust Corp., a Delaware bank set up by the du Pont family, is looking for private equity investment, according to news reports. If the bank cannot raise more capital, it may try to sell itself.