Accretive Health Inc., a Chicago-based provider of health care revenue cycle management services, has set its IPO terms to 13.33 million common shares being offered at between $14 and $16 per share. It would have an initial market cap of approximately $1.44 billion, were it to price at the high end of its range. The company plans to trade on the NYSE under ticker symbol AH, with Goldman Sachs and Credit Suisse serving as co-lead underwriters. Oak Hill Capital Partners holds a 21.7 percent pre-IPO ownership position.
Advantage Partners has sold its 11.7 percent voting rights stake in troubled Japanese retailer Daiei Inc. (T:8263) to a unit of Deutsche Bank. The shares were valued at approximately $106.4 million.
Amadeus, a travel reservations group, priced a €1.3 billion IPO in Madrid. The deal ends a two-year dearth of Spanish IPOs, and comes after the recent failure of Amadeus rival Travelport to list in London. Amadeus backers include BC Partners, Cinven, Air France and Lufthansa.
Apax Partners has agreed to sell Faceo, a French company focused on technical maintenance, to listed French construction group Vinci. No financial terms were disclosed, except that Faceo reported 2009 sales of over $570 million.
Arsenal Capital Partners has completed its previously-announced sale of Genovique Specialties Corp., a Rosemont, Ill.-based provider of benzoate plasticizers, to Eastman Chemical Co. (NYSE: EMN). No financial terms were disclosed.
Aurora Diagnostics LLC, a Palm Beach Gardens, Fla.-based diagnostic lab and anatomic pathology company, has filed for a $150 million IPO. It plans to trade on the Nasdaq under ticker symbol ARDX, with Morgan Stanley, Barclays Capital and UBS Investment Bank serving as co-lead underwriters. The company reports $171 million in net 2009 revenue, compared to $159 million in 2008. Its 2009 net income was $9 million, down slightly from $10.7 million in 2008. Aurora Diagnostics was formed in 2006 as an acquisition platform by Summit Partners and GSO Capital Partners. Last June, KRG Capital Partners acquired GSO’s interests in the company. Summit now holds a 51 percent ownership stake, with KRG holding a 34 percent position. The remainder is held by company management.
Chr. Hansen, a Danish food ingredients maker, plans to raise around $605 million via an IPO on the Copenhagen bourse. It was taken private in July 2005 by PAI Partners for approximately $1.5 billion.
CVC Capital Partners is planning to float half of its 50 percent stake in Belgian post service La Poste/De Post. The offer is expected to take place later this year, with CVC hoping to raise between €500 million and €700 million.
DynaVox Inc., a Pittsburgh-based maker of software and devices that assist people in overcoming speech problems, raised around $140.6 million via its IPO. The company sold nearly 9.4 million shares at $15 per share (the low end of $15 to $17 range). DynaVox will trade on the Nasdaq under ticker symbol DVOX. Piper Jaffray and Jefferies & Co. served as co-lead underwriters. Shareholders include Vestar Capital Partners and Park Avenue Equity Partners.
Express, a Columbus, Ohio-based retail apparel brand and retailer, has set its IPO terms to 16 million common shares being offered at between $18 and $20 per share. It would have an initial market cap of approximately $1.77 billion, were it to price at the high end of its range. The company plans to trade on the NYSE under ticker symbol EXPR, with Goldman Sachs and BoA Merrill Lynch serving as co-lead underwriters. It reported $1.72 billion in net sales for the year ending Jan. 30, 2009, compared to $1.74 billion in the year-ago period. Net income jumped to $75 million from negative $29 million. Golden Gate Capital acquired a 67 percent interest in Express in July 2007, for $548 million. The seller was Limited Brands Inc. (NYSE: LTD), which remains an Express shareholder.
Falck AS, a Danish ambulance service backed by Nordic Capital and ATP Private Equity Partners, is exploring an IPO. The company is believed to be valued at between $1.6 billion and $1.8 billion.
Global Geophysical Services Inc., a Missouri City, Texas-based provider of technology that collects seismic data for oil and gas industry, raised approximately $90 million via its IPO. The company sold 7.5 million shares at $12 each, compared to plans to offer11.5 million shares at between $15 and $17 per share. Global Geophysical will trade on the NYSE under ticker symbol GGS, while Credit Suisse and Barclays Capital served as co-lead underwriters. Backers include Kelso & Co. and Wayzata Opportunities Fund. GGS filed for a $145 million IPO in 2006, but pulled the registration last year.
Gordman’s Stores Inc., an Omaha, Neb.-based off-price department store chain, has filed for a $75 million IPO. It plans to trade on the Nasdaq under ticker symbol GMAN, with Piper Jaffray serving as lead underwriter. The company reports $457 million in revenue for the year ending Jan. 30, 2009. Net income for the period was over $15 million. Sun Capital Partners acquired Gordman’s in September 2008.
GTCR has agreed to acquire Protection One Inc. (Nasdaq: PONE), a Lawrence, Kan.-based provider of electronic security services to the residential, commercial and wholesale markets. Sellers include Quadrangle Group and Monarch Capital Partners. The deal is valued at $828 million, including the refinancing of debt. Protection One stockholders will receive $15.50 per share. Debt financing has been committed by JP Morgan Chase Bank, Barclays Capital and TCW/Crescent Mezzanine.
HP has agreed to buy troubled PDA maker Palm for $1.2 billion, or $5.70 per share. The price represents a 23 percent premium to yesterday’s closing price for Palm stock, and would result in a $25 million cash-on-cash return for Elevation Partners, which has invested a total of $460 million into Palm.
Interxion, a Dutch data storage company, said that it has filed for an IPO of ordinary shares in the U.S. The filing is not yet available on the SEC website. The company is controlled by Baker Capital.
Lake Capital Partners has agreed to sell Suffern, N.Y.-based energy marketing company Hudson Energy Services to Just Energy Income Fund (TSX: JE.UN) for $304.2 million in cash.
Mitel Networks Corp., an Ottawa-based provider of telecom services to small and mid-sized businesses, raised $147.4 million via an IPO. The company sold approximately $10.5 million shares at $14 per share, compared to a planned range of between $18 and $20 per share. It closed its first day of trading on the Nasdaq down at $12.30 per share. Major shareholders include Wesley Clover Corp. and an affiliate of Francisco Partners.
MBK Partners has put cable company China Network Systems up for sale, with hopes of garnering upwards of $2 billion. Morgan Stanley is managing the process. MBK paid $1.5 billion to acquire CNS in 2007.
Nielsen, a TV and consumer measurement company taken private for $10 billion in 2006 by six private equity firms, plans to hire IPO bankers, according to the FT. The offering reportedly would value the company’s equity and debt at around $21 billion.
NuCO2 Inc., a Stuart, Fla.-based provider of beverage-grade carbon dioxide, has filed for a $200 million IPO. It plans to trade on the NYSE under ticker symbol NUCO, with UBS Investment Bank serving as lead underwriter. Aurora Capital Group took NuCO2 private in May 2008 for $487 million, and is majority shareholder. Northwestern Mutual Capital Mezzanine Fund also holds an ownership position.
Oak Hill Capital Partners has agreed to buy arcade-themed restaurant chain Dave & Buster’s for $570 million from Wellspring Capital Management. Wellspring had taken the company private in 2006 for $257 million, plus debt.
Prommis Solutions, an Atlanta-based provider of outsourced foreclosure and bankruptcy processing services to U.S. law firms, has filed for a $150 million IPO. Credit Suisse and Deutsche Bank Securities are serving as co-lead underwriters. The company reports nearly $255 million in 2009 revenue, compared to $192 million in 2008 and $128 million in 2007. Its 2009 net income was $7.8 million, compared to net losses the prior two years. Great Hill Partners holds a 66.7 percent ownership position, based on an investment in February 2006.
Roadrunner Transportation Services Inc., a Cudahy, Wis.-based provider of non-asset based transportation and logistics services, has set its IPO terms to 10.6 million common shares being offered at between $14 and $16 per share. It would have an initial market cap of approximately $472 million, were it to price at the high end of its range. The company plans to trade on the NYSE under ticker symbol RRTS, with Baird, BB&T Capital Markets and Stifel Nicholas serving as co-lead underwriters. It reports $450 million in 2009 revenue, compared to $537 million in 2008. Shareholders include Thayer | Hidden Creek Entities (72.5 percent pre-IPO stake), Eos Partners (18.5 percent) and American Capital Strategies (7.3 percent).
TPG has agreed to buy American Tire Distributors Holdings Inc. for $1.3 billion, from Investcorp, Berkshire Partners and Greenbriar Equity Group. The deal is expected to close next quarter. American Tire is a Charlotte-based distributor of replacement tires to local, regional and national tire retailers.
Van Gansewinkel, a Dutch waste management firm owned by KKR and CVC Capital Partners, said it is considering an IPO in 2011.
Warburg Pincus has agreed to sell LifeCore Biomedical Inc., a Chaska, Minn.-based maker of hyaluronan-based biomaterials for the medical and veterinary markets, to Landec Corp. (Nasdaq:LNDC). The deal is valued at up to $54 million, including $40 million in cash, $4 million in assumed debt and up to $10 million in earn-outs. Warburg Pincus took LifeCore private in 2008 for approximately $239 million. It then split the company into two pieces, with the dental division being merged into an existing portfolio company and the hyaluronan biomaterials division remaining as Lifecore.