Private Exits

Audax Group has sold Dynisco LLC to Roper Industries Inc. (NYSE: ROP) for $243 million. Dynisco is a Franklin, Mass.-based supplier of software and test, measurement and control technologies utilized in process industries. Harris Williams & Co. advised Dynisco on the sale.

CenturyTel Inc. (NYSE: CTL) has agreed to acquire Madison River Communications Corp., a Mebane, N.C.-based provider of rural telephone services, for $830 million in a combination of cash and assumed debt. Madison River, owned by Madison Dearborn Partners, Goldman Sachs and Providence Equity Partners, had been in registration for a $287.5 million IPO.

Cognetas has acquired the Lil-lets feminine hygiene division of Accantia, a health and beauty manufacturer owned by Duke Street Capital. The deal is valued at £80 million. Duke Street originally backed a £225 million management buyout of Accantia in November 2003.

DDJ Capital Management has sold its majority interest in Austin, Texas-based jewelry retailer Samuels Jewelers Inc. to Gitanjali Gems Ltd. No financial terms were disclosed.

FedEx Corp. (NYSE: FDX) has acquired ANC Holdings Ltd., a U.K.-based domestic express transportation company, for £120 million. Sellers include LDC, the private equity division of Lloyds TSB Group.

GTCR has agreed to sell HSM Electronic Protection Services Inc. to The Stanley Works (NYSE: SWK) for $545 million. GTCR formed HSM in June 2004 to acquire the security alarm monitoring business of Honeywell International. Lehman Brothers advised GTCR and HSM on the transaction.

Neiman Marcus Group has completed its sale of hand-bag maker Kate Spade to Liz Claiborne Inc. (NYSE: LIZ) for $124 million (including to-be-retired debt). Neiman Marcus was acquired last year in a $5.1 billion public-to-private buyout by Texas Pacific Group and Warburg Pincus.

Industri Kapital has sold Ulm, Germany-based gardening tools maker Gardena to Husqvarna for €730 million (including €416 million in assumed debt and liabilities).

North Castle Partners has agreed to sell Avalon Natural Products Inc. to The Hain Celestial Group Inc. (Nasdaq: HAIN) for $120 million in cash. Avalon is a Petaluma, Calif.–based provider of natural and organic personal care brands.

Buyout shop HB Equity Partners has sold Maxima Technologies, a electronics and components company, to Actuant Corp. (NYSE: ATU) for $91 million, including the assumption of about $1.9 million in debt. Actuant said it would finance the deal through its revolving credit facility. Maxima employs about 500 people and generates annual revenues of some $65 million. Its products are used by companies in the marine, agricultural, off-highway, industrial, specialty vehicle and automotive markets.

Eaton Corp. (NYSE: ETN) said it would buy AT Holdings Corp., parent of aerospace company Argo-Tech Corp., from Greenbriar Equity Group and Vestar Capital Partners, for $695 million. Argo-Tech, which employs 640 people, makes engine fuel pumps, airframe fuel pumps, and ground fueling systems used by operators of commercial and military airplanes. The company generated Ebitda of $63 million in its fiscal year ending Oct. 28, on sales of $206 million. The transaction is expected to close in the first quarter of 2007.