Alchemy Partners has agreed to sell ICS Triplex to Rockwell Automation Inc. (NYSE: ROK) for £10 million in cash. ICS Triplex is a Waldon, UK-based provider of critical control engineering services and products. Alchemy acquired ICS in 2000 for £29 million, and in 2005 sold a unit called Transmitton Ltd. to Siemens. The sale of Triplex represents a complete exit.
Apax Partners’ expected bid for Iberia Lineas Aereas de Espana SA will likely speed up its exit from low cost carrier Vueling SA, in which it holds 20.9 percent, according to comments from Vueling CEO Carlos Munoz. Apax’s lock-up period in Vueling ends May 31, and analysts have widely speculated the capital risk group will cash in its stake and earmark the funds for an Iberia offer. Apax reportedly has been in talks with Air France-KLM and Deutsche Lufthansa AG about a potential £2.3 billion takeover for Iberia.
Energy Investors Funds has sold the wind development assets of Tierra Energy LLC to Duke Energy for an undisclosed amount. Tierra is an Austin, Texas-based developer of natural gas-fired generation facilities and wind farms. EIF acquired a majority interest in November 2005.
The Federal Trade Commission has opened an antitrust investigation into Google’s proposed $3.1 billion purchase of ad-management technology company DoubleClick Inc., from buyout firms Hellman & Friedman and JMI Equity. Google turned over basic information about the planned purchase to regulators after announcing the deal.
Fletcher Building Ltd. of New Zealand has agreed to acquire Formica Corp. from Cerberus Capital Management and Oaktree Capital Management. The deal is valued at $700 million, plus up to $50 million in deferred payments. The sellers will retain Formica’s South American operations and certain real estate in California.
Globeleq, an emerging markets power company owned by CDC Group (managed by Actis), has agreed to sell its operating power businesses in Latin America, North Africa and Asia. The total value is approximately $1 billion. The Latin American assets are being sold to D.S. Constructions Ltd. (India) and Israel Corporation Ltd. The North Africa and Asia businesses—with operations in Egypt, Bangladesh, Sri Lanka and Pakistan—will be sold to Tanjong Energy Holdings (Malaysia) and Aljomaih (Saudi Arabia).
HM Capital Partners has agreed to sell beef and pork processor Swift & Co. to J&F Participações SA, which controls Latin America’s largest beef processing company, JBS SA. The deal gives Swift an enterprise value of approximately $1.4 billion, and includes $225 million in cash and the assumption of around $1.2 billion in Swift debt. It is expected to close in mid-July. HM Capital, in partnership with Booth Creek Management, acquired Swift—then known as ConAgra Meats Co.—from ConAgra Foods Inc. in September 2002.
KBC Group Private Equity has sold its 50 percent stake in Belgian sheet metal company Press & Plat to Japan’s Press Kogyo, which already held the other 50 percent. No financial terms were disclosed
Republic Financial Corp. has sold American Identity Inc. to Staples Inc. for an undisclosed amount. American Identity is an Overland Park, Kan.–based multichannel marketer of customized advertising, and was acquired by Republic five years ago. Republic was advised on the sale by Goldsmith Agio Helms.
Noble Environmental Power, an Essex, Conn.-based wind power developer majority owned by JPMorgan Partners, has retained Goldman Sachs to review strategic alternatives, including a possible sale. Noble was founded in 2004 in response to public policy initiatives designed to foster the increased use of renewable energy sources.
Siemens has completed its acquisition of UGS Corp. for approximately $3.5 billion including assumed debt, from Bain Capital, Silver Lake Partners and Warburg Pincus. UGS is a Plano, Texas-based maker of product lifecycle management software for industrial manufacturers.
Sonoco (NYSE: SON) has completed its acquisition of Matrix Packaging from Tricor Pacific Capital and the company founders, for approximately $210 million. Matrix Packaging is a Mississauga, Ontario-based manufacturer of custom-designed, blow-molded rigid plastic containers and injected-molded products. It was advised on the sale by BMO Capital Markets.
TPG Capital has sold its 18.7 percent stake in German broadband operator Freenet to Vatas Holding for €426 million. TPG originally acquired a 27.2 percent stake in Germany-based Mobilcom in 2005 for €265 million, after which Mobilecom merged with Freenet—thus leaving TPG with 18.7 percent of the combined company.
Welsh, Carson, Anderson & Stowe has completed its sale of diagnostics testing company Ameripath to Quest Diagnostics (NYSE: DGX). The deal was valued at approximately $2 billion, including $770 million in debt. WCAS acquired Ameripath in 2003 for approximately $840 million.
Walgreen Co. has acquired Take Care Health Systems, a Conshohocken, Pa.-based provider of retail healthcare clinics. Take Care raised $77 million in private equity funding from Beecken Petty O’ Keefe in 2005.