AEA Investors has agreed to sell Burt’s Bees Inc., a Durham, N.C.-based maker of personal care products like lip balm, to Clorox Co. (NYSE: CLX). The deal is valued at $925 million, net of an additional $25 million payment for anticipated tax benefits.
Avis Budget Group Inc. (NYSE: CAR) has acquired a 45 percent common equity interest in Carey International Inc., a global provider of chauffeured ground transportation services. The deal was valued at approximately $60 million in cash, and includes a one-year option for Avis to increase its ownership to 80 percent. Carey is currently majority-owned by a consortium led by Chartwell Investments.
GTCR has sold Morton Grove Pharmaceuticals Inc. to Wockhardt Ltd. of India for $38 million. The deal represents a steep loss for GTCR, which led a $200 million buyout of Morton Grove back in January 2003. Martin Grove is an Illinois–based liquid generic and specialty dermatology company.
Littlejohn & Co. has agreed to sell Universal Lighting Technologies Inc. to Matshusita Electric Works Ltd. No financial terms were disclosed. Universal Lighting designs and manufacturers lighting ballasts and control systems, and was acquired by Littlejohn via a 2001 carveout from Magntek Inc.
Metalmark Capital has completed its sale of Denver-based Cantera Natural Gas LLC to Copano Energy LLC (Nasdaq: CPNO) for approximately $675 million. The deal included $562.5 million in cash, and around 3.25 million newly-issues Class D shares.
TA Associates has agreed to sell Alere Medical Inc., a Reno, Nev.-based provider of disease management services to group health plans, to Inverness Medical Innovations (AMEX: IMA). The deal is valued at $302 million, including $125 million in cash and $177 million in Inverness common stock. It comes just six months after TA acquired Alere for $175 million from a syndicate of venture capital firms, and is expected to close by year-end.
Tecumseh Products Co. (Nasdaq: TECUA) has agreed to sell its Engine & Power Train business operations to Platinum Equity. The deal is valued at $51 million, and is expected to close later this quarter. Tecumseh was advised on the deal by Rothschild.