Diamond Castle Holdings has agreed to acquire BlueStone TV Holdings Inc. from Providence Equity Partners for $230 million. BlueStone is a Wichita, Kan.–based owner and/or operator of television stations with multiple network affiliations in eight markets. DiamondCastle is parterning on the deal with Randy Bongarten, former president of Emmis Television.

Fox Paine & Co. has agreed to acquire Wire Rope Corporation of America from KPS Special Situations Fund. No financial terms were disclosed for the deal, which is expected to close within 90 days. WRCA is a St. Joseph, Mo.-based producer and marketer of specialty wire ropes.

TorQuest Partners has bought Herbal Magic from Trivest Partners for an undisclosed amount. Herbal Magic is a Canadian operator of weight loss centers. CIBC World Markets advised Trivest on the sale.

Wellspring Capital Management has agreed to reacquire JW Aluminum Holding Co. from Superior Plus Income Fund. The deal is valued at $310 million, and is expected to close next month. JW Aluminum is a manufacturer of flat-rolled aluminum products, and had been first acquired by Wellspring from Walter Industries in December 2003 for $125 million. Wellspring then sold the company last year for approximately $350 million.