AirStrip Technologies has closed an equity transaction with the Wellcome Trust, a global charitable foundation dedicated to improving human and animal health. Financial terms of the arrangement were not disclosed.
3 min read · 17 October 2012
Sterling Investment Partners has closed the acquisition of Service Logic through the acquisition of MSHC. Service Logic is a US provider of preventive and predictive maintenance services and related energy sustainability services for heating, ventilation and air conditioning systems. Credit Suisse’s Customized Fund Investment Group co-invested with Sterling, GE Capital led the senior credit facility and Babson Capital and PNC Erieview Capital provided subordinated debt for the transaction.
3 min read · 17 October 2012
Funds managed by CapMan and Rautaruukki Corporation (Ruukki) have agreed to combine units of Komas and Ruukki's Engineering division to form a new company through an asset deal. The new company is called Fortaco and is a Europe-based system and component manufacturer for the mechanical engineering industry. CapMan invested in Komas in 2007 and owns 82 percent of the company's shares.
4 min read · 17 October 2012
This morning's First Read picks up on why the industry is desperate for deals, takes a look at when private equity and hedge funds collide and reveals what it is that breaks a big company CEO's heart.
1 min read · 17 October 2012
Biotechnology company Fate Therapeutics has appointed Christian Weyer as president and chief executive officer and also elected to the company's board of directors, effective immediately. William H. Rastetter, a partner at Venrock who has served as Fate's interim CEO since November 2011, will remain chairman of Fate's board of directors.
3 min read · 16 October 2012
The Spaulding Group has hired Stephen S. Sobhi to the newly created position of vice president, western region sales. Prior to joining TSG, Sobhi was the sales/marketing director at Ashland Partners, where he worked for more than 12 years.
2 min read · 16 October 2012
Sam Hogg has joined Open Prairie Ventures’ West Michigan office as a venture partner, with primary responsibilities including screening new investments and managing existing ones in the Open Prairie Ventures II and Southwest Michigan First Life Science Fund portfolios. Hogg joins OPV as part of a program administered by the Michigan Venture Capital Association – aimed to encourage venture funds to hire local Michigan talent.
2 min read · 16 October 2012
Michael L. Chasen will step down as president, CEO and director of Blackboard Inc. at the end of the year. Chasen will be replaced by Jay Bhatt, currently president and CEO of Progress Software. Blackboard was acquired by Providence Equity Partners for $1.7 billion in 2011.
3 min read · 16 October 2012
AnaCatum Design AB, an analog semiconductor intellectual property (IP) company, has appointed Didier Lacroix as its new CEO. AnaCatum is backed by Conor Venture Partners.
3 min read · 16 October 2012
Ares Commercial Real Estate Corporation has closed a $36 million first mortgage loan commitment collateralized by a Class A office building located in Cincinnati’s central business district. The proceeds of the loan were used to refinance the existing mortgage on the property. The initial funding amount is approximately $27 million with $9 million in loan proceeds available to be drawn over time to fund tenant improvements and leasing commissions.
2 min read · 16 October 2012
