TPG Capital is among the bidders for a majority stake in Indonesian tire maker PT Multistrada Arah Sarana, Reuters reported. South Korea's Hankook Tire and Japan's Yokohama Rubber are also in the running. The deal is worth at least $200 million, Reuters wrote.
2 min read · 09 August 2011
Chicago-based Clean Urban Energy, a venture-backed energy storage and smart grid technology provider, has named Phil Bomrad to the post of president and chief operating officer. Bomrad previously led the energy services group for Siemens Industry Inc. Earlier in his career he worked at Tridium. Clean Urban Energy recently sealed a $7M financing round from Battery Ventures and Rho Ventures.
3 min read · 08 August 2011
CIT Group Inc., a publicly traded provider of financing to small businesses and middle market companies, has named Nelson Chai president. He previously served as the company’s executive vice president, chief administrative officer and head of strategy. Chai will continue to oversee CIT’s infrastructure and operating architecture, including its technology platforms. He will also continue to lead strategic planning and business development.
2 min read · 08 August 2011
Nova Capital Management has acquired five industrial businesses in Canada that formed the major part of Premetalco Inc., the Canadian subsidiary of Amalgamated Metal Corp., the firm announced Monday. Financial terms of the deal were not released. McGladrey Capital Markets acted as lead financial advisor to AMC. HSBC Securities, Stikeman Elliott, Simmons & Simmons and KPMG advised Nova Capital.
3 min read · 08 August 2011
Middle-market investment firm Norwest Equity Partners has exited its investment in PeopleNet, selling the company to listed Trimble Navigation Ltd. The deal closed on August 5. PeopleNet is a provider of mobile communications systems to the trucking industry. Financial terms of the sale were not released. PeopleNet is headquartered in Minnetonka, Minnesota.
2 min read · 08 August 2011
Los Angeles-based buyout firm Gores Group, will acquire the United States operations of Hypercom Corp. Terms of the deal were not released. Hypercom provides electronic payment and transaction devices and services to retail and banking industries customers.
2 min read · 08 August 2011
Standard Chartered’s private equity arm has completed its first deal in Saudi Arabia, investing $75 million for a minority stake in a Saudi Binladin Group unit: Construction Products Holding, Reuters reported. The firm is scouting for more deals in Saudi Arabia, Reuters wrote, making it one of many buyout shops interested in the kingdom. Carlyle Group and Kohlberg Kravis Roberts & Co. have also make moves into the Saudi market.
3 min read · 08 August 2011
Buyout shop WL Ross & Co. has increased its stake in Exco Resources by 2%, and now owns about 12% of the Dallas-based oil and gas producer, Reuters reported Monday. WL Ross is the second largest shareholder in Exco. The company recently said that Ross could not own more than 20% of outstanding shares. Exco has been a takeover target since last fall, when oilman T. Boone Pickens and other investors bid $4.36 billion for it, Reuters wrote.
1 min read · 08 August 2011
Mobile and web analytics company Webtrends has real-time acquired analytics company Reinvigorate, providing an exit for investor Media Temple Ventures. Terms of the deal were not released.
3 min read · 08 August 2011
TPH Partners said Monday that it had formed Clearfork Resources LLC, an independent oil and natural gas company focused on acquiring and developing conventional and unconventional reservoirs. The company, based in Fort Worth, Texas, will focus primarily in the state of Texas. With the formation of the company, Clearfork bought up three properties in North Texas. TPH Partners is the private equity arm of Tudor Pickering Holt & Co.
2 min read · 08 August 2011
