Private equity-owned Evolution Benefits has completed its merger with Lighthouse1, the two companies announced Thursday. Evolution Benefits was bought by Genstar Capital in 2010. The combined company will be known as Evolution1, and will provide electronic payment, on-premise and cloud computing technology for flexible spending accounts, health savings accounts and other similar plans. Genstar Capital is based in San Francisco.
2 min read · 14 July 2011
San Francisco-based venture capital firm DBL Investors has added Lisa Hagerman to the newly created position of director of its Double Bottom Line Programs. DBL also added two associates – Patrick Sagisi and Sarah Ham – to its team, following the recent close of its $140 million second fund. Hagerman joins DBL Investors from Harvard's Kennedy School of Government, where she led “More for Mission,” a research and advocacy initiative. Sagisi was previously a director in the corporate audit team of Samsung. Ham, previously an intern with DBL, recently completed an MBA from the Yale School of Management.
4 min read · 14 July 2011
ACON Latin America Opportunities Fund has completed its acquisition of Colombian waste management company Aseo Urbano S.A., the firm announced Thursday. ACON bought the company from Urbaser of Spain and Raygar International, a private U.S. holding company. Terms of the deal were not released.
3 min read · 14 July 2011
Nordic Capital has dropped out of the running to buy Swedish cable television operator Com Hem, Reuters reported. Buyout shop CVC dropped out earlier in the process. Final bids are due this week, and Cinven and rival BC Partners are expected to table binding bids for the cable firm, Reuters wrote. The company is expected to fetch as much as 18 billion Swedish Crowns ($2.7 billion), Reuters said.
2 min read · 14 July 2011
New York-based private equity shop JLL Partners has completed the sale of its portfolio company PharmaNet Development Group to inVentiv Health Inc. JLL acquired PharmaNet in 2009. inVentiv Health is an affiliate of Thomas H. Lee Partners. PharmaNet provides drug development services to the pharmaceutical, biotechnology, generic drug, and medical device industries.
1 min read · 14 July 2011
Buyout shop the Carlyle Group has closed on 3.2 billion yuan ($495 million) for its projected 5 billion yuan China fund, Beijing Carlyle Investment Center L.P., Reuters reported Thursday. The fund, launched last year, is the first foreign fund to be registered with China's National Development and Reform Commission, which means that it can pull from a wider pool of investors, Reuters wrote, including social security funds.
2 min read · 14 July 2011
Mining equipment maker Joy Global Inc. is in talks to buy private equity-backed International Mining Machinery Holdings Ltd., a maker of coal-mining equipment in China, Reuters reported Thursday. IMM is currently controlled by private equity firm Jordan Co. The company’s market capital it roughly $1.1 billion.
3 min read · 14 July 2011
WRM America Holdings, a specialty lines property and casualty insurance and risk management holding company backed by Aquiline Capital Partners, will buy the flood insurance business of publicly traded Fidelity National Financial Inc. The business will operate as a wholly-owned subsidiary of WRM America, the company said. Aquiline Capital focuses on financial services investments across industries such as property and casualty insurance, banking, securities, asset management, life insurance and financial technology.
3 min read · 13 July 2011
Newly created Hi Capital Corp. has grabbed more than 20% of Russian drug retailer Pharmacy Chain 36.6, Reuters reported. According to Reuters' estimates, the deal could total about $70 million. No terms were released.
1 min read · 13 July 2011
After roughly a year of talks with various private equity firms, Nokia and Siemens have ditched plans to sell a stake in their joint venture Nokia Siemens Networks, Reuters reported. The companies had been in talks with private equity groups including Gores Group, Reuters said.
2 min read · 13 July 2011
