Ayelet Investments has acquired publicly traded Conmed Healthcare Management, a provider of correctional facility healthcare services, for $3.85 per share in cash, or approximately $57.2 million. Financing for the deal comes from Ayelet and from Los Angeles-based private equity firm Levine Leichtman Capital Partners. The deal is expected to close during the third quarter.
3 min read · 12 July 2011
Citrix Systems has acquired of Cloud.com, a venture-backed maker of software infrastructure platforms for cloud providers. Terms of the deal were not released. Cloud.com provides a cloud computing infrastructure similar to Amazon's EC2 web service. By scooping up the company, Citrix will offer its users the ability to run cloud-computing software more easily, and to move more tasks to the data center. Cloud.com previously raised more than $11 million in venture capital from investors Index Ventures, Redpoint Ventures and Nexus Venture Partners.
5 min read · 12 July 2011
Universum Development has acquired career networking platform Doostang, the company announced Tuesday. Doostang, based in Palo Alto, Calif., had raised venture funding from Shasta Ventures and Tugboat Ventures and individual investors. Formed in 2005, the company targets young business professionals and has about 900,000 members, it says. Terms of the deal were not released.
3 min read · 12 July 2011
Weld North Holdings, a partnership between former Kaplan Chief Jonathan Grayer and buyout shop Kohlberg Kravis Roberts & Co., has closed its first deal: the acquisition of e-learning company e2020 Inc. Terms of the deal were not released. Sari Factor, managing director for education at Weld North, will become CEO of e2020, the firm said. The company, formed in 1998, provides online courses for K-12 students through a software-as-a-service model. The courses can be used for anything from advanced placement to so-called “credit recovery,” to help students who have fallen behind with course credits.
4 min read · 12 July 2011
Health Evolution Partners, a manager of health care investment funds, has promoted Christopher McFadden to managing partner. In the expanded role he will remain a member of the firm’s executive committee and will be responsible for the firm’s Spectrum Fund. McFadden joined the firm in 2008 as a managing director. He worked previously as a managing director at Goldman Sachs.
2 min read · 12 July 2011
PAG Capital Asia, a private equity fund launched by former TPG Capital executive Weijian Shan, has raised more than $1.7 billion, Reuters reported. The firm aims to close its PAG Asia I LP in a couple of months with about $2.5 billion in commitments, Reuters said. Shan is one of a slew of high-profile private equity executives who departed global firms in recent months in favor of start-up China-focused funds.
2 min read · 12 July 2011
Charlotte, N.C.-based Polypore International has added David Roberts to its board of directors. Roberts is president and chief executive of Carlisle Companies, a Charlotte-based, listed manufacturing company focused on construction materials. Roberts replaces David Barr, of Warburg Pincus, on the board. Additionally, Polypore Chief Executive Robert Toth replaces Michael Graff as chairman of the board. Graff is a managing director at Warburg Pincus. He remains on the board as “lead independent director.”
2 min read · 12 July 2011
Olympus Capital Holdings Asia, a middle market private equity firm, is leading a group of investors paying $45 million for a “sizable minority stake” in China's Huaxia Dairy Farm Ltd., Reuters reported. The firm will put $30 million into the dairy producer, with European dairy company Mueller Milch Management investing $10 million. Existing shareholders in Huaxia Dairy will supply another $5 million. The company, which runs own of China’s largest dairy farms, will use the money for general working capital and expansion, Reuters wrote.
1 min read · 12 July 2011
Orchid Asia has raised $650 million for its fifth China private equity fund, Orchid Asia V, LP, Reuters reported. The fund netted investments from roughly 60 investors from across the US, Europe and Australia. Orchid Asia focuses on the Chinese consumer sector and the specialty manufacturing sector. With the latest fund, the firm now has $1.4 billion under management.
2 min read · 12 July 2011
Consultancy KPMG has named Marc Moyers as head of its U.S. Private Equity Group, the company announced Monday. He succeeds Shawn Hessing who is retiring from the firm. Moyers joined KPMG LLP in 1977 and became a partner with the company in 1986.
2 min read · 11 July 2011
