Private equity firm Oaktree Capital Management will invest about $175.5 million into First BanCorp, Reuters said. Oaktree is the second buyout shop to invest in First BanCorp in the past two months. Thomas H Lee Partners agreed to invest $180 million in the Puerto Rico-based bank in May. Oaktree will own a quarter of the bank, once the $425 million preferred shares held by the U.S. Treasury are converted into common stock, Reuters wrote.
2 min read · 28 June 2011
Canada's Dollarama Inc.’s largest shareholder will exit the company, selling its stake to an unidentified financial institution for $301 million, Reuters reported. Bain Dollarama, which is indirectly owned by private equity firm Bain Capital, will sell its 9.2 million shares for C$32.50 each, a slight discount on the company’s closing price Monday. Bain Dollarama's stake represented 12.4% of Dollarama's about 73.65 million outstanding shares, Reuters said.
1 min read · 28 June 2011
Private equity firm Cyprium Investment Partners has completed a subordinated debt and equity investment in Network Hardware Resale. Terms of the deal were not released. NHR is a provider of pre-owned and new networking solutions, and the infusion will help the company refinance existing debt, as well as support operations and expansion efforts. NRH is based in Santa Barbara, Calif. Cyprium has offices in Cleveland and New York.
3 min read · 28 June 2011
DAG Ventures is planning to raise as much as $500 million for its fifth fund, the firm reported in a filing with the Securities and Exchange Commission. New York-based Mercury Capital Advisors was listed as placement agent for the fund. Palo Alto, Calif.-based DAG raised its $451 million fourth fund in 2008. DAG’s portfolio of companies includes FunnyOrDie.com, Gaia Online and Bloom Energy. Exits over the past couple of years include Mint.com, which was acquired by Intuit; and Metaweb, bought by Google.
1 min read · 28 June 2011
BTG Pactual, Brazil’s largest independent securities firm, has closed on $1.6 billion for private equity investments, Reuters reported, citing news from Valor Economico. The BTG Pactual Brazil I fund inked about $500 million from the firm's capital and $200 million from employees and partners, the newspaper said. The fund is the third largest ever raised in Latin America, Reuters wrote.
2 min read · 28 June 2011
Clayton Dubilier & Rice is among the potential buyers for the mutual fund business of Hartford Financial Services Group, Reuters reported Tuesday. The business, which has $104 billion in assets, could fetch as much as $1.5 billion, though a sale is weeks away, according to a report by Bloomberg.
1 min read · 28 June 2011
Viralheat has closed on $4.25 million in a Series A round led by Mayfield Fund. The latest infusion follows a $75,000 seed round, and will be used to bolster the company’s engineering team. Viralheat is developing social media monitoring products and services to help companies analyze and engage consumers in a more scalable way, the company said.
3 min read · 28 June 2011
With a $1.8 billion offer, CJ Group has outbid POSCO in the race for in South Korea's top logistics company Korea Express, Reuters reported. CJ Group, a food-to-entertainment company, outbid POSCO by about 200 billion won. A deal for the company may come as soon as Tuesday, Reuters said.
3 min read · 28 June 2011
Buyout shop Symphony Technology Group aims to buy up all the shares of Aldata Solution that it does not yet own. The firm is offering to buy the Finnish retail software company at 0.61 euro per share, a 30% premium, Reuters reported. The firm currently holds a 36% stake in the company.
1 min read · 28 June 2011
Online college athletics recruiting platform beRecruited.com has acquired Fanvibe, a venture-backed online and mobile sports company. The entire Fanvibe team will join beRecruited. beRecruited offers students access to more than 30,000 college coaches and recruiting programs in 31 sports across the U.S. To date, beRecruited says that its platform has facilitated more than 26.5 million connections between high school student athletes and college coaches. beRecruited is a portfolio company of Madison Parker Capital. Fanvibe was backed by Y Combinator and by angel investors from ESPN, Google, NBC and Stubhub.
1 min read · 27 June 2011
