A group of investors including Maju Investments and RRJ Capital has agreed to buy about 70% of Cisco, Texas-based Frac Tech Services Inc., Reuters reported. Financial terms of the deal were not released. Chesapeake Energy Corp. currently owns about 26 percent of Frac Tech. After the deal, Chesapeak will own about 30%.
1 min read · 19 April 2011
San Francisco-based private equity firm Golden Gate Capital has completed its acquisition of Conexant Systems Inc. Conexant is a maker of semiconductor technologyfor imaging, audio, embedded modem, and video surveillance applications. Golden Gate announced its acquisition of the company in February, saying that it would pay $2.40 a share cash, or roughly $300 million.
2 min read · 19 April 2011
Publicly traded SciClone Pharmaceuticals Inc. has acquired China-based NovaMed Pharmaceuticals Inc. The deal includes approximately $24.7 million in cash, and shares of SciClone common stock valued at roughly $37.1 million, the company said in a release. There is also the potential for $43 million in payments, contingent on revenue and earnings targets for the next two years. NovaMed was reportedly backed by investors including Fidelity Asia Ventures and Atlas Venture.
4 min read · 19 April 2011
Advertising giant WPP will buy German marketing firm Commarco from private equity firm Cognetas, Reuters reported. Financial terms of the deal were not released. Cognetas has been trying to sell three German firms to draw to a close a 1 billion euro fund it raised in 2001, Reuters reported. Rothschild advised it on the sale of Commarco.
1 min read · 19 April 2011
Daily deals site Groupon has acquired Pelago, the venture-backed creator of the location-based application Whrrl, the companies announced on their respective blogs. Financial terms of the deal were not released. Pelago’s Whrrl service will be retired at the end of April, the companies said. Pelago was reportedly backed by more than $20 million from Kleiner Perkins Caufield & Byers, T-Venture, Trilogy Equity Partners, Bezos Expeditions, DAG, and Reliance Technology Ventures.
1 min read · 19 April 2011
Air Lease Corp., an aircraft leasing company backed by Leonard Green & Partners, Ares Management and Wilbur Ross's WL Ross & Co., raised $802.5 million in its initial public offering Monday, Reuters reported. The company sold 30.3 million shares, for $26.50 each, which was more than expected. Air Lease had planned to sell 25 million shares for $25 to $28 each, Reuters wrote. The company is based in Los Angeles, and will use the proceeds to complete roughly $6.8 billion in aircraft purchases.
3 min read · 19 April 2011
BackBay Communications, a strategic marketing and public relations firm focused on the financial and professional services sectors, has opened an office in London. Toby Mitchenall will join BackBay as director of the London office. Mitchenall was previously editor at Private Equity International. BackBay also has offices in Boston and New York.
2 min read · 19 April 2011
Buyout shop TPG Capital will invest up to $150 million in China’s Comtec Solar, Reuters reported. The Shanghai-based company makes solar wafer technology, and will use the new capital to expand its production, Reuters said.
3 min read · 19 April 2011
Barclays Private Equity has acquired a majority stake in London-based visual effects company The Mill, Reuters reported. Barclays nabbed the stake from private equity shop The Carlyle Group in a deal that values The Mill at 119 million pounds ($193.1 million). The Mill produces digital visual effects for advertising clients including Nike and Adidas, and for television shows including Dr. Who.
1 min read · 19 April 2011
Wellspring Capital Management has paid an undisclosed amount to buy Crosman Corp. from Pamlico Capital. Terms of the deal were not released. The company said that Crosman’s management team will retain a significant ownership position in the company. Crossman is based in East Bloomfield, N.Y., and is a designer, manufacturer and marketer of airguns and airsoft guns.
3 min read · 18 April 2011
