Sterling Financial Corp., which is backed by Warbug Pincus and Thomas H. Lee Partners, said Monday that it would buy First Independent Bank to boost its presence in Portland and Vancouver in the U.S. Pacific Northwest, Reuters reported. Under the terms of agreement, Sterling Savings Bank would initially pay a premium of $8 million to the net value of the acquired assets and assumed liabilities of the 100-year-old bank, Reuters wrote.
2 min read · 07 November 2011
Cloud services and infrastructure technology company Virtustream has named Frank Vella as its chief operating officer. Vela joins from Quest Software, where he served as global vice president of Sales, Identity and Windows Management. Virtustream is backed by investors including Intel Capital, Columbia Capital, Noro-Moseley Partners and TDFunds. Virtustream is based in San Francisco.
3 min read · 07 November 2011
RegionalCare Hospital Partners has completed its merger with Essent Healthcare. Terms of the deal were not released. The combined company, which operates under the RegionalCare name, now owns seven hospitals across six states. Essent is backed by Vestar Capital Partners and Cressey & Co.
2 min read · 07 November 2011
Palladium Equity Partners has recapped ABRA Auto Body & Glass, a provider of vehicle damage repair services based in Minneapolis. Terms of the deal were not released. ABRA was formed in 1984.
2 min read · 07 November 2011
Sara Lee Corp. is considering a 115 million euro ($159 million) offer by Sagard Private Equity Partners for its EuroDough business. Based in France, EurDough sells chilled baking dough across Europe. Sagard is a French investment firm.
2 min read · 07 November 2011
Vikram Lall has been named chairman of India-focused private equity firm Elephant Capital. He replaces Pramath Raj Sinha. Lall has been a non-executive director of Elephant Capital since October. Sinha will remain as a non-executive director on the board.
1 min read · 07 November 2011
Morgan Stanley Private Equity Asia has acquired a controlling stake in Korean restaurant franchiser Nolboo, Reuters reported Monday. According to media reports, the deal was valued at roughly 120 billion won ($108 million). Nobloo has about 700 restaurants across Korea, China, Singapore and Thailand.
1 min read · 07 November 2011
Best Buy is paying $167 million to buy mindSHIFT Technologies Inc., a venture funded managed service provider for small and mid-sized businesses. Backed by investors including Columbia Capital, Volition Capital and TD Fund, mindSHIFT provides cloud services, data center services and professional services to more than 5,400 clients. The deal is expected to close around the end of this year.
3 min read · 07 November 2011
Commodities trading house Trafigura is planning to double the size of its fund arm Galena with the launch of a new private equity fund and the roll out of a macro fund to outside investors, Reuters reported, citing an article in the Financial Times. Galena currently has about $1.8 billion under management. Chief Jeremy Weir told the FT he wanted to grow the fund arm into a $4 billion-plus business to capitalize on the opportunities created by the withdrawal of bank lending, Reuters wrote.
2 min read · 07 November 2011
Ice Cream of the Past: Dippin’ Dots dips into bankruptcy court Andrew Consults Friday’s Flow Chart… And decides it was a good day No Soup for You! White House rejects GOP’s Solyndra docs bid Down Goes Frazier: The former heavyweight titan checks into a hospice, has cancer You DON’T SAY: Groupon surges, concerns linger Citigroup's PE Activity: $800 million goes to "Citi-advised" funds An Indian Dream: Government mulls VC fund aimed at India's disadvantaged low caste entrepreneurs Video Star: Telefonica Ventures wants Quantenna's video expertise No signs of life? Life sciences venture funding loses pace in Q3
1 min read · 07 November 2011
