Private Equity
Charlotte, N.C.-based Polymer Group Inc. is planning a $530 million private placement in connection with its definitive agreement to be acquired by Blackstone Capital Partners. Polymer Group will seek to raise the funds by offering senior secured notes due 2019. The offering is part of the financing for, and is conditioned upon, the closing of its deal with the New York-based investment and advisory firm.
2 min read · 11 January 2011
Industrial Opportunity Partners of Evanston, Ill., completed a strategic acquisition for its platform company FAS Controls Inc. The maker of pressure switches, valves, circuit breakers and other products bought Honeywell International Inc.’s lighting and heavy-duty electromechanical flasher business.
2 min read · 11 January 2011
Behrman Capital completed a dividend recapitalization for Data Device Corp. and a tax-free spin-off of ILC Dover to existing shareholders. The Data Device recapitalization consisted of a $300 million six-year term loan and a $30 million five-year revolving credit facility. Credit Suisse and GE Capital Corp. led the recapitalization. Behrman together with Clifford Lane acquired both businesses from ILC Industries in 2003 for $303 million. GE Capital also led the financing of a $37 million credit facility for Dover. Behrman is a private equity firm based in New York and San Francisco.
3 min read · 11 January 2011
Clairvue Capital Partners led a $30 million preferred equity offering of Phillips Edison Shopping Center Fund III, an investment fund managed by Phillips Edison & Co. Clairvue contributed $25 million of the investment. An entity controlled by Phillips Edison contributed the rest. Phillips Edison is a real estate investment fund manager and operator. It has a portfolio of more than 25 million square feet of shopping centers in the U.S. Clairvue is a San Francisco, Calif.-based real estate private equity firm.
3 min read · 11 January 2011
National Penn Bancshares Inc. (Nasdaq: NPBC) received the rest of the $150 million investment Warburg Pincus LLC of New York agreed to put in the Pennsylvania-based bank holding company. Warbug Pincus now owns about 16.4 percent of the National Penn. The latest investment was worth $86.7 million and it purchased about 14.3 million new issued shares of National Penn. In October, Warburg Pincus made an initial investment of $63.3 million.
3 min read · 10 January 2011
CORRECTION: Praesidian Capital LLC exited its investment in Venio LLC. The exit was facilitated by Venio’s purchase of certain divisions from The Keane Organization and a new financing associated with the transaction. Praesidian of New York is a provider of mezzanine capital for small and mid-sized companies. It added Venio to its portfolio in December 2008. (An item published earlier incorrectly reported that Venio was acquired by The Keane Organization.)
2 min read · 10 January 2011
Waud Capital Partners LLC’s CarePoint Partners has acquired ivA Lifetec. Financial terms were not disclosed. The deal marks CarePoint’s tenth acquisition in three years. It also marks the company’s entry into the Houston market. CarePoint provides infusion therapy services. In conjunction with the acquisition, CarePoint completed a $27 million senior debt financing with Madison Capital and Amalgamated Capital.
3 min read · 10 January 2011
TA Associates completed its majority investment in Dymatize Enterprises Inc., a Dallas,Texas-based maker and marketer of nutritional and sports supplements. Dymatize’s founders will remain with the company and retain a significant portion of their equity. Other terms of the investment were not disclosed. Goodwin Procter LLP provided legal counsel and Imperial Capital LLC provided advisory services to TA Associates, which is a growth private equity firm based in Boston, Mass.
4 min read · 10 January 2011
iGate, a software firm backed by Apax Partners, agreed to acquire a majority stake in India’s Patni Computer Systems for $1.2 billion, Reuters reported. iGate agreed to pay 503.50 rupees a share for a 63 percent stake in Patni from founder General Atlantic LLC. This values the transaction at $921 million. iGate plans to acquire another 20.6 percent stake from minority shareholders for $301 million. The deal is expected to close during the first half of 2011.
4 min read · 10 January 2011
3i Group PLC’s Trescal portfolio company plans to acquire Dynamic Technology Inc., a Detroit, Mich.-based company that offers calibration and repair services of test and measuring equipment. The deal allows Trescal to enter the U.S. market. Trescal provides calibration services.
3 min read · 10 January 2011
