I've been a business reporter for a while. I've covered Wall Street, venture capital and now private equity. I'm always looking for a scoop or something to talk about. I'm the eternal optimist and am still waiting for the Chicago Cubs to win the World Series. Yes, I believe.
New State Capital Partners said May 15 that four executives have joined the firm. They include: Kurt Lentz as principal; Erika Jung as vice president, operations/lean; Josh Skevington as vice president, CFO activities; and Shaun Vasavada as an associate.
3 min read · 15 May 2018
Xerox Corp may go up for sale now that it’s proposed deal with Fujifilm is off, Bloomberg is reporting. Xerox investors Darwin Deason and Carl Icahn have held talks with “several private equity firms” about a potential deal, the story said. Deason also said that cutting a new deal with Fujifilm could be “the very best thing to do,” Bloomberg said.
1 min read · 15 May 2018
Rockport Group said May 14 that it filed Chapter 11 bankruptcy in Delaware. At the same time, Rockport said that Charlesbank Capital Partners had entered into an asset purchase agreement to buy all of Rockport’s assets. Charlesbank is serving as “stalking horse bidder" in a court-supervised sale process. Rockport said it had obtained $20 million in new-money debtor-in-possession ("DIP") financing from its existing noteholders, which along with an existing $60 million credit facility, will provide the company with liquidity through the process. Rockport, of Newton, Massachusetts, is a men’s and women’s footwear company.
4 min read · 15 May 2018
Renaissance Venture Capital Fund has closed its third fund on $81 million. Renaissance, of Ann Arbor and Detroit, is a venture capital fund-of-funds that invests in VC pools around the country and brings them, as well as their capital, into Michigan’s startup ecosystem. Renaissance’s first fund raised $45 million, while the second pool collected $79 million.
3 min read · 14 May 2018
Buckingham Partners LLC, an affiliate of Buckingham Cos, has closed its first real estate fund on $175 million. Investors of Buckingham Multifamily Fund I include North American public and private institutions. Buckingham seeks to buy multifamily and mixed-use properties located in dynamic and fast growing secondary markets throughout the Midwest and Southeast U.S. Evercore served as placement agent for the fund. Goodwin Procter served as legal counsel to Buckingham.
2 min read · 14 May 2018
ProCare Automotive LLC, a portfolio company of Kinderhook Industries LLC, has acquired Austin Motor Mile Collision. Financial terms weren’t announced. Austin Motor Mile is a multi-shop operator of collision repair shops in Texas with 12 shops in the Austin and San Antonio markets.
2 min read · 14 May 2018
Kohlberg & Co has acquired Senneca Holdings Inc. Financial terms weren’t announced. Audax Private Equity was the seller. Senneca, of Cincinnati, designs and makes built-to-order specialty doors including traffic doors, flexible strip doors, specialty glass doors, and data center enclosures under industry leading brands such as Chase™, Eliason™, TMI™, Thermoseal™ and SubZero™. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Kohlberg. Antares Capital, Golub Capital, Partners Group and Goldman Sachs Asset Management provided debt financing.
3 min read · 14 May 2018
KKR has increased its investment in Toorak Capital Partners to $250 million from its initial $75 million commitment in 2015. Toorak invests in small balance real estate loans throughout the U.S. and the U.K., including single family rental loans, commercial and residential bridge loans.
3 min read · 14 May 2018
Cinven said May 14 that it agreed to buy JLA Group. Financial terms weren’t announced. Hg was the seller. JLA, of Ripponden, West Yorkshire, provides commercial laundry, catering and heating solutions to more than 25,000 small and medium-sized enterprise customers. Skadden advised Hg.
3 min read · 14 May 2018
Finova Financial said May 11 that Jeremy Gardner, David Namdar, and Vishal Gurbuxani have joined as investors and advisers. Finova, a digital financial services provider, has raised $100 million in capital.
3 min read · 14 May 2018
