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.
TA Associates announced Jan. 8 that following staff promotions: Patrick Sader was named a managing director, while Max Cancre, John DiCola, Lovisa Lander, Alex Melamud and Amara Suebsaeng were each promoted to senior vice president.
4 min read · 08 January 2018
2 min read · 05 January 2018
Upstream Rehabilitation Inc, a portfolio company of Revelstoke Capital Partners, has completed its buy Drayer Physical Therapy Institute LLC. Financial terms weren’t announced. Certain Drayer shareholders, including Goldman Sachs Merchant Banking Division, rolled over a portion of their proceeds in exchange for a minority ownership stake in Upstream. Drayer, of Hummelstown, Pennsylvania, owns and operates outpatient physical therapy clinics primarily focused on treating sports-related injuries and orthopedic disorders. Upstream said it also completed four add-on buys of Personal Injury Network Northwest, Rocky Mountain Sport and Spine, Lincoln City Physical Therapy, and Southern Physical Therapy.
3 min read · 04 January 2018
Silver Lake said Jan. 4 that it acquired a majority stake in Weld North Education. KKR is the seller. Financial terms weren’t announced. Weld North Education, of Greenwich, Connecticut, is a digital education technology company that develops digital curriculum and tools for preK-12th grade. Weld North LLC's other platform companies, Performance Matters and The Learning House, are not included in the Silver Lake transaction. Macquarie Capital and Centerview Partners provided financial advice to Weld North and KKR in the transaction, while Latham & Watkins LLP acted as the companies' legal adviser. Ropes & Gray LLP acted as legal adviser to Silver Lake in the transaction.
5 min read · 04 January 2018
An investor group led by Apollo Global Management LLC and Värde Partners Inc have agreed to buy Fortress Investment Group LLC’s remaining stake in OneMain Holdings Inc for $26 a share. The deal is valued at between $1.5 billion to $2 billion, according to press reports. Once the transaction closes, the consortium will own about 40.5 percent of OneMain, which makes car and other personal loans, mainly to people who have trouble borrowing elsewhere.
5 min read · 04 January 2018
LightBay Capital said Jan. 4 that its debut private equity fund closed on $615 million, surpassing its $450 million target. Investors of LightBay Investment Partners LP include family offices, foundations, fund of funds, insurers, pension plans, and LightBay professionals. Nav Rahemtulla and Adam Stein, original members of Ares Management’s private equity group, co-founded LightBay, a Los Angeles private equity firm. UBS Private Funds Group acted as placement agent for LightBay. Kirkland & Ellis LLP served as legal counsel.
2 min read · 04 January 2018
Centre Lane Partners LLC said Jan. 3 that it completed its buy of Alternative Biomedical Solutions LLC. Financial terms weren’t announced. Alternative Biomedical, of Carrollton, Texas, supplies mass spectrometry, toxicology and chemistry measurement systems.
2 min read · 04 January 2018
Baird Capital has sold RaySpec to Polatechno Co. Financial terms weren’t announced. RaySpec, previously known as SGX Sensortech, supplies silicon-based energy dispersive X-ray detectors and electronic pulse processing systems. Livingstone advised Baird.
2 min read · 04 January 2018
J.W. Childs Associates LP said Jan. 4 that it has acquired a majority of Honors Holdings LLC, a franchisee of Orangetheory® Fitness. Financial terms weren’t announced. Founder Jamie Weeks will retain a stake. Honors Holdings operates 16 studios in Georgia, Tennessee, South Carolina, Washington and Oregon. Orangetheory Fitness is a 60-minute workout broken into intervals of cardiovascular and strength training. Piper Jaffray & Co provided financial advice Honors Holdings, while Davis Wright Tremaine served as legal counsel. Latham & Watkins served as legal counsel to J.W. Childs.
3 min read · 04 January 2018
Shore Capital Partners said Jan. 4 that it has sold the Stepping Stones Group to Five Arrows Capital Partners. Financial terms weren’t announced. Shore Capital will retain a minority stake. Stepping Stones Group, of Lafayette, Colorado, provides therapy and education solutions to children with special needs and autism in educational settings. Madison Capital Funding provided debt funding. Cain Brothers, a division of KeyBanc Capital Markets, provided M&A advisory services, while Winston & Strawn provided legal advice to Shore Capital and The Stepping Stones Group. Five Arrows was advised by legal counsel at Pepper Hamilton.
4 min read · 04 January 2018
