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.
Blackstone Group has taken a minority stake in Leonard Green & Partners, Bloomberg is reporting. Blackstone has been in discussions with Green for more than a year and will own less than 15 percent of the PE firm, the story said. Blackstone is doing the deal out of its Blackstone Strategic Capital Holdings, a $3.3 billion pool that it uses to buy stakes of alternative asset managers, the story said. The fund has invested in hedge funds such as Marathon Asset Management, Solus Alternative Asset Management and Senator Investment Group. A Blackstone spokesman, in an email, confirmed the investment in Leonard Green.
1 min read · 06 July 2017
2 min read · 06 July 2017
OMERS Private Equity said July 6 that it agreed to acquire a minority stake in National Veterinary Associates. Terms weren’t disclosed. NVA, Agoura Hills, California, is an owner-operator of veterinary hospitals, pet-boarding and daycare centers in the U.S., Canada, Australia, and New Zealand. Ares Management will continue to own the majority of NVA. The transaction is expected to close in third quarter. Proskauer Rose LLP was legal counsel to NVA, while Sidley Austin LLP acted as legal counsel to OMERS Private Equity. Jefferies LLC and William Blair & Company LLC provided financial advice to NVA.
4 min read · 06 July 2017
Swander Pace Capital said July 6 that it sold Lavo Inc to KIK Custom Products Inc. Financial terms weren’t announced. Lavo, of Montreal, Quebec, makes and markets laundry detergent, household cleaners, fabric softeners and bleach in Canada. Sawaya Segalas & Co LLC provided financial advice to Lavo and Swander Pace Capital, while Stikeman Elliott LLP acted as legal counsel.
2 min read · 06 July 2017
KKR said July 6 that it closed the sale of Capsugel to Lonza for $5.5 billion. KKR said it distributed about $35 million of proceeds to non-management level employees of the company.
2 min read · 06 July 2017
Clearlake Capital Group LP said July 6 that it is merging Syncsort Inc and Vision Solutions Inc and selling a “significant” ownership stake in the combined company to Centerbridge Partners LP. The transaction is valued at $1.26 billion. The combined company will operate under the Syncsort name and will be led by CEO Josh Rogers. Clearlake will retain an ownership stake in Syncsort. Bank of America Merrill Lynch, Credit Suisse and Antares Capital provided financing. Evercore and Jefferies served as financial advisors to Syncsort and Vision Solutions. Bank of America Merrill Lynch and Credit Suisse advised Centerbridge.
6 min read · 06 July 2017
TCV has made a growth investment in AxiomSL. Financial terms weren’t announced. AxiomSL, of New York, provides risk data management and regulatory reporting technology for the financial services industry.
4 min read · 06 July 2017
H.I.G. Capital has sold Comverge Inc, along with its parent company, Peak Holding Corp, to Itron Inc for $100 million in cash. Comverge, of Norcross, Georgia, provides demand response, energy efficiency, customer engagement and distributed generation solutions to utility customers.
3 min read · 06 July 2017
Gryphon Investors said July 6 that it is buying Ob Hospitalist Group from Ares Management LP. Financial terms weren’t announced. Ares, along with OBHG founders Dr. Chris Swain and David Swain, will retain a minority stake. OBHG, of Maudlin, South Carolina, is an OB/GYN hospitalist provider in the U.S with a national network of over 550 OB hospitalists serving more than 120 partner hospitals across 28 states. Moelis & Company LLC and Jefferies LLC provided financial advice to Ob Hospitalist Group. Kirkland & Ellis LLP acted as legal counsel to Gryphon, while Proskauer Rose LLP advised OBHG and Ares.
5 min read · 06 July 2017
Wind Point Partners said July 6 that its eighth fund raised $985 million, surpassing its $750 million hard cap. Wind Point Partners VIII will invest in middle market companies in consumer products, industrial products, and business services. Moelis & Company LLC served as placement agent. Kirkland & Ellis LLP was legal counsel.
2 min read · 06 July 2017
