Luisa Beltran

Littlejohn to buy Kaman distribution unit for $700 mln

Kaman Corp said June 26 that it agreed to sell its distribution segment to Littlejohn & Co LLC for $700 million. The $700 million deal is subject to customary closing conditions and working capital adjustments. Kaman’s distribution unit distributes more than six million items including electro-mechanical bearings, power transmission, motion control and electrical and fluid power components, as well as automation and MRO supplies, to customers in virtually every industry.

Mill Point Capital buys Anexinet

Mill Point Capital has acquired Anexinet. Financial terms weren’t announced. Anexinet provides digital business solutions. Marlin Equity Partners bought Anexinet in 2014, PitchBook said.

Precision Cutting buys majority of CID Performance Tooling

Alleghany Capital Corp said June 24 that it formed Precision Cutting Technologies Inc, which has acquired a majority of CID Performance Tooling Inc. Financial terms weren’t announced. CID, of Saco, Maine, makes precision cutting tools.

Clearlake Opportunities Partners II raises $1.4 bln

Clearlake Capital Group LP said June 26 that its latest opportunities fund closed on $1.4 billion. Clearlake Opportunities Partners II will make non-control investments in middle market companies across in sectors including software and technology-enabled services; industrials and energy; and consumer.

StockX raises $110 mln Series C round

StockX said June 26 that it closed a $110 million series C round led by DST Global, General Atlantic, and GGV Capital. Current investors GV and Battery Ventures took part in the round. StockX also said it named Scott Cutler as CEO. Cutler succeeds co-founder Josh Luber, who will continue to serve on the executive leadership team and board of directors. StockX, of Detroit, provides a 'Stock Market of Things’. The platform allows consumers to buy and sell across four categories: sneakers, watches, handbags and streetwear.

Apollo salvages buyout of Smart & Final: Bloomberg

Apollo Global Management offered to buy $100 million of a $380 million tranche tied to the retail side of the firm's buyout of Smart & Final, Bloomberg reported. The move spared its lenders, including Deutsche Bank, from having swallow big losses, the story said.

U.S. loan losses cause Deutsche Bank to struggle: Financial Times

After struggling to offload two risky loans, Deutsche Bank is struggling with multi-million dollar losses within its U.S. investment banking unit, the Financial Times reported. Deutsche Bank agreed to underwrite two loans for PE clients including one to fund the buyout of Smart & Final by Apollo Global Management and the other to back the spinout of Evonik, a German specialty chemicals maker, the story said. Deutsche Bank took a loss on a $340 million loan to Smart & Final after investors refused to buy the debt under original terms offered. The bigger 1.5 billion euro buyout of Evonik by Advent International also faced a lukewarm reception from investors and eventually priced at a discount of 95 cents on the dollar, the FT said.

Kinderhook-backed Adell Group buys Powerflow

Adell Group Inc, a portfolio company of Kinderhook Industries LLC, said June 26 that it acquired Powerflow Inc, Powerflow Products Ltd, and Gestion Solutions Plastik Inc. Financial terms weren’t announced. Powerflow, of Buffalo, New York, provides injection-molded plastic accessories sold to automotive vehicle manufacturers and dealers.

Nommé joins KKR

KKR said June 26 that it named Jérôme Nommé as a member, effective from 1 September 2019. Nommé will lead private equity investing in France and represent KKR working with KKR’s specialized teams across all investment platforms, including infrastructure, real estate and credit. Nommé was previously with Sun Capital where he led the sourcing and execution of multiple investments across Western Europe.

VC-backed Kantox hires FT Partners for capital raise