Private Equity
Sharper Shape, the Palo Alto, California, provider of automated drone-based asset-inspection services, closed $3.25 million (€2.9 million) of funding, led by Straightforward Capital and with strategic investment from partners within Partners in Performance. Straightforward is the Helsinki, Finland, venture-capital firm. PIP is the Sydney, Australia, performance-improvement consultant. Sharper Shape's services combine long-distance survey flights and automated data analysis, said Andrej Srsen, Straightforward Capital's managing director. The services boost efficiency for electricity-grid operators, he said, adding that the software “scales directly to other industries such as railways, oil and gas, and wind-power plants."
2 min read · 18 April 2016
Huron Capital Partners LLC, the Detroit private equity firm focused on middle-market firms, said that its specialty-coatings platform, Valentus Specialty Chemicals Inc. acquired the floor-finishes business of Precision Technology LLC of Memphis. Terms weren’t disclosed. Valentus closed its first investment in December 2015 with the acquisition of coatings producer National Paint Industries. Mike Beauregard, senior partner at Huron Capital, said that Huron had foreseen an add-on deal like this one and said the firm hopes to expand Valentus’s product lines and geographic footprint. Valentus is based in North Brunswick, New Jersey.
2 min read · 18 April 2016
Stonepeak Infrastructure Partners committed as much as $500 million to enable Sage Midstream Ventures LLC of Houston to pursue midstream acquisition and development opportunities in North America. Stonepeak is the New York private equity firm focused on infrastructure investments in energy, power and renewables, transportation, utilities, water and communications. Sage in a statement said it would pursue opportunities “across the hydrocarbon value chain, including natural gas, natural gas liquids, crude oil, petrochemicals and refined products.” Jack Howell, Luke Taylor and Forrest Wylie of Stonepeak will join Sage's board. Sidley Austin LLP advised Stonepeak on legal matters while Willkie Farr & Gallagher LLP was Sage management's counsel.
2 min read · 18 April 2016
Castle Harlan Inc, the New York private equity firm, said Castle Harlan Partners IV LP closed the sale of Baker & Taylor, the Charlotte, North Carolina, provider of print and digital books and other multimedia to libraries, institutions and retailers, to Follett Corp. Terms weren’t disclosed. Follett is the Westchester, Illinois, provider of education technology, services and print and digital content to pre-K and K-12 schools, districts, and college campuses. In a statement Castle Harlan said that with Baker & Taylor, Follett’s annual sales reach $3.6 billion. Eric Schwartz, managing director of Castle Harlan, called the sale of Baker & Taylor to Follett “the right strategic next step for the business, as the two companies complement each other well.”
3 min read · 18 April 2016
Adams Street Partners, the Chicago private-markets investment firm managing more than $27 billion of assets, effective June 1 named Brijesh Jeevarathnam a partner, co-head of global venture fund investments, and a member of its Primary Investment Team. Jeevarathnam, who joins Adams Street at its Menlo Park, California, office, previously was managing director and co-head of global venture capital and global emerging markets at Commonfund, the Wilton, Connecticut, asset manager.
2 min read · 18 April 2016
Fried, Frank, Harris, Shriver & Jacobson LLP, the New York law firm with some 450 attorneys, named Christian Kleeberg a partner in its M&A and private equity practice, based in Frankfurt. Kleeberg joins Fried Frank from the London law firm Taylor Wessing, where he was a partner. In a statement Fried Frank said Kleeberg focuses on private M&A, mainly for “private equity and other financial investors. He also represents German and international strategic investors as bidders or sellers in auction processes, and has extensive experience advising clients on the purchase and restructuring of large companies in Germany.”
2 min read · 18 April 2016
Apax Partners, the London private-equity firm, and Accenture, the New York management consultant, agreed to form a joint venture to quickly develop software to handle insurance claims, billing and policy administration. Funds advised by Apax will acquire 60 percent of Accenture’s Duck Creek Technologies, with Accenture retaining 40 percent. Terms weren’t disclosed. The parent firms say Duck Creek will operate as a new company. Accenture will be a key systems integrator and consulting partner for Duck Creek, while Apax will provide access to funding and management expertise, the companies said in a statement. Mike Jackowski, president of Duck Creek, becomes CEO of the joint venture, which the companies expect to close by August 31.
4 min read · 18 April 2016
Arsenal Capital Partners, the New York private equity firm focused on middle-market specialty industrial and healthcare companies, closed the acquisition of certain foam production assets from Hickory Springs Manufacturing Co. Terms weren’t disclosed. HSM will become a subsidiary of Elite Comfort Solutions, a specialty foam platform Arsenal created in 2016. HSM, Conover, North Carolina, produces flexible polyurethane foam for application in furniture, bedding, medical uses and packaging.
1 min read · 18 April 2016
5 min read · 15 April 2016
Trive Capital, the Dallas private equity firm managing about $900 million of capital, named Shravan Thadani a vice president. Thadani joins Trive from Sequel Holdings, the Dallas PE firm, where he was a vice president, sourcing, executing and managing investments in food and beverage, agribusiness and plastics.
1 min read · 15 April 2016
