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JLL sees roll-up potential for pharma services after $2.6 bln DSM dealJLL Partners co-founder Paul S. Levy is expecting more acquisitions after the firm closed a carve-out transaction valued at $2.6 billion to combine its Patheon portfolio company with Dutch-based DSM’s pharmaceutical unit, in a deal that drew $200 million in co-investments from the New York firm’s limited partners.
- Patheon to be taken private by JLL Partners and DSM for $1.4 bln
Patheon Inc (TSX:PTI), a provider of drug development and manufacturing services, has agreed to be taken private in a deal that values the company at around US$1.4 billion. The buyers are U.S. private equity firm JLL Partners, which has had a major stake in Patheon since 2007, and Dutch food and chemicals group DSM (DSMN.AS). The proposed takeover offer of US$9.32 per share, or US$582 million for investors other than JLL, has been recommended by independent members of the company's board of directors. On closing of the transaction, which will be put to a shareholders' vote at a special meeting in 2014, Patheon and DSM's existing pharmaceutical business will be combined. Founded in Fort Erie, Ontario in 1974, Patheon continues to be incorporated in Canada, and has its head office in Durham, North Carolina.
Returns From 2008 Vintage Give Industry Shot In ArmWith their mid-2000s vintages sponsors showed they could survive a financial crisis and Great Recession. With their 2008 vintage they showed they could take advantage of the recovery that followed.
- JLL Partners-owned J.G. Wentworth considers filing for IPO
According to the Wall Street Journal, J.G. Wentworth, a portfolio company of JLL Partners, is considering filing for an IPO in the next few weeks. The paper reports that the company may raise $300 million for the IPO, although that number is not ironclad. Based in Radnor, Penn., J.G. Wentworth is a specialty finance provider.
- Atlantic-Pacific hires Credit Suisse managing director
Atlantic-Pacific Capital has added Brian Wade as a partner to work with institutional investors in the mid-Atlantic and Southeast United States.
Amulet Capital Expected to Seek $600 Million Fund IAmulet Capital Partners, the private equity firm cofounded by Ramsey Frank, has held discussions with investors about raising its first fund, sources tell pehUB.
Investment Banks Start Hiring Again as Economy Slowly ImprovesPrivate equity pros should start seeing some new faces at investment banks. Peter J. Solomon Co. is looking to hire senior bankers and recently added Mark Boidman and Brad Weinberg.
Twenty Portfolio Companies Make Latest 'Weakest Links' ListTwenty companies backed by sponsors around the world made the Standard & Poor’s ‘weakest links’ list this month, up from 17 from the list published in December, according to Buyouts estimates. Meantime, the number of portfolio companies defaulting or filing for Chapter 11 has slowed so far this year.
- BioClinica and CoreLabs Merged into BioClinica
After their purchase of BioClinica, a clinical train management services firm, and the medical imaging and cardiac safety services company CoreLab Partners, middle market firms JLL Partners and Ampersand Capital Partners have combined the two companies under the name BioClinica.
- BioClinica Announces Its Tender Offer is Complete
BioClinica, a Newton, Pa.-based clinical trials management company, and JLL Partners, a New York private equity firm, announced that they've successfully completed the tender offer by BC Acquisition Corp., an affiliate of JLL Partners that last month began a $7.25 per share offer for all outstanding shares of BioClinica. In January, JLL agreed to acquire BioClinica for $123 million.