The Gores Group

The Gores Group has shut down its $1bn deal for autoparts retailer Pep Boys nearly four months after announcing the acquisition.

The firm’s $2.1bn third fund will co-invest in 25% of all transactions of Gores Small Capitalisation Partners, which will include a GP commitment equal to 5% of all LP commitments.

The Los Angeles-based private equity firm’s two acquisitions are consistent with the focus of its third fund, which closed on $2bn earlier this year.

The Alec Gores-led firm has added former Moelis & Company managing director Anthony Guagliano to its M&A group, based in Los Angeles.

The Gores Group spin-out is deploying capital from the $650m turnaround fund it closed last year.

The Gores Group spin-out raised $300m for its prior fund in less than three months.

The Silver Lake- and TPG-backed company won out over a joint venture between Siemens and The Gores Group, despite protests from creditors including MatlinPatterson.

The Gores Group joint venture with Siemens has stepped into a raucous bankruptcy fight for business units of bankrupt Nortel, for which a company backed by TPG and Silver Lake has already bid.

The growth of special purpose acquisition companies last year added more than $40bn to the pile of capital chasing buyout deals, according to the consulting firm's latest report.

The Hong Kong-based firm has acquired medical laser manufacturer Fotona, which will target expansion in China and Asia.

The firm, founded about two years ago by two former Gores Group managing directors, closed its first fund 20 percent above its target.

Dipan Patel, who joined the firm in 2009, was most recently a principal and focuses on growth investments in the technology sector.

The Los Angeles-based firm has had an active pipeline recently, acquiring four companies in the last five months.

American Industrial Partners, EQT and Headland Capital won the overall Americas, EMEA and Asia categories in PEI's inaugural Operational Excellence Awards.

The firm has purchased German automotive supplier The Hay Group, the first European investment in what Gores expects to be an ‘active year’ in Europe, according to Gores managing director Fernando Goni.

The Carlyle Group’s recent deal spree - it has agreed three deals already this month - continues with the acquisition of UK-based roadside assistance group the RAC.