Warburg Pincus related stories
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- Cortview Adds Backing from Warburg Pincus
Cortview Capital Securities, a middle-market broker dealer, has sealed an undisclosed amount of growth capital from Warburg Pincus. The money will be used to support the sales and trading needs of Corview’s clients, the company said. Cortview was launched in September 2010, and is based in Richmond, Virginia.
- PE Loses Out to Strategics in Water Deal
M&A, in the third quarter, is shaping up to be as tough as 2009, according to a story in the Wall Street Journal http://blogs.wsj.com/deals/2011/09/26/worst-quarter-for-ma-since-2009/ One deal is showing how PE firms continue to be outbid /108627/middle-market-ma-dominates-first-five-months-strategic-most-active-buyers/ by cash-rich strategics. In early September, ITT Corp. closed its buy of YSI http://www.businesswire.com/news/home/20110916005777/en/Janney-Closes-Marquee-Banking-Deal-Water-Analytics-Space (the deal was announced in July). Yellow Springs, Ohio-based YSI develops and makes sensors, instruments, software and data collection platforms used for environmental water monitoring. The company has about $300 million in annual revenue.
- Carlyle, Large Money Managers Most Likely Bidders For AXA PE--UPDATED
Today's big news is that AXA has put its private equity fund manager up for sale. Credit Suisse is advising on the sale, according to my coworkers at Thomson Reuters http://www.reuters.com/article/2011/09/23/us-axa-auction-idUSTRE78M2JY20110923 AXA PE could be valued at roughly 500 million Euros or $672 million, Bloomberg News says http://www.reuters.com/article/2011/09/23/us-axa-auction-idUSTRE78M2JY20110923 Sky News, which first reported the sale, says AXA PE could fetch $1.5 billion. Paris-based AXA PE manages roughly $28 billion of assets. The unit is part of AXA Investment Managers. Who would be interested? The most likely buyer is the Carlyle Group which inked a similar deal earlier this year, sources say. Washington D.C.-based Carlyle agreed to buy a 60% stake in AlpInvest Partners http://www.finalternatives.com/node/15336 a fund of fund firm that also makes direct investments, earlier this year. AlpInvest had 32.3 billion Euros (US$43.3 billion) in assets at the time. Harbourvest Partners and Grosvenor Capital Management had reportedly bid for AlpInvest but lost, according to press reports http://www.efinancialnews.com/story/2011-01-26/alpinvest-carlyle-sale-agreed
- Warburg Pincus, Vestar Buy IAS
Warburg Pincus and Vestar Capital Partners have jointly acquired transportation industry technology firm International Asset Systems. Terms of the deal were not released. The company’s current management team will continue with the company.
- Warburg Recaps Consolidated Precisions
Consolidated Precisions Corp., the California-based company that makes products for commercial aerospace and defense markets, will be recapitalized by PE firm Warburg Pincus. Arlington Capital Partners, the Washington DC-based private equity firm, is CPP’s current sponsor. Terms of the transaction were not publicized.
- RegionalCare Merges with Essent Healthcare
RegionalCare Hospital Partners, a company backed by Warburg Pincus, is merging with Essent Healthcare Inc., which is owned by Vestar Capital Partners and Cressey & Company. RegionalCare is based in Brentwood, Tennessee. Essent is based in Nashville. Together the two companies will create a seven-hospital system across Texas, Alabama, Connecticut, Ohio, Iowa and Pennsylvania. Financial terms of the deal were not released.