Top stories in this morning’s LBO Wire:
Auto parting is such sweet sorrow. After only 16 months of ownership, Monomoy Capital Partners sold Bowling Green, Ky.-based auto parts maker High Performance Industries to Lincolnshire Management, Amy Or reports for LBO Wire. A person familiar with the situation said Monomoy was prompted to sell so quickly by an offer that was “too good to turn down,” generating a five-time return on equity and a triple-digit internal rate of return.
More stories available to LBO Wire subscribers: Market Track, backed by Aurora Capital Group, acquires Competitrack…Tiger Infrastructure Partners backs a new venture to provide temperature-controlled railway freight transportation…and Graham Partners recapitalizes packaging and liquid dispensing products maker Comar.
(LBO Wire is a daily newsletter with comprehensive analysis of all the investments, deals, fundraisings and personnel moves involving private equity firms. For a two-week trial, visit our homepage, scroll to the bottom and click “try for free.”)
Elsewhere on the Web:
Former employees of Providence Equity Partners portfolio company US Investigations Services, which gave clean background checks to both Edward Snowden and Washington Navy Yard shooter Aaron Alexis, say the company rushed investigations to meet targets, The Wall Street Journal’s Dion Nissenbaum reports. Bill Mixon, then chief executive of US Investigations Services LLC, and USIS didn’t respond to the WSJ’s requests for comment. ”USIS takes these allegations seriously,” said Brandy Bergman, managing director at Sard Verbinnen & Co., USIS’s outside public-relations firm. “Since they were first brought to our attention over one year ago, we have acted decisively to ensure the quality of our work and adherence to [Office of Personnel Management] requirements.”
SVG Capital, Permira’s largest investor, saw its net asset value rise 3.5% in the third quarter thanks to a strong showing from Permira’s portfolio companies, Ben Harrington reports for LBO Wire’s U.K. sister publication Private Equity News.
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