AEA recaps National Carwash Solutions

AEA Investors has recapitalized Grimes, Iowa-based National Carwash Solutions, a service and systems provider for the North American car wash industry. No financial terms were disclosed. BlackArch served as financial adviser to NCS on the transaction. NCS is a former portfolio company of Trivest Partners. PRESS RELEASE BlackArch Partners (“BlackArch”) is pleased to announce the recapitalization of National Carwash Solutions (“NCS” or the “Company”), a former portfolio company of Trivest Partners (“Trivest”), by the AEA Investors Small Business Fund (“AEA”).
NCS, headquartered in Grimes, Iowa, is the leading service and systems provider to the North American car wash industry. Management has established the largest direct, end-to-end customer service and support network with over 250 service technicians nationwide. Complementing the service suite is the widest selection of car wash systems, accessories and parts under the Ryko ( and MacNeil ( brands, as well as a complete line
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Fortress explores sale of bond fund manager Logan Circle, say sources: Reuters

Fortress Investment Group LLC, the U.S. alternative asset manager to be acquired by Japan’s SoftBank Group for $3.3 billion, is exploring divesting bond fund manager Logan Circle Partners, according to people familiar with the matter. While Logan Circle accounts for close to half of Fortress’ $69.6 billion in assets under management, it generated a tiny fraction of its $362 million in pre-tax distributable earnings in 2016, making it a non-core asset in the eyes of SoftBank. Fortress is working with Bank of America Corp on an auction for Logan Circle, but the process is still in early stages, the sources said this week. Logan Circle may be valued at around $250 million in a sale, the sources added, asking not to be identified because the sale process is confidential. Fortress and Bank of America declined to comment. Founded by Chief Executive Jude Driscoll in 2007
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Harris Corp sells government IT services business to Veritas for $690 mln

Veritas Capital has closed its previously announced acquisition of Harris Corp‘s government IT services business. The price of the transaction was $690 million in cash. PRESS RELEASE MELBOURNE, Fla.–(BUSINESS WIRE)–Harris Corporation (NYSE:HRS) has completed the previously announced sale of its government IT services business to Veritas Capital for $690 million in cash. Proceeds from the transaction will be used to support the company’s capital allocation strategy, including pension pre-funding and share repurchases. The business, which was part of the former Critical Networks segment, provides IT and engineering managed services to U.S. government agencies, including supporting NASA’s Space Communications Network and Deep Space Network programs. About Veritas Capital
Veritas Capital is a leading private equity firm that invests in companies that provide critical products and services, primarily technology and technology-enabled solutions, to government and commercial customers worldwide, including those operating in the aerospace & defense, healthcare, technology, national
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SiriusXM acquires VC-backed Automatic Labs

SiriusXM has acquired San Francisco-based Automatic Labs Inc, a provider of connected vehicle services. No financial terms were disclosed. Financial Technology Partners served as financial adviser to Automatic on the deal. Automatic’s backers included USAA, Comcast Ventures, eLab Ventures, Anthemis Group and Amicus Capital. PRESS RELEASE NEW YORK, April 27, 2017 /PRNewswire/ — SiriusXM today announced the acquisition of Automatic Labs Inc. (Automatic), a San Francisco-based provider of connected vehicle services for consumers and enterprises. Automatic’s data-driven platform enables vehicle owners to be safer and drive smarter. The company’s proprietary Automatic Pro and Automatic Lite connected car adapters (available at retailers and provide vehicle diagnostic alerts, emergency crash assistance, fuel monitoring, access to parking information, live vehicle location tracking and much more. Automatic also works with insurance carriers to enable usage-based savings and teen driver coaching, and works with automotive dealers to provide tools that help
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HgCapital to sell Qundis

HgCapital has agreed to sell Qundis, a European provider of sub-metering solutions to Kalorimeta. No financial terms were disclosed. Rothschild, Latham and Watkins, Deloitte and E&Y advised HgCapital on the transaction. PRESS RELEASE 26 April 2017: HgCapital is pleased to announce that it has agreed the sale of QUNDIS, a leading provider of sub-metering solutions in Europe, to a German investment group around KALORIMETA (“KALO”), a leading service providers for climate-intelligent solutions in the buildings sector. Furthermore, HgCapital will retain a minority position in the combined group. HgCapital initially invested in QUNDIS in May 2012. Headquartered in Germany, QUNDIS was created in 2008 from the merger of QVEDIS (previously part of Siemens) and KUNDO SystemTechnik and currently has more than 250 employees. QUNDIS supplies a comprehensive range of sub-metering and communication devices used to measure, collect and transmit accurate consumption data for heat and water usage at the household
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VC-backed Zymeworks rolls out New York and Toronto IPO

Vancouver, British Columbia-based biotherapeutics provider Zymeworks Inc has raised $58.5 million for its IPO after pricing its 4.5 million shares at $13 per share. The stock began trading April 28, 2017 on the New York Stock Exchange and on the Toronto Stock Exchange under the ticker symbol “ZYME.”Citigroup Global Markets Canada Inc., Barclays Capital Inc. and Wells Fargo Securities, LLC are the lead underwriters. Zymeworks’ pre-IPO backers include BDC Capital, Lumira Capital, CTI Life Sciences Fund, Fonds de solidarité FTQ, Perceptive Advisors, Teralys Capital, Northleaf Venture Catalyst Fund, Brace Pharma Capital and Merlin Nexus. PRESS RELEASE VANCOUVER, British Columbia–(BUSINESS WIRE)–Zymeworks Inc. (“Zymeworks”) today announced the pricing of its initial public offering of 4,500,000 common shares at a price to the public of U.S.$13.00 per share. In addition, Zymeworks has granted the underwriters a 30-day over-allotment option to purchase up to an additional
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