H.I.G. Completes Sale of Service Net
H.I.G. Capital, the Miami-based buyout shop, announced Thursday that it has completed the sale of Service Net to Chartis U.S. Inc. Chartis is a wholly owned subsidiary of American International Group. Terms of the deal were not released. H.I.G. Capital has invested in Service Net twice in the past several years: The firm recapitalized Service...
ShoreTel Buys M5 Networks
Publicly traded ShoreTel Inc. said Thursday that it would acquire M5 Networks in a deal valued at $146.3 million. The deal includes $84 million in cash, 9.5 million shares of ShoreTel stock and a potential $13.7 million in additional milestone payments. ShoreTel is a maker of IP phone systems.
TPG Capital Mulling Bid for Pacific Brands
Buyout shop TPG Capital is mulling a bid for Australian underwear maker Pacific Brands, Reuters reported Thursday. TPG has not tabled a bid for the asset, the source said, but is instead watching developments on the rival bid made by KKR & Co. in January, Reuters wrote.
China Investment Corp. Takes Stake in EIG
China Investment Corp. has taken a minority stake in Washington-based asset manager EIG Global Energy Partners, Reuters reported Thursday. Asset manager EIG, which invests only in energy, resources and related infrastructure, did not disclose the size or value of the stake taken by CIC, Reuters wrote.
Saban Capital Opens Hong Kong Office
Saban Capital Group has opened an office in Hong Kong led by Sumeet Jaisinghani. He has relocated from Los Angeles and will work to expand the firm's investment activities in Asia.
Intervale Capital Acquires Allied Oil & Gas Services
Intervale Capital has bought Allied Oil & Gas Services. Financial terms weren't announced. Wells Fargo & Co. provided debt financing. Fort Worth, Texas-based Allied Oil provides cementing and acidizing services.
Warburg Pincus Buys Facility Source
Warburg Pincus has acquired a majority stake in FacilitySource. Financial terms weren't disclosed. Columbus-based FacilitySource provides facility maintenance and management solutions to retailers and other multi-site operators.
Pierce Joins GenNx360 Capital Partners
GenNx360 Capital Partners has hired Jerod Pierce as an operating associate. Pierce, who report to Chuck Castine, a senior partner, was most recently at D.A. Davidson & Co.
Lightyear Capital Buys Paradigm Management
Sterling Partners has sold Paradigm Management Services to Lightyear Capital. Financial terms of the deal, which closed Feb. 1, were not announced. Walnut Creek, Calif.-based Paradigm provides healthcare management services. News of the transaction was announced by Harris Williams which provided financial advice to Paradigm.
Chartis U.S. Buys Service Net from H.I.G. Capital
H.I.G. Capital said Wednesday that it has closed the sale of Service Net to Chartis U.S., a subsidiary of AIG. Financial terms were not announced. Jeffersonville, Ind.-based Service Net offers extended warranty programs for products including major appliances and consumer electronics.
Platinum Equity Exits Canvas Systems
Platinum Equity has sold Canvas Systems, a supplier of IT hardware and services, to publicly traded Avnet Inc. Terms were not released. Platinum acquired controlling interest in Canvas in 2009 from OHC. OHC retained a minority interest in Canvas, which it also sold as a part of the deal.
