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 (www.Ryko.com) and MacNeil (www.MacNeilwash.com) 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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Snow Software racks up $120 mln

Snow Software, a provider of software asset management solutions, has raised $120 million in funding. The investors were Sumeru Equity Partners and Ontario Pension Board. As a result of the investment, Vitruvian Partners will retain its majority stake in Snow Software. Also, Jason Babcoke and George Kadifa, managing directors at SEP, will join Snow’s board of directors. PRESS RELEASE STOCKHOLM–(BUSINESS WIRE)–Snow Software (“Snow”), the global leader in Software Asset Management (“SAM”) and Cloud Spend Management solutions, today announced a $120 million strategic investment from Sumeru Equity Partners (“SEP”) and Ontario Pension Board (“OPB”). The investment will accelerate global expansion plans, enhance Snow’s offering across mobile and cloud platforms and drive new product innovation. Existing shareholders, including CEO and co-founder Axel Kling, Snow employees and Vitruvian Partners (“Vitruvian”), will continue to hold a majority shareholding in the business and remain fully committed to Snow’s evolution. SEP Managing Directors, Jason
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KKR-backed group halts work on Tatts takeover offer: Reuters

A group backed by KKR & Co said on Friday it would not undertake further work on a takeover offer for Australia’s Tatts Group Ltd after its A$6.15 billion ($4.60 billion) cash bid was rejected by the lottery operator’s board. Tatts shares fell as much as 4.8 percent to A$4.23 after Pacific Consortium said it would halt work on its bid, lowering the prospects of a higher offer emerging to compete with an agreed deal between Tatts and Tabcorp Holdings Ltd. Tatts is a prized asset due to its lucrative and reliable lotteries income and its monopoly licenses. It also owns a smaller wagering business that competes against Tabcorp, the nation’s largest betting operator. “Given the current approach of the Tatts board the consortium does not intend to undertake further work on its proposal,” Pacific Consortium Chairwoman Kerry Schott said in a statement. The Tabcorp bid
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Paytm parent One97 set to raise over $1.8 billion from SoftBank, says new report: Reuters

One97 Communications, owner of electronics payments provider Paytm, is set to raise more than 120 billion rupees ($1.87 billion) from Japan’s SoftBank Group (9984.T), the Economic Times reported on Friday citing sources. The deal will value Noida-based One97 at about $9 billion and provide a 20 percent stake to SoftBank, the report said. Moreover, One97 plans to earmark nearly $1 billion to expand its payments business into high growth areas like lending and insurance, the report added. SoftBank declined to comment. Paytm was not immediately reachable for comment. Digital payments have assumed great significance in India after the decision of Prime Minister Narendra Modi’s government ban on old high-valued bank notes in November led to a severe cash crunch across the country.

CVC to take control of Swiss watchmaker Breitling: Reuters

CVC Capital Partners has agreed to take control of Swiss watchmaker Breitling in a deal that sees another iconic Swiss brand lose independence. The deal announced on Friday values the business at more than 800 million euros ($875 million), one source close to the matter told Reuters, and will give CVC an 80 percent stake while Theodore Schneider will reinvest for a 20 percent shareholding. Breitling, founded in 1884 by Leon Breitling, is known for precision chronometers often favoured by aviators, with prices starting at around 2,500 Swiss francs ($2,526). The famous Swiss watchmaker’s loss of independence continues a trend that has seen rival Tag Heuer sold to LVMH, while Swatch Group controls high-end brands such as Tissot, Omega and Longines.