Private equity firm Veritas to buy Cotiviti in $4.9 billion deal: Reuters

Private equity firm Veritas Capital will buy Cotiviti Holdings Inc (COTV.N) in a deal valued at $4.9 billion, the U.S. healthcare analytics company said on Tuesday. Cotiviti shareholders will receive $44.75 per share in cash, representing a premium of 12.2 percent to the stock’s closing price on Monday. Veritas will assume Cotiviti’s outstanding debt. Atlanta-based Cotiviti, which provides payment accuracy and analytics services to health insurers and other healthcare companies, will combine with Veritas-controlled Verscend Technologies Inc. Cotiviti shares jumped 10.3 percent to $44 in premarket trading. Cotiviti shareholder Advent International – whose shares represent some 44 percent of the healthcare analytics firm’s voting power – will vote in favor of the deal. Goldman Sachs and William Blair were Cotiviti’s financial advisers. Latham & Watkins LLP provided legal counsel. Skadden, Arps, Slate, Meagher & Flom LLP was Veritas’ legal adviser.

Bain Capital nears deal to buy Varsity Brands for $2.5 billion: CNBC

Bain Capital Private Equity is nearing a deal to buy cheerleading uniform and equipment retailer Varsity Brands for $2.5 billion, CNBC reported on Tuesday, citing sources familiar with the matter. Varsity Brands, which even organizes cheerleading competitions in the United States, was bought by Charlesbank Capital Partners-led investment group in 2014 for about $1.5 billion, according to the report.

HGGC closes RPX acquisition

HGGC has has closed its previously announced acquisition of RPX Corporation, a provider of patent risk and discovery management solutions. No financial terms were disclosed; however, a previous report of this deal pegged the amount of the transaction at $10.50 per share or about $555 million. PRESS RELEASE PALO ALTO, Calif.—June 19, 2018—HGGC, a leading middle market private equity firm, today announced that it has completed the acquisition of RPX Corporation (RPX), a leading provider of patent risk and discovery management solutions. “This is an exciting time for RPX, and being a private company will enable us to leverage our core strengths to drive value over the long term,” said Marty Roberts, RPX CEO. “Partnering with HGGC goes beyond access to capital: their resources and operational expertise will help us as we strengthen our patent risk and discovery management offerings and identify ways to better serve our
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H.I.G. Capital completes Elekeiroz buyout

H.I.G. Capital has closed its previously announced acquisition of Elekeiroz, a Brazilian chemicals manufacturer, from Itaúsa. The price of the transaction was R$160 (about $42.4 million). The Valence Group advised Itaúsa on the deal. PRESS RELEASE NEW YORK–(BUSINESS WIRE)–The Valence Group acted as advisor to Itaúsa on its sale of Brazilian chemical company Elekeiroz for R$160 million (EV), reduced by the net debt and proportionate to its shareholding (96.5% of total capital stock). The Company is a leading local producer of oxo-alcohols, plasticizers and anhydrides. About Itaúsa
Itaúsa is a Brazilian holding company which controls several companies active in areas such as the financial sector; industries include wood panels, bathroom fittings and fixtures; infra-structure; and retail. It is one of the largest private conglomerates in Brazil and one of the largest in the world. About Elekeiroz
Founded in 1894 and headquartered in Várzea Paulista –
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Genstar to buy Drillinginfo

Genstar Capital has agreed to acquire Austin-based Drillinginfo, a software, data, and analytics platform for the energy value chain. No financial terms were disclosed. At the losing of the deal, Insight Venture Partners will retain a “significant” minority stake in Drillinginfo. PRESS RELEASE SAN FRANCISCO, June 19, 2018 – Genstar Capital, a leading private equity firm focused on investments in targeted segments of the software, industrial technology, healthcare, and financial services industries, today announced the signing of a definitive agreement to acquire Drilling Info Holdings, Inc. a portfolio company of Insight Venture Partners. Upon closing of the transaction, Genstar will become the new majority shareholder of the business, with Insight Venture Partners retaining a significant minority stake. Drillinginfo is the leading software, data, and analytics platform for the energy value chain. The Drillinginfo platform is powered by an ever-expanding, industry-leading dataset derived from public and proprietary energy industry sources
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GameStop in talks with buyout firms after drawing interest: Reuters

(Reuters) – Video game and electronics retailer GameStop Corp is holding talks with private equity firms about a potential transaction after receiving buyout interest, people familiar with the matter said on Monday. Like most brick-and-mortar retailers, GameStop has suffered from heightened competition from online companies including Amazon Inc. Games retailers have also had to cope with a decline in physical video game sales, although GameStop has partly weathered these declines by expanding into used video games and devices as well as digital products. Shares of the Grapevine, Texas-based company rose as much as 11 percent to $15.50 on Monday on news of the interest, having been up 2.5 percent earlier in the day. The stock was up 9 percent in late afternoon.
The company has hired a financial adviser to assist in these discussions, said the people, who asked not to be named because the matter is private.
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Fosun to buy FFT GmbH

Fosun International Ltd said June 19 that it agreed to buy FFT GmbH & Co KGaA. Financial terms weren’t announced. ATON GmbH is the seller. FFT provides automated and flexible turn-key production systems. PRESS RELEASE SHANGHAI and HONG KONG, June 19, 2018 /PRNewswire/ — Fosun International Limited (SEHK stock code: 00656) (“Fosun International”), one of the world’s leading family-focused multinational companies, announced today an agreement to acquire FFT GmbH & Co. KGaA (“FFT”), a global provider of automated and flexible turn-key production systems. FFT is to be acquired from ATON GmbH, a German family-owned private investment company, through the funds managed by the subsidiaries of Fosun International.
Founded in 1974 and headquartered in Fulda, Germany, FFT provides flexible automation turn-key solutions, customized engineering designs, and various smart factory solutions for renowned first-line original equipment makers (‘OEMs’) in Germany, the USA, Japan, China and other countries. FFT also provides non-automotive solutions for clients in many countries including the USA, Sweden and Germany. FFT’s solutions can
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EQT, PSP Investments in exclusive talks to buy Azelis

Apax Partners said June 19 that has entered exclusive talks to sell Azelis to EQT Partners and PSP Investments. Financial terms weren’t announced. Azelis, of Belgium, is a distributor of speciality chemicals and food ingredients. PRESS RELEASE NEW YORK and LONDON, June 19, 2018 /PRNewswire/ — Azelis, a leading global specialty chemicals and food ingredients distributor, today announced that Funds advised by Apax Partners, the global private equity advisory firm, have received a binding offer and have entered into exclusive discussions to sell Azelis to the EQT VIII fund and PSP Investments. The transaction, which is subject to regulatory approvals, and other conditions including consultation with employee representatives, is expected to close in the fourth quarter of 2018. Financial terms were not disclosed.
Established in 2001, Azelis is a leading global specialty chemicals and food ingredients distributor providing a diverse range of products and innovative services to more than 43,000 customers in over 40 countries
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Ironwood Capital funds CSI

Ironwood Capital has made an investment in Tallahassee, Florida-based Consulting Solutions International, a provider of contract consultants for IT and staff augmentation. No financial terms were disclosed. PRESS RELEASE AVON, CONNECTICUT, June 18, 2018 – Ironwood Capital is pleased to announce a subordinated debt and minority equity investment in Consulting Solutions International (CSI), headquartered in Tallahassee, Florida. The company is a leading provider of contract consultants for information technology (IT) and staff augmentation for commercial customers. “CSI serves a growing base of blue chip customers,” stated Ironwood Capital President and Chief Investment Officer Carolyn Galiette. “We’re impressed with the CSI management team’s successful history of acquiring and integrating similar IT staffing and consulting businesses.” Ironwood Capital Managing Director Alex Levental noted, “The focus on acquisitions has created continual cross-selling opportunities, fueling CSI’s bottom-line growth while extending the company’s geographic reach and breadth of technical skills. The team sees
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Spire Capital invests in DQ

Spire Capital has made an investment in Greensboro, North Carolina-based Dynamic Quest, a managed service provider offering IT and cloud services to enterprises and businesses. No financial terms were disclosed. IT ExchangeNet provided financial advice to Dynamic Quest on the transaction. In addition to the funding, David Schaible, Andy Armstrong, Anthony Cassano and Rupali Varma will join DQ’s board of directors. PRESS RELEASE NEW YORK, June 18, 2018 /PRNewswire/ — Spire Capital, a New York based private equity firm specializing in investments in technology enabled business services, communications, media and education sectors, today announced its investment in Dynamic Quest (“DQ” or the “Company”). DQ is a managed service provider offering IT and cloud services to enterprises and businesses. Spire is partnering with CEO, Javier Gomez, who founded the Company in January 2000 and will continue to lead the organization with his management team. This marks the seventh platform investment
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General Atlantic to sell CLEAResult to TPG Growth and The Rise Fund

TPG Growth and The Rise Fund have agreed to acquire Austin, Texas-based CLEAResult, a provider of energy efficiency solutions for utility companies. The seller is General Atlantic. No financial terms were disclosed. The deal is expected to close later in the year. KeyBanc Capital Markets Inc. and Robert W. Baird & Co. provided financial advice to TPG while J.P. Morgan and Piper Jaffray did likewise for General Atlantic. PRESS RELEASE Austin, TX, Fort Worth, TX and San Francisco, CA – June 18, 2018 – TPG Growth and The Rise Fund today announced that they have signed an agreement to acquire CLEAResult, the country’s leading provider of energy efficiency solutions for utility companies. TPG Growth, the middle-market and growth equity platform within TPG, and The Rise Fund, a global impact investing fund managed by TPG, will be co-investors in acquiring the company from General Atlantic, a leading global growth
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CITIC Capital offers to buy China Biologic for $110 per share: Reuters

A unit of Chinese investment firm CITIC Capital Holdings Ltd said on Monday it has offered to buy U.S.-listed biotech firm China Biologic Products Holdings Inc (CBPO.O), in a deal valuing the company at $3.65 billion. China Biologic makes and sells plasma products, such as human immunoglobin, to prevent diseases such as measles and hepatitis. The company’s shares rose 15.8 percent to $95 in premarket trading. The unit, CCRE, offered $110 in cash for each share of China Biologic it does not already own. (bit.ly/2leBZGo)
As of June 8, CCRE owned a 5.1 percent stake in China Biologic. CCRE said it plans to finance the transaction with a combination of debt and equity.

Memory care provider Silverado inks $45 mln

Silverado, a memory care provider, has secured $45 million in funding. The investor was Artemis Real Estate Partners. Coker Capital Advisors was financial adviser to Silverado on the deal. The capital will be used to develop Silverado’s memory care communities and support its hospice, palliative care and at home offerings. In addition to the funding, Kelly Sheehy, a principal and managing director of Artemis, will join Silverado’s board of directors. IRVINE, CALIF. (PRWEB) JUNE 15, 2018 Silverado today announced it has received a $45 million investment commitment from Artemis Real Estate Partners. This new financing will fuel Silverado’s 5-year plan to develop memory care communities throughout top US metro areas, and support its hospice, palliative care and at home offerings. Adding Artemis as a trusted partner will enrich Silverado’s strategic resources, and further its long-standing relationships with RLH Equity Partners and Welltower. Artemis has raised approximately $4 billion
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Tengram buys online beauty retailer Lime Crime

Tengram Capital Partners has acquired Los Angeles-based Lime Crime, an online beauty retailer. No financial terms were disclosed. In addition to the funding, Lime Crime has appointed Stacy Panagakis as CEO. Panagakis is the former general manager of Fresh. PRESS RELEASE LOS ANGELES, June 18, 2018 /PRNewswire/ — Lime Crime, the trendsetting makeup brand known for its vibrant, cruelty-free and vegan products, announced today it has been acquired by Tengram Capital Partners, a leading private equity firm that focuses exclusively on branded consumer and retail companies. Stacy Panagakis, formerly General Manager of Fresh, also joins as Chief Executive Officer. Founded by entrepreneurs Doe Deere and Mark Dumbelton in 2008, Lime Crime is a pioneering, digitally native beauty brand and a cult favorite among fashion-forward beauty aficionados. Through continuous creativity and innovation, Lime Crime stands apart by creating a magical world where beauty is redefined, and unabashed self-expression is encouraged. For
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Vintage Capital to buy Rent-A-Center for about $1.3 bln

Vintage Capital has agreed to acquire Plano, Texas-based Rent-A-Center Inc, a furniture retailer, for $15 per share in cash or about $1.365 billion. The deal is expected to close by the end of 2018. PRESS RELEASE PLANO, Texas & ORLANDO, Fla.–(BUSINESS WIRE)–Rent-A-Center, Inc. (NASDAQ/NGS:RCII) (“Rent-A-Center” or the “Company”), a leader in the rent-to-own industry, today announced that it has entered into a definitive agreement (the “Merger Agreement”) with Vintage Rodeo Parent, LLC (“Vintage”), an affiliate of Vintage Capital Management, LLC (“Vintage Capital”), pursuant to which Vintage will acquire all of the outstanding shares of Rent-A-Center common stock for $15.00 per share in cash. The transaction, which is not subject to a financing condition, and is expected to close by the end of 2018, subject to customary closing conditions including the receipt of stockholder and regulatory approvals, represents a total consideration of approximately $1.365 billion, including
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Northleaf acquires stake in Lal Lal Wind Farms from Macquarie Capital

Northleaf Capital Partners has acquired a minority stake in Lal Lal Wind Farms, two wind generation projects in Australia. The seller was Macquarie Capital. No financial terms were disclosed. The wind farms are scheduled to be fully operational by the second half of 2019. Also, Northleaf has opened an office in Melbourne, Australia. PRESS RELEASE TORONTO–(BUSINESS WIRE)–Northleaf Capital Partners (Northleaf) is pleased to announce the opening of an office in Melbourne, Australia as the firm continues to expand its US$10 billion global private markets investment management platform. The announcement coincides with Northleaf reaching financial close on its third Australian infrastructure investment – a 40% equity interest in Lal Lal Wind Farms, two wind generation projects located near Ballarat, Victoria. “A formal presence in Australia extends Northleaf’s worldwide network, enhancing our capabilities to provide investors with access to highly differentiated mid-market infrastructure, private equity and private credit investments globally,” said
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Novacap closes $220 mln Horizon Telecom buy

Novacap said June 18 that it finalized its buy of Horizon Telcom. The deal was valued at more than $220 million. Horizon provides fiber-optic bandwidth infrastructure services operating primarily in Ohio. Novacap said it partnered with Hamilton Lane, HarbourVest Partners and RCP Advisors to complete the transaction. PRESS RELEASE
Longueuil, QC – June 18th, 2018 – Novacap, one of Canada’s leading private equity firms, announced today that it has finalized the acquisition of Horizon Telcom (“Horizon”). Horizon is a premier provider of fiber-optic bandwidth infrastructure services operating primarily in Ohio. Novacap acquired the company from its owners at a valuation of over US$220,000,000. Horizon began as a local telephone company over 120 years ago and over the last decade has grown its fiber network from 700 route miles to over 4,300 route miles and nearly 550,000 fiber miles with over 1,600 on-net locations and 16,600 near-net buildings.
“The acquisition
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Tensions rise as private equity-backed companies push limits: Reuters

NEW YORK, June 15 (LPC) – Investors are taking the fight against an assault on leveraged loan documentation to the courts as more private equity-backed companies, such as troubled retailer PetSmart, seek flexibility that could lead to raising new debt. Private equity firms have been able to exploit red-hot investor demand for floating rate US leveraged loans and weaken loan documentation as demand continues to outstrip supply, but this has already produced at least two court cases as investors fight back. Legal conflicts have erupted among lenders to US retailers such as Not Your Daughters Jeans (NYDJ) and J Crew in the last 12 months, as issuers added extra debt by exploiting loopholes in their credit documents. PetSmart’s owners took steps on June 4 to potentially create additional flexibility by creating a new unrestricted subsidiary and transferring 16.5% of its online company Chewy into the new facility. Investment
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Revetas, Goldman Asset Management buy TriGranit

Revetas and Goldman Sachs Asset Management have acquired TriGranit. Financial terms weren’t announced. TPG Real Estate, the real estate platform of TPG, is the seller. TriGranit’s portfolio of Central and Eastern European assets include total gross leasable area of over 173,000 sqm, made up of Class A office buildings fully leased to international tenants and three Class A permitted office development projects. PRESS RELEASE REVETAS ANNOUNCES ACQUISITION OF TRIGRANIT FROM TPG REAL ESTATE Revetas, a specialist real estate investment manager focusing on the Central and Eastern Europe (‘CEE’) region, together with funds managed by Goldman Sachs Asset Management, announced it has acquired TriGranit from TPG Real Estate, the real estate platform of global alternative asset firm TPG. Terms of the transaction were not disclosed. TriGranit’s high-quality portfolio of Central and Eastern European assets comprises a total gross leasable area (GLA) of over 173,000 sqm, made up of Class A
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Intesa CEO talking to several investors over wealth management deal: Reuters

Intesa SanPaolo (ISP.MI) is still in the early stages of looking for an investor in its wealth management unit and is talking to several potential partners, the chief executive of Italy’s biggest retail bank said on Friday. Intesa Sanpaolo said in February that it would seek a partnership with a global player in asset management via the sale of a minority stake in its Eurizon unit. The Financial Times reported this week that BlackRock (BLK.N), the world’s largest asset manager, was in talks about buying a 10 percent stake in Eurizon. “We’re assessing various options with a number of global international players and clearly the world’s best ones,” CEO Carlo Messina told reporters on the sidelines of an event in Marghera, Italy, when asked about the report.
“But we haven’t decided anything yet and there isn’t just one (potential partner) we’re talking to … We’re still in an
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