Leadec Group, a Triton Fund IV company, has signed an agreement to sell Veltec Group to Plant Systems & Services PSS GmbH, a Deutsche Beteiligungs AG portfolio company. Financial terms were not disclosed.
Leadec will focus completely on its strategic growth targets in the manufacturing industry, while Veltec will strengthen its position in the process industry with this strategic partner
Palatine has taken a majority stake in the CET UK, which employs over 470 staff and was established in 1989 in Castle Donington. The deal was supported by debt and working capital facilities from Clydesdale and Yorkshire Bank Acquisition Finance and Beechbook Capital. Financial terms were not disclosed.
The property assurance arm of the business provides specialist claim response, property risk investigation and issue mitigation services for the UK insurance claims sector. CET’s infrastructure division operates from a nationwide network of regional offices, and UKAS accredited testing laboratories, providing a comprehensive range of materials testing and inspection services.
Palatine were advised by Midlands-based Alantra and Browne Jacobson, with due diligence services provided by Grant Thornton, CIL, and JLT. The vendors were advised by Clearwater International and Gateley PLC and Clydesdale and Yorkshire Bank was advised by Pinsent Masons.
Bain Capital considers a takeover bid for Germany's Osram.
According to a Bloomberg report, Bain Capital is exploring a takeover bid for the German lighting group, Osram which was followed by 15% growth in its share prices.
Munich-based Osram has twice cut profit guidance this year, citing sluggish demand from automakers holding off buying LED lights amid uncertainty over new car testing standards and the trade conflict between the United States and China.
Crédit Agricole in talks to buy Charterhouse Capital’s stake in Comexposium.
Crédit Agricole SA said Monday that it is in exclusive talks to buy Charterhouse Capital Partners’ stake in exhibitions organizer Comexposium SAS.
The deal would make Crédit Agricole a "long-term" partner of the Paris Ile-de France Regional Chamber of Commerce and Industry, which is also a shareholder of Comexposium.
Brookfield is in talks to invest in Dubai's property developer Meraas.
Brookfield Asset Management Inc. is in early talks for investment in Dubai property developer Meraas Holding in a deal that would signal a vote of confidence in the emirate’s ailing property market.
The Canadian firm is weighing options that would give it control of some retail properties from Meraas, including entering into a joint venture for those developments, declining to be identified as the deliberations are confidential. Brookfield is considering taking a stake in the state-run conglomerate as part of such a deal. The discussions are in preliminary stages and may not result in accord.
LGC, a portfolio company of KKR, announced the acquisition of SeraCare Life Sciences, Inc., a manufacturer and leading partner to global in vitro diagnostics manufacturers and clinical laboratories. Terms of the transaction were not disclosed.
SeraCare provides products and services to facilitate the discovery, development, and production of human and animal diagnostics, and therapeutics.
The acquisition of SeraCare strengthens LGC’s position across the spectrum of clinical quality control tools market and builds upon its existing calibration verification materials and proficiency testing offerings.
Euan O’Sullivan, Managing Director, LGC’s Standards division, said: “We are excited to welcome SeraCare to our Standards division. The team will be a natural fit and addition to our existing calibration verification business, providing an expanded portfolio of quality control solutions to customers."
Golden Gate Capital acquired Vector Solutions, a specialist in eLearning and SaaS performance support solutions, from Providence Equity Partners. Financial terms of the deal were not disclosed.
Vector Solutions offers SaaS-based, compliance-driven enterprise eLearning, workforce management and performance improvement solutions to targeted industries in three primary sectors: commercial, public sector, and education. Their innovative products help organizations improve outcomes, optimize performance, and reduce risk in many industries, including engineering and construction, industrial manufacturing, K12, and higher education, and public safety.
“This transaction is a validation of the strong company Vector has built and allowed us to continue on our strategic path and execute on the next phase of our growth. Alongside Golden Gate Capital, which has deep software industry and operational experience, we will focus on enhancing our product capabilities and offerings, building out best-in-class delivery competencies, and expanding geographically." - said Jeff Gordon, Vector Solution's CEO.
General Atlantic LLC has led a $64m investment and acquired an undisclosed stake in the Brazilian private rental website QuintoAndar.
Startup QuintoAndar will use the proceeds to expand its network to new Southern Brazilian cities and to boost its existing operations, according to the statement.
This third investment round includes companies such as QED Investors, Qualcomm Ventures, Kaszek Ventures and Ruane, Cunniff & Goldfarb, besides General Atlantic, which are all already investors in QuintoAndar.
Atar Capital has completed the acquisition of Microcel Corporation, a distributor of technology products in Canada, partnering with Rick Henry, Founder of Microcel.
Henry will remain a shareholder and will continue as Microcel's President and CEO.
Microcel Corporation offers exclusive distribution arrangements with high- value brands, as well as a proven multi-channel network that includes Canada's most prominent consumer electronics stores, big-box retailers and specialty retailers. Microcel works with leading brands such as GoalZero, Polk, Belkin, Fitbit, and Logitech.
"We are excited to partner with Rick and the Microcel team on this transaction. We see tremendous opportunity in Canada's growing retail and e-commerce markets," says Cyrus Nikou, Founder and Managing Partner at Atar Capital.
The High Note Inc. announced that Gotham Green Partners (GGP) and certain co-investors, including Best Buds Funding, LLC will invest up to $15m into the Los Angeles-based cannabis industry leader.
GGP is funding $11m in multiple tranches and has rights to support an additional $4m based on The High Note achieving certain performance hurdles.
The High Note engages in cannabis cultivation, extraction, packaging, distribution, and retail sales. The investment from GGP will allow The High Note to achieve several strategic goals including the expansion of The High Note's high-end cannabis lifestyle dispensary brand.
Venezuela rejected BP bid to buy Total's stake in the gas block.
Venezuela’s oil ministry last month turned down a proposal by BP to buy Total’s stake in a promising but inactive natural gas project along the maritime border with Trinidad and Tobago.
BP owns the rights to the Trinidadian side of the gas play. It could have used the output from the neighbouring area, the Deltana Platform’s fourth block off Venezuela’s eastern coast, to feed its growing operations on the island.
The rejection highlights how Venezuela’s socialist government, often hostile to foreign companies, remains an obstacle to investment even as oil majors eye the OPEC nation’s barely tapped gas reserves to expand their liquefied natural gas portfolios.
The gas investment could help Venezuela, which has the world’s largest crude reserves, compensate for lack of capital for its oil industry, whose production continues plummeting amid a political and economic crisis.
Alliance Data Systems explores options to sale Epsilon unit.
Alliance Data Systems Corp was exploring options for its online marketing unit, Epsilon, including a potential sale.
Epsilon, which accounts for nearly 30% of the company’s revenue, reported slowing revenue growth in the third quarter, prompting Alliance Data to warn that the unit’s poor performance could weigh on its 2018 revenue.
The move to seek options for Epsilon comes after Alliance Data had said in October that it was considering a significant realignment of its businesses, which included evaluating assets that could “thrive under a different steward.”
The company did not disclose the financial terms of the deal but said it would use the net proceeds to repay debt and return capital to stockholders.
Oak Hill has a $5bn war chest for underperforming credit.
Oak Hill Advisors is poised to pounce on the next downturn in credit markets with $5bn in capital it can draw in 10 days or less. Chief Executive Officer Glenn August said.
The investment firm has built up funds and credit facilities that allow “pretty much overnight financing” for buying opportunities in situations including a recession or downgrades that spark sudden selling. The comments come amid credit-market turmoil that has prompted some money managers to say things could get worse.
Private equity firms get clarity on interest deduction limits.
Highly-leveraged companies can start calculating just how much the Republican tax law limits their interest deductions for debt, thanks to 439 pages of regulations released by the Internal Revenue Service on Monday.
The proposed rules provide guidance for a key provision in the 2017 tax overhaul that restricts the deductions businesses can take from the interest they pay on loans.
Previously, those interest expenses were fully deductible. The IRS said the new limits apply to interest on traditional loans, as well as debt instruments and transactions that don’t take the official form of a loan, but have the same “substance.”
