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PE-backed Phibro Animal Health prices IPO

Phibro Animal Health Corp, which is backed by 3i Group, said Monday that it has priced its IPO of over 11 million shares at $16 and $18 per share. The stock will trade on the NASDAQ under the ticker symbol “PAHC.” BofA Merrill Lynch, Morgan Stanley and Barclays are the lead underwriters. Based in Teaneck, NJ, Phibro is a maker of animal health and mineral nutrition products.

Patrick Dunne appointed D3O chairman

British smart materials specialist D3O, has appointed Patrick Dunne as chairman. He brings a wealth of international business experience from investor 3i where he held a variety of investment and leadership roles and was a member of its operating committee.

3i prepares to sell car parts maker Hilite – Reuters

Private equity group 3i is preparing to sell German car parts maker Hilite International in a deal that could be worth more than 400 million euros (332 million pounds), writes Reuters. Morgan Stanley has been hired to look at options including a potential sale or refinancing, the sources added, as 3i seeks to take advantage of an upturn in car markets.

3i completes $48 mln exits in third quarter

British private equity group 3i completed 29 million pounds ($48 million) of exits in the three months to Dec. 31, taking its total proceeds for the year so far to 557 million pounds, writes Reuters. The owner of women’s fashion retailer Hobbs and Tommee Tippee baby bottle maker Mayborn said new investment increased during the third quarter, with 247 million pounds invested compared to just 4 million pounds in same three months in 2012.

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peHUB First Read

Today First Read brings you news of Thoma Bravo and TPG fundraisings, an insight into the PE financing of technology companies and a first for Facebook shares.

Capita chief Pindar to step down – Reuters

Capita chief executive Paul Pindar is to step down in early 2014 after 26 years at the firm, writes Reuters. Pindar, who joined Capita from private equity house 3i, is leaving to establish a portfolio of private equity opportunities, the firm said.

3i buys out Scandlines co-owner – Reuters

Private equity investor 3i has bought out the co-owner of its ferry group Scandlines and finalised refinancing of existing debt facilities, writes Reuters. 3i bought Allianz Capital Partners‘ 49 percent stake for 165 million euros ($223 million). The closing of the transaction is expected to take place before the year end.

3i offers to buy remaining stake of Scandlines – Reuters

Private equity investor 3i has offered to buy the shares in Scandlines it does not already own, after an attempt to find a buyer for the ferry group failed earlier this summer, writes Reuters. 3i’s bid for the 50 percent stake held by co-owner Allianz Capital Partners (ACP) values Scandlines at more than the 1.3 billion euros ($1.7 billion) that buyout group TPG offered for the whole company, writes Reuters.

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