Arlington Capital Buys Micron Technologies

Arlington Capital has acquired Micron Technologies. Financial terms weren’t announced. Malvern, Pa.-based Micron provides particle size engineering and related analytical services to the pharmaceutical industry.

Warburg Stands to Make 3x Money on Wall Street Systems Sale, More on Iron Data–UPDATED

I have more info on the Wall Street Systems sale.

Yesterday, I reported that ION Trading, which is backed by TA Associates, was buying Wall Street Systems. Warburg Pincus owns a majority of the company. The PE firm expects to make make more than 3x its investment on the sale of Wall Street Systems, a person says.

Wall Street Systems is selling for north of $500 million, two sources say. Deutsche Bank is advising on the sale, sources say.

Arlington Puts Ad Venture Interactive Up For Sale

Arlington Capital Partners has put Ad Venture Interactive on the block, sources say.

Chicago-based Lake Capital is in talks to buy the firm, peHUB has learned. BMO Capital Markets is arranging a $74 million financing to support the sale, according to Standard & Poor’s Leveraged Commentary and Data. BMO is believed to be also advising on the Ad Venture Interactive process, sources says.

Ad Venture Interactive, or AVI, is an interactive lead generation business that focuses on particular verticals including education, senior living and self-improvement. Arlington Capital’s investment dates back to late 2005, when the PE firm acquired a majority stake in Plattform Holdings from owner Michael Platt and his wife, Tamie (Michael Platt founded the company in 1988 as a media placement agency). The Platts retained some ownership while other members of Platt’s management team also bought equity, according to press reports from that time. It is unclear how much money Arlington invested.

Arlington Capital Keeps Raising Fund III

Arlington Capital Partners has secured $217 million for its third fund, according to a regulatory filing. This is just $13 million more than the firm reported in a August 2009 filing. The listed maximum offering amount remains at $750 million, with Credit Suisse serving as placement agent.

Arlington Capital Partners

Arlington Capital Partners III First Report: September 25, 2008 Arlington Capital Partners Prepping Fund Three The firm is preparing to raise its third buyout fund, according to a source. Arlington hasn’t issued memorandums yet, but the unofficial target is in the ballpark of $700 million to $750 million. Latest update: August 18, 2009 Arlington Capital […]

$700 Million is the New $1 Billion in Fundraising

Many buyout firms would like to join the $1 billion club, and they’re so very close. Before the recession, it was almost assumed that your average-performing $700 million firm would come back to market with a $1 billion vehicle. Not the case anymore. As one LP said, “$700 million is the new $1 billion.”

The latest example of this leveling-off of fund sizes is Snow Phipps Group. The New York-based buyout firm has come to market with a $700 million target for its second fund — only a slight jump from its $620 million debut vehicle. “Everyone expected they would raise $900 million or more,” said a source familiar with the situation. Snow Phipps declined to comment.

The firm was founded in 2005 and invests in middle-market companies in the specialty franchising, basic and process industries, apparel and luxury retail, media technology, specialty finance, IT services and telecommunications equipment and industrial components sectors.

A similar “adjusted target” situation occurred with Arlington Capital, which was expected to graduate from a $585 million fund to the $1 billion mark on its third vehicle. Instead, the fund has a $750 million target. The firm’s former placement agent, UBS, viewed even that increase as too steep, leading Arlington Capital to drop UBS for Credit Suisse.

Chandler/May Makes Unmanned Aircraft Services Acquisition

Chandler/May Inc., a Huntsville, Ala.-based provider of military ground control stations for command and control and unmanned aircraft, has acquired AeroMech Engineering Inc., a San Luis Obispo, Calif.-based provider of unmanned aircraft engineering services and manufacturing. No financial terms were disclosed. Chandler/May is a portfolio company of Arlington Capital Partners.

Arlington Capital Holds First Close on Fund Three

Arlington Capital has held a first close on its third fund, according to a regulatory filing. The vehicle features a a $750 million target, and has secured $204.7 million in commitments from 13 investors. Arlington began circulating its private placement memorandums in January of this year.

Credit Suisse is the firm’s placement agent on this fund, even though it used UBS for its second fund, a $585 million pool. Apparently UBS told the firm that the leap from $585 million to $750 million was too steep given the environment. Likewise, the firm’s main contact at UBS, Mark Bourgeois, left UBS to go to Lehman Brothers in March 2008.

TSI Group Buys J.A. Reinhardt

TSI Group Inc., a thermal management and electronics cooling company, has acquired J.A. Reinhardt and Co., a Mountainhome, Penn.-based provider of brazing and thermal management solutions. TSI Group is a portfolio company of Arlington Capital Partners.

Arlington Capital Partners Prepping Fund Three

It’s just about that time for Arlington Capital Partners. The firm is preparing to raise its third buyout fund, according to a source. Arlington hasn’t issued memorandums yet, but the unofficial target is in the ballpark of $700 million to $750 million.

Arlington used UBS as its placement agent for prior funds, raising $452 million for its debut and $585 million for the follow-up. This time Arlington will use Credit Suisse, since its main man at UBS, Mark Bourgeois, departed for Lehman Brothers in March. Obviously the future of Lehman’s placement agent business is in flux, so Arsenal turned to CSFB.

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