Strategic Investment Group Looks to Raise $250M for PE FoF

Strategic Investment Group, which is backed by Friedman, Fleischer & Lowe, is out marketing for its latest private equity fund. Arlington, Virginia-based Strategic Investment is looking to raise $250 million with Strategic Private Equity Fund IV LP, according to sources

Flexpoint Ford to Acquire GeoVera Insurance Group

Flexpoint Ford has agreed to buy GeoVera Insurance Group Holdings. Financial terms weren’t announced. The sellers were Friedman Fleischer & Lowe and Hellman & Friedman. GeoVera provides specialty residential property insurance. Aon Benfield Securities and SFRi provided financial advice to GeoVera. PRESS RELEASE GeoVera Insurance Group Holdings, Ltd. (“GeoVera”), a leading provider of specialty residential property […]

Green Bank to Buy Opportunity Bank

Green Bancorp has agreed to buy Opportunity Bancshares and its wholly-owned subsidiary, Opportunity Bank. Financial terms weren’t announced. Opportunity Bank operates a banking office in Richardson, Texas. Opportunity Bank reported $52 million in total assets as of Dec. 31, total loans of $31 million and total deposits of $43 million. The deal, subject to board […]

Hyatt Named CEO of Church’s Chicken

Church’s Chicken, a portfolio company of Friedman Fleischer & Lowe, has appointed Jim Hyatt its new CEO. Hyatt was most recently president and CEO of Cosi. He succeeds Mel Deane, who served as CEO since December 2009.

TriTech Software Buys VisionAir

TriTech Software Systems, which is backed by Friedman Fleischer & Lowe, said Friday that it has acquired VisionAIR. Financial terms weren’t announced. Castle Hayne, N.C.-based VisionAIR provides software for 911 centers, law enforcement, fire service and corrections.

Top 10 Stories Include Shakeup at Friedman Fleischer & Lowe, McNamee’s Sudden Interest in Seed Deals and Sale of Chicken Joint Bojangles’

Time to catch up on the blog posts and news items that your peers found most interesting on peHUB this week. Following are the top 10 posts that garnered the most pageviews from regular readers from July 25 to July 29. (We did a separate list for the week’s most popular slideshows.) This week’s hot topics include David Lowe leaving the San Francisco buyout shop he co-founded; Elevation’s Roger McNamee announcing plans to get into seed investing; the sale of fried chicken restaurant Bojangles’; and strong interest among buyout shops to buy brokerage Morgan Keegan.
1. Co-Founder Has Left San Fran Firm, by Bernard Vaughan
2. McNamee Promises to Make Seed Investments from Buyout Shop Elevation Partners (subscribers only), by Mark Boslet
3. The Mystery of Bojangles’s New York Store Is Solved, by Luisa Beltran
4. Blackstone, Carlyle Among Bidders for Morgan Keegan, by Paritosh Bansal and Megan Davies, Reuters
5. Dealtalk: Buyout Firms Target Unloved Corporate Divisions, by Simon Meads, Reuters

JLL Partners Selling C.H.I Overhead Doors After Nearly 7 Years

It looks like JLL Partners will be exiting C.H.I. Overhead Doors after nearly seven years.

Friedman Fleischer & Lowe is buying C.H.I. Overhead, a garage door maker, according to Standard & Poor’s LCD. Friedman Fleischer is in the market for a $203.5 million loan to back its by of C.H.I., LCD said. GE Capital and Wells Fargo are financing the deal, Thomson Reuters Loan Pricing Corp. said.

The Deal, which reported the C.H.I sale last week, said the transaction was valued at roughly $290 million.

Friedman Fleischer & Lowe Adds Former Hershey CEO

Buyout firm Friedman Fleischer & Lowe has added Richard Lenny, former chairman and chief executive of The Hershey Company, as an operating partner. Before Hershey, Lenny held high-profile roles including president of Nabisco Biscuit Co., president of Pillsbury North America, and various roles at Kraft Foods. San Francisco-based Friedman Fleischer & Lowe hase approximately $2.5 billion under management, and focuses on middle-market deals. In his new role at the firm, Lenny will help identify and evaluate new investment opportunities in the consumer products sector, as well as provide guidance to portfolio companies.

Friedman Fleischer & Lowe Completes Midwest Dental Deal

Middle-market buyout shop Friedman Fleischer & Lowe has completed its acquisition of Midwest Dental, a dental practice management company. Financial terms of the deal were not released. Midwest Dental’s senior management team, which has worked together at the company for nearly 10 years, is investing alongside FFL, and will continue to manage the business, the company said in a written statement. Midwest Dental is based in Mondovi, Wisc.

With Third Dividend, Gryphon More than Makes Back Its Investment in Intelligrated

We have some dividend news today.

Gryphon Investors has completed its third dividend recap of Intelligrated, an automated materials handling company based in Mason, Ohio.

Intelligrated, in February, was in the market for a $125 million term loan plus a $30 million revolver. Bank of America Merrill Lynch led the deal, reported Thomson Reuters Loan Pricing Corp. Proceeds of the transaction were used to refinance debt, LPC said at the time.

Friedman Fleischer Sells Discovery Foods to Windsor Foods

Windsor Foods, which produces frozen foods, has acquired Discovery Foods from Friedman Fleischer & Lowe. Financial terms weren’t announced. Discovery Foods, of Hayward, Calif., makes frozen Asian snacks, appetizers and entrees. Friedman Fleischer is a San Francisco PE firm.

Friedman Fleischer & Lowe Invests in TriTech Software

San Francisco-based private equity firm Friedman Fleischer & Lowe has invested an undisclosed amount in TriTech Software Systems, a provider of public safety software for law enforcement and emergency service agencies. The financing is designed to help TriTech grow its business organically and through acquisitions.

Friedman Fleischer & Lowe Buys Transtar

Friedman Fleischer & Lowe has completed its acquisition of Transtar Industries from Linsalata Capital Partners. The deal was financed with $425 million of senior secured credit facilities, the companies said. Transtar is a provider of autobody products for automotive repair. San Francisco-based private equity firm Friedman Fleischer & Lowe has roughly $2.5 billion under management.

Smile Brands Switches PE Hands for Third Time, Welsh To Buy Stakes from Gryphon and CTRS

Private Equity really likes Smile Brands, which last week announced a sale to Welsh Carson.

The deal, once it closes, will mark the third time a buyout shop has owned Smile Brands, which provides dental support services, facilities and equipment to dentists.

Last week, Welsh Carson said it was buying a majority stake in Smile Brands from Freeman Spogli & Co. Financial terms weren’t announced. Freeman Spogli bought Smile Brands from Gryphon Investors in 2005 for about $340 million. Gryphon, a San Francisco PE firm, acquired the company in 1998, when it was known as Bright Now! Dental.

Welsh Carson is expected to close the Smile Brands buy in December.

PE-Backed Bank Deals Require Lots of Patience

Just what does it take to get a PE-backed bank deal to the finish line? Think more than a year’s worth of meetings with regulators.

“It’s been a long time coming,” says Manny Mehos, chairman of Houston-based Green Bank, which recently sold around a 74% ownership stake to three private equity firms for $100 million. Mehos estimates the he spent 15 months on the deal, and spoke to roughly 40 buyout shops, as well as some hedge funds and other institutional investors.

The ultimate investors were Friedman Fleischer & Lowe, Harvest Partners and Pine Brook Road Partners.

With the funds, Green Bancorp expects to buy other banks, mainly small ones, via structured deals or FDIC-assisted acquisitions. It also may target branches or loan portfolios. With more than 700 on the FDIC’s troubled bank list, Mehos think there are lots of opportunities. “During distressed times, where the banking industry is downsizing, there are optimum ways to take advantage of opportunities,” he says.

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