first read April 29
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peHUB First Read

Take a break this morning and catch up on the latest private equity and venture capital news including Sun Capital Partners’ latest fundraising, how to estimate PE returns from LP cash flows and a need to know about investment multiples.

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PE-backed Sleep Innovations and Flexible Foam Products complete merger

Sleep Innovations and Flexible Foam Products, both of which are owned by Sun Capital Partners, have completed their previously announced merger. The newly combined company has been rebranded as Innocor. Also, Carol Eicher has been named president and CEO of Innocor. Eicher is the former business president of Dow’s global coating and construction unit. Innocor is a producer of flexible polyurethane foam.

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Sun Capital exits Certified Power

Sun Capital Partners said Friday that it has sold Certified Power to Brinkmere Capital Partners. No financial terms were disclosed. Based in Mundelein, Illinois, Certified Power is a provider of custom-designed fluid power and power train solutions.

Sun Capital’s Coveris appoints CEO

Global plastics packaging company Coveris has appointed Gary Masse as chief executive officer, effective April 14, 2014. Coveris is a portfolio company of Sun Capital Partners, Inc.

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Sun Capital Partners to acquire Aclara Technologies

Sun Capital Partners is to acquire Aclara Technologies from ESCO Technologies Inc. Headquartered in St. Louis, Missouri, Aclara is a vendor of Advanced Meter Infrastructure solutions, predominately deployed by U.S. electric, gas and water utilities.

Sun Capital to sell Wabash

Sun Capital Partners is to sell its investment in Wabash Technologies, a supplier of powertrain sensors and actuators to the global automotive and related markets, to Sensata Technologies. Terms of the private transaction were not disclosed.

Monroe Capital backs Gem Shopping Network

Monroe Capital has provided a $27.5 million senior secured credit facility to support the acquisition of Gem Shopping Network by an affiliate of Sun Capital Partners. Based in Duluth, Georgia, Gem Shopping Network is a retail business specializing in the sale of unique, high quality colored gemstones and jewelry, primarily through its live TV network.

Japan’s Lixil to Buy American Standard via Purchase of Sun Capital Shares

(Reuters) – Japan’s Lixil Group Corp said on Friday that it will buy toilet and plumbing facilities maker ASD Americas Holding Corp (American Standard) for $542 million. Lixil, a housing facilities manufacturer, will acquire American Standard shares from a unit of private equity firm Sun Capital Partners, it said in a statement.

Sun Capital Closes BTX Group Buy

Sun Capital Partners said Monday it completed its buy of BTX Group from EQT. Financial terms weren’t announced. Brande, Denmark -based BTX is a Scandinavian wholesaler of branded apparel that targets the mature female demographic.

Reuters – Vince Explores IPO

Vince, a contemporary sportswear brand owned by private equity firm Sun Capital Partners, is exploring an initial public offering later this year, writes Reuters. The company is working with banks including Goldman Sachs Group Inc and UBS AG, according to Reuters.

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