First read Feb 24

peHUB First Read

This Tuesday morning read all about CalPERS’ former CEO pleading guilty to conspiracy, where buyout firm partners get their MBAs and City of Austin Employees’ Retirement System is seeking an executive director.


GS Capital Partners and Thomas H. Lee Partners to sell Michael Foods for $2.45 bln

Post Holdings said Thursday that it has agreed to buy Elizabeth, NJ-based food products provider Michael Foods from GS Capital Partners, Thomas H. Lee Partners and other owners for $2.45 billion. The deal is expected to close in the second calendar quarter of 2014. Barclays is advising Post on the transaction while BofA Merrill Lynch and Goldman Sachs are advising Michael Foods.

PE-backed Intermedix Corp completes Optima Corp acquisition

Intermedix Corp., a portfolio company of Thomas H. Lee Partners, has closed its buy of Optima Corp. No financial terms were disclosed. Based in Auckland, New Zealand, Optima is a provider of technology that supports simulation, predictive analytics and real-time deployment of mobile resources.


Thomas H. Lee Partners and Goldman Sachs sell MoneyGram shares via secondary offering

Money transfer firm MoneyGram has priced its secondary offering of 8 million shares at $16.50 per share. The shares are being sold by stockholders Thomas H. Lee Partners and Goldman Sachs. BofA Merrill Lynch, Wells Fargo Securities, Goldman Sachs, and J.P. Morgan are the lead underwriters. Also, upon closing of the transaction, which is expected to occur on April 2, 2014, MoneyGram will repurchase over 8.1 million shares of common stock from Thomas H. Lee Partners at $16.25 per share in a private placement.


Vodafone paying 10.4x cash flow for Spain’s Ono: Reuters

Vodafone has agreed to buy Spain’s largest cable operator, Ono , for 7.2 billion euros ($10 billion), the latest hefty deal in a European telecoms sector starting to rebuild as the region recovers from a recession, sister news service Reuters reported. Ono is 54 percent owned by a group of large buyout shops.

inVentiv Health hires senior life sciences executive

inVentiv Health has named a senior executive in India’s life sciences industry to lead its expanding operations in India. Anita Tripathy joins inVentiv Health from Capgemini, India, where she served on the leadership team of the global provider of consulting, technology and outsourcing services. The company is privately owned by inVentiv Group Holdings, an organization sponsored by affiliates of Thomas H. Lee Partners, Liberty Lane Partners and members of the inVentiv management team.

Court Square Inks Sale of CompuCom: UPDATED

Court Square Capital Partners has agreed to sell CompuCom Systems. The buyer is Thomas H. Lee Partners. Financial terms were not announced but  THL is paying about $1.1 billion in cash, according to a person familiar with the matter. Citigroup Global Markets Inc, J.P. Morgan, BMO Capital Markets and Jefferies Finance are providing committed financing. Dallas-based CompuCom is an IT outsourcing company. Court Square acquired the company in 2007 for $504 million. BMO Capital Markets and Jefferies advised THL, while Citigroup provided financial advice to CompuCom/Court Square. UPDATE: Ed Wehle lead the deal team at Citi that included Ethan Zweig and Hugo Doetsch.  Gerrie Sinatra of Dechert along with Ken Young, Adam Rosenthal, Victoria Alff, Allyson Levy, Edward Lemanowicz and Ken Wang provided legal advice to CompuCom/Court Square. Weil, Gotshal & Manges was the attorney for THL.


Bain, Carlyle, THL Vie for Carestream Health: Sources

Bain Capital LLC, Carlyle Group LP and Thomas H. Lee Partners LP are among the private equity firms competing for Carestream Health Inc, a medical imaging systems provider that its owner Onex Corp. hopes to sell for as much as $3.5 billion, sources tell Reuters.

THL Credit Hiring In Chicago

THL Credit Advisors LLC, the lending affiliate of Boston buyout shop Thomas H. Lee Partners LP, is planning to beef up its presence in Chicago following an acquisition there.

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