PE Week Wire — Friday 9/12


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Confluent Photonics Corp., a Salem, N.H.-based provider of optical transport solutions, has raised $3 million in Series B funding. Return backers included InnoCal Venture Capital, Rustic Canyon Ventures and INVESCO Private Capital. Confluent now has raised $14 million in venture capital, including an $11 million Series A funding in December 2000 at a post-money valuation of approximately $23 million.

Intec Telecom Systems (LSE: ITL) has agreed to acquire Digiquant AS, a Denmark-based supplier of OSS/BSS software for communications, content and data services. The deal involves 15.4 million new Intec shares worth €9.54 million (approx. $10.7 million). Digiquant had raised over $72 million in venture capital funding, including a $20 million infusion in early 2001 that valued the company at approximately $107 million. Investors included Cisco Systems, General Atlantic Partners, Index Ventures, Morgan Stanley Private Equity and Vertex Management.
IntelliVid Corp., a Cambridge, Mass.-based provider of video analysis software for commercial security, has raised $5.53 million in Series A funding. Investors include Egan-Managed Capital, Flagship Ventures and Draper Fisher Jurvetson New England Fund.

Cymfony Inc., a Newton, Mass.-based provider of business intelligence software, has raised $7.4 million in Series C funding. Investors included Trident Capital, Hearst Corp. and Comvest Venture Partners.

Sterling Commerce‘s Banking Systems Division was sold to Thoma Cressey Equity Partners for an undisclosed amount. The division will be renamed VECTORsgi, after its key product line. Sterling Commerce is a subsidiary of SBC Communications Inc., and SBC will retain a minority interest in VECTORsgi of less than 10 percent.

BioSource International Inc. (Nasdaq: BIOI) has announced that President and CEO Len Hendrickson has taken an indefinite medical disability leave of absence. Robert Weltman, a BioSource director and managing director of private equity firm Genstar Capital, has been named interim CEO.

Charterhouse Development Capital is considering a £900 million (approx. $1.4 billion) float of portfolio company Madame Tussauds. Charterhouse bought the max museum operator in 1998 for around £350 million. Debenhams, a publicly traded UK department store operator, is recommending a £1.6 billion (approx. $2.65 billion) buyout offer from private equity firms CVC Capital Partners, Texas Pacific Group and Merrill Lynch Private Equity. This is a shift for Bebenhams, which earlier had endorsed a takeover bid led by private equity firm Permira. If the new bid wins out, Debenhams reportedly will owe £8.5 million to Permira in breakup fees.

Wisconsin Governor Jim Doyle yesterday unveiled an economic plan that includes the creation of a new state authority to disperse $30 million in venture capital to local companies. The money would come from the State of Wisconsin Investment Board and capital from the state’s medical malpractice fund.

Eric Weinstein, who once worked as an analyst with CSFB Private Equity, has been named vice president of strategic planning and investor relations with Centennial Communications Corp.

Reuters is reporting that Claudio Sposito, former managing director of Fininvest, has asked Credit Suisse First Boston to raise a €1.6 billion (approx. $1.8 billion) private equity fund. Mike Segal, founder of I-bank and private equity research firm M.J. Segal Associates, has been appointed an independent board member with Belmont, Mass.-based Kronos Advanced Technologies Inc. (OTC BB: KNOS).
NEWS FROM THURSDAY 9/11

Laurel Networks Inc., a Pittsburgh-based provider of service edge routers, has added $20 million to its coffers through two separate transactions. First, the company secured approximately $11 million by acquiring the cash assets of defunct optical components maker Optovation Corp. Next, Laurel raised approximately $9 million in Series C funding from new investor and new strategic partner Ciena Corp., plus return backers New Enterprise Associates, Trinity Ventures and Worldview Technology Partners. Laurel now has raised a total of $102.3 million (including the Optovation money), including a $60 million Series B round in late 2000 at a post-money valuation of approximately $280 million.

 

Otpovation, meanwhile, is said to still in negotiations to sell off its non-cash assets. The Ontario, Canada-based company had raised over $40 million in venture capital funding since its 1999 inception, and was valued as high as $39 million. Company investors included BMO Nesbitt Burns Private Equity Partners, Investissement Desjardins , New Enterprise Associates, Newbury Ventures, RBC Capital Partners Raza Venture Fund and Redwood Ventures.

Rainbow Technologies Inc. (Nasdaq: RNBO) has completed its $20 million cash acquisition of the acquisition of Chrysalis-ITS, an Ottawa, Canada-based hardware security maker. Chrysalis has $4.7 million in revenue during the first half of 2003, although it is expected to have $10.34 million in total 2003 revenue. The company had received approximately $30 million in venture capital funding from investors like CIBC Wood Gundy Capital, Goldman Sachs, Intel Capital, Novacap, J.L. Albright Venture Partners and working Ventures Canadian Fund.

Atreus Systems Corp., an Ottawa-based provider of software for IP network and application services, has raised $13 million in Series C funding. New investors include Meritage Private Equity Funds, SAIC Venture Capital Corp. and TELUS Ventures, while return backers include Aliant Inc., BDC Venture Capital, Blueprint Ventures, Mobius Venture Capital and Skypoint Capital Corp. The company now has raised approximately $34.4 million since its 1998 inception.

Fox Paine & Co. last Friday completed its $120 million acquisition of United National Group, a Bala Cynwood, Pa.-based provider of excess and surplus lines and specialty admitted property and casualty insurance. Fox Paine acquired 80% of the company, with United National’s former owners holding onto the remaining 20 percent.

GKM Ventures has become a fully independent entity as a result of the recent acquisition of I-bank Gerard Klauer Mattison (GKM) by BMO Financial Group (NYSE: BMO). Following the acquisition, GKM Ventures became an independent fund, although it will maintain its working relationship with the equity research staff from its former parent bank, now known as Harris Nesbitt Gerard. Former GKM shareholders will maintain a limited partner status in GKM Ventures.

Home Bistro, a Plattsburgh, N.Y.-based direct-mail provider of chef-prepared gourmet meals, has raised $1.5 million in Series A funding. The deal was co-led by CEI Ventures and SJF Ventures, with seed backer New York Community Investment Co. also participating.

Lake Capital, a Chicago-based investment firm, has made several promotions and additions to its team: Kathleen Johnston has been named a principal of the firm, after having joined Lake Capital in as a vice president in 1999 and being promoted to director in 2001. Edward Kovas has been named a vice president after having graduated from Harvard Business School. Nicole Theall has been named a vice president, after having joined the firm in 2001 as an associate. Robert Zielinski, a 2003 MBA graduate of University of Chicago, has joined Lake Capital as an associate. Anthony Broglio Jr. has joined the firm as an associate while completing his MBA at the University of Chicago. Nicholas Patrick has joined Lake Capital as an analyst, following two years as an analyst at Lehman Brothers.

Maxxim Medical Inc., which filed for bankruptcy protection in February, has agreed to sell off its assets and business to private equity firm Lightyear Capital. No deal terms were disclosed, except that the transaction is expected to close by the end of October. Maxxim is a Clearwater, Fla.-based medical device maker that had been taken private by Fox Paine & Co. in 1999 for $570 million (including debt financing).

Lionbridge Technologies Inc. (Nasdaq: LIOX), has agreed to acquire Mumbai, India-based e-learning company Mentorix Technologies Inc., for approximately $21.3 million, net of cash of approximately $7 million that will be acquired with the business, subject to customary closing conditions. The transaction is expected to close within the next several weeks. Mentorix has raised over $8 million in venture capital funding from eVentures and Aptech Ltd.

Goodwin Procter LLP has added nine attorneys to the partnership ranks. Among the new partners are: James Curley, who focuses on private equity fund formation issues; Lisa Haddad, who is involved with public offerings, M&A and private equity and debt placements; and Eric Meyerowitz, who focuses his practice on diverse private equity, corporate and securities matters.

Madison Capital Partners has acquired Synventive Molding Solutions, a Peabody, Mass.-based maker of hot runner systems and related components for the injection molding industry. No deal terms were disclosed.

Robin Kovaleski has been named executive director of the Florida Venture Forum, a support group and event planner for Florida-based entrepreneurs and venture capitalists. She most recently served as president of Tampa-based PR firm The HPC Group.

John Turner, chairman of Hillcrest Capital Partners, has been appointed to the reconstructed board of directors at Conseco Inc., which is emerging from bankruptcy protection.

Senior executives of Oklahoma City-based design firm The Benham Companies Inc. are buying the company back, three years after selling it to London-based Atkins. The firm – known as Atkins Americas following its purchase by Atkins – will revert to the Benham name. The buyout is being backed by three Oklahoma-based private equity firms. No additional details have been disclosed.

Apogee Enterprises Inc. (Nasdaq: APOG) has put its Harmon AutoGlass business on the buyout market. Apogee has engaged Lazard Freres & Co. to assist with the sale.

Dow Jones is reporting that Copenhagen-based Decuma AB has raised €3.1 million in venture capital from Sony Venture Capital Europe, Industrifonden and existing investors like Olicom SA. Decuma provides handwriting recognition software.
NEWS FROM WEDNESDAY 9/10
FreshDirect Inc.
, a New York-based online fresh food provider, has raised $31 million in private equity funding. AIG-sponsored investment funds led the deal with a combined $15 million investment, while the remaining $16 million came from CIBC Capital Partners, Canyon Capital Partners and Mercantile Capital Partners.

WM Strategic Capital Fund, the private equity arm of Washington Mutual Inc. (NYSE: WM), has hired three new investment professionals. Vincent Hui joined as a first vice president after an executive consulting stint. He previously was the founding principal of Accenture Technology Ventures and a senior executive in Accenture’s financial services strategy practice. Mike Anderson was joined WM as a vice president. He was founder of consultancy Sound Design Group, and previously worked for Telephone & Data Systems. Stephen Humphreys joins as a vice president after managing a $100 million private equity portfolio for Matthew G. Norton Co. (MGN), a private family trust. Prior to MGN, he worked for Hawaiian Capital Securities, where he structured, underwrote and traded municipal bonds.

DSL.net Inc. (Nasdaq: DSLN) has closed on its acquisition of substantially all of the assets and subscribers of TalkingNets Inc., a Wilmington, N.C.-based voice and data communications provider that offered softswitch-based voice and high-speed data services to businesses. Terms of the deal were not disclosed. TalkingNets had raised over $22 million in venture capital funding, including a $20 million Series B infusion in late 2000 at a post-money valuation of nearly $50 million. Investors included Charles River Ventures, the Hatch Group, TriTech Partners and Venrock Associates.

AngioLink Corp., a Taunton, Mass.-based medical device company focused on wound management and wound closure, has received $13.6 million in new Series B funding commitments. The company officially has closed on $8.1 million, while it has the right to call down another $5.5 million in one year. Investors include JHK Investments, IDP Investments and return backer BioVentures Investors. Boston Equity Advisors served as placement agent. Angiolink now has closed on $21 million since its 1999 inception.

Mark Foulds has joined European buyout firm Duke Street Capital as a Paris-based director. He joins Duke Street from Bridgepoint in Paris, where he spent seven years leading mid-market transactions.

Qwest Communications International Inc. has completed the sale of the final phase of its directory services, known as QwestDex, to Dex Media Inc., an entity owned by the private equity firms The Carlyle Group and Welsh, Carson, Anderson & Stowe. At the closing, Qwest received the remaining payment of approximately $4.3 billion in cash in exchange for the publishing operations supporting the states of Arizona, Idaho, Montana, Oregon, Utah, Washington and Wyoming.

Boylan Bottling Co., a Clifton, N.J.-based soft drinks maker, has raised an undisclosed amount of new private equity from Emigrant Capital. Val Stalowir, an executive-in-residence with Emigrant Capital, will join Boylan’s board of directors.

iCognito Ltd., an Israel-based provider of Internet content filtering services, has raised $3.1 million in new funding. Blumberg Capital led the deal, and was joined by Garage Technology Ventures and Hitachi Ltd.’s Corporate Venture Capital unit.

Rajiv Doshi, a medical doctor and lecturer at Stanford University’s Department of Medicine, has joined De Novo Ventures as a principal.

WL Ross & Co. has acquired the Marquis Who’s Who business and National Register Publishing titles from Reed Elsevier Inc. for an undisclosed amount.

American Securities Capital Partners has completed its acquisition of Unifrax Holding Co., a manufacturer of ceramic fiber insulation products used in many high-temperature industrial applications. Terms of the transaction were not disclosed, except that Unifrax management will continue to have a significant ownership interest in the company. The seller was Kirtland Capital Partners, which had owned Unifrax since 1996.

Nobel Learning Communities Inc. (Nasdaq: NLCI ), a West Chester, Pa.-based for-profit education company, has raised $3 million in preferred stock financing from Camden Partners Holdings (which also invested $6 million into Nobel three months ago), Allied Capital Corp., Mollusk Holdings and Blesbok Holdings. The shares are convertible to common stock at $5.10 per share.

American Capital Strategies Ltd. has invested $50 million in senior secured notes as part of the recapitalization of Euro-Pro Corp., a maker of home cleaning products. Commercial Finance provided a revolving credit facility while Mass Mutual Life Insurance Co. and other institutional investors invested in senior subordinated debt. Weston Presidio Capital led the recapitalization and invested in the equity along with Euro-Pro management.

Xention Discovery Ltd., a UK-based drug discovery company has raised four million pounds (approx. $6.5 million) in new funding. BTG International and Quester co-led the deal, and were joined by fellow new investors Albany Ventures and Enterprise Venture Capital Trust PLC, while return backers MVM Ltd. and Isis Equity Partners also participated.

John MacIver, who once served on the boards of Competitive Wisconsin and the Venture Capital Corp. of Wisconsin, died of natural causes Sunday at the age of 72. He was an attorney in private practice, but known as an influential driver of Republican Party politics in Wisconsin.

Bloomberg is reporting that Kohlberg, Kravis Roberts & Co. and Trimaran Capital Partners will provide up to $200 million in cash for a $700 million power line to supply up to 2,3000 megawatts to New York City. The project is known as Conjunction LLC.

Todd Montgomery has been named vice president and chief operating officer of The Falcon Family of Companies, a San Francisco-based producer of gay adult films. He previously served as founder of Montgomery Consulting Partners, which counted Accenture Technology Ventures among its clients.
NEWS FROM TUESDAY 9/9

NanoOpto Corp., a Somerset, N.J.-based maker of nano-optic devices for optical systems and networks, has raised $7 million in Series B funding. Return backers include Morgenthaler Ventures, Bessemer Venture Partners, Draper Fisher Jurvetson Gotham Ventures, Draper Fisher Jurvetson New England Ventures, U.S. Trust’s Excelsior Venture Partners and the Harris & Harris Group. Previous investor New Enterprise Associates is not listed as a participant in the Series B deal. NanoOpto has raised $27 million since its 2000 inception.

Top Layer Networks, a Westborough, Mass.-based provider of network security solutions, has raised $14.5 million in Series H funding. Return investors included 3i Group, Egan Managed Capital, Granite Ventures, Investcorp, Wasserstein Ventures and Westbury Partners. The company now has raised around $100 million in venture funding since its 1996 inception, although the $340 million post-money valuation it received in 2001 had been cut down to approximately $50 million by last year.

Nantero Inc., a Woburn, Mass.-based maker of a nanotechnology-based, random access memory chip, has raised $8 million in Series B funding. Charles River Ventures (CRV) led the deal, with CRV partners Bruce Sachs and Bill Tai taking Nantero board seats. Return backers on the deal include Draper Fisher Jurvetson, Stata Venture Partners and Harris & Harris Group. The company has raised $14 million in venture funding, including a $6 million deal in 2001 at a post-money valuation of approximately $11.67 million.

Jill Greenthal has been named a senior managing director with The Blackstone Group‘s mergers and acquisitions unit. Greenthal most recently worked at Credit Suisse First Boston, where she served as co-head of global media investment banking, a member of the investment banking executive board and as co-head of the Boston investment banking office. Prior to CSFB, Greenthal was a managing director in Donaldson, Lufkin & Jenrette’s media group. She joined DLJ from Lehman Brothers where she became head of the firm’s European Media effort and subsequently ran the global media business.

Vivendi Universal SA (NYSE: V) and Canal+ Group today signed an agreement to sell Canal+ Television AB to a consortium led by private equity firms Baker Capital and Nordic Capital. The deal is based on an enterprise value of €70 million (approx. $78 million), and is expected to close in the fourth quarter, pending certain regulatory approvals. Canal+ Television AB is a Stockholm-based producer of six pay-television channels, one for each of the four Nordic countries where the company operates, two pan-Nordic channels, as well as a pay-per-view service (Kiosk).

ArQule Inc. (Nasdaq: ARQL) has agreed to acquire Cyclis Pharmaceuticals Inc., a Norwood, Mass.-based drug discovery company focused on cancer. The deal is worth a total of $25 million, which includes $5 million in cash for all of cyclis’ outstanding shares, plus 4.6 million common shares of ArQule stock. In addition, ArQule assumed all outstanding debt and liabilities of Cyclis, which ranged between $5 and $6 million. Cyclis had received $5 million in startup funding last year from Ampersand Ventures, at a post-money valuation of around $16 million.

Citadel Broadcasting Corp. has completed its acquisition of 11 radio stations in New Orleans, Des Moines, Iowa, and Springfield, Mo. from Wilks Broadcasting LLC, an affiliate of New York-based private equity firm The Wicks Group of Cos.. The purchase price was $133 million. Separately, Citadel entered into a transaction to sell the Springfield, Mo. stations to Journal Broadcast Corp. for approximately $5 million.

Kineto Wireless, a Milipitas, Calif.-based provider of mobile over wireless LAN solutions, announced today that it has raised around $24 million in venture capital funding since its inception. According to SEC filings, the company raised $18 million in Series B funding earlier this year, and another $5.02 million in Series A backing last year. Investors include 3i Group, Sutter Hill Ventures, Venrock Associates, Mitsui & Co. Venture Partners, SeaPoint Ventures and Storm Ventures.

Tom McGonagle, former co-head of US merchant banking at Babcock & Brown, has been named CFO of Vistar Corp., a food product distribution company formed last September through a Wellspring Capital-led buyout of the Multifoods Distribution Group from International Multifoods Corp.

Spanlink Communications Inc. , a Minneapolis-based provider of IP contact center solutions, has completed the stock-swap acquisition of Discern Communications. Discern was a spinout of SRI (formerly Stanford Research Institute), and also had received private equity funding from Technology Venture Management. The stock swap agreement makes SRI a strategic Spanlink investor, along with Cisco Systems.

Adenosine Therapeutics LLC, a Charlottesville, Va.-based biopharma company focused on target adenosine receptor subtypes, has received an undisclosed amount of venture funding from Rockville, Md.-based Emerging Technology Partners (ETP). As part of the deal, Adenosine also acquired the adenosine-screening technology of Aptus Pharmaceuticals Inc., which also is a ETP portfolio company.

Princeton eCom Corp., a Princeton, N.J.-based provider of payment solutions, has raised $5 million in new venture funding from existing investors Lazard Technology Partners, New Century Equity Holdings, Mellon Ventures, and Terra Lycos Ventures.

Genstruct, a Cambridge, Mass.-based biological-mechanism discovery company, has raised $6.5 million in Series A funding. The deal was co-led by A.M. Pappas & Associates and Flagship Ventures, with Incellico Inc. also participating.

Merck & Co. Inc. (NYSE: MRK) has agreed to make an undisclosed equity investment into Alnylam Holding Co., a Cambridge, Mass.-based life sciences company focused of RNA interference. The deal is part of a multi-year collaboration agreement, which includes upfront and annual cash payments from Merck to Alnylam. Alnylam Holding was formed earlier this year through the merger of Alnylam Pharmaceuticals and Ribopharma AG. It has received venture capital funding from Abingworth Management, Polaris Venture Partners, Cardinal Partners, Atlas Venture and ARCH Venture Partners.

Chimerix Inc., a San Diego-based biotech company, has been awarded a $36.1 million grant from the National Institutes of Health (NIH) to fund the development of an oral antiviral drug for the treatment of smallpox infections and complications arising from smallpox vaccinations. In conjunction with the grant, Chimerix also raised $3.1 million in new preferred stock funding from founding investors Sanderling Ventures and Asset Management.

Von Hoffmann Corp., a St. Louis-based educational and commercial printer, has signed a stock purchase agreement to acquire Lehigh Press Inc. for approximately $110.0 million in cash. As part of the transaction, existing Von Hoffman investor DLJ Merchant Banking Partners has committed to invest an additional $20 million into the company.

PrivateEquityCentral.net is reporting that The California Public Employees’ Retirement System (CalPERS), has decided to drop The Blackstone Group as an advisor to its hedge funds advisor. The report says that the CalPERS/Blackstone agreement was set to expire at the end of the month, and that the two dies could not agree on new terms. CalPERS will be replaced by three firms: Financial Risk Management, UBS O’Connor and Pacific Alternative Asset Management Co.

The Detroit Free Press is reporting that Troy, Mich.-based speech recognition company Clarity LLC has received $11.3 million in new venture capital commitments led by Motorola Ventures. The deal includes $9.3 million up front, and an additional $2 million within the next six to 12 months.
NEWS FROM MONDAY 9/8

AttachSTOR Inc., a Phoenix, Ariz.-based provider of email attachment management software, has raised $7.5 million in Series B funding. The deal involves the conversion of a $1.2 million bridge loan closed earlier this year. The new funding was co-led by Canaan Partners and Trinity Ventures, with the bridge loan investors consisting mostly of family trusts and returning angel backers from the company’s $1.6 million Series A deal in 2000. PE Week subscribers can read more on this news in the protected Deal News section of www.PrivateEquityWeek.com.

 

Goldman Sachs (NYSE: GS) has closed its third mezzanine fund with $2.7 billion in available capital. GS Mezzanine Partners III – which a company press release touts as the largest mezzanine fund ever raised — will target investments in the $40 million to $200 million range in North America and Europe. Goldman Sachs began mezzanine investing in 1996 with the formation of GS Mezzanine Partners I with $1.2 billion in available capital, and formed GS Mezzanine Partners II in 2000 with $1.3 billion in available capital. All three funds include commitments from institutional and individual investors, plus Goldman Sachs and its employees.

The University of California on Friday filed an appeal of a Superior Court ruling that it must disclose internal-rates-of-return for its private equity fund investments. The move follows a recent denial of the school’s motion for reconsideration of the initial ruling. PE Week subscribers can read more on this news in the protected Weekly Headlines section of www.PrivateEquityWeek.com.

Therion Biologics Corp., a Cambridge, Mass.-based biopharmaceutical company focused on cancer therapeutics, has received a $39 million Series C-2 funding commitment, of which it already had received $7.3 million. The remaining capital will be provided assuming that Therion meet certain milestones. Investors included SAP AG co-founder Hans Hans-Werner Hector, S.R. One Ltd., H&Q Healthcare Investors, New York Life Bioventure Partners, Aventis Pasteur Ltd. and CDP Capital Technology Ventures.

Storability Software Inc., a Southborough, Mass.-based provider of enterprise storage resource management solutions, has raised $7 million in Series D funding. Return backers included Battery Ventures, Technology Partners, Sprout Group and Lee Munder Venture Partners. Not returning were onetime investors Madison Dearborn Partners and Lightspeed Venture Partners. The company now has raised $66 million since its 2000 inception, including a $30 million Series B round in 2001 at a post-money valuation of approximately $53 million. According to today’s Boston Globe, this new deal was a recap that effectively wrote off all prior investments.

Jungo Software Technologies Inc., a San Jose, Calif.-based provider of residential gateway software, has raised $5.5 million in third-round funding. Partech International led the deal, and was joined by return backers Infineon Ventures, the Intel Communications Fund and TeleSoft Partners.

Odyssey Logistics & Technology Corp., a Danbury, Conn.-based provider of outsourced transportation and logistics services to process manufacturers, has held a first closing on a $24.3 million round of private funding. Trident Capital led the deal, and was joined by Boston Millennia Partners, CMEA Ventures and RRE Ventures. CIBC World Markers agented the deal. Odyssey also announced that it has completed its acquisition of Nordstrom Freighting, a Conn.-based freight-forwarding company.

Thoma Cressey Equity Partners has agreed to acquire Daticon Inc., a Norwich, Conn.-based provider of document management services to the litigation support sector. No deal terms were disclosed, except that CapitalSource Finance provided the senior debt and an equity co-investment.

Metatomix Inc., a Waltham, Mass.-based provider of real-time visibility and integration technology, has raised $8.3 million in Series C funding. Apex Venture Partners led the deal, and was joined by fellow new investor Velocity Equity Partners and certain return backers. Daniel Cahillane has been named chief administrative officer at Northport Partnership Management LLC. He previously served as CFO of Geocapital Partners.

INSCI Corp. (OTC BB: INSS), a Westborough, Mass.-based provider of enterprise content management solutions, has signed an agreement with SCP Private Equity Partners. The Wayne, Pa.-based fund will invest up to $3 million in INSCI through the purchase of newly-issued shares of INSCI Series C convertible preferred stock.

Seminis Inc. (Nasdaq: SMNS ) stockholders have approved a previously announced merger agreement relating to the proposed transaction with Fox Paine & Co., Savia DA de CV (Seminis’ majority stockholder) and certain related parties. Subject to certain closing conditions, including obtaining the necessary financing, Seminis currently expects to complete the merger by the end of September. Following completion of the merger, public holders of approximately 15.1 million Seminis shares will receive cash consideration of $3.78 per share, Seminis will be privately held and Seminis shares will no longer be publicly listed.

Thayer Capital Partners has made an undisclosed investment in MISTRAS Holdings Group, a Princeton Junction, N.J.-based maker nondestructive testing (NDT) technology. Thayer’s investment facilitated MISTRAS’ purchase of CONAM Inspection, one of the nation’s largest NDT service companies. Deal terms were not disclosed.

IXYS Corp. (Nasdaq: SYXI) has completed its acquisition of Microwave Technology Inc., a Fremont, Calif.-based maker of gallium arsenide (GaAs) field effect transistors, pseudomorphic high electron mobility transistors and microwave monolithic integrated circuits. In exchange for the outstanding shares and options of MwT, IXYS will issue approximately 800,000 shares of IXYS common stock (worth around $8.3 million, as of Friday’s market close). As a result of the merger, MwT is now a wholly owned subsidiary of IXYS. MwT had raised venture capital funding from firms like New Enterprise Associates, T. Rowe Price, Ticonderoga Capital, Sequoia Capital and U.S. Venture Partners.

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