Chris Witkowsky
H.I.G. Capital has completed the sale of American Hardwood Industries to Baillie Lumber. Terms of the deal were not disclosed. American Hardwood manufactures and supplies hardwood lumber in the U.S. and abroad. H.I.G. originally invested in American Hardwood, and then Augusta Lumber, in 2006.
The Carlyle Group has named Michael Cavanagh and Glenn Youngkin co-presidents and co-chief operating officers. Cavanagh is co-chief executive officer of the Corporate & Investment Bank at JPMorgan Chase. Youngkin, a 19 year Carlyle veteran, is chief operating officer. The role of president is a new one at Carlyle.
Secondary private equity firm Paul Capital defended its decision to collect fees on several investment vehicles, including its most recent Fund X, even while winding down the organization.
Adams Street Partners has had three portfolio companies launch IPOs in successive days last week. The firm believes this is the first time since 1995 a venture firm has successful priced three IPOs on successive days. The companies were Paylocity, which priced on Tuesday, Q2, which priced on Wednesday and Borderfree, which priced Thursday. Prior to the IPOs, Adams Street owned 29.6 percent of Paylocity, 36.8 percent of Q2 and 21.7 percent of Borderfree.
Clairvest Group, a Toronto-based firm, has launched its fifth fund targeting C$500 million, with a C$600 million hard cap.
TPG has agreed to acquire The Warranty Group, which provides warranty solutions and related programs, from Onex Corporation for an enterprise value of about $1.5 billion. The deal is expected to close in the third quarter of 2014.
Harris Williams & Co. has advised Windy City Wire Cable & Technology Products on a management buyout led by Rich Galgano, co-founder and chief executive officer. Windy City Cable is a portfolio company of Seidler Equity Partners. Windy City Cable is a manufacturer and distributor of low-voltage wire and cable.
Beringea has invested $3 million in Detroit Institute of Music Education, Inc., a music education college. The investment will be used to launch the company's first U.S. music college in Detroit.
Odyssey Jeremy Partners has led an $820,000 seed funding round in Locish, a Q&A mobile app founded in Athens, Greece. Other investors in the seed funding included Jeremy Open Fund II and three Silicon Valley angel investors. The funding will be used to overhaul the app's functionality and create a new look. Locish debuted in March 2013.
Carsten Huwendiek, head of communications at Pantheon, has joined CVC Capital Partners in the same role. Huwendiek starts at CVC on May 1. His global responsibilities will include investor communications, media relations and branding and events.