Chris Witkowsky
New Enterprise Associates has hired Elliott Sigal as venture partner and senior advisor. Sigal is a former executive vice president and director for Bristol-Myers Squibb. He worked as the company's chief scientific officer and president of research and development from 2004 to 2013.
PlanSource, a cloud-based, on-demand technology company that provides administration, insurance exchange and payroll solutions to employers, has completed a $12 million Series B investment round. Existing investors Lemhi Ventures and Timucuan Asset Management participated in the round.
Welsh, Carson, Anderson & Stowe has hired William Frank as an operating executive in the firm's Resources Group. Frank was most recently an associate principal at McKinsey & Company, where he worked for the past eight years. Prior to McKinsey, Frank served as an infantry officer in the U.S. Marine Corps from 2001 to 2004. Welsh, Carson's Resources Group has grown to about 25 professionals over the last several years.
BV Investment Partners's portfolio company PetroSkills, a provider of competency-based training, software and information solutions for energy companies, has acquired Resource Development Company, which provides e-Learning content and software to the petroleum industry. The deal represents PetroSkill's second strategic acquisition under BV Investment's ownership.
Gardere Wynne Sewell has hired corporate partners George Lee III and Evan Stone, along with associate Rebecca Brame, to the firm's Dallas office. The attorneys join from Lee & Stone, a Dallas boutique co-founded by Lee and Stone in 2009 that focused on representing advisers to private investment funds, including hedge funds, private equity funds and venture capital funds, as well as private and public corporations.
Riverside Partners has promoted two investment professionals David Del Papa, who moves to principal, and Shahan Zafar, who moves to vice president. Del Papa has more than five years of private equity experience and joined Riverside in 2012 as a VP. Zafar joined Riverside in 2012 as a senior associate.
Infinity Cross Border Acquisition Corporation, backed by Infinity Group, an $800 million private equity fund, and Hicks Equity Partners, the private equity vehicle of the Thomas Hicks family, is merging with Glori Energy, an oil technology company, in a deal valued at $185 million. The merger and share exchange will allow Glori to go public and be listed on the Nasdaq. As part of the deal, Hicks, Infinity Group and other investors will purchase between $8.5 million and $25 million of commons stock in Infinity.
Aequitas Capital has hired William Ruh as executive vice president and managing principal. As executive VP, Ruh will provide executive oversight to the firm's investments in the financial services sector. As managing principal, he will co-manage assets derived from Aequitas private credit strategies. Prior to joining Aequitas, Ruh was a managing principal and co-founder of Castle Creek Capital.
Guardian Capital Partners has acquired a controlling interest in children's and women's hosiery platform McCubbin Hosiery, partnering with the executive management team of McCubbin on the deal. The existing managers will continue operating the company. PNC Bank provided senior debt financing and Patriot Capital Partners provided additional financing and minority equity.
Monroe Capital has funded a $27 million senior secured term loan in conjunction with a $40 million revolving line of credit provided by Bank of America Merrill Lynch to support the growth of Alliance Time and Ashford.com. Alliance Time is a wholesaler and online retailer of luxury watches and specialty jewelry. The company distributes a wide range of timepieces and fine jewelry from various suppliers to an international clientele through its website Ashford.com.