Chris Witkowsky
To close out your week, First Reads delivers you some hating on Congress, some hating on New York sports teams and a corrupt mayor gets major jail time.
Strategic Value Partners and Angelo, Gordon & Co. have exited their investment in NextMedia Group, which has agreed to sell its 33 radio stations to Digity, a newly formed media company. SVP and Angelo, Gordon helped lead the restructuring of NextMedia and gained majority equity ownership when the company exited Chapter 11.
The Russian Direct Investment Fund has partnered with Deutsche Bank in an investment in Russia's largest telecommunications company Rostelecom. The fund and Deutsche Bank will invest a total of $237.1 million, which will be used to develop and strengthen Rostelecom's market position.
Blackstone’s private equity secondaries team has launched its sixth fund targeting $3.5 billion to $4 billion, according to two sources and a marketing document seen by peHUB.
TA Associates has hired Tony Marsh as director of capital markets to work out of the Boston office. Marsh will lead all new acquisitions financings and capital markets activities for TA portfolio companies. Marsh joins TA from Credit Suisse where he worked as director.
Solera Holdings, an auto insurance software company, has agreed to pay $289 million for an equity interest in Welsh Carson Anderson & Stowe-backed Service Repair Solutions. The deal is expected to close in 2014.
ABRY Partners-backed Confie Seguros, a provider of personal insurance, has acquired three insurance brokerages -- James S. Sullivan Agency and Advanced Auto Insurance, which provide personal insurance in Western and Central New York, and Family Insurance, in Corpus Christi, Texas, a provider of personal lines auto insurance. The acquisitions are part of Confie's strategy to expand throughout New York State and Texas.
Joe's Jeans has completed the $97.6 million acquisition of Fireman Capital Partners-backed Hudson Clothing Holdings, a designer and marketer of denim apparel. Financing consisted of a $50 million revolving credit facility from CIT Trade Finance as agent and a $60 million senior term loan from affiliates of Garrison Investment Group as agent.
Square 1 Bank has relocated executives Ben Pattison and David Kho to the Boston office to help develop and manage relationships with clients in the region. Both Pattison and Kho joined Square 1 in 2008.
Origin Capital Partners has launched Origin Capital Fund II, targeting $100 million. The fund, which has collected $30 million, will invest in medical office, multi-family, office, industrial and retail properties in certain U.S. offices. Origin is a real estate private equity firm based in Chicago.