Goldman Sachs, private equity, merger, M&A

Goldman shops $450 mln portfolio of fund interests on secondary market

Goldman Sachs is shopping a portfolio of stakes in older funds valued at around $450 million, two sources told Buyouts. Greenhill Cogent is adviser on the offering, which has been in the market for some time, sources said. The portfolio contains interests in a variety of fund strategies including mezzanine and debt, distressed, real estate […]

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David Bonderman family office builds car wash platform with investments

Wildcat Capital Management, the family office of TPG Capital co-founder David Bonderman, invested in car wash businesses Moo Moo Express and Flying Ace Express, uniting them under the platform Express Wash Concepts. Moo Moo Founder and Managing Partner John Roush will become chief executive of Express Wash Concepts. Flying Ace co-founders Dan Eisenhauer and Jeff Gilger will become vice president of operations and vice president of development.

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Coller leads restructuring of Nordic Capital’s 2008 seventh fund

Coller Capital led the investment in what is considered the largest GP restructuring process yet involving Nordic Capital’s 2008 seventh fund. Goldman Sachs joined in the deal, which transferred nine unlisted portfolio companies from Fund VII into a special purpose vehicle called Nordic Capital CV1 with a five-year investment period. The deal, which allowed Fund VII limited partners to cash out or roll their interests into the SPV, was valued at 2.5 billion euros ($3.09 billion). The fund restructuring will allow Nordic to hold the investments longer.

Consultant Angel Martos holds a marijuana leaf at the Canna Pi medical marijuana dispensary in Seattle, Washington, November 27, 2012. REUTERS/Anthony Bolante
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PE HUB First Read

First Read ends the week with news MoviePass has disappointing public debut, marijuana industry poised for supercharged growth and two sheriff’s deputies killed in apparent unprovoked ambush in Florida.

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Alvarez & Marsal hires ex-Conway Mackenzie exec for restructurings

Alvarez & Marsal hired Jeffrey Huddleston as a managing director in the Houston office. Huddleston specializes in advising distressed companies, lenders and creditors both in court and out-of-court restructurings and turnarounds. Previously, Huddleston worked as a managing director at Conway MacKenzie and helped launch their energy practice in Houston.

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Lindsay Goldberg hires ex-Crane & Co. CEO Stephen DeFalco

Lindsay Goldberg hired Stephen DeFalco, former chief executive officer of Crane & Co., as a partner. DeFalco will lead efforts to enhance operational and technological resources the firm provides to its portfolio companies. Crane & Co. is a supplier of currency paper and anti-counterfeiting technology to the U.S. government. Lindsay Goldberg invested in the company in 2008 and in 2011, the Crane family and Lindsay Goldberg hired DeFalco as the first external CEO in the company’s history.

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Highview, Victory Park adds on two companies to American Plastics platform

American Plastics, backed by Highview Capital and Victory Park Capital Advisors, acquired Centrex Plastics and Creative Plastic Concepts. American Plastics makes, imports and distributes consumer storage and commercial cleaning products. The combined company will be owned by Highview, Victory Park and Nick Reinhart, president of Centrex and Creative Plastic. Terms of the deal were not disclosed.

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BlackRock to buy Tennenbaum Capital; five partners to stay on board

BlackRock agreed to acquire Tennenbaum Capital Partners, which focuses on credit and special situations. Tennenbaum partners Lee LandrumMichael LeitnerHoward LevkowitzPhilip Tseng and Rajneesh Vig will stay on as part of the acquisition. Tennenbaum is expected to become a wholly owned subsidiary of BlackRock and, pending approval, will remain the investment adviser for TCP Capital Corp.

Middle Ground Capital, Monomoy Capital Partners, private equity
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Monomoy spinout Middle Ground Capital prepares debut fund

Three executives from Monomoy Capital Partners who left last year have formed their own shop that will have a heavy emphasis on operations, sources told Buyouts. Ex-Monomoy Partner John Stewart, Directors Scot Duncan and Lauren Mulholland left the firm and have formed Middle Ground Capital, sources said. Middle Ground is still in its early stages of formation, […]

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Drillcore Energy targets $250 mln for inaugural oil and gas fund

Drillcore Energy Partners is seeking $250 million for its inaugural private equity fund that will invest in upstream oil and gas in the U.S. Drillcore, led by Founder and Managing Partner Evan Turner, wants to close fundraising on Fund I in the summer. Turner formerly worked as a director and head of energy at StormHarbour Partners and was a founding member of CohnReznick Capital’s oil and gas group.

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Nano-C completes $11.5 mln funding round

Ray Stata, co-founder and chairman of Analog Devices, invested $3 million in Nano-C, which develops nanostructured carbon for energy and electronics applications. Stata’s investment completes an $11.5 million round of funding in Nano-C.

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DFW Capital completes buy of ReSource Pro

DFW Capital Partners completed an investment in ReSource Pro Holdings, which provides business process management and outsourcing to the insurance industry. ReSource Pro is DFW’s fourth investment from its fifth fund, which closed on $360 million in 2016.

Money Dollar Valuation VC
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TCV gears up to raise Fund X

Technology Crossover Ventures, which has invested in major tech companies including Netflix and LinkedIn, is preparing to raise its next flagship fund later this year, possibly in the third quarter, according to three people with knowledge of the firm. No official target has been set, but one person with knowledge of the firm said TCV could try and raise as […]

Technology Crossover Ventures, venture capital
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TCV gears up to raise Fund X

Technology Crossover Ventures, which has invested in major tech companies including Netflix and LinkedIn, is preparing to raise its next flagship fund later this year, possibly in the third quarter, according to three people with knowledge of the firm. No official target has been set, but one person with knowledge of the firm said TCV could try […]

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OPIC provides $5 mln loan to sole automaker in Kenya

Overseas Private Investment Corp, the U.S. Government’s development finance institution, made a $5 million loan to Mobius Motors Kenya, which makes vehicles in Africa designed for the region’s roads and drivers. OPIC’s $5 million loan is part of an $11 million financing package that includes New York-based PanAfrican Investment Co. Mobius is the only company making cars in Kenya and will use the OPIC loan to expand production. Specifically, it will use the financing to build a manufacturing facility near Nairobi. The company, which has made and sold 50 vehicles, plans to produce an additional 1,900 vehicles by 2019.

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Hunter Street names members to inaugural advisory board

Hunter Street Partners appointed three members to its inaugural advisory board. The members are: Steve Adams, senior distinguished fellow at University of St. Thomas School of Law and former partner and general counsel at Wayzata Investment Partners; Van Zandt Hawn, managing director at Goldner Hawn Johnson & Morrison; and Jeff Stolt, former partner and chief financial officer at Pine River Capital Management.

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Orion Energy opens Houston office

Orion Energy Partners opened a Houston office after having partnered with five companies headquartered in the Gulf Coast region. Ethan Shoemaker, managing director who has worked at Orion since its inception in 2015, will lead the Houston office.