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Spansion Inc. (NYSE: CODE) agreed to acquire certain bankruptcy claims held by SL Capital Appreciation Fund LLC, Silver Lake Sumeru Fund LP and Silver Lake Credit Fund LP. The deal has a purchase price of $29 million and has been approved by the board of Spansion, which is a Sunnyvale, Calif.-based provider of Flash memory technology.
Benecard Services Inc. hired a former Caremark official as president and chief executive officer of its prescription benefit facilitator, Benecard PBF. Drew Crawford is assuming the role at the administrator of prescription benefits and services to public and private plan sponsors. Crawford, 37 years old, was most recently a principal with Crawford-Ross, which is a health care private equity joint venture.
Acadia Healthcare Co. acquired Youth & Family Centered Services Inc. Terms were not disclosed. Acadia is a portfolio company of Waud Capital Partners. Youth & Family, Austin, Texas, operates 13 behavioral healthcare facilities for youths and adolescents in eight states. The combined company will operate more than 1,700 patient beds and generate more than $260 million in annual revenue.
Golub Capital BDC Inc. (Nasdaq: GBDC) commenced a public offering of 3.5 million of its common shares. In connection with the offering, the company plans to grant the underwriters an over-allotment option to purchase up to 525,000 more shares. Wells Fargo Securities and UBS Investment Bank are acting as joint book-running managers for the offering. S tifel Nicolaus Weisel is a co-manager. Golub Capital will use proceeds to invest in portfolio companies and for general corporate purposes.
Praesidian Capital invested $19 million of second lien debt in The PromptCare Cos. and its sister company PromptCare Home Infusion LLC. The financing will support the acquisition of Pro2 (a provider of specialty respiratory products and services) and recapitalize its balance sheet. PromptCare is a portfolio company of MidMark Capital.
Bayside Capital-backed Pendum LLC signed an agreement to sell its cash logistics business to Loomis Armored US LLC. The transaction will include Pendum’s armored transportation and cash-in-transit services operations. The deal is expected to close April 30. Pendum will retain its core maintenance business.
Initial public offerings by U.S.-based buyout shops so far this year include some heavy hitters, but how are the portfolio companies that went public in 2010 doing? The table below looks at 10 with the highest returns through Friday. As of March 18, 2011, Oasis Petroleum Inc. has performed the best of the class of 2010 based on the increase in its stock price. Its shares are trading 52.96 112.57 percent higher compared with its IPO price. EnCap Investments LP’s Oasis Petroleum went public on June 17. It raised $588 million through the sale of 42 million for $14 a share. The Houston-based oil and gas explorer and producer ended Friday at $27.76.
The great start of the current year should bode well for other firms looking to the IPO market to exit some investments. At least eight portfolio companies have registered or are expected to file their plans to go public with the Securities and Exchange Commission so far this year. None have the scale of either HCA Holdings Inc. or Kinder Morgan, but two are expected to submit plans seeking to raise around $1 billion each. One of these is Allison Transmission Inc., which is backed by Carlyle Group and Onex Corp. Indianapolis-based Allison Transmission is looking to go public in the third quarter. The maker of automatic transmissions for school buses and other vehicles hired Bank of America Merrill Lynch, Citi, Credit Suisse, Morgan Stanley and JPMorgan & Co. to serve as underwriters. The other portfolio that could seek $1 billion through an IPO is DLJ South American Partners LP’s Arcos Dorados SA, which owns and operates McDonald’s fast food chain restaurants in Argentina. The following chart lists some of the portfolio companies considering an IPO:
Benjamin W. Hulburt and Christopher K. Hulburt formed Eclipse Resources I LP, which is an independent oil and natural gas company based in State College, Pa. The new group is being formed with EnCap Investments LP. EnCap and Eclipse Resources' management are committing $150 million to Eclipse Resources I LP. The Hulberts are former senior executive officers of Rex Energy Corp. (Nasdaq: REXX). Eclipse Resources will acquire, explore and develop unconventional oil and natural gas properties in the Appalachian Basin.
Evercore Partners Inc. expanded its Private Funds Group by appointing senior distribution professionals in the U.S. and Asia. The New York-based firm named Christopher Brand as a Managing Director, and subject to regulatory approval, will initiate the Private Funds Group’s expansion into Asia with the hire of William Lee. Brand will be based in San Francisco. Lee will lead Asia offering, and will be responsible for developing the group’s institutional investor relationships in the region. Brand was previously managing director at Ecotrust Forest Management. Lee joins from Asia Explorer Capital Ltd., a firm he founded to raise assets for Asia-based hedge funds.

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