Iris Dorbian
First Read begins the week with news that Dropbox has officially filed to go public, a judge overturns ex-pharmaceutical executive Martin Shkreli's bid to overturn his stock manipulation conviction, and Weinstein & Co. is filing for bankruptcy protection after its planned sale collapses.
Second Opinion ends the week with news that JPMorgan reports that women there earn 1 percent less than their male counterparts, Nordstrom's family group is finalizing its offer to take the department store chain private and Florida Governor Scott proposes raising the age limit for gun purchases in the state.
Z Capital has made a number of promotions to its private equity investment and operations team. They include Matthew Kane, Neal Nath and Pascale Thomas, who are now all managing directors and Ian Delehanty, who has become a director. Also, Conor O'Grady is now managing director and head of private equity reporting.
Kim Yost, president and CEO of Warren, Michigan-based Art Van Furniture, a furniture and mattress retailer, is planning on retiring. Yost will stay with the company until a successor is named. Art Van Furniture is backed by Thomas H. Lee Partners LP.
Newbury Partners has raised over $1.4 billion for its fourth fund, according to an SEC filing. In March 2014, the Stamford, Connecticut-based private equity firm closed its previous fund at over $1.1 billion.
Five Points Capital has provided a debt facility and equity financing to support GPSTrackit's growth initiatives and its acquisition of TSO Mobile, a provider of SaaS-based asset tracking and fleet management solutions for fleets and municipalities. No financial terms were disclosed. GPSTrackit is backed by Inverness Graham Investments.
Foresight Group has sold its stake in UK-based ICA Digital, a managed print services business. ICA's buyer is ASL Group, a portfolio company of Mobeus Equity Partners. No financial terms were disclosed.
Millwood, New York-based Mavis Discount Tire, a tire and service provider and Birmingham, Alabama-based Express Oil Change & Tire Engineers, a provider of car care solutions, have agreed to merge. ONCAP, Onex Corp's middle-market private equity platform, is selling its stake in Mavis to Golden Gate Capital, which owns Express Oil Change & Tire Engineers. No financial terms were disclosed. The deal is expected to close in the first half of this year. Jefferies is serving as financial adviser to Mavis and is leading the financing group which includes Antares Capital, KKR Capital Markets, Angel Island Capital and Cowen.
Red Arts Capital has acquired Phoenix, Arizona-based Central Arizona Freight, a provider of specialty transportation services. No financial terms were disclosed. Scudder Law Firm, Scopelitis, Garvin, Light, Hanson & Feary, PC and Riley Safer Holmes & Cancila LLP provided legal advice to Red Arts Capital on the deal while PNC Business Credit led the debt financing.
Forum Merger Corp, a blank check company, and ConvergeOne Inc, an IT services provider of collaboration and technology solutions, has closed its previously announced merger. No financial terms were disclosed. Also, Forum has changed its name to Converge One, which will start trading February 23, 2018 on the NASDAQ under the ticker symbol "CVON." ConvergeOne is a portfolio company of Clearlake Capital.