Iris Dorbian
First Read starts the day with news that Univision is fielding takeover interest amid delayed IPO, Apple, Google and Microsoft hoard $464 bln in cash and Intel axes wearables unit.
Pearl Energy Investments has closed its second fund at a hard cap of $600 million. Pearl targets the energy sector, making investments between $25 million and $75 million. No placement agent was used. Kirkland & Ellis LLP provided legal counsel to the fund.
Arsenal Capital Partners has acquired Maryland Heights, Missouri-based PolyOne Corp's designed structures and solutions unit, which will be rebranded as Spartech LLC. No financial terms were disclosed. Spartech is a provider of packaging, visual and structural sheet and rollstock materials and specialty products.
Silver Oak Services Partners LLC has led a recapitalization of Redwood Dental, a Detroit-based provider of general and specialty dentistry services. No financial terms were disclosed for the transaction that was done in partnership with Redwood management and unnamed co-investors. Also, Redwood has made three add-on acquisitions: Signature Smiles, Affordable Dental Care and Holly Dental Care.
In Second Opinion, Morgan Stanley bests Goldman Sachs after posting stronger than expected earnings, Zynga and MGM are planning a Words With Friends TV show and NAFTA negotiations are set to begin August 12 in Washington, D.C.
Lincoln Hill Holdings LLC has acquired Chicago-based Fibre-Tec Partitions LLC, a provider of customized, fiber and corrugated box partitions. No financial terms were disclosed.
Carmel Partners, a multifamily property investment firm, has named Trey Hilberg as head of investments. Hilberg joined Carmel in 2004 as a senior vice president.
Caissa Capital has appointed Jerry F. Coffey as managing director and executive vice president. Coffey is the former general counsel at Entegra Power Group.
WestView Capital Partners has acquired a minority stake in Abacus Group, a provider of managed IT solutions and infrastructure for the financial services sector. No financial terms were disclosed. Drake Star Partners was the financial adviser to Abacus on the investment. In conjunction with the transaction, Rick Williams, a managing partner at WestView, will join the Abacus board of directors.
Vets First Choice, a provider of healthcare services for veterinary medicine, has secured $223 million in funding. Clayton, Dubilier & Rice and Hillhouse Capital Group were the lead investors, with Viking Global Investors, Wellington Management Company, Rock Springs Capital and Sequoia Heritage also participating in the round. Leerink Partners LLC advised Vets First Choice on the transaction. In conjunction with the funding. Betsy Atkins, founder of Baja LLC and Terry McGuire, founder of Polaris Partners, have joined the Vets First Choice's board of directors. And, an unnamed representative of Hillhouse will also join the board.