Iris Dorbian
Interstate National Corp, which is backed by Golden Gate Capital, has promoted Breanne Morley to president and Brian Becker to executive vice president and chief sales and marketing officer. Based in Atlanta, Interstate National is a provider of vehicle F&I products and services.
SFW Capital Partners has agreed to sell Essen BioScience Inc to Sartorius for $320 million in cash. The deal is expected to close by the end of the first quarter of this year. Based in Ann Arbor, Michigan, Essen BioScience is a provider of instruments used for drug discovery and basic research applications.
First Read ends your week with news Attorney General Sessions has recused himself from Russian investigation, Amazon blames human error for cloud-service disruption and ex-Uber engineer retains lawyer.
In Second Opinion, Boeing moves ahead with job cuts as 1,800 take buyouts, Caterpillar's shares tank after feds raid its offices and the Uber ex-engineer who alleged racism at the ride-hailing company has retained a lawyer.
Strattam Capital has promoted Hilary Fleischer and Kyle Reesing to principal. The appointments are effective immediately. Fleischer and Reesing joined the private equity firm in 2014.
Arlington, Virginia and New York City-based J.F. Lehman & Company, a middle-market private equity firm focused on the aerospace, maritime and defense sectors, has closed its oversubscribed fourth fund at a hard cap of $833 million, beating its $700 million target.
Cerberus Business Finance, a Cerberus Capital Management affiliate, has closed its third middle-market direct lending fund at $2.05 billion, beating its $2 billion target. CBF's Loan Opportunities Fund III's investors include government and corporate pensions, endowments, insurance companies, family offices, foundations, nonprofit organizations, fund of funds, and high-net worth individuals.
Industrial Growth Partners has acquired Tucson, Arizona-based IOTA, a maker of back-up power supply equipment for commercial, industrial and institutional emergency lighting applications. No financial terms were disclosed.
Vestar Capital Partners has made an investment in Woodridge, Illinois-based Edward Don & Company, a provider of food service equipment and supplies. No financial terms were disclosed. Wells Fargo Securities LLC served as financial adviser to Edward Don & Company. The Don family and some senior management will retain a "significant" ownership stake in the company. The deal is expected to close in the first quarter of this year.
Pacific Lake Partners has raised over $119 million for its third fund, according to an SEC filing. Based in Boston, Pacific Lake backs entrepreneurs looking to acquire service companies with revenues between $10 million and $30 million.