Iris Dorbian
Inverness Graham has closed its oversubscribed third fund at $283 million, beating its $225 million target. Inverness Graham Investments III will focus on lower middle market buyouts. The limited partners of IGI-III include pension funds, insurance companies, fund of funds and family offices.
Oil and gas exploration company Apache Corp has sold its Australian unit Apache Energy Limited to a consortium of private equity funds managed by Macquarie Corporate Holdings Limited and Brookfield Asset Management Inc. As previously reported by PE HUB, the price of the transaction was $2.1 billion.
Houston-based upstream exploration and development company Falls City E&P LLC has agreed to buy core South Texas acreage from unnamed sellers. No financial terms were disclosed. Falls City is owned by Framework Capital, Petoil Overseas and Reveille Oil & Gas.
J.C. Flowers & Co. LLC has agreed to buy AmeriLife Group from Reservoir Capital Group and Black Diamond Capital Partners. No financial terms were disclosed for the transaction that is expected to close in the second or third quarter of this year. Evercore advised AmeriLife on the transaction while Morgan Stanley & Co. advised J.C. Flowers. AmeriLife is a provider of annuity, life and health insurance products focused on the senior market.
First Read ends the week with news the U.S. suspects hackers in China breached about 4 million people's records, Mark Zuckerberg unveils Facebook Lite app and an FDA panel backs "Viagra for women."
In Second Opinion, the IMF urges the Federal Reserve to hold off on interest rate hikes until 2016, Apple Watch will begin selling in stores in two weeks and Barnard College is the latest all-women's college to accept transgender women.
HealthCare Royalty Partners has promoted Paul Hadden to managing director and named Dr. Shin Kang as vice president. Hadden joined HCRP in 2007 as a senior associate. And, previously, Kang was vice president of equity research at Wells Fargo Securities. Also, HCRP will be opening an office in San Francisco this summer.
Mainsail Partners has appointed Ron Will as chief financial officer and operating partner. Previously, Will was the CFO of BrightRoll, which was acquired by Yahoo last December.
IBM has acquired Seattle-based Blue Box Group Inc, a managed private cloud provider built on OpenStack. No financial terms were disclosed. Blue Box's backers included Voyager Capital and Founder Collective.
Golub Capital has provided undisclosed financing to back Linsalata Capital's refinancing of Whitcraft LLC. Based in Eastford, Connecticut, Whitcraft is a maker of aerospace components.