Iris Dorbian
Rockwood Equity Partners has acquired Altimate Medical from Invacare Corp. for about $23 million in cash. Altimate is a maker of stationary standing assistive devices for use in patient rehabilitation.
Light Tower Rentals, which is backed by Clairvest, has closed a recap with new investors that include StepStone and Constitution Capital Partners. This follows a $330 million U.S. bond offering. As part of the transaction, LTR shareholders sold 44.2 percent of their equity for $100 million. Clairvest collected $49.9 million and will continue to own a 29.2 percent stake in LTR. Based in Odessa, Texas, LTR is a provider of oil rig equipment.
Covidien has acquired Sapheon, which is backed by Main Line Equity Partners. No financial terms were disclosed. Based in Morrisville, North Carolina, Sapheon is a medical device firm.
3i has agreed to buy A&A Manufacturing, a maker of protective and safety equipment, from Audax Group.
SunTrust Robinson Humphrey has expanded its equity research team with three new additions. The firm has hired Salveen Richter and Edward Nash as managing directors covering the biotech and life sciences sector. Also, STRH has named Chase Mulvehill as a director on the energy team covering the oilfield service sector. Previously, Richter worked at Canaccord Genuity as a managing director covering biotech while Nash worked at Cowen and Company. And, prior to joining STRH, Mulvehill was a buy-side analyst at Carlson Capital and Millennium.
Biotronic NeuroNetwork, a portfolio company of Great Point Partners, has promoted Bill Gecsey from president and CFO to CEO. The appointment is effective immediately. Gecsey first joined the firm in 2010 as CFO. Based in Ann Arbor, Michigan, Biotronic is a provider of intraoperative neurophysiological monitoring.
CDI Computer Dealers, which is backed by H.I.G. Growth Partners, has promoted Erez Pikar from chief operating officer to president. Pikar began at the firm as a director of operations. Headquartered in Markham, Ontario, CDI is a refurbisher and remarketer of IT equipment to educational institutions.
Oaktree has acquired a majority stake in Timbers Resorts. No financial terms were disclosed. In addition to the investment, John Brady, global head of real estate for Oaktree and David Burden, founder and CEO of Timbers, have been named co-chairmen of Timbers with Burden serving as executive chairman. Timbers is a developer and operator of luxury boutique resorts and residence clubs worldwide.
Response Biomedical Corp has appointed Lewis J. Shuster as chairman of its board of directors. Outgoing Chairman Dr. Peter A Thompson will remain on the board. Shuster is CEO of Shuster Capital. Headquartered in Vancouver, British Columbia, Response is a maker of on-site diagnostic tests.
Beauty products brand Elizabeth Arden is evaluating Rhône Capital's tender offer to buy about 20 percent of the company. According to terms of the offer, Rhône Capital is seeking to acquire up to 6.4 million shares of Elizabeth Arden at $17 per share.