Argonne sells stakes in 6 portfolio companies through $530 mln continuation fund

Argonne Capital Group said May 21 that a continuation fund closed on $530 million. LPs of the fund include GCM Grosvenor, Hamilton Lane and Strategic Partners. Argonne Capital Partners I LP has invested the $530 million in six Argonne portfolio companies: Sunshine Restaurant Partners, the sole master licensee for IHOP in the U.S.; ACG Texas and Peak Restaurant Partners, two IHOP franchisees; On The Border; Krystal; and, National Fitness Partners. The fund acquired all of the equity of the IHOP assets from Argonne and bought partial investments in On The Border, Krystal and National Fitness Partners.

TransUnion to buy iovation, Healthcare Payment Specialists

TransUnion said May 18 that it agreed to buy iovation. Financial terms weren’t announced. Iovation, which provides consumer-authentication and fraud-detection software, has raised about $17 million in venture funding. Investors include Sapphire Ventures. In a separate announcement, TransUnion said it also agreed to acquire Healthcare Payment Specialists, a provider of Medicare reimbursement. Terms were not disclosed. Nautic Partners is the seller. Morrison & Foerster advised iovation.

L Catterton Asia invests in Future Lifestyle Fashions

L Catterton Asia, the Asian unit of L Catterton, has invested in Future Lifestyle Fashions Ltd. Financial terms weren’t announced. L Catterton Asia is buying about 10 percent of Future Lifestyle through a mix of preferential allotment and secondary purchase of shares. Future Lifestyle, of Mumbai, is a fashion company with brands including Lee Cooper, Indigo Nation and Jealous 21. Lazard India advised Future Lifestyle.

Freeman & Co, private equity, Tony Seto, Berkshire Capital, law, litigation

Freeman & Co sues former exec director, alleges theft of trade secrets

Freeman & Co, a boutique investment bank, has sued Tony Seto, a former executive director, claiming he stole “highly confidential trade secrets” when he left and joined a rival bank. In a lawsuit filed in U.S. District Court in Manhattan, Freeman, of New York, alleged that Seto attempted to woo clients before he resigned, uploaded proprietary information […]

Photo of Luisa Beltran, PE HUB Senior Editor, courtesy of Buyouts Insider.
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PE HUB Wire Highlights, 5.21.18

Apax sells GlobalLogic stake to Partners Group; CardinalHealth puts naviHealth on the block; Is Blackstone’s buy of Hilton the best LBO ever?

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BMC taps Goldman, Credit Suisse to find buyer: Bloomberg

BMC Software is up for sale and is working with Goldman Sachs and Credit Suisse to find a buyer, Bloomberg confirmed. The BMC process has drawn interest from Thoma Bravo and KKR, the story. Bain Capital and Golden Gate Capital acquired BMC in 2013 for $6.9 billion.

Ant Financial’s $10 bln fundraise attracts investors: Financial Times

Ant Financial’s $10 billion fundraise is oversubscribed and has attracted investors including Carlyle Group, General Atlantic, Silver Lake Partners, Sequoia Capital China and Warburg Pincus, sovereign wealth fund Temasek, and institutional funds including Canadian Pension Plan Investment Board and BlackRock, the Financial Times reported. The fundraise values Ant Financial at $150 billion, the story said. Investors in Ant’s $10 billion fundraising will receive convertible instruments rather than equity, the story said. The instruments will convert into shares when the company lists, the FT said.

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Blackstone to realize $14 bln on Hilton investment: Bloomberg

Blackstone Group is exiting Hilton Worldwide Holdings Inc after 11 years. BX agreed to sell 15.8 million shares of Hilton common stock in privately negotiated transactions. The sale was valued at about $1.3 billion, Bloomberg said. With the sale, Blackstone is exiting Hilton after 11 years and  will realize $14 billion in profit, more than tripling its initial investment, the story said.

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Apax to sell GlobalLogic stake to Partners Group

Apax Partners has agreed to sell its stake in GlobalLogic Inc to Partners Group. Financial terms weren’t announced. The deal values GlobalLogic at $2 billion. In 2017, Apax sold 48 percent of its stake in GlobalLogic to Canada Pension Plan Investment Board. Partners and CPPIB now have an equal stake in GlobalLogic, of San Jose, a provider of digital product engineering services.

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Golub Capital looks to sell minority stake: source

Golub Capital, one of the biggest middle-market lenders, is considering selling a minority stake to an outside investor, a source familiar with the process said. Golub is looking at divesting 15 percent, the person said. The stake would be passive, the source said. Golub has hired a financial adviser, believed to be JP Morgan, the […]

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Mecadaq to buy Hirschler Manufacturing

Mecadaq Group, an Activa Capital portfolio company, is buying Hirschler Manufacturing Inc. Financial terms weren’t announced. Hirschler, of Kirkland, Washington, produces high-precision mechanical parts made from hard metals such as titanium, stainless steel, and inconel.

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OpenClassrooms raises $60 mln

OpenClassrooms said May 16 that it raised $60 million in Series B Funding led by General Atlantic. Three existing investors also took part. OpenClassrooms, of Paris and London, is an online higher education platform.

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Pattar joins KKR

KKR said May 17 that John Pattar has joined as a member and head of KKR’s real estate business in Asia Pacific. Pattar was previously with CLSA Capital Partners in Hong Kong, where he was the CEO of CLSA Real Estate.