Parthenon Capital Partners’ investment in Institutional Cash Distributors was more than just a growth investment. In fact, the San Francisco buyout shop acquired a majority of ICD, according to CEO Tory Hazard. ICD Founders Ed Baldry, Jeff Jellison and Tom Newton, along with management and employees, retained a minority, Hazard said. “Parthenon was the best fit for us,” Hazard said of […]
Ascensus said Jan. 22 that it agreed to buy Polycomp Trust Co. Financial terms weren’t announced. Polycomp, of Sioux Falls, South Dakota, is a non-traditional asset custodian for self-directed IRAs. Ascensus also said it that it closed its buy of Provident Trust Group. Ascensus is backed by Genstar Capital and Aquiline Capital Partners.
New MainStream Capital said Jan. 22 that Noel Jeon has joined as a principal while Michael Lehman and Donza Worden were promoted to senior associate positions.
MidOcean Partners said Jan. 22 that it invested in The Planet Group. Financial terms weren’t announced. The Planet Group, of Chicago, provides outsourced human capital and consulting services.
SoFi is in talks with Anthony Noto to permanently replace Mike Cagney as CEO, the Financial Times reported Jan. 20. Noto is a former Goldman Sachs banker who is now chief operating officer at Twitter. Cagney, SoFi’s founder, resigned as CEO last year in the wake of a pair of lawsuits alleging sexual harassment and unfair work practices, the FT said.
American International Group Inc said Jan. 22 that it agreed to buy Validus Holdings Ltd for $5.56 billion or $68 a share. AIG’s and Validus’s boards have approved the deal. Validus provides reinsurance, primary insurance, and asset management services. Citigroup Global Markets Inc, Perella Weinberg Partners LP and Debevoise & Plimpton LLP advised AIG on the transaction. Validus was advised by J.P. Morgan Securities LLC and Skadden, Arps, Slate, Meagher & Flom LLP.
HgCapital Trust is exploring options for Lumesse, according to the Wall Street Journal. Jefferies is running the process, the story said. Lumesse is a European provider of HR software.
Lindsay Goldberg is considering selling Dealer Tire, Bloomberg is reporting. The tire distributor could fetch more than $2 billion, the story said. Lindsay Goldberg has held talks with financial advisers about strategic options for the business and no final decision has been made, Bloomberg said.
Near 20 years after its founding, Lovell Minnick Partners set out the next phase of its expansion. The Radnor, Pennsylvania, private equity firm said Jan. 18 that it named Steven Pierson and Robert Belke managing partners with day-to-day oversight of the firm, including finance, operations and investor relations. Pierson is heading the firm’s newly created management committee, […]
Varo Money Inc said Jan. 18 that it raised $45 million in a round led by existing investors Warburg Pincus and The Rise Fund. Thirty additional participants, including angels, existing investors and management, took part in the round. Vero, of San Francisco, is a mobile banking startup. Read more about the funding round at Buyouts.
Varo Money Inc, the fintech startup that is seeking a national bank charter, has raised $45 million in a Series B round led by Warburg Pincus and Rise Fund. The B round, which closed Jan. 10, featured 30 additional investors including angels, existing investors and management. Varo has collected more than $78 million in two […]
William Bain Jr passed away Tuesday, Jan. 16, the Wall Street Journal reported. Bain, who was 80, had been suffering from Alzheimer’s disease, the story said. He founded his own consulting company, Bain & Co, in 1973. He also founded Bain Capital in 1984 and installed Mitt Romney as its top executive, the WSJ said.
Unitas Global said Jan. 17 that secured $10 million in growth capital led by Boathouse Capital. All of Unitas Global’s existing institutional investors, including MK Capital, participated in the round. Unitas Global, of Los Angeles, provides cloud solutions to enterprise organizations.
Partners Group said Jan. 18 that it sold its remaining stake in VAT Group AG. Financial terms weren’t announced. Vat, of Haag, Switzerland, produces vacuum valves used in portable electronic devices, flat-screen monitors or solar panels. Partners Group said the investment has generated a gross return of 6x on the original investment and a gross IRR of 74 percent.
Ledger has raised a 56 million pound ($75 million) round led by Draper Esprit. Participating in the round were FirstMark Capital, Cathay Capital, and Korelya Capital. Existing investors, CapHorn Invest, GDTRE and Digital Currency Group, also took part in the round. Ledger, of Paris, is a cryptocurrency and blockchain security company. Draper Espirit said that its investment in Ledger came to 18 million pounds ($24 million).
PM & Partners SGR said Jan. 18 that it sold Monviso Srl. Altabread, controlled by Céréa Partenaire, is the buyer. Financial terms weren’t announced. Monviso, of Piedmont, Italy, makes gourmet and healthy bread substitutes. Vitale & Co provided financial advice to the sellers while Gattai, Minoli, Agostinelli & Partners acted as legal adviser to PM & Partners. Andrea Pagliara and Adriano Adriani of Brera Financial Advisory provided financial advice to the buyers.
Heidelpay Investments GmbH, which is backed AnaCap Financial Partners, said Jan. 18 that it acquired mPAY24 GmbH. Financial terms weren’t announced. MPAY24, of Vienna, is a payment service provider mainly focused on e-commerce payment processing.
SurveyMonkey is preparing to go public later this year, recode is reporting. The polling company expects to choose bankers for the IPO in the next few months, the story said. SurveyMonkey is backed by Spectrum Equity and TPG Growth.