A man walks through light rain in front of the Hey Google booth under construction at the Las Vegas Convention Center in preparation for the 2018 CES in Las Vegas, Nevada, U.S. January 8, 2018. REUTERS/Steve Marcus - RC1AD2102DC0

Parthenon’s deal for Institutional Cash Distributors was actually a buyout

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 to buy Polycomp Trust Co

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.

Jeon joins New MainStream Capital

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.

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MidOcean invests in Planet Group

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.

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AIG to buy Validus Holdings for $5.56 bln

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.

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Lindsay Goldberg considers selling Dealer Tire: Bloomberg

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.

The Iron Throne is seen on the set of the television series Game of Thrones in the Titanic Quarter of Belfast, Northern Ireland, Picture taken June 24, 2014. REUTERS/Phil Noble - RC16718BD570
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Pierson, Belke take helm at Lovell Minnick

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, […]

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Varo Money raises $45 mln

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.

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Warburg Pincus invests in Varo Money for a second time

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 […]

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Unitas Global raises $10 mln

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.

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Partners Group exits VAT Group

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.

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Ledger raises $75 mln

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).

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PM & Partners exits Monviso

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.

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Heidelpay buys mPAY24

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.