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Tell Group is bidding for Abraaj funds: Bloomberg

Tell Group SA, the investment firm founded by ex-UBS Group AG banker Yassine Bouhara, is offering to buy funds managed by collapsed Abraaj Group, Bloomberg is reporting. Tell is bidding $25 million to transfer the management of seven Abraaj funds to a new entity that would be 20 percent owned by Tell and 80 percent by Abraaj’s unsecured creditors, the story said.

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KPS to make 6x on Chassis Brakes sale to Hitachi

KPS Capital Partners said June 19 that it has agreed to sell Chassis Brakes International Group to Hitachi Automotive Systems Ltd, a subsidiary of Hitachi Ltd. Financial terms weren’t announced. Chassis Brakes, of Eindhoven, The Netherlands, makes automotive foundation brakes and foundation brake components. UPDATE: The transaction is valued at $690 million euros ($773 million), a source familiar said. The sale will produce a 6x return for KPS, the person said.

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VMware to buy Avi Networks

VMware Inc, which is majority owned by Dell, is buying Avi Networks. Financial terms weren’t announced. Avi provides multi-cloud application delivery services. Mike Krigbaum and Jae Yoo of Morrison & Foerster provided legal advice to VMware.

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Enboarder raises $8 mln

Enboarder said June 19 that it raised $8 million in a Series A round led by Greycroft. New investors including Next Coast Ventures and Stage 2 Capital also participated. Enboarder, of Austin, provides cloud-based HR technology.

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Xirgo Tech buys UAB Baltic Car Equipment

Xirgo Technologies LlLC, a portfolio company of HKW, has acquired UAB Baltic Car Equipment. Financial terms weren’t announced. UAB provides fleet management solutions, including hardware and software suites for light vehicles, trucks, heavy machinery, and agricultural equipment.

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GI Partners in talks to buy Insurity

Insurity, the insurtech backed by three PE firms, looks like it will remain in private equity hands. GI Partners is in talks to buy Insurity, four sources said. Founded in 1971, Insurity is the Hartford, Connecticut, provider of policy administration software for the P&C insurance industry. The company produces $70 million Ebitda and was anticipated […]

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PE HUB Wire Highlights, 6.18.19

Twin Brook latest direct lending fund raises $2.75B; Ripple takes a chunk of THL-backed MoneyGram; Bonderman’s family office invests in Spring Fertility

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Acore Credit IV raises $556 mln

Acore Capital LP said June 18 that it closed its first discretionary commingled real estate debt fund, Acore Credit IV, on $556 million. Acore said it closed another $2 billion of separate account mandates, which target similar commercial real estate lending opportunities.

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Roberto Cavalli nears decision on buyer: Private Equity News

Roberto Cavalli, the fashion house, is close to a decision on a buyer, Private Equity News reported. Cavalli has received five offers, including three binding offers for 100 percent of the company, the story said. Cavalli is backed by Clessidra Capital Partners.

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Cheyne Capital European Strategic Value Fund raises 1 bln euros

Cheyne Capital Management (UK) LLP said June 18 that it closed its inaugural European Strategic Value Credit Fund on 1 billion euros ($1.1 billion). The Fund’s focus is on acquiring the debt of stressed middle-market businesses, with average transaction sizes between 10 million euros to 50 million euros.

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Britton joins Welsh, Carson, Anderson & Stowe

Welsh, Carson, Anderson & Stowe said June 18 that Simon Britton has joined the firm’s healthcare team as an operating partner. Britton previously held held senior positions at Premier Research, ICON Plc, PPD and GlaxoSmithKline.

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Halifax invests in StrataTech Education

Halifax Group said June 18 that it invested in StrataTech Education Group. Financial terms weren’t announced. StrataTech, of Phoenix, provides facility-based post-secondary education.

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Fortress-backed New Residential to buy Ditech Financial

Ditech Holding Corp, which has filed for bankruptcy protection, said June 18 that New Residential Investment Corp is acquiring Ditech Financial, its forward mortgage servicing and orginations business. Mortgage Assets is buying Ditech’s Reverse Mortgage Solutions Inc. New Residential and Mortgage Assets will serve as proposed “stalking horse bidders” in court-supervised sale processes. New Residential is an affiliate of Fortress Investment Group LLC.

281 Views

All States Ag Parts buys Kern County Tractor Parts

All States Ag Parts LLC, a portfolio company of Kinderhook Industries LLC, said June 18 that it acquired Kern County Tractor Parts Inc. Financial terms weren’t announced. Kern, of McFarland, California, provides used, new aftermarket and remanufactured parts for the agricultural industry.

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Ripple invests $30 mln in MoneyGram

MoneyGram International Inc said June 17 that Ripple has invested $30 million in the company. The deal called for Ripple to buy common stock from MoneyGram at $4.10 per share. Ripple may also buy common stock or warrants up to $20 million at a minimum price of $4.10 per share. MoneyGram is a money transfer company.

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Imcyse raises 35 mln euros

Imcyse said June 18 that it raised 35 million euros ($31.6 million) in a Series B round led by LSP together with Belgian investors including Epimède, the Société Régionale d’Investissement de Wallonie, and the Société Fédérale de Participations et d’Investissement. Existing shareholders (Biogenosis, Noshaq, KU Leuven) also participated in the round. Imcyse, of Liege, Belgium, develops active specific immunotherapies for the treatment and prevention of severe chronic diseases.