Prospect Partners and Schilling Ventures have announced the recapitalization of Cyclonaire Corporation, a provider of pneumatic conveying systems, in partnership with management. Cyclonaire is the seventh platform company in Prospect Partners’ $200 million third fund and the third investment for Schilling Ventures.
Freeman Spogli & Co has made a minority investment in Arhaus, a lifestyle retailer of home furnishings. Financial terms of the transaction were not disclosed.
After 22 years with ORIX USA, including 10 as CEO, Jim Thompson has launched his own firm, Preston Hollow.
Vance Street Capital has acquired Tactical Micro from Relativity Capital, an Arlington, Virginia-based private equity firm. Terms of the transaction were not disclosed.
Baird Capital has invested in Watkins Hire, a provider of industrial and commercial heating and cooling equipment rental services. Watkins will use the funding to expand its rental fleet to support business growth and to invest in its engineering, operational and service infrastructure.
After 22 years with ORIX USA, including 10 as CEO, Jim Thompson has launched his own firm, sister news service peHUB reported.
Magna Electric Corp, a Saskatoon, Sask.-based provider of electrical power system engineering, testing, construction, manufacturing and commissioning services, has been bought by Shermco Industries Inc for an undisclosed amount. The combination of Shermco and Magna Electric creates the largest independent electrical testing and maintenance service company in North America, said Shermco, which has its headquarters in Irving, Texas. Company management partnered in Shermco's acquisition by GFI Energy Group, an affiliate of U.S. private equity firm Oaktree Capital Management, in Dec. 2012.
Proxy advisory firms Institutional Shareholder Services Inc and Glass Lewis & Co have recommended that shareholders and convertible debenture holders of natural health products manufacturer Atrium Innovations Inc approve the company's acquisition by an investor group led by European private equity firm Permira Funds for around $751.2 million. The deal, announced in Nov. 2013, will be voted on at a meeting of investors scheduled for January 21st. The Fonds de solidarité des travailleurs du Québec FTQ and Caisse de dépôt et placement du Québec, who collectively hold about 25 percent of the Québec City-based Atrium, have already agreed to vote for the acquisition.
in two rival bidders for Australian office property developer Commonwealth Property Office Fund (CPA) rose in Sydney on Tuesday after the pair agreed a billion-dollar asset sale, paving the way for the end of a takeover battle, reports Reuters. Under terms of the accord announced in filings late on Monday, CPA's preferred bidder, a consortium led by Dexus Property Group, will sell five office buildings in Sydney and Melbourne with a combined value of about A$1.2 billion (US$1.08 billion) to its rival property firm, The GPT Group. The agreement, subject to the Dexus consortium acquiring over 90 percent of CPA, is essentially a consolation prize for GPT as Dexus and its partner finalise a A$3 billion deal recommended by CPA to its investors in mid-December. Dexus is backed by the Canada Pension Plan Investment Board.
Canadian private investment firm Stern Partners has acquired an undisclosed majority interest in McRae’s Environmental Services Ltd, a Delta, B.C.-based infrastructure maintenance and environmental services business providing hydro-excavation, vacuum truck and liquid waste hauling services. All existing investors will retain an interest in the company. Stern Partners' vice president Chris Tsoromocos said the transaction will support McRae’s strategic direction and plans for expansion while maintaining current levels of customer service. Based in Vancouver, Stern Partners focuses on investing in businesses in various industries, including manufacturing, distribution, retailing, publishing, printing, packaging and real estate.