News and Analysis

Goldman Sachs is planning to raise 5 billion yuans ($770 million) for a private equity fund in China, Reuters reported Thursday. The fund is a joint venture between Goldman and state-owned Capital Opportunities and Management Centre of Beijing, a unit of Beijing's municipal government, Reuters wrote.
Tata Capital, the private equity unit of India’s Tata Group, has sealed commitments of $800 million for new private equity investments, Reuters reported. Last year, Tata Capital set up a private equity fund jointly with Japan's Mizuho Securities to invest in unlisted Indian companies, with a target of raising $1 billion by December 2011, Reuters wrote. The firm provides financial services across consumer and corporate finance, equity research, and investment banking, and manages several buyout funds, including Tata Growth Fund and Tata Opportunities Fund.
General Atlantic has acquired a minority stake in Studio Moderna Holdings. Existing investors, Insight Venture Partners, Templeton Strategic Emerging Markets Fund III and JH Partners also participated in the deal. Financial terms were not announced. Studio Moderna is an e-commerce and direct to consumer platform in Central and Eastern Europe, Russia and Turkey.
Harmony Foods Corp., which is backed by Levine Leichtman Capital Partners, has completed a $115 million bond offering to the institutional market. Harmony Foods does business as Santa Cruz Nutritionals. The company plans to use the proceeds to refinance existing debt, pay a shareholder dividend and pay related fees and expenses.
H.I.G. Europe, along with Bayside Capital, has acquired Silentnight, a leading bed and mattress manufacturer in the U.K. H.I.G. Europe is the European arm of H.I.G. Capital.
Roper Industries has agreed to buy Northern Digital, which is backed by the Audax Group. Financial terms were not disclosed. The sale is expected to close in second quarter. Northern Digital, of Ontario, provides optical and electromagnetic measurement systems for medical and industrial applications. News of the sale was disclosed by Harris Williams, which advised Northern Digital.
I have more info on the Wall Street Systems sale. Yesterday, I reported that ION Trading, which is backed by TA Associates, was buying Wall Street Systems. Warburg Pincus owns a majority of the company. The PE firm expects to make make more than 3x its investment on the sale of Wall Street Systems, a person says. Wall Street Systems is selling for north of $500 million, two sources say. Deutsche Bank is advising on the sale, sources say.
Raj Rajaratnam was found guilty Wednesday of 14 conspiracy and securities fraud charges of insider trading. Rajaratnam is the founder of Galleon Group, a head fund. He remains free on bail until sentencing on July 29. he faces 15 1/2 to 19 1/2 years in federal prison.
Novacap Industries has acquired Idaho Pacific Holdings, a unit of Otter Tail Corp. The deal closed May 6. Financial terms were not announced. Idaho Pacific makes dehydrated potato products that are used in the industrial food and baking industries. Novacap is a Canadian PE firm. News of the sale was disclosed by Harris Williams which advised IPH.
AXA Private Equity said Wednesday that it is taking a 30% stake in FrancEnergies Group, a French energy solutions specialist.
pehub
pehub

Copyright PEI Media

Not for publication, email or dissemination