Middle-market buyout shop Friedman Fleischer & Lowe has completed its acquisition of Midwest Dental, a dental practice management company. Financial terms of the deal were not released. Midwest Dental’s senior management team, which has worked together at the company for nearly 10 years, is investing alongside FFL, and will continue to manage the business, the company said in a written statement. Midwest Dental is based in Mondovi, Wisc.
A consortium of private equity firms will buy a $400 million Asia non-real estate private equity portfolio from Bank of America Merrill Lynch, Reuters reported. Paul Capital leads the group, which also includes HarbourVest Partners Asia, LGT Capital Partners and Axiom Asia. The portfolio – about 20 assets – will become the holdings of a new private equity manager, NewQuest Capital Partners, which will focus on investment opportunities in Asia. The new fund will be called NewQuest Asia Fund I L.P, according to a statement issued by NewQuest on Monday, Reuters reported.
Black River, the private equity unit of U.S. agribusiness company Cargill, is raising a $400 million fund to invest in companies that will benefit from rising Asian demand for meat and vegetables, Reuters reported. Black River Capital Partners (Food) Fund has inked about $200 million in commitments so far, and expects to invest about half the money in China, Reuters wrote.
TMS International Corp., which is majority owned by buyout shop Onex Corp., sold fewer shares than expected at a price below the proposed range in its IPO, Reuters reported. The company sold 11.2 million shares for $13 each, raising $145.6 million in the offering, Reuters reported. TMS and a group of its stakeholders had planned to sell 6.25 million shares each for $15 to $17 each.
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Private equity firms Bridgepoint, Cinven, PAI Partners and Warburg Pincus had all joined the first round of bidding for AstraZeneca's dental implants and medical devices division Astra Tech, Reuters reported, citing a report by the Mail on Sunday newspaper. The firms are competing with U.S. orthopaedic devices maker Zimmer for the unit. The sale is expected to fetch about 1.3 billion pounds ($2.1 billion).
Clayton Dubilier & Rice is leading a pack of potential bidders for RAC, the roadside rescue business being sold by British insurer Aviva, Reuters reported, citing an article in the Sunday Times. The buyout shop plans to run Aviva alongside BCA Europe, the European second-hand car dealer it bought last year, according to the Times. The Carlyle Group is also among potential bidders.
Donut and coffee company Dunkin Brands, which is owned by which is owned by the Carlyle Group, Bain Capital and Thomas H. Lee Partners, has named bookrunners for its planned IPO, Reuters reported. Barclays, JPMorgan and Morgan Stanley were named as active bookrunners, and Bank of America and Goldman Sachs as passive bookrunners. The company plans its IPO for sometime this summer, Reuters said.
PE firms selling companies to each other has become very popular. This week, we saw Sentinel Capital Partners buying Chromalox from CCMP Capital Advisors. Financial terms weren't disclosed but the transaction represents a long-hold for CCMP, which is the former JP Morgan Partners. CCMP acquired Sentinel in 2001 in a deal valued $165 million.
NEW YORK–A Delaware ruling last month accusing a large investment bank, Barclays Capital, of conflicts of interest is already driving some business to boutique firms. Just a day after the ruling, a client told Evercore Partners it wanted the 15-year-old boutique to be the lead adviser on a transaction. The client wanted a bank that […]