News and Analysis

Chris Flowers and his banker buds have bailed on their $25 billion buyout of Sallie Mae. Now the fight is on for $900 million in breakup fees, and the likeliest venue is a Delaware courtroom. J.C. Flowers and Sallie Mae had agreed on the $60 per share deal back in April, with additional equity commitments […]

ISH Inc., a Fairfield, Conn.-based provider of professional services for healthcare, has acquired Paradigm Business Solutions, a provider of strategic consulting services and of Lawson Software application and technical solutions. No financial terms were disclosed. ISH is a portfolio company of Summit Partners.

Susser Holdings Corp. (Nasdaq: SUSS) has agreed to acquire the parent company of Town & Country Food Stores, a San Angelo, Texas-based convenience store operator in West Texas and Eastern New Mexico. The deal is valued at approximately $361 million. Wellspring Capital holds nearly a 40% stake in Susser, as of this past April. www.susser.com

Universal American Financial Corp. (Nasdaq: UHCO) has completed its acquisition of pharmacy benefits manager MemberHealth Inc., for approximately $630 million (55% cash, 45% UAF stock). The deal is being backed by a $350 million PIPE investment in UAF by Lee Equity Partners, Perry Capital, Union Square Partners Management (f.k.a. Capital Z) and Welsh, Carson, Anderson […]

Last month, cancer drug company Adnexus Therapeutics raised VC funding and filed for an IPO on subsequent weeks. I wrote the following: “Call me cynical, but I’m not so sure Adnexus is itching to go public. Instead, it seems like a company positioning itself to be acquired.” Being right feels so much better than the alternative. […]

EQT Partners has sold deSter Holding BV, an Amsterdam-based provider of in-flight hospitality items, to Gate Gourmet for an undisclosed amount. Merrill Lynch bought Gate Gourmet earlier this year from TPG. www.eqt.se www.gategourmet.com

AllHeart, a Camarillo, Calif.-based ecommerce site for medical uniform and other healthcare apparel and items, has acquired Jasco Uniform, a Vernon Hills, Ill.-based direct mail marketer of uniform apparel, diagnostic instruments and other healthcare products. No financial terms were disclosed. AllHeart is a portfolio company of Friend Skoler & Co. www.allheart.com

AthenaHealth is the only VC-backed IPO to price in all of September. In fact, it’s the only PE-backed IPO to price in all of September, as not a single buyout-backed offering has made the cut. Not too shabby for a company that lost over $10 million over the past twelve months, and has only around […]

Kurz-Kasch Inc., a Dayton, Ohio

Delphi Corp. has agreed to sell some of its brake operations to TRW Automotive Holdings Corp. (NYSE: TRW), as part of its efforts to exit Chapter 11 bankruptcy protection. No financial terms were disclosed. The deal includes part of Delphi's North American brake component machining and module assembly assets. TRW also will acquire production inventory, […]