Canadian private equity firm Penfund has provided growth capital to Mevotech LP, a Toronto-based supplier of automotive products, including steering, suspension, and driveline replacement products. The financial details of the investment were not disclosed. Mevotech said the partnership with Penfund will help the company to continue to execute its initiatives and better serve its customers. With its headquarters in Toronto, Penfund specializes in providing junior capital to mid-market companies in North America. The firm is currently investing from Penfund Capital Fund IV, which closed at $460 million in 2012.
Insight Venture Partners has acquired a majority stake in WorkForce Software. No financial terms were disclosed. In addition to the investment, Ryan Hinkle, managing director at Insight Venture Partners and Ross Devor, vice president, have been added to the WorkForce board of directors. Lazard advised Workforce on the transaction. Headquartered in Livonia, Michigan, Workforce Software is a provider of workforce management solutions.
Canadian Imperial Bank of Commerce, the fifth largest bank in Canada, and two private equity consortia are exploring offers for global asset manager Russell Investments, sources told Reuters.
Sverica has completed the sale of its majority stake in Accuvant to Blackstone. No financial terms were disclosed. As a result of the transaction, Sverica will retain a minority stake in Accuvant and remain on its board of directors. Headquartered in Denver, Accuvant is a provider of information security solutions.
Bain Capital has made a growth investment in Viewpoint Construction Software, which provides software services to the construction industry. The funding will enable Viewpoint to extend its reach in the global construction market. Wells Fargo worked as financial advisor to Bain Capital, while Credit Suisse and Canaccord Genuity Inc. worked as financial advisors to Viewpoint.
Apollo is to acquire event rental and services provider Classic Party Rentals. The acquisition is subject to the execution of an asset purchase agreement and approval by the United States Bankruptcy Court for the District of Delaware.
Litecontrol Corporation has been acquired by Hubbell. Sperry, Mitchell & Company served as exclusive financial advisor to Litecontrol. Litecontrol was founded in 1936 and is located in Plympton, Massachusetts.
ClearVue Partners has led a round of financing for Akasakatei, an all-inclusive BBQ and Japanese-cuisine restaurant. Akasakatei will use the financing round to accelerate the company's growth in Shanghai, Zhejiang, Jiangsu and Beijing.
The Gores Group has put Sage Automotive Interiors up for sale more than two years after buying the company, sources told peHUB.
Avison Young Inc, a portfolio company of Canadian private equity firm Tricor Pacific Capital, recently bought Commercial Texas LLC, an Austin, Texas-based commercial real estate services company. The financial details of the transaction were not published. The Toronto-based Avision has over the last five years grown from 11 to 57 offices in 46 markets, and from 300 real estate professionals to more than 1,500. The Commercial Texas acquisition comes on the heels of the company's creation of a European market presence through its purchase of Haywards LLP in April.