Swiss generic drugmaker Acino said it has accepted a takeover offer from Avista Capital Partners and Nordic Capital valuing the company at about 398 million Swiss francs ($439 million), writes Reuters.
Pitney Bowes has completed the sale of Pitney Bowes Management Services for $400 million in cash to funds affiliated with Apollo Global Management. Proceeds from the sale of the business will be used to pay down debt.
SFW Capital Partners-backed Spectro Inc., a maker of analytical software for the industrial performance fluids market, has acquired Wilks Enterprise for an undisclosed amount. SFW Capital invests in analytical tools and related services businesses.
Beringea has announced its fund’s exit from Livio (formerly Myine Electronics DBA Livio Radio). The Ferndale, Mich.-based company, which builds products and software tools to support in-vehicle connectivity solutions, was bought by Ford Motor Co. for an undisclosed amount.
R•O•M Corporation and Specialty Manufacturing have been sold to The Sterling Group and management. Sterling is combining the businesses through its holding company, Safe Fleet Acquisition Corp. Harris Williams & Co. acted as the exclusive advisor to ROM and SMI, portfolio companies independently operated and financed by Century Park Capital Partners.
AlpInvest Partners has suffered another departure, sister publication peHUB reported.
China's Wuhan Iron & Steel (Group) Corp is looking to buy Rio Tinto's stake in Montréal-based Iron Ore Co of Canada (IOC), reports The Wall Street Journal. According to "people familiar with the matter," the state-owned steelmaker is interested in acquiring, potentially with partners, the 59% position in IOC that Rio Tinto put up for sale in March 2013, underscoring China's continued appetite for metal assets. The story follows an August report by Reuters that several private equity firms that were also bidding, including Apollo Capital Management and Blackstone Group, dropped out after making offers that were deemed too low. Canada Pension Plan Investment Board was, according to Reuters, working on a proposal with Apollo. The IOC acquisition has been valued at up to US$4 billion.
Toronto-based wireless service provider Mobilicity, a.k.a. Data & Audio-Visual Enterprises Wireless Inc, has received protection under the Companies’ Creditors Arrangement Act. The company said this protection will allow it time and financing to complete a going-concern transaction currently under federal review. Court authorities approved debtor-in-possession (DIP) financing of up to $30 million from some of the company's noteholders. Mobilicity has been backed by U.S. private equity firm Quadrangle Capital Partners since 2008.
Trident Capital and HLM Venture Partners have teamed up to acquire MedSave USA. No financial terms were disclosed. Also, Arneek Multani, John Reardon and Taimur Shaikh of Trident Capital, Peter Grua of HLM Venture Partners and Glen Moller join MedSave's board of directors. John Reardon has been named chairman of MedSave's board. Headquartered in Hauppauge, NY, MedSave USA is a provider of medical record retrieval solutions.
Pacific Community Ventures said Tuesday that it has sold its stake in resort Evergreen Lodge to Meyer Family Enterprises. No financial terms were disclosed.