The Abraaj Group, an investor in growth markets, said Wednesday that it has sold its stake in HFC Bank to Republic Bank Limited, an independent Caribbean bank. No financial terms were disclosed. Based in Ghana, HFC is a provider of financial services.
Global investment firm KKR said Wednesday that it has inked an agreement to buy ReSearch Pharmaceutical Services from Warburg Pincus. No financial terms were disclosed. Citigroup acted as exclusive financial advisor to RPS for the transaction while Credit Suisse, Jefferies and UBS Investment Bank served as financial advisors to KKR. Also, debt financing will be provided by Credit Suisse, Jefferies, UBS Investment Bank, Citigroup and KKR Capital Markets. When the transaction closes, which is expected to be in the third quarter of 2013, RPS will merge with PRA International, another recent KKR acquisition. Headquartered in Fort Washington, Penn., RPS is a global contract research organization.
Baltic-focused private equity firm BaltCap has sold Medicap Holding AS to synlab, a European provider of laboratory services. No financial terms were disclosed. Based in Estonia, Medicap Holding is a healthcare service provider.
Ares Management said Wednesday that Alleghany Corp. has invested $250 million in Ares for a 6.25% equity stake. Alleghany has also committed to invest up to $1 billion of capital in various existing and new Ares investment strategies. Ares plans to use the $250 million as sponsor capital in its investment vehicles. J.P. Morgan Securities and Bank of America Merrill Lynch provided financial advice to Ares. Morgan Stanley advised Alleghany.
Praesidian Capital said Wednesday that it has invested $17.4 million to recapitalize John's Incredible Pizza Company. Praesidian’s investment represents 58% of a $30 million deal, the balance of which was shared equally with Brookside Mezzanine Partners and Kemper Corp. Based in Rancho Santa Margarita in Southern Calif., John's Incredible Pizza Company is a pizza franchise.
Michael Dell's and Silver Lake's $24.4 billion bid to take Dell Inc private suffered a blow on Wednesday after the company's special committee rejected their request to change the voting rules in exchange for them offering $150 million more, Reuters reported.
Mandalay Sports Media said Wednesday that two private equity firms, Columbia Capital and Rho Ventures, have each acquired a minority equity stake in the company. No financial terms were disclosed. Also, representatives from Columbia and Rho will join MSM's board of directors. Based in Studio City, Calif., MSM is a sports content and media company.
Houston-based BMC Software said Wednesday that its subsidiary, BMC Software Finance, will be offering a private placement of $1,380 million in senior notes. Proceeds of the transaction will be used to finance a portion of Boxer Parent Company's proposed buy of BMC. BMC Software Finance is backed by Bain Capital Partners, Golden Gate Private Equity, GIC Special Investments Pte Ltd, Insight Venture Management and Elliott Associates.
J-W Energy Company said Wednesday that it has sold its subsidiary, J-W Measurement Company, to White Deer Energy L.P. II and J-W Measurement Company's senior management team. No financial terms were disclosed. Based in Dallas, Texas, J-W Measurement Company is a provider of engineered measurement stations, custom or standard meter tubes, power supply equipment, production equipment and fabricated buildings.
Industrial Opportunity Partners, an operations-focused private equity firm based in Evanston, Ill., has partnered with current owner and operator, John Zobl, in an investment in Betty Machine Company. Betty Machine is a precision machining manufacturer of close tolerance parts primarily for automotive applications. The investment will support a recapitalization of the business.