Abacus Finance Group served as Administrative Agent and Joint Lead Arranger for $45 million in debt to support the formation of BIO-IVT Group by Thompson Street Capital Partners and management. Westbury, N.Y,-based BIO-IVT provides biological research materials to biopharmaceutical companies, contract research organizations, government and academic institutions.
Altamont has partnered with GSO Capital Partners to provide refinancing for Billabong International Limited. As part of the recapitalization, Altamont also agreed to acquire DAKINE from Billabong, which will be run as a separate company. Press reports value the financing package at $364 million. Billabong's board also said it plans to appoint Scott Olivet as Chief Executive Officer and Managing Director of the company. Billabong was the subject of a bidding war earlier this year.
Newell Rubbermaid has sold its Teach platform, including the Mimio® and Headsprout® interactive teaching technology brands, to Skyview Capital. Terms were not disclosed.
MedImpact Healthcare Systems, a privately-held provider of pharmacy benefit management services, is acquiring medical security card company ScriptSave. Founder Charlie Horn and private equity investor Monitor Clipper Partners are selling the business.
The Abraaj Group has backed Plastic Electromechanic Company (PEC), which specializes in plastic injection, the assembly of electrical equipment and harnesses, and medical products. With Abraaj’s operational and financial support, PEC will look to launch new products, expand further into Europe and the Middle East, and look at complementary acquisitions.
Natural gas company EQT Corp said it will sell its Sunrise pipeline unit to EQT Midstream Partners LP for $507.5 million in cash and $32.5 million of common and general partners units, Reuters reported.
Parkway Products said Monday that it has closed its sale of Parkway Aerospace & Defense business to EDAC Technologies Corp., a portfolio company of Greenbriar Equity Group. Financial terms weren't announced. Houlihan Lokey provided financial advice to Parkway Products. Florence, Kentuckyy-based Parkway specializes in the custom molding of a variety of polymers and polymer-matrix composites.
In the evolving market for secondary sales of aging private equity portfolios, it is likely to take some time before dealmakers figure out approaches that will be relatively standardized, consistent and fair, says Trey Muldrow, an attorney at Akin Gump
NRG Solar, a subsidiary of NRG Energy Inc., has acquired a Guam-based 25.65-megawatt (AC) solar project from Quantum Utility Generation LLC. No financial details of the transaction were disclosed. The Houston, Texas-based Quantum Utility Generation is backed by Quantum Energy Partners, a private equity firm, and the Canada Pension Plan Investment Board.
Germany's second biggest lender Commerzbank has sold a 5 billion euro ($6.5 billion) portfolio of UK property loans to U.S. peer Wells Fargo and private equity firm Lone Star, Reuters reports.