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.
Armada Acquisition Group has acquired Wing Inflatables. Financial terms weren't announced. Arcata, Calif.-based Wing supplies tubes, sponsons, and foam collars to the inflatable boat and rigid inflatable boat market. Lafayette, CA-based Armada is an investment firm led by Mark French, a former principal of Greyrock Capital Group; Andrew Branagh, the ex-CEO of Mozzarella Fresca; and, Dr. Bruce Bauer, Founder and General Partner of Newbury Ventures. Woodbridge International provided financial advice to Wing.
Century Bridge Capital has invested $44.4 million in a joint venture with Coastal Greenland Limited to develop in-fill, middle-income, residential project in Wuhan, China. Century Bridge China Real Estate Fund LP provided $30.5 million of the investment while the remaining $14.4 million was provided through co-investment. Century is a private equity firm with offices in Beijing and Dallas.
Nautic Partners has acquired Applied Consultants. Financial terms weren't announced. Applied's management also invested. Longview, Texas-based Applied provides inspection services to the oil and gas pipeline infrastructure industry. Fifth Third Bank and Triangle Capital Corporation provided financing.