Haystax Technology, which is backed by Edgewater Funds, said Tuesday that it acquired FlexPoint Technology. Financial terms weren't announced. Reston, Va.-based Flexpoint, professional services company, provides private and public cloud solutions that supplies secure collaboration and application development capabilities.
Greenbriar Equity Group said Tuesday that an affiliate has completed a tender offer for all of the outstanding shares of common stock of EDAC Technologies Corp. at a purchase price of $17.75 per share. GB Aero intends to delist and de-register EDAC common stock, Greenbriar. Farmington, Conn.-based EDAC makes aerospace and industrial components.
Calgary's Insignia Energy Ltd., a publicly-listed junior oil and gas exploration and development company, announced that independent members of the board of directors have received a privatization proposal from Brookfield Capital Partners. Under the proposal, which has not yet been formalized, shareholders would be paid $1.35 for each of their common shares. Brookfield, which focuses on mid-market turnarounds and special situations, has held a significant stake in Insignia since 2008.
Kelso & Company has acquired PowerTeam Services. Financial terms were not announced. The sellers were CIVC Partners and True North Equity. Plymouth, Mich.-based PowerTeam provides infrastructure services to the gas and electric utility industry. Harris Williams advised PowerTeam.
Second Wave Petroleum Inc., a public Calgary-based producer of crude oil and natural gas in Western Canada, has received a non-binding proposal from controlling investor Brookfield Bridge Lending Fund to be taken private. The Brookfield fund has offered shareholders 30 cents per share. The company has also agreed with Brookfield to issue $17.5 million in secured convertible debentures to meet immediate capital requirements. A special committee of the company's independent directors will consider the privatization bid.
Darby Private Equity, the private equity arm of Franklin Templeton Investments, announced that its Darby Converging Europe Mezzanine Fund will exit its holdings in Sirma, a Turkish bottled water and beverage manufacturer. The firm is selling a majority interest in Sirma to Danone. Darby made a mezzanine investment in Sirma in 2010, and a follow-on equity and mezzanine investment in 2011. Terms of the deal were not released.
Vance Street Capital, a Los Angeles-based buyout shop, has acquired Smart Electronics & Assembly Inc. Based in Anaheim, Calif., Smart Electronics is a provider of electronic circuit boards, sub-assemblies, modules to the defense, commercial aerospace, industrial and homeland security markets. The deal is the first add-on acquisition for Secure Communication Systems. Terms of the deal were not released.
EPiServer, which is backed by IK Investment Partners, has acquired Euroling. Financial terms weren't announced. Euroling is a Swedish search provider.
LMW2 Partners has recapped Kopetz Mfg. Financial terms weren't announced. Decatur, Ill.-based Kopetz is a metal fabricator of large pressure vessels and heat exchangers to the process industries and energy sectors. Sikich Investment Banking provided financial advice to Kopetz owners.
Online gambling company Betfair raised its profit forecast and cost savings target on Tuesday, making its case for independence as it tries to stave off a $1.4 billion takeover by private equity firm CVC Capital Partners, writes Reuters. Betfair last month rejected a potential offer of 880 pence per share from CVC, saying the price was too low and had too many strings attached, writes Reuters.