Insurance broker Brown & Brown Inc. will pay $395 million in cash to buy Arrowhead General Insurance Agency Inc., a company owned by Spectrum Equity Investors and JMI Equity, Reuters reported. The purchase price is subject to adjustments based on Arrowhead's working capital, debt and net tax operating losses, Reuters wrote.
First Reserve Corp. is acquiring a portfolio of natural gas fired power generation plants from Arclight Capital, the firm announced Friday. Also, as part of the deal, the California Public Employees’ Retirement System will acquire the Neptune Regional Transmission System. First Reserve’s Energy Infrastructure Fund will take a controlling ownership position in the power portfolio, and CalPERS’ investment will result in direct ownership of 75% of the Class C shares of Neptune, the firm announced. Terms of the deal were not released.
Private equity firms Nordic Capital and CVC are forming a new Swedish chocolate and candy company by merging their LEAF company with well-known name Cloetta, Reuters wrote Friday. The deal values LEAF at 6.8 billion Swedish crowns ($974.8 million) on a cash and debt-free basis. After the deal, current top Cloetta shareholder Malfors Promotor will hold 22% of the share capital and 39.9% of the votes in the new company, Reuters reported. CVC will hold 33% of the share capital and 25.4% of the votes, while Nordic Capital will hold 24.6% of the shares and 18.9% of the votes.
Credit Agricole is selling its private equity unit to UK-based buyout shop Coller Capital for roughly 300 million euros ($389.92 million), Reuters reported Friday. The deal will reduce the risk-weighted assets of Credit Agricole by 900 million euros, Reuters wrote. Coller Capital specializes in buying secondary private equity assets.
Time Already? For best of ’11 stuff! NYC’s Missed Connections: Singles the numbers NYT to Robinson: Don’t let the doorknob hit ya where the good lord split ya! But Then Who Will Squawk? If Sorkin returns to NYT as da boss? Remember the Defective Drywall? Well now there’s a settlement Swing and a Miss: And, a mushroom cloud, for RIM…
IBM will acquire Emptoris Inc., a provider of cloud and on-premise analytics software for procurement and supply chain operations. Terms of the deal were not released. Founded in 1999, Emptoris was majority owned by Los Angeles-based private equity firm Marlin Equity Partners. Emptoris is based in Burlington, Mass.
TPG Capital has bought NZ$70 million ($53 million) of the debt of New Zealand media company MediaWorks from Commonwealth Bank of Australia, Reuters reported. TPG Capital now holds about 20% of the senior loans of MediaWorks, Reuters wrote. MediaWorks was acquired by Australian private equity firm Ironbridge Capital in a NZ$800 million leveraged buyout in 2007.
Apollo Global Management is set to acquire Belgian chemicals company Taminco for around 1.2 billion euros ($1.56 billion), Reuters reported Thursday. Taminco is currently owned by CVC Capital Partners. Ghent-based Taminco makes chemical building blocks for crop protection, animal feeds, water treatment and drugs.
Evan Eason and Michael Horgan were each promoted partner at Olympus Partners. Eason joined the Stamford, Conn.-based PE firm in 2006 as a VP and became a principal in 2010. He has worked on transactions in the healthcare, restaurant and the financial services industries. Horgan joined Olympus in 2008 as a VP and became a principal in 2010. Horgan focuses on manufacturing, steel services and financial services. The promotions are effective at the beginning of 2012.
Jeremie Le Febvre has left Triago, a spokesman confirmed Thursday. Le Febvre joined Triago in 2008 and was a managing partner at the global placement agent. "We decided to part ways because the relationship wasn’t working for us," the Triago spokesman says. It's not clear what Le Febvre's future plans are. His bio and picture are no longer on the Triago web site. Le Febvre is currently a managing partner at TBG Capital Advisors, according to LinkedIn.