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First Capital Partners said Monday that it has raised $91 million with its second fund. FCP Fund II LP will make make subordinated debt and PE investments in companies with $10 million to $100 million in revenue. Senior managers of First Capital Partners have acquired majority ownership of the firm. Omaha, Neb.-based First Capital is now managed independently from First National of Nebraska.
Visma, a software and services tax and accounting portfolio company of New York private equity firm Kohlberg Kravis Roberts & Co., will invest an unspecified amount of capital in Acumatica, the Bethesda, Maryland-based cloud services provider. Advisors on the deal were not publicized.
Ares Capital said Monday that it committed $59 million in a $110 million second lien term loan that supports the refinancing of La Paloma Generating Co. Kern County, Calif.-based La Paloma is a four-unit, 1,022 MW natural gas-fired power facility owned by EIG Global Energy Partners and Rockland Capital.
NXT Capital said Monday that it has provided a $61 million senior secured credit facility to back North East Dental Management's buy of Dental Associates of Northern Virginia. NXT Capital acted as joint lead arranger and administrative agent for the transaction. DFW Capital Partners, a Teaneck, N.J.-based PE firm, owns North East Dental.
Tony Metzner is joining St. Louis-based venture capital and small business finance firm Advantage Capital Partners. Metzner brings 15 years of experience in finance and risk management earned at several accounting, auditing and consulting firms, including Ernst & Young and Deloitte.
For the third time in its history, OpenLink Financial is being sold to a PE firm. The Carlyle Group said Monday that it has agreed to sell OpenLink to Hellman & Friedman. Financial terms weren't disclosed. Carlyle owned a majority of OpenLink and sold all of their stake, one source says. OpenLink management also owned a stake and is retaining a holding, the person says. Credit Suisse and Crescent Mezzanine are providing financing for the deal. The transaction is expected to close in the fourth quarter.
Consolidated Precisions Corp., the California-based company that makes products for commercial aerospace and defense markets, will be recapitalized by PE firm Warburg Pincus. Arlington Capital Partners, the Washington DC-based private equity firm, is CPP’s current sponsor. Terms of the transaction were not publicized.
Blue Wolf Capital Partners has invested in Pharmaceutical Strategies Group. Financial terms weren't disclosed. PSG, of Plano, Texas, is an independent pharmacy benefits consulting firm.
This year should be the best for PE investments in financial services since the financial crisis, according to Freeman & Co. So far in 2011, there have been 69 PE transactions in financial services. But only 48 disclosed their valuations, Freeman said. Whatever the number, the deals totaled $14.9 billion during the first half of 2011, said Freeman, a New York IB that focuses mainly on financial services. Last year, there were about the same number of deals, 70, valued at $10.1 billion, Freeman said. The average deal size this year was $309.4 million, a 39% increase from the $222.7 million posted during the first half of 2010.