Private equity firm TA Associates has agreed to sell its controlling stake in 2SS Holdings, Inc, a developer of tax software, for $287.5 million in cash to H&R Block, a tax services provider. TA completed an $85 million leveraged recapitalization of 2nd Story Software in December 2004.
Alumni Capital Network, a private equity firm based in New York City, has acquired a controlling interest in Pennsylvania-based SNI Group, a fashion accessories wholesaler. Alumni was founded by former partners of Accenture. The details of the deal were not released.
Steven Rattner was due to settle with the SEC over a pension corruption scheme today, but the proposed settlement was pulled from the calendar without explanation, according to Reuters. Reports this week suggested that Rattner would pay $6 million and taken a two-year ban from the securities industry. Neither the SEC nor Rattner’s spokesman would comment.
Guy Hands, of private equity firm Terra Firma, will testify in a Manhattan court today in a case to decide whether Hands was duped into overpaying for the EMI music company. Terra Firma, backed by Citi loans of $2.6 billion pounds, bought EMI in 2007, but the downturn soured the deal and the relationship between Terra Firma and Citi.
Source Capital, which invests mature, private “small-cap” companies with EBITDA of at least $1.5 million, has bought Precision Boilers, based in Morristown, Tennessee, from Tennessee Valley Ventures, LP. The details of the deal were not revealed.
The Country Vintner, which is backed by PNC Equity Partners, has bought Stacole Fine Wines, a Boca Raton-based wine importer. PNC initially invested in TCV in 2008 and this is the second add-on acquisition since then. The details of the deal were not released.
Cardinal Asset Management, backed by Carlyle Group and U.S. investor Wilbur Ross, is likely to be selected by the Irish government as one of the final two bidders for state-run building society EBS, according to Reuters. Also in the running are bancassurer Irish Life & Permanent, and private equity groups Doughty Hanson and JC Flowers. The decision will be announced on Friday.
Argo Capital Partners and Saban Capital are among six bidders to have made offers for Greek telecom Wind Hellas, according to reports. Wind Hellas has a debt payment due on Friday which it is expected to miss. Other bidders include Norwegian telecom group Telenor, while the current owner, Naguid Swiris, is attempting to hold on to the company.
NB Private Equity Partners Limited, a private equity fund-of-funds, is planning to sell off its interest in eight large-cap buyout fund investments for around $101.8 million, with details about the sales portfolio to be launched later. The funds will be used to launch a capital return policy and for strategic portfolio repositioning.
Kwik Fit, the European car parts retailer, is being put up for sale by its private equity owner PAI Partners for about $1 billion dollars, according to reports. PAI has already appointed Credit Suisse and Morgan Stanley to handle the deal. PAI bought Kwit Fit from buyout firm CVC in 2005 for 800 million pounds ($1.3 billion).