NEW YORK (Reuters) – Carlyle Group is being sued by the liquidators of a failed mortgage-securities fund that was set up by the private equity group, a spokesman for the liquidators said. The lawsuit, which is being filed in the United States and Europe, alleges that Carlyle Group and the former directors of the mortgage-securities […]
LLR Partners has agreed invest an undisclosed amount in Lightspeed Financial Inc., a provider of direct market access trading technology, risk management solutions and brokerage services. Lightspeed will use some of the proceeds to fund its previously-announced acquisition of Terra Nova Financial.
HealthPlan Holdings Inc., a portfolio company of Water Street Healthcare Partners, has acquired GemGroup, a Pittsburgh-based provider of accounting, pension and 401(k) administration software to employee benefit plans for unionized workers. No financial terms were disclosed.
MidCap Financial LLC, a commercial finance company focused on mid-market healthcare, has secured a $250 million credit facility. Wells Fargo Capital Finance led the bank group, and was joined by SunTrust Bank, Goldman Sachs Bank USA, and Key Equipment Finance. MidCap Financial is a portfolio company of Lee Equity Partners, Genstar Capital and Moelis Capital Partners.
Elevation Partners was originally known for its high-profile partners, including Roger McNamee, Fred Anderson and Bono. But it quickly became better known as the firm that kept plugging money into Palm, the PDA maker whose popularity seemed to have peaked in around 2001. "As goes Palm as goes Elevation," summed up an investor in the firm's $1.8 billion debut fund. Last week, HP completed its $1.2 billion acquisition of Palm, which gave around a 5% cash-on-cash return from its $460 million in total investments. Not very good, but better than Elevation would have faired in the Palm bankruptcy that some predicted. To get a better sense of the Palm situation from Elevation's point of view, I spent some time on the phone with Fred Anderson, the ex-Apple CFO who repped Elevation on the Palm board of directors. The conversation actually took place back when the deal was first announced in April, but Palm lawyers prevented me from publishing it until now. What follows are some of his comments from our conversation:
Corinthian Capital Group has acquired STADCO, a Los Angeles-based maker of components and tooling for the commercial aerospace and defense markets, from Omninet Capital. No financial terms were disclosed.
Post Capital has sponsored a recapitalization of BHS Marketing LLC, a Salt Lake City-based maker, blender and distributor of specialty and commodity chemicals. No financial terms were disclosed.
Oryxa Capital has agreed to acquire Cadbury's chocolate, soft cake and sugar confectionery business in Romania from Kraft Foods. No financial terms were disclosed.
HitecVision has agreed to acquire Tampnet AS from Statoil for an undisclosed amount. Tampnet operates an offshore communications network for oil and gas exploration companies.
Buyout deal volume just concluded its strongest quarter in two years, according to data released today by market research firm Preqin. Globally, Preqin reports 411 private equity-backed transactions in second quarter, raising $43.3 billion. This is up from the same period in 2009 when 295 deals were valued at $14.6 billion. The totals are also the best for buyouts since third quarter 2008 when 483 deals raised $45.1 billion. North America produced much of the deal value. There were 175 deals in North America, valued at $26.7 billion. By comparison, Europe had 169 deals in second quarter, raising a total of $11 billion. Asia, and the rest of the world, produced 67 deals, valued at $5.6 billion.