TA Associates and Reverence Capital to buy Russell Investments for $1.15 bln

TA Associates and Reverence Capital Partners have agreed to acquire Seattle-based investment manager Russell Investments from London Stock Exchange for $1.15 billion. The deal is expected to close in the first half of 2016. As a result of the transaction, Milton Berlinski, a managing partner at Reverence Capital will join Russell Investment’s board of directors as will TA Associates’ Managing Directors Todd Crockett and Roger Kafker. J.P. Morgan and Goldman Sachs are advising LSEG and Russell Investments while Broadhaven Capital Partners is doing likewise for TA Associates and Reverence Capital.


Andreessen Horowitz backs OnCorps

Boston-based OnCorps, an adaptive decision analytics platform provider, has raised $2.3 million in funding. The investors included Andreessen Horowitz. In addition to the funding, OnCorps has appointed Jack Klinck, Nicholas Christakis and Dan Petrozzo, a former partner and CIO of Goldman Sachs, to its board of advisors.

H.I.G. Capital-backed Surgery Partners unveils IPO

Surgery Partners, a portfolio company of H.I.G. Capital, has rolled out its IPO after pricing its 14.29 million shares at $19 per share. The stock began trading Thursday on the NASDAQ under the ticker symbol “SGRY.” BofA Merrill Lynch, Goldman Sachs and Jefferies LLC are serving as lead underwriters. Surgery Partners is surgical services provider.


PE-backed Nassau to acquire Phoenix for $217.2 mln

Golden Gate Capital-backed Nassau Reinsurance Group Holdings LP has agreed to acquire The Phoenix Companies Inc for $217.2 million or $37.50 per share in cash. Sandler O’Neill + Partners LP and Goldman Sachs are providing financial advice to Phoenix on the transaction while Macquarie Capital (USA) Inc is doing likewise for Nassau. Based in Hartford, Connecticut, Phoenix is a financial solutions provider for families and individuals planning for or living in retirement.


PE HUB First Read

First Read kicks off your morning with news that Energy Transfer is planning on acquiring William Cos. for $33 billion, Yahoo will spin off Alibaba stake without a tax ruling and Goldman Sachs cuts forecasts for S&P 500.

Goldman Sachs CEO Lloyd Blankfein takes part in a panel discussion  following a news conference announcing a $20 million partnership to bring Goldman Sachs' 10,000 Small Businesses initiative to the city of Detroit, Michigan November 26, 2013. REUTERS/Rebecca Cook (UNITED STATES - Tags: BUSINESS EMPLOYMENT)

PE HUB Second Opinion

In Second Opinion, invention startup Quirky files for bankruptcy, Groupon will be cutting 1,100 jobs nationwide and Goldman Sachs CEO Lloyd Blankfein reveals he has highly curable lymphoma.


PE-backed CPI Card Group sets IPO pricing terms

Littleton, Colorado-based CPI Card Group, a provider of financial, commercial and ID cards, has priced its IPO of over 17.6 million shares at between $16 and $18 per share. BMO Capital Markets, Goldman Sachs and CIBC are serving as the lead underwriters. CPI Card Group is backed by Tricor Pacific Capital.


Goldman Sachs, Henry Kravis and Leonardo DiCaprio back Rubicon Global

Atlanta-based Rubicon Global, a provider of cloud-based waste and recycling solutions, has secured $50 million in funding. Nima Capital led the round with participation from other investors that included Goldman Sachs, Wellington Management Company, Henry Kravis, co-founder of KKR and actor Leonardo DiCaprio. In addition to the funding, the company has named David Plouffe to its board of advisors.

Dyal Capital hires Dyment to head business services platform

Dyal Capital Partners has appointed John Dyment as head of its business services platform. Previously, Dyment built and managed Goldman’s capital introduction business and Deutsche Bank’s global hedge fund capital group. Dyal is Neuberger Berman‘s private equity unit.

Actis sells Globeleq Africa to Norfund and CDC

Actis has sold Globeleq Africa, an Africa-based power generation platform to a company owned by Norfund and CDC Group. According to terms of the deal, Norfund acquired a minority stake in Globeleq for a cash consideration of $227 million while CDC already held a majority investment. Goldman Sachs advised Actis on the transaction.


JMI Equity-backed PointClickCare files for IPO

Ontario-based PointClickCare, a software provider for the senior care industry, has filed for an IPO. The number of shares that will be sold as well as the pricing terms have yet to be set. The company plans on trading the stock on the NASDAQ under the ticker symbol “PCLK” and on the Toronto Stock Exchange under the ticker symbol “PCC.” J.P. Morgan Securities LLC, Goldman Sachs and RBC Capital Markets LLC are serving as the lead underwriters. PointClickCare is backed by JMI Equity.


Bain Capital Private Equity to invest in Sundial Brands

Bain Capital Private Equity has agreed to acquire a minority stake in Sundial Brands. No financial terms were disclosed. Demeter Group provided financial advice to Sundial Brands while Financo did likewise for Bain Capital. Goldman Sachs is providing financing for the transaction. Sundial is a maker of natural skin and hair products.

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