Providence, WPP offer $576.8 mln for Chime Communications

Providence Equity Partners and WPP have agreed to acquire Chime Communications plc for approximately £374 million (US$576.8 mln) in cash. WPP already owns 20.03 percent in Chime and reportedLy plans to keep it stake at that amount, making Providence the majority owner. London-based Chime is a communication and sports marketing group.

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Providence’s first growth equity fund raises $315 mln

Providence Equity Partners LLC said Monday it closed its first growth equity fund with $315 million in commitments. Providence Strategic Growth Capital L.P. was oversubscribed, exceeded its target of $250 million, and hit its hard cap. PSG will seek investments in lower middle market technology-enabled service companies primarily in North America.

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Providence Equity to sell vRad to Mednax for $500 mln

Mednax Inc. said Tuesday it agreed to buy Virtual Radiologic Corp. (vRad) in a deal valued at $500 million. The seller was Providence Equity Partners. Eden Prairie, Minnesota-basd vRad is radiology physician services and telemedicine company. vRad’s current management team will remain with the company as part of Mednax. Credit Suisse provided financial advice to vRad while Kirkland & Ellis LLP was their law firm. McDermott, Will & Emery acted as legal advisor to Mednax.

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Kinderhook buys CSDVRS

Kinderhook Industries said Tuesday it has acquired CSDVRS LLC from M/C Partners, Providence Equity Partners and Communication Service for the Deaf. Financial terms weren’t announced. Clearwater, Florida-based CSDVRS provides VRS services that enable deaf and hard of hearing individuals to communicate with hearing people. GE Capital provided financing for the deal.

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Costa joins Benefit Street Partners

Ray Costa has joined Benefit Street Partners, the credit investment arm of Providence Equity Partners, as an MD. Costa was previously an MD and Co-Head of Deutsche Bank Securities credit trading in North America.

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PE-backed Blackboard to acquire Schoolwires

Blackboard, which is backed by Providence Equity Partners, has agreed to buy Schoolwires, an educational website for K-12 schools and districts. No financial terms were disclosed. The deal is slated to close later this year.

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Creditors may seize control of Altegrity-NY Post

Oaktree Capital Management and other lenders are close to striking a deal with Providence Equity Partners to take control of the security company that vetted former spy agency contractor Edward Snowden, the New York Post reported.

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HGGC acquires majority stake in SSI

HGGC has completed its previously announced acquisition of a majority stake in Survey Sampling International. No financial terms were disclosed. As a result of the transaction, Providence Equity Partners and Sterling Investment Partners, SSI’s joint owners, will retain minority stakes in the business. Based in Shelton, Conn., SSI is a provider of data solutions and technology for consumer and business-to-business research.

PE-backed Q9 Networks appoints new president and CEO

Toronto-based Q9 Networks, a provider of outsourced data center infrastructure, has hired Karen Sheriff as president and CEO. The appointment becomes effective January 5, 2015. Sheriff is the former president and CEO of Bell Aliant. Q9 Networks is owned by an investor group that includes Ontario Teachers’ Pension Plan, Providence Equity Partners and Madison Dearborn Partners.

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HGGC to invest in SSI

HGGC has agreed to acquire a majority stake in Survey Sampling International. No financial terms were disclosed. As a result of the transaction, Providence Equity Partners and Sterling Investment Partners, SSI’s joint owners, will retain minority stakes in the business. Also, Rich Lawson, CEO and managing partner of HGGC, has been named chairman of SSI’s board while Steve Young, managing partner of HGGC will also join the board. Based in Shelton, Conn., SSI is a provider of data solutions and technology for consumer and business-to-business research.

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Providence to buy stake in RentPath from TPG

Providence Equity Partners has agreed to acquire a stake in RentPath from owner TPG. No financial terms were disclosed. According to terms of the deal, Providence and TPG will own equal shares of RentPath. Moelis was lead financial advisor with support from BofA Merrill Lynch. Headquartered in Norcross, Georgia, RentPath is a search company for apartment and home renters.

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