PE-owned Innotrac appoints new CEO

Innotrac, a portfolio company of Sterling Partners, has named Ramesh Srinivasan as CEO. Based near Atlanta, Innotrac Corp. is a provider of ecommece solutions and services to digital retailers.

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Sterling Partners sells GEM to Evergreen

Sterling Partners has sold its portfolio company GEM Mobile Treatment Services to Evergreen Industrial Services. No financial terms were disclosed. GEM provides various services for the petroleum, petrochemical, environmental and energy sectors.

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PE-owned Worldpay closes SecureNet acquisition

Worldpay, which is owned by Advent International and Bain Capital, has completed its buy of SecureNet Payment Systems. The seller was Sterling Partners. No financial terms were disclosed. Based in Austin, Texas, SecureNet is a payment solutions provider.

RMG Networks appoints ex-Sterling Partners operating partner as president/CEO

RMG Networks has named Robert Michelson as president and CEO. The appointment is effective immediately. Michelson, a former operating partner at Sterling Partners, has been interim president and CEO of RMG Networks since last July. Headquartered in Dallas, RMG helps companies communicate better using location-based video networks.

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Worldpay to acquire PE-owned SecureNet

Worldpay, which is backed by Advent International and Bain Capital, has agreed to buy SecureNet. No financial terms were disclosed. The deal is expected to be completed in December 2014. William Blair was financial advisor to SecureNet and its owner Sterling Partners on the transaction. Based in Austin, Texas, SecureNet is a payment solutions provider.

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RMG Networks hires ex Sterling Partners’ operating partner as interim president/CEO

RMG Networks has named Robert Michelson as interim president and CEO. The appointment is effective immediately. Michelson is replacing Garry K. McGuire Jr. Michelson is a former operating partner at Sterling Partners. RMG Networks has also promoted Loren Buck to chief operating officer from executive vice president of strategy and business operations. Headquartered in Dallas, RMG helps companies communicate better using location-based video networks.

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PE-backed School of Rock hires CEO

Music education franchise School of Rock, which is backed by Sterling Partners, has hired Dzana Homan as CEO. Previously, Homan worked at Goddard Systems where she served as chief operating officer.

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PE-backed Adeptus Health debuts IPO

Adeptus Health, a portfolio company of Sterling Partners, has launched its IPO after pricing its 4.9 million shares at $22 per share. The stock began trading Wednesday on the NYSE under the ticker symbol “ADPT.” Deutsche Bank Securities, Goldman Sachs, Evercore Group and Morgan Stanley are the lead underwriters. Adeptus Health owns and operates First Choice Emergency Room, a network of independent freestanding emergency rooms.

PE-backed SAVO Group adds to board of directors

SAVO Group has named Steve Collins to its board of directors. Collins is the former CFO at ExactTarget. Headquartered in Chicago, SAVO is a sales software developer. It is backed by Goldman Sachs, Sterling Partners and SAP Ventures.

PE-backed Prospect Mortgage appoints new CEO

Prospect Mortgage, which is backed by Sterling Partners, has named Michael J. Williams as its CEO. The appointment is effective immediately. Williams replaces Ronald L. Bergum who is transitioning from CEO to managing partner. In addition to his new role as CEO, Williams will remain the chairman of Prospect’s board. Prospect Mortgage is a home purchase lender.

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Goldman Sachs leads $35 mln round for SAVO

SAVO Group said Wednesday that it has secured $35 million in funding. Goldman Sachs led the round with participation from previous backers Sterling Partners and SAP Ventures. The capital will be used for expansion and to further develop SAVO’s sales and marketing applications. As a result of this transaction, Michael McGinn and Holger Staude of Goldman Sachs’ private capital investing group, have joined SAVO’s board. Headquartered in Chicago, SAVO is a sales software developer.

Sterling Partners’ Q-Centrix names new CEO

Q-Centrix, a portfolio company of Sterling Partners, said Tuesday that it has hired Milton G. Silva-Craig as its new CEO. The appointment is effective immediately. Silva-Craig replaces Rob Schwager, who is transitioning from CEO to chairman. Previously, Silva-Craig worked at TransUnion’s healthcare business unit where he served as president. Based in Portsmouth, N.H., Q-Centrix is an outsourced provider of healthcare solutions.

Sterling Partners’ Mike Drai Promoted to Principal

Private equity firm Sterling PartnersMike Drai has been promoted from vice president to principal. Drai joined Sterling in 2008 and is a vice president. Prior to Sterling, he worked at GTCR Golder Rauner, Allen & Company and Salomon Smith Barney. He received a BS in finance from University of Illinois and an MBA from Kellogg School of Management.

Sterling’s Desert NDT Acquires T&K Inspection

Full-service nondestructive testing company Desert NDT has acquired T&K Inspection. This is the company’s second acquisition since private equity firm Sterling Partners made its investment in March 2012. Financial terms of the purchase were not disclosed.

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