GI Partners has sold AdoServ, a behavioral healthcare provider specializing in clinical, educational and residential services for children and adults with severe intellectual and developmental disabilities and dual diagnoses. The buyer was Wellspring Capital. No financial terms were disclosed. Harris Williams & Co. and Cain Brothers were the financial advisors on the transaction.Continue
Virginia-based food products distributor Performance Food Group Company has raised about $276 million for its IPO after pricing its 14.5 million shares at $19 per share. The stock began trading on the New York Stock Exchange under the ticker symbol “PFGC.” Credit Suisse Securities (USA) LLC, Barclays Capital, Wells Fargo Securities LLC and Morgan Stanley are serving as the lead underwriters.PFGC is backed by Wellspring Capital Management and Blackstone Group.Continue
Virginia-based food products distributor Performance Food Group Company has priced its IPO of 14.5 million shares at between $22 and $25 per share. The stock will list on the New York Stock Exchange under the ticker symbol “PFGC.” Credit Suisse Securities (USA) LLC, Barclays Capital Inc., Wells Fargo Securities LLC and Morgan Stanley & Co. LLC are serving as the lead underwriters. PFGC is backed by Wellspring Capital Management and Blackstone Group.Continue
Wellspring Capital Management has acquired packaging company Ampac Holdings LLC and merged it with portfolio company Prolamina Corporation. The newly combined company will focus on flexible packaging and be headquartered in Cincinnati. No financial terms were disclosed. The transaction’s investors included Alvarez & Marsal Capital Partners. William Blair served as lead financial advisor to Wellspring while Lincoln International was lead financial advisor to Ampac.Continue
Wellspring has bought Qualitor from HCI Equity Partners. No financial terms were disclosed. Headquartered in Michigan, Qualitor is a provider of aftermarket safety and wear parts for the automotive industry.Continue
Pouschine Cook Capital Management has sold Great Lakes Caring. Financial terms or the buyer weren’t disclosed. William and Cherilyn Deary, Great Lakes founders, and their management team will continue to lead the company and maintain a significant equity stake, a statement said. An FTC notice in April said Wellspring Capital was acquired Great Lakes Partners. Jackson, Mich.-based Great Lakes is a for-profit provider of in-home post-acute services. Houlihan Lokey advised Pouschine Cook.Continue
There is some deal news today.
WebMD has called off the auction to sell itself. WebMD’s special committee has ended discussions “with potential acquirers and its process to review a potential sale of the Company,” the healthcare information provider said in a statement Tuesday.
In November, WebMD hired Credit Suisse to advise on the sale, according to press reports. WebMD was in talks with four PE firms, including Kohlberg Kravis Roberts & Co LP and Providence Equity Partners, by December, according to my coworkers at Reuters. It’s unclear why WebMD called off the talks.Continue
The dividend train just keeps on rolling.
Earlier this week, Dave & Buster’s announced it planned to sell some senior notes and use the $100 million in proceeds to pay a dividend to its sponsor Oak Hill Capital Partners. The payout comes less than a year after Oak Hill acquired Dave & Buster’s from Wellspring Capital Management. The deal was valued at $570 million.
At first glance, the $100 million may not seem very spectacular. In fact, it looks kind of puny. But consider this. Oak Hill put in about $300 million equity to acquire Dave & Buster’s last year, a PE source says. This means, they’ve already made back one-third of their investment. And Oak Hill has only owned the company for about nine months.Continue
John Malfettone quietly departed Oak Hill Capital Management after a six-year stint and Jon Zagrodzky, a relative newcomer to the fund, has stepped into roles that were previously occupied by him, peHub has learned. Malfettone joined Oak Hill in 2004 and served as a partner, chief operating office and chief compliance officer with the firm. […]Continue
Private equity firm Wellspring Capital Management has raised $1.2 billion for its fifth fund, Wellspring Capital Partners V LP. The new fund, which is the firm’s largest to date, will focus on middle market investments and buyout deals ranging from $50 million to $2 billion. Wellspring Capital is based in New York and has more than $3 billion under management.Continue
Wellspring Capital Management has agreed to acquire OMNI Energy Services Corp. (Nasdaq: OMNI), a Carencro, La.-based provider of services and seismic services to the domestic oil and gas industry. The deal is valued at $122 million, including the assumption of debt, or $2.75 per outstanding share.Continue
[UPDATE: The deal has been formally announced. Press release follows story] PHILADELPHIA (Reuters) – Oak Hill Capital Partners plans to acquire Dave & Buster’s Inc for $570 million from Wellspring Capital Management, according to The Wall Street Journal.The chain, which combines restaurants with video games arcades, had been taken private in 2006 by Wellspring for about […]Continue
Wellspring Capital Management continues to struggle in its efforts to raise a fifth fund, according to a recent regulatory filing.
The New York-based buyout firm has secured around $330 million in new commitments over the past year, bringing it to just over $490 million in total. This is compared to an original plan to raise upwards of $1.5 billion, which later was revised downward to $1.3 billion. [Update: We’re told that Wellspring has closer to $600m total when overseas commitments are included, and that the $1.3b figure is a hard cap]Continue
TA Associates has agreed to acquire Vatterott Educational Centers Inc. from Wellspring Capital Management. No financial terms were disclosed. Vatterott is a St. Louis-based provider of career-oriented post-secondary education, with 22 U.S. campuses.Continue
Earlier this week trade publication Supermarket News reported that the auction for Virginia-based supermarket Ukrop’s Super Markets may go to a private equity bidder. Strategic bidders Harris Teeter, Delhaize Group, and Ahold had been outbid by a buyout firm, the publication reported. The company was first reported to be on the block in July. Goldman […]Continue
Wellspring Capital Management has secured $163.1 million in LP commitments for its fifth fund, according to a regulatory filing. The New York-based private equity firm is targeting $1.5 billion, and is using Credit Suisse as a placement agent. www.wellspringcapital.comContinue
Vistar Corp., a foodservice distributor owned by The Blackstone Group and Wellspring Capital Management, has agreed to acquire the assets of Five Star Distributors Inc., a Chicago-basedprovider of vending and office coffee products in the Midwest region. No financial terms were disclosed.Continue