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Social Security's 2032 deadline puts a 22% cut on the table — but Washington has way less room to negotiate than 1983

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Social Security's 2032 deadline puts a 22% cut on the table — but Washington has way less room to negotiate than 1983

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CEO of $20 billion AI firm Perplexity says the secret to success is ‘sleeping with that fear’ that your competitor will steal your idea

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Boomers actually do hold most of the wealth and power. So why do they call it 'whiny' to point that out?

Private Equity Deals

By
Dan Primack
Dan Primack
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By
Dan Primack
Dan Primack
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August 1, 2011, 1:57 PM ET
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The Blackstone Group has agreed to acquire Emdeon Inc. (NYSE: EM), a Nashville, Tenn.–based provider of healthcare revenue and payment cycle management solutions. The deal is valued at approximately $3 billion, with existing Emdeon shareholder Hellman & Friedman expected to retain a “significant minority equity interest.” Fellow backer General Atlantic is expected to sell its entire position. Emdeon stockholders will receive $19 per share, which represents a 44% premium to its July 26 closing price (the final trading day before news of a possible deal broke). www.emdeon.com

Advent International has agreed to acquire the card systems and identity divisions of France-basedOberthur Technologies. The deal is valued at approximately €1.15 billion, with Oberthur’s founding Savare family to retain around a 10% ownership position. www.adventinternational.com

The Blackstone Group has provided equity financing from Meerwind, “the largest German offshore wind farm to complete its full financing process.” The project’s total investment cost is €1.2 billion, with seven commercial lenders providing €822 million in financing. www.blackstone.com

The Gores Group has agreed to acquire the U.S. operations of Hypercom Corp., a provider of point-of-transaction electronic payment and transaction to the retail and banking markets. No financial terms were disclosed. www.gores.com

Kohlberg Kravis Roberts & Co. has completed its previously-announced acquisition of Academy Sports & Outdoors, a Katy, Texas-based sports, outdoor and lifestyle retailer. No financial terms were disclosed. Academy has 131 locations in 11 states, and generated approximately $2.7 billion in 2010 revenue. The founding Gochman family will retain a minority ownership position. www.kkr.com

 

THURSDAY, AUGUST 4

Confie Seguros, a New York-based provider of auto insurance with an emphasis on serving Hispanic consumers, has acquired Family Insurance Center, a Nevada-based insurance brokerage. No financial terms were disclosed. Confie Seguros is a portfolio company of Genstar Capital. www.genstarcap.com

Avista Capital Partners, Bridgepoint, Cinven and Montagu Private Equity have made it into the second round of bidding for Kondor, the trade and risk management software business of Thomson Reuters, according to Reuters. The deal could be valued at upwards of $650 million, with Barclays managing the process.

EQT Partners has acquired a 70% stake in Peregrine Midstream Partners, a Houston, Texas-based gas storage company. No financial terms were disclosed. EQT transacted the deal through its infrastructure fund. www.eqt.se

IK Investment Partners is looking to sell portfolio company Magotteaux, a Belgian maker of grinding equipment for miners and cement makers, according to Reuters. Advent International and Doughty Hanson & Co. are involved in the auction’s second round, alongside strategics OneSteel and Orica. The deal could be valued at upwards of €600 million. www.magotteaux.com

WEDNESDAY, AUGUST 4

GTCR has agreed to acquire Global Traffic Network Inc. (Nasdaq: GNET), a New York-based provider of custom traffic and news reports to radio and television stations outside the United States. The deal is valued at around $267 million, or $14 per share in cash (20% premium to yesterday’s closing price). The deal includes a “go-shop” provision that runs through Sept. 13. www.globaltrafficnetwork.com

A101, a Turkish discount retailer, is being circled by several private equity firms, according to Reuters. Bids may come in as high as $588 million, with interested firms including TPG Capital, Permira and Mid Europa Partners.

Battery Ventures has acquired a majority stake in Gas Measurement Instruments Ltd., a maker of portable and fixed gas detection products. No financial terms were disclosed. www.battery.com

Golden Gate Capital has completed its previously-announced acquisition of EP Minerals, a Reno, Nevada-based producer of diatomaceous earth filter aids, functional additives and absorbents. No financial terms were disclosed. www.epminerals.com

Martinrea International Inc. (TSX: MRE) has acquired Honsel AG, a German provider of aluminum components for the automotive and industrial sectors. No pricing terms were disclosed for the deal, which included equity participation from Anchorage Capital Group.

The Sterling Group has acquired Stackpole International from Gates Canada, a subsidiary of Pinafore Holdings PV. No pricing terms were disclosed. Senior debt financing was provided by RBC Capital Markets, BNP Paribas and UBS, while mezzanine debt was provided by Hancock Capital Management, Fifth Street and Global Leveraged Capital. Stackpole is a Canadian provider of oil pumps and powdered metal components to automotive OEMs. www.sterling-group.com

TUESDAY, AUGUST 2

Talbots (NYSE: TLB) has adopted a poison pill, one day after private equity firm Sycamore Partnersacquired a 9.9% stake in the business. As Fortune reported yesterday, Sycamore is interested in acquiring the entire company. www.talbots.com

Agilysys Inc. (AGYS) has sold its Technology Solutions Group to OnX Enterprise Solutions, a portfolio company of Marlin Equity Partners. No financial terms were disclosed. The combined company will have revenue of over $750 million, and provide independent, multi-vendor enterprise data center solutions.www.onx.com

Bridgepoint has completed its acquisition of SPTS Technologies from Sumitomo Precision Products Co., at an enterprise value of approximately $200 million. Sumitomo will retain a minority ownership position. SPTS makes capital equipment used to produce electronic and micro-devices. www.spp-pts.com

The Carlyle Group has agreed to acquire up to a 9% stake in Haier Electronics Group Co. (HK: 01169), a Chinese manufacturer of washing machines and water heaters. The deal includes an initial purchase of $137 million worth of convertible notes, plus an option to invest 57% million once warrants are exercised. Carlyle also will have one of Haier’s nine board seats. www.carlyle.com

LTI Flexible Products, a maker of extruded, die-cut, and molded flexible rubber and plastic sealing systems, has acquired Boyd Corp., a maker of sealing and energy management solutions for OEMs. No financial terms were disclosed. The combined company will be renamed LTI Boyd, and be headquartered in Modesto, California. LTI is a portfolio company of Sentinel Capital Partners. www.sentinelpartners.com

MidOcean Partners has acquired the South Beach Diet brand, in partnership with diet creator Dr. Arthur Agatston. No financial terms were disclosed. www.midoceanpartners.com

Nelson Global Products Inc., a Stoughton, Wis.–based maker of tubular and exhaust products for commercial vehicle markets, has acquired Morton Industries LLC and Bradley Services Inc., both of Morton, Illinois. No financial terms were disclosed. Nelson Global is a portfolio company of Wind Point Partners. www.nelsonexhaust.com

NH United, a for-profit profit technology training and education company, has made two acquisitions: New Horizons of Central and Northern New Jersey Inc. and United Training Inc. No financial terms were disclosed. NH United is a portfolio company of O2 Investment Partners. www.o2investment.com

The Riverside Co. has acquired Sunless Inc., a Macedonia, Ohio-based maker of spray tanning booths, airbrush equipment and sunless tanning retail products. No financial terms were disclosed. www.riversidecompany.com

MONDAY, AUGUST 1  

Diamond S Shipping, an energy-focused global shipping company founded in 2007 by First Reserve Corp., has raised around $1 billion to help finance the acquisition of 30 medium-range refined product carriers from Cido Tanker Holding Co. Around $600 million of the financing is equity from First Reserve and new investors WL Ross & Co., China Investment Corp., Fairfax Financial Holdings, Morgan Creek Capital Management and PPM America Capital Partners. The remainder is debt committed by Nordea Bank Finland and DnB Nor Bank. www.diamondshipping.com

Fortune Brands (NYSE: FO) has completed the $1.225 billion sale of its golf equipment unit (Acushnet) toFila Korea and Mirae Asset Private Equity. The unit generated more than $1.2 billion in 2010 revenue, from brands like Titleist and FootJoy. www.acushnetgolf.com

GMT Communications Partners has acquired MeetingZone, a UK-based provider of conference call and collaboration solutions for global organizations, for £38.5 million. Sellers include Nova Capital Management. www.meetingzone.com

KKR has agreed to purchase $113.8 million worth of convertible notes in United Envirotech, a Singapore-listed water treatment company. If fully converted, KKR’s position would be 38.4%. www.kkr.com

Warburg Pincus has acquired a majority stake in The Mutual Fund Store, a provider of fee-only investment advice to clients via more than 70 company-owned and franchised stores and a nationally syndicated radio program. Sellers include Summit Partners. www.mutualfundstore.com

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