Private Equity deals

August 15, 2011, 5:42 PM UTC

Gerber Scientific (NYSE: GRB) shareholders have approved an $11 per share, or $281.8 million, take-private acquisition by Vector Capital. Gerber is a Tolland, Conn.-based provider of manufacturing systems for the sign making, specialty graphics, packaging, apparel and industrial

Laboratorio LKM, an Argentinian specialty pharmaceutical manufacturer, has agreed to receive an undisclosed amount of private equity funding from Advent

Quantum Energy Partners has formed Bluestem Energy, to acquire oil and gas producing properties in North America, with up to $1 billion in available equity. Bluestem will be led by Jack Hightower, who previously founded and ran Quantum portfolio companies Celero Energy (sold in 2005 for over $800 million) and Titan Exploration (sold in 2003 for $1.6 billion).



BlackBern Partners has acquired Cadec Global, a Manchester, N.H.–based provider of fleet management solutions, from Brú Venture Capital. No financial terms were disclosed.

Cerberus Capital Management and Chatham Lodging Trust (NYSE: CLDT) have delayed their closing on a $1.1 billion deal to buy 64 hotels owned by bankrupt Innkeepers USA Trust, according to the WSJ. The transaction was scheduled to close on August 5, but Cerberus said that it is reviewing material adverse change (MAC) clauses that could allow Cerberus to withdraw. The report added that Cerberus has not yet decided whether or not to abandon the deal.

Devicor Medical Products, a portfolio company of GTCR, has completed its previously-announced acquisition of the gamma detection system (GDS) portfolio of products from Neoprobe Corp. The deal is valued at up to $50 million, including an up-front $30 million cash payment and $20 million in potential earn-outs. Devicor currently provides distribution and marketing services to Neoprobe for the GDS products, which are used by oncologic surgeons.

JMH Capital has acquired Tri-Star Protector, a Houston, Texas-based provider of environmental services to upstream oil & gas companies.


Friedman Fleischer & Lowe has acquired C.H.I. Overhead Doors Inc., an Arthur, Ill.-based maker of garage doors. No financial terms were disclosed.

Genstar Capital has agreed to sell Woods Equipment Co., a maker of tractor parts and attachments for agricultural and construction applications, to Blount International Inc. (NYSE: BLT). The deal is valued at approximately $185 million, and is expected to close later this quarter.

Gordon Brothers Group has acquired the assets of ArchBrook Laguna Holdings, a Carlstadt, N.J.-based distributor of consumer electronics, computers and appliances to retailers. No financial terms were disclosed. ArchBrook had 2010 sales of over $800 million.

The Blackstone Group reportedly is in talks to buy the real estate investment portfolio of Merrill Lynch from Bank of

BBH Capital Partners has acquired a majority stake in North American Substation Services LLC, an Orlando, Fla.–based provider of repair, maintenance and installation services for high-voltage substations. No financial terms were disclosed. Sellers include Palm Beach Capital. Brookwood Associates advised NASS on the deal.

The Carlyle Group said that its newly-formed energy mezzanine business has made its first two investments: $20 million into Core Minerals, an oil and natural gas company with more than 30 wells in the Illinois Basin; and $20.5 million into Black Raven, an exploration and production company that owns mineral rights on 200,000 net acres in the Denver-Julesburg Basin of Northeast Colorado and Southwest Nebraska.

Centre Lane Partners has acquired The Merit Group Inc., a Spartanburg, S.C.-based provider of paint sundries, via a bankruptcy sale. The deal was valued at $46 million, with Morgan Joseph TriArtisan representing Merit Group.

GTCR has agreed to buy BankServ, an outsourced provider of money transfer and payment solutions to banks and other financial institutions. GTCR will commit around $300 million in equity to the platform. Around half will be used to buy BankServ, while the remainder will be used for acquisitions and other expansion efforts. Read more…

H.I.G. Capital has acquired Next Generation Vending and Food Service Inc., a Stoughton, Mass.–based provider of vending services for corporate and institutional clients in the Northeastern U.S. No financial terms were disclosed.


Permira has agreed to acquire Renaissance Learning Inc. (Nasdaq: RLRN), a Wisconsin Rapids, Wis.-based provider of tech-based school improvement and student assessment programs for K-12 schools. The deal is valued at approximately $440 million, or $14.85 per share (22.4% premium to yesterday’s closing price).

Cinven has agreed to acquire the Guardian Life insurance unit of Aegon NV for £275

The Carlyle Group is in talks to acquire research organization Pharmaceutical Product Development Inc.(Nasdaq: PPDI) for around $4 billion, according to Reuters. PPDI said earlier this summer that it would conduct a strategic review of its business.

Exponent Private Equity has agreed to acquire a group of 34 magazines from the BBC for £121 million. Titles include the Radio Times and Top Gear.

Greenbriar Equity Group has agreed to buy the aerospace hardware division of Anixter International Inc.(NYSE: AXE). The deal is valued at $155 million in cash, plus a $30 million milestone-based earn-out. The unit reports first-half 2011 revenue of around $94.1 million and EBITDA of $12

NewWorld Capital Group has acquired Cleaire Advanced Emission Controls LLC, a San Leandro, Calif.-based maker of particulate matter and nitrogen oxides abatement products for on-road and off-road heavy-duty diesel-powered vehicles. No financial terms were disclosed. Other members of the acquiring group include North Sky Capital and Spring Mountain

Pong Research Corp., a Los Angeles-based provider of solutions that protect cell phone users from the potentially harmful effects of radiation exposure, has raised an undisclosed amount of private equity funding from Catterton


Bain Capital and KKR have submitted final bids for MYOB, an Australian accounting software company currently owned by Archer Capital and HarbourVest Partners, according to Reuters. The deal could be worth around A$1 billion.

China XD Plastics Company Ltd. (Nasdaq: CXDC), a maker of modified plastics for automotive applications, has agreed to raise $100 million via a sale of redeemable convertible preferred shares to Morgan Stanley Private Equity Asia.

OpenGate Capital has agreed to acquire a Waukesha, Wisc.-based dairy processing plant and related assets from Dean Foods Co. (NYSE: DF). No financial terms were disclosed.

Go here for last week’s private equity deals