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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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Iran proved it can close the Strait of Hormuz, but the U.S. is advertising very loudly that the world's top superpower can at least punch open a hole

Private Equity Deals

By
Dan Primack
Dan Primack
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By
Dan Primack
Dan Primack
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September 12, 2011, 1:28 PM ET
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ConvaTec Inc., a portfolio company of Avista Capital Partners, reportedly has abandoned an offer to buy wound-care company Kinetic Concepts Inc. (NYSE: KCI). The ConvaTec offer had topped a prior $68.50 per share, or $5 billion, bid currently from Apax Partners and a group of Canadian pension funds. www.kci1.com

 Advent International and The Carlyle Group are the final two bidders for Ameos, a Zurich-based operator of hospitals in Switzerland and Germany, according to Reuters. Ameos is being sold by Quadriga Capital, with Commerzbank managing the process. CVC Capital Partners had expressed interest, but has since dropped out.

The Carlyle Group has agreed to acquire N.I.C. Corp., a Japanese provider of medical staffing and administrative services, for approximately $149 million. Sumitomo Mitsui Banking Corp. will provide leveraged financing for the deal, which is being done in partnership with N.I.C. management..www.carlyle.com

Genstar Capital has completed its previously-announced acquisition of Woods Equipment Co., a maker of tractor parts and attachments for agricultural and construction applications, from Blount International Inc. (NYSE: BLT). The deal was valued at approximately $185 million. www.gencap.com

Monitor Clipper Partners has acquired Kanetix Ltd., a Canadian online insurance marketplace. No financial terms were disclosed. www.kanetix.ca

Resource Interactive, a Columbus, Ohio-based interactive marketing agency focused on social media, has secured a minority growth equity investment from WestView Capital Partners. www.resource.com

 

 

THURSDAY, SEPTEMBER 15

GTCR has agreed to acquire Fundtech Ltd. (Nasdaq: FNDT), a global provider of banking software and services to financial institutions. The $23.33 per share offer values Fundtech at approximately $366 million, and represents a 32.86% premium over yesterday’s closing price. If successful, GTCR would combine Fundtech with existing portfolio company BankServ. Fundtech previously received an all-stock acquisition offer from S1 Corp. www.fundtech.com

CNinsure (Nasdaq: CISG) said that a private equity consortium has withdrawn a $953 million buyout offer for the Chinese insurer, citing market conditions. The buying group had included company CEO Yinan Hu, TPG Capital, CDH Inservice Ltd. and Kingsford Resources. www.cninsure.com

McLarens Young International, an Atlanta-based loss adjusting firm with a focus on the commercial and high-net-worth claims market, has acquired Airclaims, a provider of claims, risk and asset management services to the aviation community. No pricing terms were disclosed. Altamont Capital Partnerssponsored McLarens on the deal, while Airclaims owner LDC sold its shares. www.mclarensyoung.com

Paymentus Corp., an SaaS provider of electronic payment and presentment technology, has raised an undisclosed amount of growth equity funding from Accel-KKR. www.paymentus.com

Tech Air, a Danbury, Conn.-based portfolio company of CI Partners, has agreed to acquire Corp Brothers, a Providence R.I.-based distributor of specialty and industrial gases, safety equipment, dry ice and welding supplies. No financial terms were disclosed. www.techair.com

Trivest Partners has sponsored a recapitalization of Group III International Ltd., a Pompano Beach, Fla.-based maker of travel and work gear under the Wegner brand. No pricing terms were disclosed. Abacus Finance Group and Madison Capital Funding provided leveraged financing. www.trivest.com

WEDNESDAY, SEPTEMBER 14

Oaktree Capital Management said that it plans to buy toymaker Jakks Pacific (Nasdaq: JAKK) for $670 million, or $20 per share in cash (25% premium to yesterday’s closing price). Oaktree already holds a 5% stake in Jakks, and said it may go hostile if its offer is rejected. www.jakks.com

Checkers Industrial Products, a portfolio company of Tonka Bay Equity Partners, has acquired Yellow Jacket Inc., a Duarte, Calif.-based maker of cable protection products. No financial terms were disclosed.www.tonkabayequity.com

ClearLight Partners has acquired Evriholder Products LLC, an Anaheim, Calif.–based provider of “impulse” purchase housewears. No financial terms were disclosed. Houlihan Lokey advised Evriholder on the deal. www.clearlightpartners.com

GHX Industrial LLC, a Houston-based portfolio company of CapStreet Group, has acquired McCarty Equipment Co., an Abilene, Texas-based distributor of hoses, fitting and valves. www.ghxinc.com

ProSight Specialty Insurance, a portfolio company of TPG Capital and GS Capital Partners, has agreed to acquire Lloyd’s TSM Agencies Ltd. and the capacity rights to Lloyd’s Syndicate 1110. No financial terms were disclosed. www.prosightspecialty.com

Opera Solutions, a New York-based provider of applied machine learning science and big data predictive analytics, has raised $84 million in growth equity funding. Silver Lake Sumeru led the round, and was joined by Accel-KKR, Invus Financial Advisors, JGE Capital Management and Tola Capital.www.operasolutions.com

TUESDAY, SEPTEMBER 13

Warburg Pincus has agreed to sponsor a recap of Consolidated Precisions Products Corp., a Ponoma, Calif.-based maker of highly-engineered castings serving the commercial aerospace, military and industrial markets. No financial terms were disclosed for the deal, which represents an exit for previous CPP sponsor Arlington Capital Partners. www.warburgpincus.com

OpenGate Capital has completed its previously-announced acquisition of a Waukesha, Wis.-based dairy processing plant and related assets from Dean Foods Co. (NYSE: DF). No financial terms were disclosed.www.opengatecapital.com

Pharmaceutical Strategies Group LLC, a Plano, Texas-based pharmacy benefits consulting company, has raised an undisclosed amount of growth equity funding from Blue Wolf Capital Partners.www.psgconsults.com

Webster Capital has acquired an undisclosed stake in Discovery Practice Management, a Los Alamitos, Calif.-based operator of residential treatment programs for adolescents and women suffering from eating disorders and substance abuse/emotional disorders. Fifth Street Finance provided debt financing.www.webstercapital.com

MONDAY, SEPTEMBER 12

Baird Capital Partners has acquired Harris Research Inc., a Logan, Utah-based franchisor of in-home consumer services like carpet and upholstery cleaning, from The Home Depot (NYSE: HD). No pricing terms were disclosed. Thrivent Financial for Lutherans participated alongside BCP on the equity, while debt financing was provided by BMO Harris Bank N.A., BBVA and Caltius. www.homedepot.com

BMG Right Management, a joint venture of KKR and Bertelsmann, has agreed to acquire music publisherBug Music from Spectrum Equity Investors and Crossroads Media. No financial terms were disclosed, but a source tells Term Sheet that the purchase price was approximately $300 million. www.bugmusic.com

Hellman & Friedman has agreed to acquire OpenLink Financial from The Carlyle Group. No financial terms were disclosed, except that Cedit Suisse and Crescent Mezzanine committed debt financing for the transaction. OpenLink is a Long Island-based provider of software solutions for trading, risk management and operations professionals. www.olf.com

H.I.G. Capital has acquired a “significant equity stake” in CTI, a French industrial boiler maker that has annual revenue of nearly €135 million. The investment was made in conjunction with CTI’s merger withMaten, a French provider of maintenance services for storage tanks for hydrocarbons and other explosive liquids. www.higcapital.com

WorldOne, a New York-based provider of healthcare data research, has raised $25 million in growth equity financing from Kennet Partners. www.worldone.com

Valeritas Inc., a Bridgewater, N.J.-based developer of drug delivery solutions with an initial focus on diabetes, has raised $150 million in Series C funding. Welsh, Carson, Anderson & Stowe led the round, in exchange for a controlling interest. Return backers include MPM Capital, Pitango Venture Capital, Abingworth; Advanced Technology Ventures, ONSET Ventures, HLM Venture Partners, Agate Medical Investments, CHL Medical Partners and Kaiser Permanente Ventures. www.valeritas.com

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