Cortec Group has acquired a majority stake in Cranial Technologies Inc., a Tempe, Ariz.-based maker of medical devices and services for the treatment of positional plagiocephaly in infants. No financial terms were disclosed. www.cranialtech.com
SAC Capital and Z Capital Partners have assumed control of Neways, a maker of healthy personal and household products, from Golden Gate Capital. The deal allows Neways – which recently defaulted on around $235 million of second-lien loans – to avoid bankruptcy, with Golden Gate retaining a minority ownership position. www.zcap.net
Progressus Therapy, a Tampa, Fla.-based provider of special education solutions to school districts and communities, has raised an undisclosed amount of funding from existing investor Sterling Partners.
TPG Capital and GIC have agreed to purchase around $115 million of convertible notes in Li Ning Co Ltd., a Hong Kong-listed sportswear maker. TPG also will invest an additional $45 million for around 5% of the company’s outstanding shares.