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Insight Venture Partners has increased its takeover bid for Quest Software Inc. (Nasdaq: QSFT) from $23 per share to $25.75 per share, and added Vector Capital to the investor group. The revised deal would value Quest at approximately $2.17 billion. This tops a $25 per share offer from an undisclosed buyer, and has been accepted by Quest.

The Blackstone Group and BC Partners have partnered up to bid for frozen foods company Iglo Foods Group Ltd., which is being sold by Permira for upwards of €3 billion, according to Reuters. They are the last two remaining suitors, after PAI Partners dropped out last week. www.permira.com

B&B Electronics, a portfolio company of Graham Partners, has acquired IMC Networks, a Foothill Ranch, Calif.-based maker of optical access and media conversion solutions for LAN/MAN and FTTx networking applications. No financial terms were disclosed. Headwaters MB managed the sale process.www.imcnetworks.com

LANDesk Software, a systems lifecycle management company owned by Thoma Bravo, has acquiredWavelink, a South Jordan, Utah–based provider of mobility management solutions. No financial terms were disclosed. Wavelink shareholders included Cascadia Capital Partners, Draper Fisher Jurvetson, J.H. Whitney, Mayfield fund, Morgan Stanley Private Equity and WestView Capital Partners. www.wavelink.com

MW Industries Inc.
, a spring and fastener manufacturer owned by Genstar Capital, has acquired substantially all of the assets of Hi-Tech Machine, a Concord, N.C.-based precision machining business that serves the medical, aerospace, military/defense and hand power tool markets. No financial terms were disclosed. www.gencap.com

Performance Food Group Inc., a portfolio company of The Blackstone Group and Wellspring Capital Management, has agreed to acquire Institution Food House Inc., a Hickory, N.H.-based food service distributor, for $600 million. BB&T Capital Markets advised IFH on the transaction. www.pfgc.com

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