Chris Witkowsky
The Riverside Company has merged its portfolio company Alchemy Systems, which provides training for food industry employees, with Catalyst Awareness, which produces employee awareness communications programs for retailers. Deerpath provided financing for the transaction, Jones Day served as Riverside’s legal counsel, Deloitte advised Riverside on financial due diligence and West Monroe Partners advised on technology diligence.
Financing connected to the $6 billion buyout of retailer Neiman Marcus by the Canada Pension Plan Investment Board and Ares Management has priced. The company priced an offering of $960 million principal amount senior cash notes due 2021, and $600 million principal amount senior PIK toggle notes due 2021.
Tulane University's $1 billion endowment has hired former Bessemer Trust private equity executive Richard Chau to run its private equity program.
The Riverside Company has acquired NJoy Baby, which designs and markets strollers. The company is an add-on to Riverside's Baby Jogger platform.
Cotton Creek Capital Management is acquiring Royal Baths Manufacturing Company, a maker of acrylic and marble bathroom products. Cotton Creek will make the acquisition through its second fund.
Troika Resources Private Equity Fund, based in South Korea and managed by KDB Bank, SK Energy and Samchully AMC, has formed a $240 million joint venture through a special purpose vehicle with Bellatrix Exploration. The special purposes vehicle, called TCA Energy, will contribute $120 million toward the capital program for the drillling of an expected 63 wells.
Oregon State Treasurer Ted Wheeler has been discussing ways of transforming the Oregon Investment Council, which manages about $74 billion in total assets, into more of an independent agency with greater power to set compensation, as well as hire and fire employees.
Bacchus Capital Management has exited its investment in Qupe, a California wine producer. Bacchus had provided a second lien loan to the winery in 2011. Qupe was founded by award winning wine producer Bob Lindquist.
To close out your week, First Reads delivers you some hating on Congress, some hating on New York sports teams and a corrupt mayor gets major jail time.
Strategic Value Partners and Angelo, Gordon & Co. have exited their investment in NextMedia Group, which has agreed to sell its 33 radio stations to Digity, a newly formed media company. SVP and Angelo, Gordon helped lead the restructuring of NextMedia and gained majority equity ownership when the company exited Chapter 11.