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Saga Group, which is owned by private equity firm Acromas Holdings, will acquire Nestor Healthcare for roughly 124 million pounds ($195.6 million), Reuters reported. The deal, at 110 pence per share, represents a 4% premium over Nestor’s closing price Friday. U.K.-based Nestor provides health and social care services. Saga sells insurance, financial services and vacation packages to people aged 50 and older, Reuters said.

Dallas-based Equity Risk Partners-Texas, which provides insurance and risk management services to private equity firms in the Southwest, has named Michael Viracola head of business development. He joins from Pepperwood Partners, where he was a managing partner focused on developing funding relationships with pension funds, private equity funds and high-net-worth individuals. ERP-Texas is a joint venture between insurance brokers Equity Risk Partners and Lipscomb & Cathey.

Schroder Private Equity Fund of Funds III has added Gerald Brady to its board of directors. Brady replaces Jonathan Quigley, who resigned from the board in November. Brady was most recently a country head of Northern Trust in Ireland, and was previously a managing director of CFG Ireland. Schroder Private Equity is based in London.

Social networking company DigitalTown, which trades on the over-the-counter bulletin board, has sealed a $10 million financing agreement with Boston-based Auctus Private Equity. Under the terms of the financing, DigitalTown has the right to sell up to $10 million in company stock to Auctus over a three-year-period. Burnsville, Minn.-based DigitalTown is developing a national network of online communities for high school students, alumni and boosters.

Korea Exchange Bank’s labor union has filed suit to block the $4.1 billion sale of the bank to Hana Financial Group, Reuters reported. In the lawsuit, the union takes issue with a dividend that would be paid to U.S. private equity firm Lone Star, which owns the 51 percent stake in the bank, Reuters said. Lone Star paid $1.2 billion for its stake in 2003, and could earn up to $246 million in dividends, on top of the acquisition price.

After raising $11 million from private equity firm Blue Point Capital Partners, China’s HAYA Retail is considering an initial public offering in China, and is eyeing overseas expansion, Reuters reported. HAYA is China’s largest retail space solution provider, and works with brands including Gucci and Swatch. HAYA owns factories in Beijing, Shanghai and western Chengdu. The new funding will help the company build a new plant in Shanghai and upgrade its design capacity, Reuters said.

European buyout shop EQT, investing through its EQT Greater China II fund, has acquired a 30% stake in Modern Metal & Precision Holdings Ltd., an aluminum die casting manufacturer in China. Financial terms of the deal were not released. Modern Metal co-founders will retain the majority stake in the company. EQT Partners has offices in Copenhagen, London, New York, and other major cities around the world.

China-focused Legend Capital is planning to raise at least $500 million across two new funds next year: a 1 billion ($150 million) yuan-denominated fund and a $350 million U.S. dollar fund, Reuters reported. The new funds will look for deals that would benefit from government support, in sectors including telecommunications, green energy and pharmaceuticals, Reuters said.

As it attempts to wind down operations, Candover Investments has agreed to sell its private equity investment manager division to a group of its directors, Reuters reported. The division plans to sell up to 29% of its portfolio to a group backed by private equity firms Pantheon and Arle Capital Partners for roughly 60 million pounds ($94.7 million), Reuters said. The sale is one of Candover’s last attempts to return cash to shareholders as it winds down.

Praesidian Capital has promoted Glenn Harrison to the post of managing director, and James Heyer to vice president. Harrison has been with the firm for three years, and has worked on investment sourcing, due diligence, structuring. Previously, he was vice president at Merrill Lynch Middle Market Finance. Heyer joined Praesidian two years ago, and has focused on financial analysis, due diligence and execution of new investments. Based in New York City, Praesidian has more than $400 million under management.