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TA Associates of Boston and Madrone Capital Partners of Menlo Park, Calif., made an investment in MicroSeismic Inc., Houston, Texas-based provider of microseismic data acquisition, analysis and interpretation to the oil and gas industry. The firms said the investment was substantial, but specific terms were not disclosed. Goodwin Procter LLP serves as legal counsel to both TA Associates and Madrone Capital.

Littlejohn Management Holdings LLC promoted Michael Kaplan to the role of managing director. He joined the Greenwich, Conn.-based investment firm in 2005 and has served as a principal since 2008. Before joining Littlejohn, Kaplan was a senior associate at Ripplewood Holdings LLC where he evaluated, structured, and monitored private equity investments in several industries.

BAE Systems Plc plans to cancel the proposed sale of its Platform Solutions unit, Reuters reported. A source close to the company told Reuters that BAE has decision to keep the division. People familiar with the matter earlier told Reuters that General Electric, Eaton Corp. and Warburg Pincus submitted final bids for the subsidiary of the U.K. defense contractor.

Charlotte, N.C.-based Polymer Group Inc. is planning a $530 million private placement in connection with its definitive agreement to be acquired by Blackstone Capital Partners. Polymer Group will seek to raise the funds by offering senior secured notes due 2019. The offering is part of the financing for, and is conditioned upon, the closing of its deal with the New York-based investment and advisory firm.

Industrial Opportunity Partners of Evanston, Ill., completed a strategic acquisition for its platform company FAS Controls Inc. The maker of pressure switches, valves, circuit breakers and other products bought Honeywell International Inc.’s lighting and heavy-duty electromechanical flasher business.

Behrman Capital completed a dividend recapitalization for Data Device Corp. and a tax-free spin-off of ILC Dover to existing shareholders. The Data Device recapitalization consisted of a $300 million six-year term loan and a $30 million five-year revolving credit facility. Credit Suisse and GE Capital Corp. led the recapitalization. Behrman together with Clifford Lane acquired both businesses from ILC Industries in 2003 for $303 million. GE Capital also led the financing of a $37 million credit facility for Dover. Behrman is a private equity firm based in New York and San Francisco.

Clairvue Capital Partners led a $30 million preferred equity offering of Phillips Edison Shopping Center Fund III, an investment fund managed by Phillips Edison & Co. Clairvue contributed $25 million of the investment. An entity controlled by Phillips Edison contributed the rest. Phillips Edison is a real estate investment fund manager and operator. It has a portfolio of more than 25 million square feet of shopping centers in the U.S. Clairvue is a San Francisco, Calif.-based real estate private equity firm.

National Penn Bancshares Inc. (Nasdaq: NPBC) received the rest of the $150 million investment Warburg Pincus LLC of New York agreed to put in the Pennsylvania-based bank holding company. Warbug Pincus now owns about 16.4 percent of the National Penn. The latest investment was worth $86.7 million and it purchased about 14.3 million new issued shares of National Penn. In October, Warburg Pincus made an initial investment of $63.3 million.

CORRECTION: Praesidian Capital LLC exited its investment in Venio LLC. The exit was facilitated by Venio’s purchase of certain divisions from The Keane Organization and a new financing associated with the transaction. Praesidian of New York is a provider of mezzanine capital for small and mid-sized companies. It added Venio to its portfolio in December 2008. (An item published earlier incorrectly reported that Venio was acquired by The Keane Organization.)

Waud Capital Partners LLC’s CarePoint Partners has acquired ivA Lifetec. Financial terms were not disclosed. The deal marks CarePoint’s tenth acquisition in three years. It also marks the company’s entry into the Houston market. CarePoint provides infusion therapy services. In conjunction with the acquisition, CarePoint completed a $27 million senior debt financing with Madison Capital and Amalgamated Capital.