Iris Dorbian
The Jordan Company LP has completed its previously announced acquisition of the Borchers business from Vectra Co. No financial terms were disclosed. Borchers is an additives specialist for coatings, paints and printing inks. Moelis & Company served as the lead financial adviser to Vectra.
Quercus Renewable Energy Fund has sold its stake in ForVEI, a renewable energy private equity joint venture comprised of also VEI Capital, Foresight Solar VCT and Adenium Solar Energy. No financial terms were disclosed. Quercus initially invested 8 million euros in ForVEI in 2011; at the time of the company's exit, Quercus owned an almost 10 percent stake in the joint venture.
H.I.G. Capital has made an investment in Milan, Italy-based shopping center "Le Isole" of Gravellona Toce. No financial terms were disclosed.
First Read starts Martin Luther King Jr. Day with news that Microsoft has acquired an artificial intelligence startup, global unemployment is set to hit 200 million this year as wages stagnate, and Donald Trump said he will keep using his @realDonaldTrump Twitter account.
Second Opinion closes out the week with news that Wells Fargo is shutting down over 400 bank branches, Bain-backed retailer Canada Goose wants to go public as early as next month and a million people are asking President Obama to pardon whistle-blower/fugitive Edward Snowden.
Gauge Capital has made an undisclosed investment in Miami Beach Medical Group, which provides at-risk primary care. The capital will be used for growth and to support an acquisition. In addition to the investment, Whitney Bowman, Drew Johnson and Daniel Gedney from Gauge Capital have been added to MMG's board of managers.
Cotton Creek Capital has recapitalized Illinois-based Dillon Transport, a temperature-sensitive transportation provider for the asphalt sector. No financial terms were disclosed. As a result of the transaction, Jeff Dillon, the founder of Dillon Transport will remain as a "significant" shareholder.
LStar Capital, Lone Star Funds' credit affiliate, has provided an $83 million loan to Clement Chen, principal owner of The Westin Palo Alto Hotel. Law firm Davis Wright Tremain advised Chen on the transaction. The Westin Palo Alto is owned by an affiliate of Chen's Pacific Hotel Management LLC, which runs eight properties in California including the Silicon Valley-based luxury hotel The Clement Hotel.
Los Angeles-based Gores Holdings II Inc, a blank check company owned by The Gores Group, has raised $375 million for its IPO after pricing its 37.5 million shares at $10 per share. The stock began trading January 13, 2017 on the NASDAQ under the ticker symbol "GSHTU." Deutsche Bank Securities is the underwriter.
Agilon Health, which is backed by Clayton, Dubilier & Rice, has named Ronald J. Kuerbitz as CEO. His appointment becomes effective February 20, 2017. Kuerbitz is a former CEO of Fresenius Medical Care North America. Agilon Health is a healthcare tech and services company.