Iris Dorbian
Sunteck Transport Group, a portfolio company of Comvest Partners, has merged with TTS LLC. No financial terms were disclosed. The newly combined entity will operate under the name SunteckTTS. Sunteck's CEO Ken Forster has been tapped as president and CEO of SunteckTTS while Andy Cole, president and CEO of TTS, will be chairman of the board. Harris Williams & Co and McDermott Will & Emery advised Sunteck while Stifel and McAfee & Taft advised TTS. Based in Dallas, Texas and Jacksonville, Florida, SunteckTTS is a freight management service provider.
Stamford, Connecticut-based Northern Shipping, an alternative financing provider for the shipping and offshore oil service industries, has closed its third maritime credit fund at $505 mln, beating its $400 mln target.
Benford Capital Partners LLC has recapitalized Middleton, Wisconsin-based Saco Foods LLC, a maker of food products that sells mostly to U.S.-based supermarkets and mass retailers. No financial terms were disclosed.
First Read kicks off the day with news that Canadian insurer Fairfax agrees to buy Switzerland's Allied World in a $4.9 billion deal, Trump clinches more than 270 million Electoral College votes to formally become the president-elect, and Uber loses $2.2bn (£1.77bn) in the first nine months.
Fortress Investment Group has agreed to acquire a "significant" portion of a portfolio of UniCredit's non-performing loans valued at 17.7 billion euros. Since 2000, Fortress has acquired about NPLs in Italy worth 22 billion euros.
In Second Opinion, the Russian Ambassador to Turkey is assassinated, IMF's Christine Lagarde is found guilty of negligence and Vale will sell its fertilizer business to Mosaic for $2.5 billion.
Kohlberg & Company LLC has closed its oversubscribed eighth private equity fund at a hard cap of $2.2 billion.
First Reserve has provided up to $250 million to Texas American Resources Company LLC. The capital will be used to back Texas American's pursuit of oil development opportunities in the Eagle Ford Shale in south Texas.
DME Express, a provider of durable medical equipment services for the hospice industry, has secured an undisclosed amount of funding. The investor was WayPoint Capital Partners. Gar Wood Securities was financial adviser to DME Express on the transaction.
The Riverside Company has acquired Jacksonville, Florida-based Lakeview Health, a substance abuse treatment provider. The seller was Trinity Hunt Partners. No financial terms were disclosed. Harris Williams & Co and Andrews Kurth advised Lakeview Health on the deal.