Iris Dorbian
NGP Energy Technology Partners has made an undisclosed investment in Wellsite Rental Services. Based in Broussard, Louisiana, Wellsite is a rental equipment provider for the oil and gas sector.
Spectrum Equity has acquired a minority stake in Verafin for C$60 million. RBC Capital Markets was the placement agent on the transaction. Based in St. John’s, Newfoundland, Verafin is a provider of anti-money laundering and fraud detection solutions for the financial services industry.
Merex Group, a portfolio company of Dubin Clark, has received a credit facility from GE Antares to support its buy of Kellstrom Defense Aerospace. No financial terms were disclosed. GE Capital Markets was the lead arranger and joint bookrunner on the loan. Based in Miramar, Florida, Kellstrom Defense is a provider of inventory management solutions and aftermarket services, specializing in the defense aircraft aftermarket support.
EnCap Flatrock Midstream has raised $3 billion in the final close of its oversubscribed third fund. The pool's target was $2.25 billion. Its LPs include corporate and public pension plans, family offices, insurance companies and university endowments and foundations. The fund will focus on midstream startups.
Navigat, a power plant developer in Southeast Asia, has promoted Arno Hendriks to CEO and Willi Goldschmidt to the newly created position of executive chairman. Also, Navigat will rebrand as MAXpower Group. The name change becomes effective May 15. The firm's backers include Mahanusa Capital, Standard Chartered Private Equity and Gunung Sewu Group.
Milestone Scientific said Thursday that it has closed a $10 million private placement with an affiliate of Milan private equity firm Innovest S.p.A. According to details of the transaction, Milestone sold 2 million shares of its common stock at $1.50 per share and 7,000 shares of preferred stock at $1,000 per share. Cornhill & Harvest served as advisor to Milestone Scientific. Headquartered in Livingston, NJ, Milestone Scientific is a provider of injection technology.
Seacoast Capital has teamed up with Channel Investment Advisors to recapitalize Patriot Environmental Services. No financial terms were disclosed. Patriot is a provider of environmental services in California.
GE Capital International has hired Robert Plehn as its new capital markets leader. The appointment becomes effective July 1. Plehn joins GE Capital International from Lloyds Banking Group where he most recently served as head of its asset backed solutions team.
EQT has sold its minority stake in Candyking to Accent Equity. No financial terms were disclosed. Candyking is a Swedish candy company.
Lightwave Logic has added George Lauro to its board of directors. Lauro was a managing director at Wasserstein Perella and head of West Coast technology investing. Based in Longmont, Colorado, Lightwave Logic is a producer of prototype electro-optic demonstration devices.