Iris Dorbian
ClearLight Partners, LLC said on Wednesday that it has agreed to sell The Outsource Group to Parallon Business Solutions, a subsidiary of HCA Holdings. No financial terms were disclosed. The transaction is expected to close by the end of this month. Cain Brothers & Company, LLC and Armstrong Teasdale, LLP advised ClearLight during this transaction. Based in St. Louis, Missouri, The Outsource Group is a provider of revenue management services in the healthcare sector.
Century Midstream, a new company created in partnership between a veteran management team and First Reserve, a private equity firm focused on energy, officially launched on Wednesday. First Reserve will back Century with up to $500 million in equity capital. Also, Joseph A. Blount, Jr. joins the company as CEO while John Howard serves as president and COO. Based in Houston, Texas, Century Midstream will focus on acquiring, developing, owning and operating midstream assets.
Domain Associates, a venture capital firm that invests in life sciences technologies, said on Wednesday that it has promoted Nimesh Shah to partner. Prior to working at Domain, Nimesh was part of the investment team at the venture firm, Cutlass Capital, and a member of the medical device research team at Alex. Brown & Sons (now Deutsche Bank).
Milestone Partners said on Tuesday that last month it completed its sale of Mariner Finance to an unidentified investment group. No financial terms were disclosed although the company did reveal that the transaction generated a return five times in excess of Milestone's invested capital. Stephens, Inc. and Janney Montgomery Scott LLC served as financial advisors for Milestone for the transaction. Based in Baltimore, Maryland, Mariner provides consumer loans in seven states from New York to Tennessee.
FundersClub, an online venture capital firm, said on Tuesday that it has closed $1.1 million for its first fund dedicated to startup incubator and accelerator programs. According to FundersClub, a member of the National Venture Capital Association, 86 investors participated in the fund. Among the companies, which were selected by Y Combinator, a backer of FundersClub, to benefit from the funding, were CircuitLab, Goldbely, Medisas, Meldium, Padlet, Prizeo and Thalmic Labs. In addition to Y Combinator, FundersClub is also backed by First Round Capital, Spark Capital, Intel Capital, Andreessen Horowitz, Felicis Ventures, SV Angel, Tim Draper and others.
Iconix Brand Group said on Tuesday that it plans to offer $250 million in senior secured notes to institutional buyers. Proceeds will be used for "general corporate purposes." Headquartered in New York, Iconix Brand Group is the owner of a number of fashion and home brands that include Candies, Badgley Mischka, Danskin, Royal Velvet, Sharper Image and Ed Hardy.
HGGC said on Tuesday that it has completed an investment in MyWebGrocer. No financial terms were disclosed. Also, as part of this transaction, the Stripes Group, a minority investor in MyWebGrocer, has sold its stake. The Jordan Edmiston Group served as financial advisor to both MyWebGrocer and Stripes Group. Based in Winooski, Vermont, MyWebGrocer is a provider of digital marketing solutions for grocery stores and consumer packaged goods companies.
ACON Latin America Opportunities Fund, a private equity investment fund managed by ACON Investments, L.L.C, said today that it has exited from its investment in InverCap Holdings. No financial terms were disclosed. InverCap Holdings owns the largest independent pension fund manager in Mexico.
Prospira PainCare, a portfolio company of Pulse Equity Partners, said on Tuesday that it has acquired The Pain Management Center. No financial terms were disclosed. Based in Hamilton, New Jersey, The Pain Management Center is a pain treatment center serving southern New Jersey and the Philadelphia metropolitan area.
California investment firm StoneCalibre said on Monday that it has acquired Source Technologies from Liberty Partners. No financial terms were disclosed. Based in Charlotte, North Carolina, Source Technologies is a provider of laser printers, software and accessories for the banking sector. Berkery Noyes acted as the financial advisor to Source Technologies for this transaction.