Iris Dorbian
Preqin, a provider of data on the alternative assets industry, said on Monday that private equity fundraising reached a cumulative $122 billion at the close of the second quarter of 2013. This is this area's highest amount since $171 billion was raised by funds at the close of the fourth quarter of 2008. Also, according to Preqin, the aggregate $122 billion is expected to increase by 10-20% as more information becomes known.
Tech Valley Communications, a portfolio company of Riverside Partners, said on Monday that it has completed its acquisition of TelJet Longhaul. No financial terms were disclosed. Based in Vermont, TelJet Longhaul is a provider of fiber optic-based telecommunications services and solutions.
Idera said on Monday that it has named Randy Jacops as CEO. Recently, Jacops worked as a venture partner at Valhalla Partners. Also, Josh Stephens has been hired as the company's vice president of product strategy. Based in Houston, Texas, Idera is a provider of application and server management solutions.
Thoma Bravo has entered into an agreement with Intuit to acquire its Financial Services division in a cash transaction of approximately $1.025 billion. The transaction is expected to close in the next few months. Intuit Financial Services is a provider of mobile and online banking software.
AMF Bowling Worldwide and Bowlmor said on Monday that it has completed its merger. No financial terms were disclosed. The new company, which is owned by Bowlmor, Cerberus Capital Management and Credit Suisse, will now be known as Bowlmor AMF. Also, Bowlmor AMF will acquire a 50% stake in Qubica AMF, a provider of bowling equipment. Bowlmor AMF is the largest operator of bowling centers in the world with 7,500 employees, 272 bowling centers and a combined annual revenue of approximately $450 million.
Denver-based UrgentRx, which is developing over-the-counter flavored powder medications, said on Monday that it has named Michael Valentino to its board of directors. Previously, Valentino served as president and CEO of Xanodyne Pharmaceuticals. UrgentRx has a number of backers that include JUMP Investors, Boulevard Capital Partners, Sam Zell, Texas Pacific Group Founder David Bonderman, Herb Simon and Academy Award-winning actress Hilary Swank.
Trilantic Capital Partners said on Monday that it has purchased a minority stake in Traeger Pellet Grills. No financial terms were disclosed. Headquartered in Wilsonville, Oregon, Traeger Pellet Grills is a producer of wood pellet grills, wood pellets, sauces & spices, and grilling accessories.
Catterton Partners has made an investment in CorePower Yoga. No financial terms were disclosed. Robert W. Baird & Co. acted as financial advisor to Catterton for the transaction. CorePower Yoga is a yoga studio operator in the U.S.
Wynnchurch Capital, a Chicago-based private equity firm, said on Friday that it is planning to make a series of investments in Detroit Tool Metal Products, Co, which it previously acquired. The investments will be made in partnership with the company's management team. No financial terms were disclosed. Bank of the West provided senior debt financing for the transaction while Bank of Montreal provided mezzanine financing and an equity co-investment. Based in Lebanon, Missouri, Detroit Tool Metal Products is a provider of precision metal stampings and components for the truck, construction, industrial, and agricultural sectors.
The Carlyle Group said on Friday that it has closed a $517 million CLO fund. The fund, which is part of Carlyle's Global Market Strategies platform, will invest in corporate leveraged loans and high yield bonds. The transaction was arranged by Citibank.