Iris Dorbian
Jung Yeon Son has left Technology Crossover Ventures to join Sheppard, Mullin, Richter & Hampton LLP as a partner in the firm's corporate practice group. At Technology Crossover Ventures, which is located in Palo Alto, Calif., Son was associate general counsel. Sheppard Mullin, also based in Palo Alto, is an international law firm with 630 attorneys in 16 offices in the U.S., Europe and Asia.
Summit Investments said on Friday that it has launched Polar System, which is is designed to gather 50,000 barrels of crude oil per day, in Williams County, North Dakota. Summit Investments (or Summit Midstream Partners, LLC) owns a 69% limited partnership stake in Summit Midstream Partners, LP, which is focused on exploring energy assets in North America. Summit Investments is headquartered in Dallas, TX with offices in Houston, TX, Denver, CO and Atlanta, GA.
Assisted Living Concepts announced on Thursday that its stockholders had approved TPG's previously announced plan to acquire the company. Under the agreement, ALC stockholders will receive $12 in cash for each share of Class A common stock while holders of ALC's Class B common stock will receive $12.90 in cash per share. The transaction is expected to close this summer. Assisted Living Concepts is a Wisconsin-based operator of housing for senior citizens.
Tick Data's management is buying the company and receiving funding from Tactex F1 Private Equity Fund. Neal Falkenberry, Tick Data's president, and Thomas Myers, Senior VP, will have two-thirds, while Tactex will have one-third, a spokeswoman says. Tick Data, which is headquartered in Great Falls, Virginia, provides time data for the equities, options and futures markets.
GCP Capital Partners has invested in 123 LumpSum Holdings. No financial terms were disclosed. Bryant Park Capital Securities advised LumpSum. Located in Hallandale Beach FL., 123 LumpSum is a provider of secondary structured settlement transactions.
Merex Group, a Dubin Clark portfolio company, has named Christopher R. Celtruda as its new CEO. Merex is based in Camarillo, Calif., and is a provider of defense platforms.
Airware has received a $10.7 million round of financing led by Andreessen Horowitz. Google Ventures also participated. Also, Chris Dixon, a partner at Andreessen Horowitz, will join Airware's board. Airware, which is based in Newport Beach, Calif., which develops autopilots for drones.
Avenue Capital Group said Wednesday it has provided a loan to support H.I.G. Europe's buy of Freedom Finance Nordic. Avenue Capital also made a minority equity investment in Freedom. The debt facilities provided by Avenue closed in early May. H.I.G. Europe announced yesterday it had acquired Freedom, a prime consumer loan broker operating in Sweden, Norway and Finland
Spire Capital Partners said on Wednesday that it so far collected $100 million for its third fund which has a $375 million target. Spire Capital, which has offices in New York City and Pennsylvania, is a private equity firm that focuses on companies in a variety of sectors that include media, education, information services and communications.
Advent International has named Michael Ming-Yue Zhu as an operating partner. Zhu is country general manager of Solvay China. Advent has also tapped William Tsao as an industry advisor for China's chemical sector. Advent International is a global private equity firm with offices in North America, Latin America, Europe and Asia