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XP Inc will be launching a 1.25 billion reais ($297.87 million) private equity fund, Reuters reported. Chu Kong, a former Actis partner, joined XP as a partner to lead the firm’s PE strategy, the story said.
Shutterfly Inc said Nov. 26 that Hilary Schneider was named president and CEO effective Jan. 25. She succeeds Ryan O’Hara, who was appointed president and CEO in June. Dwayne Black, Shutterfly’s senior vice president and chief operations 0fficer, along with Jim Hilt, president of Shutterfly’s consumer business, will serve as interim co-CEOs during the transition period, effective December 2, 2019, until Schneider’s planned start date. Apollo Global Management completed its buy of Shutterfly in September.
Silver Lake has agreed to invest $500 million in City Football Group, an owner and operator of football clubs. Silver Lake will have just over 10 percent of City Football, which owns Manchester City.
Taurus Investment Holdings LLC said Nov. 27 that it sold an 8.2 million square foot logistics portfolio located in Chicago, Dallas, Atlanta and Memphis markets to Investcorp. Taurus said exited its US Logistics Fund I and three co-investment vehicles totaling $204 million in equity capital.
Jordan Co said Nov. 26 that it completed its buy of Polymer Solutions Group’s Polymer Additives division. Arsenal Capital Partners is the seller. Financial terms weren’t announced. PSG Polymer, of Cleveland, provides homogenizing agents, process aids, dispersions, and release agents for the rubber, plastic, and engineered wood industries globally.
Partners Group is weighing a sale of software provider Civica Group, Bloomberg reported. Partners Group could launch a sales process early next year and is currently fielding pitches from advisers, the story said. Civica could sell for at least 1.5 billion pounds ($1.9 billion), Bloomberg said.
Silver Lake has agreed to buy a more than 10 percent stake in City Football Group, which owns Manchester City for $500 million, the Financial Times said. Abu Dhabi United Group, the investment vehicle owned by Sheikh Mansour bin Zayed Al Nahyan, will remain the majority CFG shareholder with a stake of around 77 percent after the deal, Reuters said.
To start your morning, Facebook is buying the VR studio behind Beat Saber, Silver Lake scores a stake in Manchester City's owner, and why Thanksgiving is always on the fourth Thursday of November.
Foreside Financial Group LLC, which is backed by Lovell Minnick Partners, said Nov. 25 that it agreed to buy Quasar Distributors. Financial terms weren’t announced. Quasar is mutual fund and exchange-traded funds distribution business owned by U.S. Bancorp.
Origami Capital Partners said Nov. 25 that it promoted Julie Klaff to partner.