PEI Staff
BRG Sports Inc, a sports equipment company based in Scotts Valley, California, agreed to sell its Action Sports unit to Vista Outdoor Inc for $400 million. The unit comprises brands including Bell, Giro, Blackburn and C-Preme. BRG Sports' current owners, Fenway Partners and Ontario Teachers’ Pension Plan, will maintain their investments in the BRG Sports. The deal is in cash with an earn-out related to future performance.
In today's Second Opinion, Apple files a motion opposing the FBI's order to unlock an iPhone, Nevada Governor Sandoval withdraws as a possible Supreme Court pick, and tomorrow FIFA will elect a new president and vote on reforms.
Tailwater Capital LLC made a $100 million initial equity commitment to TopSail Energy LP, a newly-formed portfolio company that will focus on purchasing and developing refined products logistics and processing assets. Jim Lelio, a former Kinder Morgan executive, will be TopSail’s chief executive officer.
Vance Street Capital LLC acquired A&E Medical Corp, a maker of single-use products used in cardiovascular procedures based in Farmingdale, New Jersey. Terms of the transaction were not disclosed. Vance Street partnered with Lexington Partners, Neuberger Berman Private Equity funds, RCP Advisors and Madison Capital Funding LLC, all of whom co-invested equity alongside Vance Street in support of the transaction.
Colgate Energy LLC raised $75 million of equity commitments from lead investor Pearl Energy Investments, alongside Natural Gas Partners through its affiliate, NGP Natural Resources XI LP and the Colgate management team. Colgate is an exploration and production company based in Midland, Texas focused on acquiring and developing oil and gas properties in the Permian Basin.
Southfield Capital bought Tier One Relocation, which specializes in moving services for the military. Financial terms were not disclosed. The Private Bank provided the senior debt financing. Finn Dixon & Herling provided legal counsel to Southfield. Raymond James acted as financial advisor to Tier One Relocation and its shareholders.
In Thursday's First Read, Sharp agrees to $6.2 billion bailout from Foxconn, the Nikkei reports, Apple is said to be trying to make it harder to hack an iPhone and computer science is now a high school graduation requirement in Chicago’s public school district.
Publicly traded Western Gas Partners LP agreed to acquire a 100 percent interest in Springfield Pipeline LLC from Anadarko Petroleum Corp for $750 million. Springfield owns a 50.1 percent share in an oil and gas gathering system in south Texas. Western Gas will finance the purchase through the issuance of 8.5 percent perpetual convertible preferred units valued at $449 million to First Reserve Advisors LLC and Kayne Anderson Capital Advisors LP. It will also issue Western Gas common units at $29.91 each to Anadarko and Western Gas Equity Partners LP and it will borrow $247.5 million on its revolving credit facility.
Antares Capital hired Vivek Mathew as managing director, head of structured products. Most recently, Mathew served as managing director, head of global primary CLO business at J.P. Morgan. Prior to joining J.P. Morgan in 2005, he was vice president, structured finance at Deutsche Bank. Mathew will join Antares' New York office in the second quarter of 2016.
Boathouse Capital invested in Frontier Strategy Group, an emerging market information services and advisory firm based in Washington, DC. Financial terms of the investment were not disclosed.