PEI Staff
Wingate Partners completed the sale of Barberton, Ohio-based Preferred Compounding, a rubber compounder, to Audax Private Equity. Terms of the transaction were not disclosed. KeyBanc Capital Markets and Haynes and Boone LLP advised Preferred.
Allied Minds subsidiary Federated Wireless, a developer of wireless infrastructure solutions, raised $22 million in Series A funding. Woodford Investment Management contributed about $15 million and led the round with participation from Allied Minds and others. Allied Minds now owns 73% of Arlington, Virginia-based Federated Wireless, valuing its stake at $60 million, up from $9 million.
Funds affiliated with U.S. private equity firm Arias Resource Capital Management have acquired units in Largo Resources Ltd (TSX-V: LGO) in the first tranche of a new $39 million (US$26.5 million) private placement. Toronto-based Largo announced the deal earlier this month, noting the proceeds would support on-going working capital requirements at its vanadium mining project in Brazil, among other priorities. With the deal, Arias will increase its existing stake in the company to as much as 64.73 percent of total outstanding common shares. Last year, Arias agreed to provide most of a $70 million financing of Largo.
Edison Partners-backed Premier Healthcare Exchange, a provider of claims integrity and cost management solutions, together with its subsidiary, Pay-Plus Solutions, and Global Care Inc, have combined with Stratose Inc, a healthcare company owned by Parthenon Capital. The transaction, sponsored by Parthenon, netted Edison a return of more than 10 times its investment, a separate statement said. Edison will maintain a minority ownership in the new company and add its managing director Chris Sugden to the board. Cain Brothers advised PHX and PPS.
Global Jet Capital, a financing solutions provider for private jets, completed its previously announced purchase of GE Capital’s corporate aircraft financing portfolio, valued at about $2.5 billion. Global Jet is backed by GSO Capital Partners, The Carlyle Group and AE Industrial Partners.
ShoreGroup has spun off Optanix Inc, an IT operations management software platform. In June, Francisco Partners acquired a majority investment of ShoreGroup. ShoreGroup will continue to operate as a professional services and value-added reseller.
Antares Capital appointed Melina Higgins as independent board chairman. Higgins spent nearly 20 years with Goldman Sachs before retiring in 2010 as partner and managing director of the firm. Mark Furlong and Diane Nordin were also elected to the Antares Midco Inc board of directors. Furlong most recently served as president and CEO of BMO Harris Bank N.A., and Nordin is a retired partner of Wellington Management Company.
Franklin Square Capital Partners provided a loan to PSKW LLC, a pharmaceutical co-pay assistance company. Terms of the transaction were not disclosed. The financing supported the acquisition of PSKW by Genstar Capital as well as PSKWS’s add-on acquisition of PDR Network LLC, a provider of prescription management programs.
London-based dopay, a payroll service provider for the unbanked, raised $2.4 million in a pre-Series A funding round. Techstars Ventures and Force Over Mass Capital led the round. To date dopay has secured $4.6 million in funding.
Charlesbank Capital Partners hired Stephanie Paré Sullivan as general counsel and chief administrative officer. Sullivan joins the firm from THL Credit, where she worked as a managing director and general counsel. She succeeds Tami Nason.