H.I.G. Capital, the Miami-based buyout shop, announced Thursday that it has completed the sale of Service Net to Chartis U.S. Inc. Chartis is a wholly owned subsidiary of American International Group. Terms of the deal were not released. H.I.G. Capital has invested in Service Net twice in the past several years: The firm recapitalized Service Net in 2004, and exited its investment in 2007. In 2009, H.I.G. re-acquired the company.
The Benetton family has set a 4.60 euro (about $6) per share price to buy out minority investors and take its clothing company private, Reuters reported Wednesday. The tender will cost Edizione, the holding company of the Benetton family which owns 67.1% of the clothing group, up to 276.6 million euros, Reuters wrote. The bid price represents a 15.6% premium on Tuesday's stock price -- when the plan to delist was first announced. The shares have been suspended since then, Reuters wrote.
Publicly traded ShoreTel Inc. said Thursday that it would acquire M5 Networks in a deal valued at $146.3 million. The deal includes $84 million in cash, 9.5 million shares of ShoreTel stock and a potential $13.7 million in additional milestone payments. ShoreTel is a maker of IP phone systems.
AVG Technologies, the anti-virus software company backed by Intel Capital, Grisoft Holdings and private equity firm TA Associates, has priced its initial public offering at $16 per share, Reuters reported Wednesday. The company, which competes with Symantec and McAfee, was expecting to price its IPO of 8 million shares between $16 and $18 a share.
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Buyout shop TPG Capital is mulling a bid for Australian underwear maker Pacific Brands, Reuters reported Thursday. TPG has not tabled a bid for the asset, the source said, but is instead watching developments on the rival bid made by KKR & Co. in January, Reuters wrote.
China Investment Corp. has taken a minority stake in Washington-based asset manager EIG Global Energy Partners, Reuters reported Thursday. Asset manager EIG, which invests only in energy, resources and related infrastructure, did not disclose the size or value of the stake taken by CIC, Reuters wrote.
Saban Capital Group has opened an office in Hong Kong led by Sumeet Jaisinghani. He has relocated from Los Angeles and will work to expand the firm's investment activities in Asia.
Intervale Capital has bought Allied Oil & Gas Services. Financial terms weren't announced. Wells Fargo & Co. provided debt financing. Fort Worth, Texas-based Allied Oil provides cementing and acidizing services.
Warburg Pincus has acquired a majority stake in FacilitySource. Financial terms weren't disclosed. Columbus-based FacilitySource provides facility maintenance and management solutions to retailers and other multi-site operators.