Mindspeed Technologies Inc., a listed semiconductor company, will pay $51.8 million – plus an additional $25 million in earn-out payments – to buy U.K.-based Picochip Ltd. Picochip makes integrated system-on-chip technology for small cell base stations.
The last couple of years have seen a steady trickle of banks and insurers selling private equity assets and other non-core units as regulators globally toughen capital requirements. In the US, the Volcker Rule, a part of the financial regulatory overhaul law that limits proprietary trading, or investments by banks using their own capital, has been forcing banks to sell part or all of their private equity portfolios. In Europe, banks are selling their private equity assets to boost their balance sheets to prepare for the Basel III reform package which will impose capital constraints on investments. The new rules will come into force on January 1, 2013, with full implementation by 2019. Today, we'll take a look at some of the US and European institutions who have been offloading their private equity assets and what prices they have been getting. It also includes a couple that are on the sales block waiting to make their announcement. There are also a few among the bunch that, since being spun out, have commenced efforts--with varying degrees of success--to raise new funds. How successful these PE shops will be independently in some cases remains to be seen...
Buyout shop Francisco Partners has acquired Ichor Systems, an Oregon-based designer and manufacturer of process tools, gas delivery modules and chemical delivery modules sold to capital equipment manufacturers. Terms of the deal, which closed December 30, were not released.
Oak Hill Capital Partners has exited its investment in Butler Schein Animal Health, selling its stake to publicly traded Henry Schein Inc. for $155 million. Henry Schein now owns 71.5% of Ohio-based Butler Schein Animal Health.
Scottish Equity Partners has closed a new growth equity and venture fund with 200 million pounds ($310 million). SEP IV will focus on investments in high-growth technology and technology-related companies based in the U.K. The firm said that limited partners include pension funds, fund-of-fund investors, family offices and corporate investors, though it did not name any LPs.
Middle market private equity firm CIVC Partners has sold Innovative Aftermarket Systems to Genstar Capital. IAS, based in Austin, TX, is a provider of ancillary vehicle protection products, services, and software solutions sold primarily through franchised automobile dealerships in the US. PRESS RELEASE CIVC Partners, L.P., a middle market private equity firm focused on investments […]
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New York-based private equity firm Arsenal Capital Partners, has acquired Fluoro-Seal Holdings a provider of plastic barrier, adhesion and surface enhancement products. Fluoro-Seal currently operates 15 plants in the US and an additional seven international sites through joint ventures or licenses. PRESS RELEASE Arsenal Capital Partners, a leading New York-based private equity firm that invests […]
Hoffmaster Group, a portfolio company of Kohlberg & Company, has been acquired by Metalmark Capital. Terms of the transaction were not disclosed. Hoffmaster is a North American designer, manufacturer and supplier of disposable tableware (including napkins, plates, tablecovers and placemats) sold to major consumer retail and foodservice customers. PRESS RELEASE Hoffmaster Group, Inc. (“Hoffmaster” or […]
The Riverside Company has acquired TradeOne Marketing, an Austin, Texas-based provider of marketing services that help companies design, manage and administer channel marketing programs. TradeOne will join Riverside platform Centiv Services, a designer of localized marketing campaigns. PRESS RELEASE The Riverside Company has acquired TradeOne Marketing, an Austin, Texas-based provider of marketing services that help […]