Today, we do have an interesting deal. An investor group comprised of General Atlantic, Robert Bass and senior management has bought a minority stake in Oak Hill Advisors. iStar Financial, a REIT, was the seller, according to a statement. Financial terms weren't announced. Oak Hill Advisors, which has $12.8 billion of capital, is a distressed investor. iStar Financial acquired the stake in 2005. With the sale, Oak Hill's management increases its majority holding while GA, with Bass, comes in as minority investors.
This just in. Lynn Tilton, the head of Patriarch Partners, will be on 20/20 later this week talking to Barbara Walters. No, the show won't be on PE execs that "scream and spit." Instead, the episode will be "Inside the Lives of the Super Rich." Tilton, according to 20/20, owns more companies than any woman in America. There are some promo shots of Tilton and Walters smiling together as well as Tilton showing off her major shoe collection.
New York buyout shop Metalmark Capital has acquired a majority stake in Glen Allen, Va.-based Bostwick Laboratories Inc., the firm announced Tuesday. Financial terms of the deal were not disclosed. Bostwick Laboratories is a provider of urologic anatomic pathology laboratory services. The Metalmark investment will help Bostwick with growth efforts and to expand development of its pathology laboratory services, which specialize in the monitoring and diagnosis of cancer.
Toronto-based online food ordering service Just-Eat Canada Inc. has acquired competitor GrubCanada Inc. Terms of the deal were not released. The Just-Eat Group, which operates across 13 countries, was formed in 2000 and is backed by $48 million from investors including Greylock Partners, Index Ventures and Redpoint Ventures.
YourEncore, the maker of an enterprise platform focused around research, development and commercialization challenges, has sealed an undisclosed amount from Accel-KKR, the company announced Tuesday. The money will be used for expansion efforts.
Apollo Global Management has completed the acquisition of Gulf Stream Asset Management, a company that manages Collateralized Loan Obligations with approximately $3 billion in assets under management. The deal was first announced in July.
Compass Partners, a New York PE firm, said Monday that it has completed its buy of DANTOM Systems. Credit Suisse's Customized Fund Investment Group also invested in the deal. Financial terms weren't disclosed. Bolder Capital, a Chicago PE firm, was the seller. Wixom, Mich.-based DANTOM provides outsourced document management services and data solutions to the accounts receivable management industry. Madison Capital Funding, NXT Capital and Babson Capital provided debt financing. William Blair & Co. served as financial advisors to DANTOM.
Tar Heel Capital has backed a management led-buyout of LiveChat which gives the company's founders a 60% stake. Financial terms weren't disclosed. Naspers was the seller. LiveChat, with offices in Chapel Hill, N.C. and in Poland, provides chat software for ecommerce sales and support.
Rockbridge Growth Equity, a Detroit PE firm, has led the buy of Purchasing Power. Financial terms weren't disclosed. Falcon Investment Advisors, which was also part of the deal, provided junior capital financing. Goldman Sachs Specialty Lending Group and Fortress Credit Corp. led a $127 million credit facility to back the deal. Atlanta-based Purchasing Power provides a program that lets consumers buy products using payroll deduction.
A team of ex-Houlihan Lokey bankers have started their own firm to advise growth companies in the Washington D.C. area. The executives, all from Houlihan's business services group, formed Clearsight Advisors in July, says Joel Kallett, who is the firm's co-founder and MD. Kallett is joined at Clearsight by Greg Treger, also a co-founder and MD; Bhavin Patel, a vice president; and, Bethany Seidler, director of administration. Clearsight, based in McLean, Va., will target growth companies in technology and services with $25 million to $200 million in enterprise value, says Kallett.