Pong, the California-based company that develops protection for cell phone users concerned about potentially harmful rays of device exposure, has bagged an unspecified amount of capital from Catterton Partners. Funding will be used to accelerate the company’s marketing and distribution growth domestically and overseas.
TouchTunes Interactive Networks, the company that sought to go public via Jon Ledecky’s failed Victory Acquisition Corp. SPAC, has accepted a $45 million investment from investors 3i, which provided $40 million in capital, and VantagePoint Capital Partners, which contributed $5 million. VantagePoint is an existing investor in TouchTunes.
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Robert Sheehey, former CEO of UnitedHealthcare, has joined the board of Evolution1, the electronic payment and cloud computing healthcare solutions firm overseeing reimbursement accounts, the company revealed. Evolution1 is a portfolio company of private equity firm Genstar Capital Partners.
H.I.G. Capital said Tuesday that its completed its buy of Next Generation Vending and Food Service. Financial terms weren't announced. Management is retaining a stake. Stoughton, Mass.-based Next Generation Vending provides vending services for corporate and institutional clients in the Northeastern United States.
(Reuters) - Global private equity firm Blackstone is seeking A$431 million ($452 million) financing to back its purchase of Australia property firm Valad Property Group, Thomson Reuters Basis Point reported on Tuesday, citing bank sources.
GTCR, the Chicago PE firm, announced Tuesday it is buying BankServ. Financial terms weren't announced but GTCR typically invests $100 million to $350 million per deal. The buyout shop is acquiring a controlling stake, while BankServ's management will also have a holding. Bank of Montreal, SunTrust Robinson Humphrey, and Silicon Valley Bank are provided debt financing, according to a statement from GTCR. The deal is expected to close by the end of August.
Morgan Stanley Private Equity Asia will invest $100 million in China XD Plastics Co., LTD, a maker of modified plastics for the automotive industry. Based in Harbin, China, the company is listed on Nasdaq. MSPEA will get a pair of board seats as part of the transaction. There are currently 70 auto brands that use China XD parts, including Audi, BMW, Toyota and Mazda
Centre Lane Partners has acquired the Merit Group, a Spartanburg, S.C.-based supplier of paint sundries. Centre Lane is paying $46 million for Merit, which filed a voluntary Chapter 11 petition on May 17, 2011. News of the sale was disclosed by Morgan Joseph TriArtisan which advised Merit in its sale.
Socialware, the Austin, Texas-based social media management firm, has netted a $7 million Series C from Morgan Stanley Expansion Capital. The company, led by Chad Bockius, has taken about $12 million from investors including Silverton Partners, Floodgate Fund and G-51 Capital.