Baird Capital Partners, the buyout fund of Baird Private Equity, just bought Justrite Manufacturing Company, a maker of safety products for the handling and storage of flammable and hazardous liquids. Financing for the transaction is being provided by US Bank, Madison Capital and Thrivent Financial for Lutherans. BCP is joined in the investment by JZ Capital Partners and management. The terms of the deal were not disclosed.
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Reuters reported that Blackboard, the Washington, D.C.-based education software maker, is nearing a deal to be acquired by Providence Equity Partners. Specifics on the transaction were not revealed, but a consortium of debt providers would include BAML, Morgan Stanley, and Deutsche Bank.
CitiGroup is in exclusive talks to sell its OneMain consumer lending unit, previously known as CitiFinancial, to a consortium of private investors including Centerbridge Capital Partners and Leucadia National Corp., according to a report in the Wall St. Journal.
The New York-based private equity firm MidOcean Partners has completed its acquisition of Pre-Paid Legal Services for $66.50 per share, in a deal valued at roughly $650 million. Pre-Paid Legal, based in Ada, Oklahoma, provides affordable legal services to families and small businesses. PRESS RELEASE: NEW YORK—June 30, 2011 – MidOcean Partners (“MidOcean”), a leading […]
ANSYS Inc., the listed, Pennsylvania-based engineering simulation software developer, will acquire San Jose, Calif.-based Apache Design Solutions Inc. for $310 million. In connection with the transaction, Deutsche Bank Securities Inc. is acting as exclusive financial advisor to Apache, and O'Melveny & Myers LLP (Menlo Park office) is acting as legal counsel. BofA Merrill Lynch is acting as ANSYS' financial advisor and ANSYS retained Goodwin Procter LLP as its legal advisor.
Stephen Schwarzman, the Blackstone Group’s chairman and CEO, has gotten a little richer. Schwarzman's 23% stake in Blackstone fully vested this month. The CEO owns 231 million Blackstone units but the last chunk, 38 million, vested on June 21, I'm told. Shares of Blackstone were up 35 cents to $16.73 in mid-day trading Thursday. So, Schwarzman's stake is now worth roughly $3.9 billion. Blackstone went public in June 2007, raising $4.13 billion. Employees of the buyout shop owned 75% of the company after the IPO. Schwarzman has the largest stake and he hasn't sold any units, I'm told. The CEO is known for his lavish parties, but we think this one is worthy of another fiesta. Congrats, Steve!
(Reuters) – If private equity firms had their way, Hewlett-Packard Co would look less like a monolithic tanker and more like a small fleet of streamlined schooners. Private equity firms including Blackstone Group, Kohlberg Kravis Roberts and TPG Capital would like HP to break up and sell them some of its unit, arguing that the […]
Platinum Equity, the Los Angeles-based private equity firm, struck a deal to provide debt funding and additional equity to Elcoteq. Specifics on the transaction were not publicized. Elcoteq and Platinum are also negotiating about further debt financing amounting to up to 80 million euros. Elcoteq's electronic manufacturing segment provides engineering, manufacturing and demand & supply services.
Gizmox, the developer of web, cloud and mobile delivery platform products, received a strategic investment from Citrix Systems, the listed, Florida-based IT services developer. Specifics on the deal were not publicized.