U.S.-based Brake Parts Inc LLC (BPI) has agreed to buy OE Quality Friction Inc, a Canadian maker of original equipment quality disc brake pads for the automotive aftermarket. BPI said it entered into an an asset purchase agreement with the Mississauga, Ontario-based company's receiver on January 20. The deal, the financial terms of which were not disclosed, is expected to close this month. A brake system products manufacturer and supplier, BPI was bought in 2013 by a group of investors led by U.S. private equity firm Torque Capital Group. OE Quality Friction is a portfolio company of U.S. private equity firm Huron Capital Partners.
Brookfield Asset Management has agreed to purchase the other 50 percent of its Canadian and Australian facilities management companies from partner Johnson Controls Inc. The acquisition price is about US$200 million. The deal will facilitate a merger with Brookfield subsidiaries as part of a broader plan to create a global facilities management business. Brookfield said that it will immediately launch a related platform in the United States and Europe. Update: The Toronto-based firm added that it also has plans to launch an infrastructure-focused facilities management operation.
Polymathes Capital has sponsored a recapitalization of Precision Aerospace Components, a maker of products and components for the aerospace and military applications. No financial terms were disclosed. C3 Capital provided the financing for the transaction while Variant Capital advised Precision Aerospace. Also, John F. Wachter and William J. Golden, managing members of PolyCap, have been added to Precision's board of directors. And, Precision has appointed Richard McVaugh as company president. Andrew Prince, who is retiring as company CEO, will continue to advise Precision as a board member "for at least a year." Wachter will assume the position of interim chairman.
Bridge Growth Partners has closed its previously announced buy of CRGT from Veritas Capital. No financial terms were disclosed. Based in Reston, Virginia, CRGT is a provider of custom software development and data analytics to federal government agencies.
Stonebridge Partners has recapitalized Corpus Christi, Texas-based Swiff-Train Company LLC, a floor covering products provider. No financial terms were disclosed for the transaction that was done with Swiff-Train's management. Sperry, Mitchell & Company acted as financial advisor to Swiff-Train.
Revelstroke Capital Partners has made an undisclosed investment in Encore Rehabilitation Services LLC. Nexus Health Capital was financial advisor to Revelstoke in the transaction while Lincoln International acted as financial advisor to Encore. Based in Farmington Hills, Michigan, Encore is a provider of rehabilitative therapy services.
Brookfield Asset Management Inc has agreed to buy the other 50 percent of its Canadian and Australian facilities management businesses from Johnson Controls Inc. The price of the acquisition is about $200 million. As a result of Brookfield ending its joint venture pacts with Johnson Controls, Brookfield will launch a facilities management business in the U.S. and Europe.
Banks have lined up around 130 million euros ($145.89 million) of loans to back private equity firm Bridgepoint's buyout of French software firm eFront, banking sources told Reuters News.
Incline Equity Partners has invested in BCI Burke Company. Financial terms weren’t announced. Fond du Lac, Wisconsin-based Burke designs, makes and markets commercial playground and leisure equipment.
Revelstoke Capital Partners said Friday it has completed its investment in Encore Rehabilitation Services. Financial terms weren’t announced. Farmington Hills, Michigan-based Encore provides rehabilitative therapy services and associated compliance and revenue cycle support services mainly to skilled nursing facilities as well as assisted living facilities and home health agencies. Nexus Health Capital served as financial advisor to Revelstoke while Lincoln International provided financial advice to Encore.