German engineering group Siemens is in advanced talks to sell its hearing-aids business for more than 2 billion euros ($2.5 billion), with private equity firm EQT the frontrunner, sources told Reuters.
Ontario Teachers' Pension Plan has agreed to buy a minority stake in CSC ServiceWorks Inc, which is backed by Pamplona Capital Management. No financial terms were disclosed. The transaction, which will give Ontario Teachers a 29.7 percent stake in CSC, is expected to be completed in December. Morgan Stanley served as financial advisor to the company and Pamplona on the deal. CSC is a provider of multi-family housing and commercial laundry services, as well as air vending services. Update: The U.S.-based business was created in 2013 when Pamplona bought Coinmach Service Corp and AIR-serv Group LLC.
StoneCalibre has closed its buy of NetPlus. No financial terms were disclosed. Based in Gaithersburg, Maryland, NetPlus is a telecom infrastructure management solutions provider.
The Jordan Company has acquired Gulfstream Services, an oil field rental tools and services company. The deal was done in partnership with Gulfstream's management team. No financial terms were disclosed.
Ontario Teachers' Pension Plan has agreed to buy a minority stake in CSC ServiceWorks, which is backed by Pamplona Capital Management. No financial terms were disclosed. The transaction is expected to be completed in December. Morgan Stanley served as financial advisor to CSC and Pamplona on the deal. CSC is a provider of multi-family housing and commercial laundry services.
Blackstone has launched Onyx Renewable Partners. The transaction was done in partnership with a management team led by Solops CEO Matthew Rosenblum. As part of this transaction, Onyx will be owned by Blackstone and operate as an affiliate of its portfolio company Fisterra. Onyx will develop, fund, build and run utility scale wind and solar renewable power products in North America.
Crescent Capital has made an undisclosed investment in P+L Systems, a UK-based pest control products provider. P+L Systems is a a portfolio company of Wind Point Partners.
Berkshire Partners has acquired a majority interest in Access Information Management. Financial terms weren’t announced. Summit Partners is the seller. Access Information provides records and information management services in North America. Robert W. Baird & Co. provided financial advice to Access.
Grenville Strategic Royalty Corp has agreed to advance up to $1.25 million in financing to BG Furniture Ltd, a Walkerton, Ontario-based builder of home and office furniture products. In exchange, Grenville will receive a royalty based on the company's gross revenue within Grenville's average royalty rate of between 1 percent and 4 percent. BG Furniture said the deal will help accelerate its growth strategy, expand its customer base and continue its product innovation. Since its inception in July 2013, Grenville has completed around $20.9 million in royalty financings in North America.
Mitel Networks Corp (TSX: MNW) (Nasdaq: MITL) has disclosed a proposal to acquire all of the outstanding shares of ShoreTel Inc (Nasdaq: SHOR) for around $540 million. ShoreTel, a Sunnyvale, California-based business communications solutions provider, has rejected the offer, Mitel said. Mitel president and CEO Richard McBee said his company's proposal will nonetheless remain open until November 20. Based in Ottawa, Mitel is a provider of business communications and collaboration software and services. It is backed by U.S. private equity firm Francisco Partners and other investors. Earlier this year, the company acquired Aastra Technologies Ltd for $400 million.