Paul Carbone of Pritzker Group threw a bit of cold water on enthusiasm for co-investments in private equity, arguing that direct investments offer a better fit outside conventional fund structures, at least for family offices.
Shareholders of Spectral Diagnostics Inc (TSX: SDI) have approved a previously announced non-brokered private placement of up to $18.2 million. The financing was arranged with certain of the company's existing investors, including Japan's Toray Industries Inc. Other leading investors in Spectral include Canadian private equity firm Birch Hill Equity Partners and Medwell Capital Corp, a Birch Hill portfolio company. The Toronto-based Spectral said it would use funding to support its EUPHRATES clinical development program for PMX, its lead theranostics product for the treatment of severe sepsis with septic shock, and for other business purposes.
State-backed British lender Royal Bank of Scotland is considering selling its Irish unit Ulster Bank to a private equity firm, the Irish Examiner reported on Wednesday, citing unnamed sources.
NTE Energy has secured an undisclosed investment from Capital Dynamics and Wattage Finance, which is backed by an affiliate of Guggenheim Partners. Whitehall Capital Markets was financial advisor on the transaction. According to the firm, the funding will be used for three natural gas power plants under development. NTE Energy is a power developer and energy services provider.
CTD Holdings has raised $1.725 million in a private placement led by Novit L.P., an investment arm of U.S. Pharmacia. Under terms of the transaction, CTD sold 1.725 million shares at $1 per share. Scarsdale Equities provided financial advice and was the placement agent. Based in Alachua, Florida, CTD Holdings is a maker of cyclodextrins.
Encore Consumer Capital has acquired a majority stake in butter LONDON. Based in Seattle, butter LONDON is a beauty brand.
ACON has closed its buy of Injured Workers Pharmacy, a specialty home delivery pharmacy. The sellers were Audax Group and Parthenon Capital Partners. No financial terms were disclosed. Joining ACON on the transaction were Triton Pacific as well as Patrick Keefe and Tracy Finn, two former Omnicare senior executives. Ken Martino, president and CEO of IWP, will continue to lead the company. Citizens Bank provided the debt financing for the deal while Jefferies served as financial adviser to IWP.
Tooling Tech has received an undisclosed investment from GenNx360 Capital Partners. Headquartered in Fort Loramie, Ohio, Tooling Tech is a provider of complete tooling solutions and automation systems.
Succession Capital, a subsidiary of Lynx Equity Limited, has acquired H.J. Sherman Company. No financial terms were disclosed. Based in Van Nuys, Calif., H.J. Sherman is a maker and distributor of religious gifts and jewelry.
Blackstone Group is acquiring a majority stake in auto repair shop chain Service King Collision Repair Centers. The Carlyle Group, its co-investors and the management and employees of Service King will retain a significant minority stake in the business.