First Reserve and Petrofac, an oil and gas industry service provider, have agreed to form PetroFirst Infrastructure Partners. According to terms of the deal, First Reserve plans on investing up to $1 billion in the joint venture while Petrofac intends to contribute up to $250 million in it. The focus of PetroFirst Infrastructure Partners will be on acquiring existing assets from Petrofac's Integrated Energy Services division as well as buying new energy infrastructure projects. For the first transaction under the joint venture, First Reserve is planning on acquiring 80 percent of Petrofac's floating product facilities for a total initial consideration of about $450 million.
Activant Capital Group and Carlos Slim, CEO of America Movil, have led a $37 million growth funding in WellAware, a remote monitoring and analytics platform for oilfield information. Other investors in the funding included Ed Whitacre, a WellAware board member and former CEO of AT&T and General Motors, and former U.S. Vice President Dick Cheney.
Alcoa has agreed to acquire Oak Hill Capital Partners-backed Firth Rixson, which makes jet engine components, for $2.85 billion in cash and stock. Alcoa will make the acquisition for $2.35 billion in cash, plus $500 million of company stock and an additional $150 million potential earn-out.
Laxfield Capital, a specialist UK commercial mortgage investment manager, has completed a loan facility for student accommodation provider Urbanest. The Laxfield Lending Programme is backed by GIC, Singapore’s sovereign wealth fund.
ComWest Enterprise Corp (TSXV: CWP) has agreed to buy a 100 percent equity interest in Unisync Group Ltd, a portfolio company of Canadian private equity firm Kilmer Capital Partners. The deal is valued at $13 million, including debt. Existing investors in Unisync may receive a further payment of up to $2 million subject to the award of business that Unisync expects to bid on in 2015. Upon completion of the deal, the company will be combined with ComWest's Peerless Garments LP. Based in Mississauga, Ontario, Unisync is a provider of uniforms, work wear, image apparel and related products. It was acquired by Kilmer in 2003. The Toronto-based Kilmer will continue to hold an interest in the business.
Silver Oak said Wednesday that it led the recapitalization of Construction Labor Contractors. No financial terms were disclosed. Based in Richfield, Ohio, CLS is a provider of temporary staffing for the commercial construction sector.
U.S. fast-food chain Del Taco, which specializes in Mexican cuisine as well as American favorites like burgers and fries, is in the early stages of exploring a sale that could fetch more than $500 million, Reuters reported.
LaSalle Capital has acquired Avtex Solutions from Marquette Companies. No financial terms were disclosed. Sidley Austin advised LaSalle Capital on the transaction while Cherry Tree & Associates and Briggs and Morgan advised Marquette Companies. Based in Minneapolis, Avtex is a provider of customer experience tech solutions.
Clarity Solution Group has received an undisclosed investment from RLH. Headquartered in Chicago, Clarity is a data analytics consulting services provider.
Balance Point Capital Partners has made an investment in HALO Innovations. According to the firm, the terms of the investment consisted of $5 milliion of senior subordinated notes and $2 million of redeemable preferred stock in connection with HALO Innovations' recapitalization of its balance sheet. Headquartered in Minnetonka, Minnesota, HALO Innovations is a maker of infant sleepwear.