The Carlyle Group has agreed to acquire Diversified Global Asset Management Corporation. Financial terms weren't announced. Toronto-based Diversified Global is a manager of hedge funds with more than $6.7 billion in managed and advised assets. Carlyle said it is using equity from its balance sheet to fund the deal, which is expected to close in February 2014. Goldman, Sachs & Co. was financial advisor to Diversified Global Asset Management.
R Capital Management, a subsidiary of the Rothschild group, is becoming independent under the name Keensight Capital. The Keensight Capital team, led by Jean-Michel Beghin, Jérôme Pujol and Pierre Rémy will execute the same strategy it has pursued throughout the years. Since its creation 15 years ago, the team has invested in 35 companies and carried out 25 exits.
An investment consortium led by The Witkoff Group and majority backer Jynwel Capital and its investors have closed on the acquisition of the Helmsley Park Lane Hotel at 36 Central Park South for $660 million. Other consortium partners include New Valley, Highgate Holdings and Macklowe Properties.
TA Associates has completed a majority investment in Accruent, a provider of real estate and facilities management software solutions. Existing investor Vista Equity Partners will retain a significant ownership position. Additional terms of the investment were not disclosed.
Private equity firm Silver Lake is proceeding with an auction for its information technology management company Serena Software after talks aimed at selling Serena to its technology peer Attachmate Corp ended, writes Reuters. Silver Lake is now in talks with a small number of specialist buyout firms, including Veritas Capital Fund Management and Platinum Equity about selling its majority stake in Serena.
At least six major private equity groups are competing to buy the industrial packaging segment of Illinois Tool Works, in a deal that could fetch more than $3 billion, writes Reuters. Carlyle, Blackstone, Apollo Global Management, Bain Capital, Ares Management and a consortium of Onex Corp and the Canada Pension Plan Investment Board are among the firms that advanced to the second round of bidding.
The buyout firms bidding for talent agency IMG Worldwide have all secured partnerships with other companies in the sector after KKR exited an auction seen fetching more than $2 billion, writes Reuters. KKR withdrew last week, leaving Silver Lake in partnership with William Morris Endeavor Entertainment, CVC Capital Partners Ltd in partnership with Chernin Group and Carlyle Group in partnership with ICM Partners as the private equity-backed groups in the race, writes Reuters.
Protection solutions business Ansell Limited is to acquire BarrierSafe Solutions International, a provider of single-use gloves, for a total consideration of approximately US$615 million from Odyssey Investment Partners and others. Founded in 1987, BarrierSafe has sales of approximately US$290 million per annum.
Vista Equity Partners has completed its acquisition of Omnitracs, formerly a subsidiary of Qualcomm Incorporated. Omnitracs has also signed a definitive agreement to acquire Roadnet Technologies, a provider of fleet management software solutions for private fleets.
Partners Group has confirmed the divestment of its remaining interest in Asset Management Partners, an affiliated company with a focus on traditional asset management, to its management team as pre-announced in September 2013. The transaction remains subject to customary closing conditions and is consistent with the firm’s strategy to focus on private markets investment activities.