Private equity firm American Securities has acquired SeaStar Solutions from H.I.G. Capital. No financial terms were disclosed. Harris Williams & Co. advised SeaStar on the transaction. SeaStar is a provider of OEM and aftermarket products and accessories for the recreational marine market.
KKR has made an investment in WMI Holdings Corp (formerly Washington Mutual). Under terms of the agreement, KKR has bought approximately $11 million of convertible preferred stock of WMI and has committed to acquire up to $150 million of subordinated 7.5% PIK notes. Blackstone Advisory Partners L.P. advised WMI on the transaction. Based in Seattle, WMI focuses on operating reinsurance business in runoff mode.
Private equity firms Capital Square Partners and CX Partners have agreed to acquire Aditya Birla Minacs for $260 million. The seller is ABNL IT & ITeS Ltd, a subsidiary of Aditya Birla Nuvo Ltd. The transaction is is expected to close in two to three months. Headquartered in Bangalore, India, Toronto and Detroit, Aditya Birla Minacs is a business and technology outsourcing company.
Blackstone Group LP (BX.N), TPG Capital LP and CVC Capital Partners Ltd (CVC.UL) are on a short list of buyout firms competing to acquire Gates Global Inc, in a deal expected to value the industrial company at US$5 billion to US$6 billion, people familiar with the matter told Reuters. Gates, owned by Onex Corp (OCX.TO) and the Canada Pension Plan Investment Board (CPPIB), has chosen those private equity firms for a second round of bidding after reviewing initial offers submitted last week, the people said. Previously known as Tomkins Plc, Gates filed for an initial public offering in December, more than three years after the manufacturer of auto parts and building products was taken private for US$5 billion in 2010. Should a sale occur, it would be one of the largest private equity buyouts in recent years. Leveraged buyouts exceeding US$5 billion have been infrequent since the financial crisis due to the reluctance of firms to invest large amounts of capital.
Novacap Technologies has agreed to buy Oxford Networks, a Lewiston, Maine-based provider of end-to-end telecommunications and IT solutions for businesses in New England and other U.S. regions, peHUB Canada has learned. A special meeting of Oxford shareholders last week approved the deal, which is intended to facilitate further expansion of the 113-year old company, and give it the opportunity to launch new product and service offerings. While the acquisition price was not disclosed, one source pegged it at around US$50 million. According to Novacap partner Ted Mocarski, the Oxford deal represents a continuation of its strategy of investing in select U.S. companies that fit the technology investment model it pioneered in Canada. Mocarksi likened Oxford to other telecom transactions recently done by Novacap. For example, last January the firm bought Host.net, a Boca Raton, Fla.-based provider of network infrastructure services focused on cloud computing, co-location and storage. And last May, it acquired Montréal's Fibre Noire, a specialist in fibre optic connectivity services for enterprises.
Tower Arch Capital has recapitalized Future Telecom. No financial terms were disclosed. Allegiance Capital Corp. advised Future Telecom on the transaction. Based in Mesquite, Texas, Future Telecom is a specialty-boring company primarily serving the communications and energy sectors.
The Jordan Company has agreed to acquire Transilwrap Company, a manufacturer, converter and distributor of plastic film used in printing, laminating, packaging and industrial applications. As part of the announced acquisition, CIT Group has arranged a $160 million senior secured credit facility.
Clayton, Dubilier & Rice has closed an investment in PharMEDium Healthcare Corporation, a national provider of hospital pharmacy-outsourced sterile compounding services. Terms of the transaction were not disclosed.
Industrial Air Tool, a portfolio company of ZS Fund has been sold to Pipeline Supply & Service, a portfolio company of Broad Street Energy Partners, an affiliate of Goldman Sachs Merchant Banking Division. BlackArch was retained by IAT’s financial sponsor ZS Fund and management to serve as exclusive financial adviser on the transaction. Specific terms of the transaction were not disclosed.
Toronto-based junior mining company QMX Gold Corp (TSX:QMX) has agreed to an extension of a bridge loan facility provided by Third Eye Capital. The deal's terms and conditions will remain subject to those contained in an earlier agreement. Third Eye Capital originally provided the company with US$17.5 million in bridge financing in 2012. QMX Gold also announced that it expects the pending sale of the Snow Lake Property to Northern Sun Mining Corp to close on or before March 31, 2014. Based in Toronto, Third Eye Capital makes investments ranging from $5 million to $50 million in undervalued companies.