USI Insurance Services Inc, a portfolio company of Canadian private equity firm Onex Corp, has agreed to purchase 42 U.S.-based insurance brokerage and consulting locations from Wells Fargo Insurance, a part of San Francisco-based banking and financial services firm Wells Fargo & Co. USI will finance the undisclosed transaction with available debt and cash on hand. The company said the acquisition will further expand USI's presence as a leading mid-market insurance brokerage and consulting firm. The Valhalla, New York-based USI has completed fourteen acquisitions since Onex acquired the business for approximately US$2.3 billion in Dec. 2012.
HIG Growth Partners said Monday that it has completed making an undisclosed strategic investment in CDI Computer Dealers Inc in partnership with the company's owners and management team. Headquartered in Markham, Ontario, CDI is a refurbisher and remarketer of information technology equipment to educational institutions. Update: HIG Growth Partners is an affiliate of U.S. private equity firm HIG Capital. The investment is intended to provide CDI with additional resources, capital and strategic guidance that will enable the company to expand it product and service offering.
Chinese online game developer Shanda Games Ltd received a buyout offer from its controlling shareholders that values the company at $1.9 billion, highlighting the growing popularity of online gaming in China, Reuters reported.
Final bids for French construction and concessions firm Vinci's parking concession business are due by early February, in a deal expected to fetch around 2 billion euros ($2.7 billion), sources told Reuters.
Richland-Stryker Investment has sold Richland-Stryker Generation to Energy Capital Partners. No financial terms were disclosed. Also included in the sale are two peaking power plants in Ohio. JP Morgan served as RSI's financial advisor on the transaction. RSI is owned by QID, Starwood Energy Group Global LLC, BlackRock, Frist Capital LLC, Gordy Gas Corp. and Post Oak Energy Capital, L.P.
Lower middle market private equity firm Spire Capital has agreed to invest in Telekenex. No financial terms were disclosed. Headquartered in San Francisco, Telekenex is a provider of hosted communications, security solutions and managed network /IT solutions to small and medium-sized business.
H.I.G. Growth Partners said Monday that it has made an undisclosed investment in CDI Computer Dealers. Headquartered in Markham, Ontario, CDI is a refurbisher and remarketer of IT equipment to educational institutions.
Britain's Premier Foods has signed an agreement with U.S. investment firm The Gores Group to jointly operate its struggling bread division, in a deal which values the unit at 87.5 million pounds ($144.40 million).
Kohlberg Kravis Roberts has agreed to acquire a majority stake in Sedgwick Claims Management Services, a provider of technology-enabled claims and productivity management solutions, for about $2.4 billion. KKR is partnering with company management on the deal. The firm is buying the stake from existing investors including Hellman & Friedman and Stone Point Capital. KKR is investing from its North America Fund XI. UBS, Deutsche Bank, Morgan Stanley, Mizuho, KKR Capital Markets and MCS Capital Markets provided financing for the transaction, which is expected to close in the first quarter.
Cyprium Partners has sold its investment in Ridgway, Pennsylvania-based Alpha Sintered Metals, Inc., a maker of high-precision powder metal components. Management and O2 Investment Partners are buying Cyprium's stake in the business. Stout Risius Ross advised Cyprium on the sale.
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