Kensington Power Income Fund has made an undisclosed investment for the purchase of Crowsnest Pass Power Plant, a heat recovery plant located in Sparwood, British Columbia, from Mistral Power Inc. Mistral Power is a developer of green energy and co-generation opportunities for Calgary-based Mistral Energy Inc, which has been a portfolio company of U.S. private equity firm Riverstone Holdings since Jul. 2010. With the deal's closing this month, Kensington owns all or part of six different power plants located in Western Canada. Kensington Power Income Fund is managed by Toronto-based alternative assets manager Kensington Capital Partners.
Investment firm Ardian has acquired Bank of America Merrill Lynch's stake in F2i for 150 million euros. According to terms of the deal, Ardian will acquire 9.9% in F2i's share capital. Also, Ardian will join F2i's board. Based in Italy, F2i specializes in strategic infrastructure investments.
Private investment firm Ardian has agreed to acquire an additional 5% stake in the CLH Group from Compañía Española de Petróleos. No financial terms were disclosed. As a result of this transaction, Ardian will become the largest shareholder in the CLH Group, with its equity stake in the company increased to 15%. The deal is expected to close before the end of the year. The CLH Group is a Spanish oil products and storage company.
Private equity firm Lightyear Capital, along with employees of RidgeWorth Investments, have agreed to acquire RidgeWorth from SunTrust Banks for up to $265 million. This transaction is expected to close in the second quarter of 2014. Mitchell, Hartley and Bechtel Advisers served as financial advisors to RidgeWorth while RBC Capital Markets advised Lightyear Capital. Headquartered in Atlanta, RidgeWorth is an asset management firm.
Actis will sell its majority shareholding investment in Sterling Hospital, a healthcare provider in Gujarat. Actis invested in the Indian healthcare chain in 2006.
The Center for Innovative Technology's CIT GAP Funds has closed an investment in ADR Software, a tech-based company based in Virginia that provides a solution for construction general contractors and project owners to collect, document and evaluate labor information real-time. Since its 2005 launch, CIT GAP Funds has invested in more than 90 companies across Virginia, deploying more than $10 million of public funds and attracting over $135 million more in private funding.
The Riverside Company has added Hytec Gerӓtebau GmbH (Hytec) to its KEYMILE platform. KEYMILE is a maker of data transmission systems, principally serving utility companies, oil and gas operators and others. Hytec, based in Mannheim, Germany, makes products that cover low-data rate modem technologies like small Ethernet managed and unmanaged switches, analog modem technology and power line communications.
Morgenthaler Private Equity has sold Avtron Aerospace Inc. to CapitalWorks, a private equity firm based in Cleveland, Ohio. Avtron Aerospace is a leading designer and manufacturer of electrical, electronic and hydraulic aircraft component test solutions for the global commercial and military aerospace markets. Terms of the deal were not disclosed.
Brookside Mezzanine Partners has backed Yellowstone Landscape Group. Headquartered in Bunnell, Florida, Yellowstone is a commercial landscaping firm in the United States that services corporate, institutional and government clients across Texas and Southeastern United States.
Bain Capital is to acquire Macromill. Macromill is a provider of internet research services in Japan, and is listed on section I of the Tokyo Stock Exchange.