Rockwood Holdings has entered into a joint venture with Chengdu Tianqi Industry Group giving Rockwood a 49% ownership interest and Tianqi a 51% interest in Talison Lithium Pty. This transaction is expected to close during the first quarter of 2014, following receipt of regulatory approvals.
Water Street Healthcare Partners has sold Stoughton, Mass.-based Medical Specialties Distributors to New Mountain Capital. Water Street partnered with MSD’s management team in 2010 to build the company into the nation’s leading distributor and solutions provider to the growing alternate-site home infusion therapy market.
The Rohatyn Group, an independent investment firm focused on emerging markets, has completed its previously announced acquisition of Citi Venture Capital International, an emerging market global private equity investment firm. The addition of CVCI, previously part of Citi’s alternative asset management platform, Citi Capital Advisors, expands and enhances TRG’s emerging markets investment capabilities and global reach.
Online gambling company Betfair said it was looking to grow its business in Italy and the United States after having pulled out of a number of countries because of unfavourable regulations and tax rates, writes Reuters. Betfair has been forced to defend its strategy after rejecting a 1 billion pound ($1.5 billion) takeover by private equity firm CVC Capital Partners in May.
Telecon Group, a specialist in the design, construction, maintenance and repair of communications infrastructure, has purchased some assets and business activities from the wireless network construction unit of Netricom. The financial terms of the deal were not published. Founded in 1967, the Trois-Rivières, Québec-based Telecon is a portfolio company of Capital régional et coopératif Desjardins, a private equity fund managed by Desjardins Capital de risque, and pension fund manager the Caisse de dépôt et placement du Québec. The Caisse de dépôt and Desjardins made a joint $60 million investment in Telecon in Dec. 2011.
Thoma Bravo, which acquired Digital Insight in August, is selling the company to NCR for $1.65 bln.
Canadian private equity firm TorQuest Partners has led the recapitalization of Kissner Milling Co Ltd, a manufacturer and distributor of bulk rock salt and ice melt products based in Cambridge, Ontario. TorQuest partnered in the deal with a group of co-investors, including U.S. private equity firms Silverhawk Capital Partners and GoldPoint Partners, the Bank of Montreal, Kissner majority shareholder Bill Zinger, and the company's senior management. The undisclosed transaction represents the inaugural investment of TorQuest Partners Fund III, which closed in Sept. 2013 at $535 million. Kissner, which is a vertically integrated business with two primary operations, Detroit Salt Co and Kissner Packaged Distribution, plans to use investment proceeds to finance organic and acquisition growth opportunities.
Fifth Street Management said Monday that it provided $49 million in financing to support Moelis Capital Partners' buy of OmniSYS. Based in Dallas, OmniSYS provides medical claims reimbursement and compliance services for pharmacies and medical equipment suppliers.
LA-based private equity firm Aurora Capital Group said Monday that it has closed its buy of Zywave's insurance solutions division. The seller was Vista Equity Partners. No financial terms were disclosed. UPDATED: Steve McLaughlin and Larry Furlong of FT Partners served as exclusive financial and strategic advisor to Zywave in the transaction. Also, Bill Haack, founder of Zywave, has been named vice chairman of the company while Dave O'Brien, formerly the president of Zywave's insurance solutions division, has been hired as CEO. The company will remain based in Milwaukee.
Activist fund Cevian Capital said on Monday it had raised its stake in Volvo to 10.5 percent of votes and voiced confidence in the ability of world's second biggest truck maker to make good on a drive to boost profitability, Reuters reported.