Progressive Medical and PMSI are merging. Kelso & Company will have a significant ownership stake in the combined company. Financial terms weren't announced. StoneRiver Group, the seller, will continue to have a stake. Westerville, Ohio-based Progressive Medical provides workers' compensation pharmacy benefits and ancillary services. PMSI, of Tampa, provides is focused on workers compensation and provides cost containment across the claims lifecycle.
Canadian aerospace and transportation company Bombardier Inc. has agreed to sell its fractional jet ownership division Flexjet to an investor group led by U.S. aviation-focused private equity firm Directional Aviation Capital. The transaction, which is valued at US$185 million, is expected to be completed before the end of the year. It was further announced that, with support from its new investors, the Dallas, Texas-based Flexjet is placing an order of approximately US$5.2 billion for up to 245 Bombardier jets.
The owners of Neiman Marcus Inc have agreed to sell the U.S. luxury department store chain to Ares Management LLC and the Canada Pension Plan Investment Board for $6 billion, ending a years-long effort to sell the company. The Dallas-based retailer, which operates 41 namesake department stores, was taken private by a group of investors led by private equity firms TPG Capital LP and Warburg Pincus LLC in 2005 for $5.1 billion.
Babson Capital Management said Monday that it provided subordinated debt and equity as part of Fort Point Capital's investment in Engineering, Planning and Management. No financial terms were disclosed. Based in Framingham, Mass., EPM is a provider of engineering consulting, probabilistic risk assessment, fire protection services and software solutions to the nuclear power industry and other commercial customers.
Activist investor Carl Icahn said on Monday he was bowing out of efforts to block founder Michael Dell's proposed buyout of Dell Inc, determining "it would be almost impossible to win," Reuters reported.
Global private equity firm H.I.G. Capital said Monday that it has acquired a majority stake in Eletromedia. No financial terms were disclosed. Based in Brazil, Eletromedia is a provider of out-of-home advertising solutions.
Seaport Capital has acquired DSA Mission Critical Services from DSA Encore. No financial terms were disclosed. Headquartered in Brookfield, Conn., MCS is a provider of preventative maintenance and emergency service programs for mission critical facilities in North America.
Mid Europa Partners, a private equity firm focused on buyouts in Central and Eastern Europe as well as Turkey, said Monday that it has acquired Polskie Koleje Linowe S.A. No financial terms were disclosed. Based in Poland, PKL is a cable car and ski slope service provider.
The Carlyle Group is buying the Red Oak power generation facility in Sayreville, N.J. from Energy Capital Partners. In a separate deal, Carlyle has also acquired five power plants in California. This includes the 122-MW Midway natural gas-fired plant in Firebaugh and the CalPeak portfolio of four natural gas-fired plants totaling 198 MW in Escondido, Firebaugh, San Diego and Vacaville, Calif. Starwood Energy Group Global is selling the Midway plant, while Blackstone's GSO Capital Partners, Starwood and Tyr Energy are selling the CalPeak portfolioio.
Buyout firm Silver Lake is working on a sale of information technology management company Serena Software Inc, which it has tried to sell at least once before since it acquired the company for $1.2 billion in 2006, Reuters reported.