A majority of shareholders of publicly-traded Softchoice Corp., a Toronto-based provider of IT solutions and services, have approved the take-private offer made by Canadian buyout firm Birch Hill Equity Partners. Under the terms of the agreement, Birch Hill will buy all of the company's common shares for $20 per share, representing a total value of $412 million. If court approval is obtained, and other conditions are satisfied or waived, the deal is expected to be closed on or about June 18, 2013.
Milestone Partners said on Tuesday that last month it completed its sale of Mariner Finance to an unidentified investment group. No financial terms were disclosed although the company did reveal that the transaction generated a return five times in excess of Milestone's invested capital. Stephens, Inc. and Janney Montgomery Scott LLC served as financial advisors for Milestone for the transaction. Based in Baltimore, Maryland, Mariner provides consumer loans in seven states from New York to Tennessee.
HGGC said on Tuesday that it has completed an investment in MyWebGrocer. No financial terms were disclosed. Also, as part of this transaction, the Stripes Group, a minority investor in MyWebGrocer, has sold its stake. The Jordan Edmiston Group served as financial advisor to both MyWebGrocer and Stripes Group. Based in Winooski, Vermont, MyWebGrocer is a provider of digital marketing solutions for grocery stores and consumer packaged goods companies.
ACON Latin America Opportunities Fund, a private equity investment fund managed by ACON Investments, L.L.C, said today that it has exited from its investment in InverCap Holdings. No financial terms were disclosed. InverCap Holdings owns the largest independent pension fund manager in Mexico.
Monroe Capital said Tuesday it provided a $35 million unitranche credit facility to support the growth of Accutest Laboratories by Bolder Capital. Dayton, N.J.-based Accutest provides environmental testing services.
Bank Street Group served as joint lead arranger for a $135 million senior secured financing closed by Alpheus Communications. The financing comprised a $110 million term loan, $15 million underwritten delayed draw term loan and $10 million revolving credit facility. The financing solution also affords up to an additional $40 million under certain conditions with an accordion feature in order to accommodate future organic or strategic growth initiatives by Alpheus.
Topspin LBO has formed GHS Interactive Security to acquire LifeLine Security and Automation, a California-based security alarm dealer. LifeLine uses a door-to-door year-round sales model to sell security alarm systems to homeowners.
CableOrganizer.com, an online retailer of electrical, telecom/datacom/networking, home theater, cable and wire management products, has announced a majority stake investment/acquisition by KT Capital Partners and CapitalSouth Partners Funds. The company has also announced the appointment of new company CEO, Gerald P. Quindlen, who previously served as president and CEO of Logitech.
National Envelope, the largest private U.S. envelope maker, sought bankruptcy protection for the second time in three years Monday as cost cuts failed to keep pace with the decline in mail usage, Reuters reported.
KapStone Paper and Packaging Corp. said Monday it is buying Longview Fibre Paper and Packaging for $1.025 billion cash. Brookfield Capital Partners is the seller. Longview, of Longview, Wash., makes containerboard, multiwall paper, specialty Kraft papers, and corrugated containers. Bank of America, Barclays Bank, and Wells Fargo Bank are providing financing.