Azalea Capital has recapitalized KLMK Group, a Richmond, Va.-based provider of advisory services for healthcare firms. Financial terms were not announced. Azalea,| of Greenville, S.C., is an investment firm that targets middle market firms in the Southeast. Cobblestone | Harris Williams advised KLMK.
Canada's Vector Aerospace Group has attracted interest from potential buyers including Triumph Group, L-3 Communications Holdings and private equity firm First Reserve, Reuters reported. Analysts have estimated Vector's value at between $490 million and $550 million in a sale, Reuters said.
Newly formed buyout shop Ridgemont Equity Partners said it will acquire a majority stake in Unite Private Networks, a provider of high-capacity data communications networks. Financial terms of the deal were not released. Debt financing was arranged by the Royal Bank of Canada and included CoBank and Webster Bank. Charlotte, N.C.-based Ridgemont was formed in August 2010 and specializes in middle-market buyout and growth equity investments. Unite Private Networks is based in Kansas City, Mo.
Miami-based private equity firm H.I.G. Capital will pay $75.2 million in cash to buy Matrixx Initiatives, a producer of over-the-counter healthcare products. H.I.G. will pay $8 per share, which represents a 56.3% premium over the company’s closing price yesterday. Matrixx is based in Scottsdale, Ariz.
Capital Bancorp Ltd. said Monday that it has completed the sale of Southern Arizona Community Bank to Grandpoint Capital. Financial terms were not announced. Southern Arizona Community Bank, of Tucson, has about $92.6 million of total assets, as of Sept. 30. Capital Bancorp, with offices in Lansing Mich. and Phoenix, is a $4.2 billion national community banking company.
Arsenal Capital Partners said Monday that it has acquired Simpsonville, S.C.-based Para-Chem Southern, which provides Para-Chem Southern. Financial terms were not announced. Arsenal is a New York PE firm.
Brightpoint Inc. has agreed to buy Touchstone Wireless Repair and Logistics, a portfolio company of Striker Partners. Hatfield, Pa.-based Touchstone provides repair, remanufacture, and reverse logistics services for wireless products. Striker, of Newtown Square, Pa., is a PE firm. News of the deal was announced by Harris Williams, a middle market IB, which advised Touchstone.
Taking advantage of a strengthening stock market and a lending market where many borrowers struggle to find financing, several business development companies (BDCs) are taking steps to fortify their financial positions. BDCs are closed-end investment funds that are publicly traded on stock exchanges. Designed to provide capital to privately owned businesses, they can provide both equity and debt financing. Healthier BDCs, led by Ares Capital Corp., are issuing stock and reducing their debt, while other such lenders, including American Capital Ltd., are taking other steps to shore up their capital positions.
Wingate Partners has acquired Preferred Compounding Corp., a portfolio company of the Watermill Group. Financial terms weren't announced. Baberton, Ohio-based Preferred Compounding offers high-performance elastomeric compounds and is projected to have revenus of $90 million for the fiscal year ended May 31, 2011. Watermill, of Lexington, Mass., is an investment group that has owned Preferred since 202. Wingate is a Dallas PE firm. Sperry, Mitchell & Co. provided financial advice to Preferred.
Insight Equity said Monday that it has acquired a controlling stake in BFN Operations, which has bought nearly all the operating assets of the Berry Family of Nurseries. Financial terms were not announced. Insight Equity is a Dallas PE firm. Tahlequah, Okla.-based BFN is a wholesale grower of perennial and woody ornamental plants.