Fundraising has been difficult this year for many PE firms. Just don’t tell that to JMI Equity, which just closed its seventh fund at $875 million. JMI, which is based in Baltimore and San Diego, started marketing its newest pool in May and held a first close in July. At that time, JMI Equity Fund VII LP stood at $600 million. A final close occurred earlier this month with the pool topping its initial target of $800 million. JMI didn’t use a placement agent. Rufus King of Goodwin Procter was their attorney. The hard fundraising market didn't cause JMI to blink, says Harry Gruner, JMI’s co-founder and managing general partner. JMI’s decision to go out in May was part of the firm’s natural investment fundraising cycle, he says. Many firms typically start marketing for a new pool when their current fund is about three fourths invested. The firm's last fund, JMI Equity Fund VI LP, raised $600 million in 2007 and is about 80% invested, he says.
Glencoe Capital said Tuesday that it has sold ACE Bakery to Weston Foods for CAD$110 million (US$107.4 million). ACE is a premier artisan bakery based in Toronto. Glencoe Capital is a Chicago PE firm. Weston Foods is a unit of George Weston Ltd.
UK-based clean energy project developer Trading Emissions has received an unsolicited bid to buy its private equity portfolio, Reuters reported. The company did not reveal the name of the suitor, but said it has started a formal sale process for the portfolio and would seek other offers, Reuters said. Trading Emissions’ private equity portfolio was valued in June at 116 million pounds ($180.4 million). It includes investments in Asia Biogas Singapore and Sun Biofuels.
A group of investors led by buyout shop JC Flowers is in talks to buy a piece of Brazil’s Banco BTG Pactual, Reuters reported, citing a story by Bloomberg. The group of investors includes the sovereign wealth fund Government of Singapore Investment Corp., Reuters said. The group will reportedly pay roughly $1.5 billion for a 15% stake in the Brazilian firm.
Sun Capital Partners said it has completed the acquisitions of Dutch retailers V&D and La Place from Maxeda Retail Group. Financial terms of the deal were not released. Formed in 1887, V&D is the largest department store chain in the Netherlands. La Place is the second largest restaurant chain in the Netherlands. Sun Capital has offices in Boca Raton, Fla.; Los Angeles; and New York.
New York-based private equity firm Arsenal Capital Partners has acquired Royal Adhesives & Sealants, a South Bend, Indiana-based provider of sealant products for the aerospace and defense, construction, specialty packaging, automotive, and industrial markets. Financial terms of the deal were not released, however, New York-based Prospect Capital provided $14 million in debt financing to support the deal.
After entertaining bids from The Carlyle Group and from Idaman Saga, an entity backed by buyout fund CVC, Malaysia’s Kulim has turned down all offers for QSR Brands, which owns the lucrative KFC and Pizza Hut franchise in Malaysia, Reuters reported. Kulim is a majority shareholder in QSR Brands. Shares in QSR fell roughly 11% Tuesday, a day after the news was released.
A group of private equity investors have teamed up to buy Allure Waikiki, a 35-story condo tower in Honolulu. ST Residential, which is managed by Greenwich, Conn.-based Starwood Capital Group; Fort Worth, Texas-based TPG Capital; WLR LeFrak and Perry Capital partnered on the deal, though no financial terms were released.
Ares Management and Freeman Spogli & Co. have acquired specialty flooring retailer Floor and Decor Outlets of America for an undisclosed amount. Los Angeles-based firms Ares and Freeman Spogli bought the Atlanta-based flooring company from an investor group including Najeti Ventures, Saugatuck Capital Company, and TWJ Capital. Financial terms of the deal were not released.
New York-based private equity firm Harvest Partners has acquired Bartlett Holdings, which operates as BHI Energy. Financial terms of the deal were not disclosed. Harvest Partners acquired the company from Boston-based firms Berkshire Partners and Summit Partners. Plymouth, Mass.-based BHI Energy provides energy services including radiation protection and specialty maintenance. Harvest has $1.7 billion under management across five funds.