Telcordia said Monday that Garry McGuire has been elected non-executive Chairman of its board. McGuire has also joined the company’s board as a new member. Piscataway, N.J.-based Telcordia develops mobile, broadband and enterprise communication software. McGuire is an MD with Warburg Pincus a PE firm. PRESS RELEASE Telcordia, a global leader in the development of […]
Private Equity really likes Smile Brands, which last week announced a sale to Welsh Carson. The deal, once it closes, will mark the third time a buyout shop has owned Smile Brands, which provides dental support services, facilities and equipment to dentists. Last week, Welsh Carson said it was buying a majority stake in Smile Brands from Freeman Spogli & Co. Financial terms weren't announced. Freeman Spogli bought Smile Brands from Gryphon Investors in 2005 for about $340 million. Gryphon, a San Francisco PE firm, acquired the company in 1998, when it was known as Bright Now! Dental. Welsh Carson is expected to close the Smile Brands buy in December.
ING Corporate Investments has acquired a minority stake in Bright Computing. Financial terms weren't announced. Bright Computing is a specialist in cluster management software and services for high-performance computing. Bright Computing founded in Amsterdam and has its U.S. headquarters in San Jose. ING Corporate Investment is the PE unit of ING.
Swisher Acquisition, which is backed by Blackstreet Capital, said Monday that its has bought Swisher Mower & Machine Co. Warrensburg, Mo.-based Swisher Mower and Machine produces specialty lawn and garden equipment and ATV/UTV accessories. Blackstreet Capital is a PE firm from Chevy Chase, Md.
Australian medical diagnostics company Sonic Healthcare will buy private equity-backed CBLPath for an undisclosed amount. Stamford, Conn.-based private equity shop Galen Partners, which focuses on healthcare investments, owns more than 40% of CBLPath. The remainder of the company is held by management, staff and other private investors. The deal is expected to close before the end of the year. CBLPath is a national laboratory providing pathology services, and is based in Rye Brook, N.Y.
Publicly traded GT Solar International said that it will pay $203 million to buy back 26.5 million shares held by its private equity investors, which include Oaktree Capital Management. The company will pay $7.66 per share, a 13% discount to the company’s close on Friday. Following the close of the deal, Oaktree Capital will own about 9.4 percent stake in the company.
Avon Products will sell its Avon Japan business to private equity firm TPG Capital for 7.3 billion yen ($90 million) in cash. Avon currently owns 74.67% of the Japan business unit, and TPG plans to launch a tender offer in Japan for all outstanding shares of Avon Japan. Avon Japan represents less than 2% of New York-based Avon’s total sales, the company said.
Britain's Tesco and Singapore's Dairy Farm have put in second-round bids for the Southeast Asian assets of French retailer Carrefour, Reuters reported. The supermarket operator is selling its businesses in Malaysia, Singapore and Thailand. Reuters previously reported that private equity fund Navis Capital and Japanese retailer Aeon would bid for some of the assets.
Chemical company Ashland said it would sell its distribution business to TPG Capital for $930 million, Reuters reported. The unit - which distributes chemicals, plastics, and other materials across North America and Europe - accounted for more than 38% of Ashland’s fourth quarter revenue. The company is selling the business unit, however, as it shifts its focus to higher-margin specialty chemicals, Reuters reported. Ashland is based in Covington, Kentucky.
Buyout shop Doughty Hanson plans to buy Britain’s Vue Entertainment for 450 million pounds ($725.6 million), Reuters reported, citing an article in Monday’s Financial Times. The founders of Vue Entertainment – which runs Britain’s largest cinema chain – own 51% of the company. Private equity firm Coller Capital and New York-based hedge fund Och-Ziff own the remaining shares, which they both plan to sell to London-based Doughty Hanson, Reuters reported.