Arclight Capital Partners, a Boston-based private equity firm, and OGE Energy Corp. said Monday that they have completed their Enogex Holdings joint venture. In October, Arclight said it had bought a 9.9% stake in Enogex, a midstream natural gas pipeline business, for $183 million. Enogex is a subsidiary of OGE Energy Corp., of Oklahoma City, OK, that deals with midstream natural gas pipelines.
Danville Partners said Monday that it has bought Multi-Flex, a Sarasota, Fla.-based maker of modular extrusion and stainless steel conveyor systems. Financial terms were not announced. The deal is an add-on and will complement Danville's other holdings, Simplimatic Automation and Advantage Puck Technologies. Danville, of Cleveland, is a business development partnership that uses PE investment to fund companies.
It’s Monday and we have a relatively large health care deal. McKesson Corp. announced today that it was buying US Oncology, a Welsh Carson portfolio company, for $2.16 billion, including debt. US Oncology has about $1.6 billion in debt, according to an August 10Q filing, which values the sale at about $560 million. The company had $28.1 million in income from operations for the quarter ended June 30, down nearly 24% from about $36.8 million for the same time period in 2009. US Oncology posted a net loss of about $12 million for the quarter ended June 30, which narrowed from $16.4 million in losses in 2009.
McKesson Corp. said Monday that it has agreed to buy US Oncology, a portfolio company of Welsh Carson, for about $2.16 billion, including debt. The deal is expected to close by the end of McKesson's fiscal third quarter, which is Dec. 31. San Francisco-based McKesson is a health care services and information technology company. US Oncology, of The Woodlands, Texas, is an integrated oncology company. Welsh Carson, a PE firm, invested in US Oncology in 2004.
Private equity firm Advent International has acquired Calgary-based BOS Solutions, a company that develops drilling fluid treatment and recovery technology for the oil and gas exploration industry. Financial terms of the deal were not released. Advent has offices in Boston and New York.
China Private Equity Investments Holdings has paid $2 million for a 40% stake in Beijing-based China iEducation Group. The deal includes funding aimed at expanding China iEducation's services and developing an online social education network.
Douglas Miller, chief executive of EXCO Resources, has proposed a management-led buyout of the oil and natural gas company at a valuation of $4.36 billion, Reuters reported. Miller said in a letter that EXCO shareholders T. Boone Pickens, Oaktree Capital Management and Ares Management have expressed interest in the deal. Miller, who holds a 2.15% stake in the company, offered to pay $20.50 per share, a 38% premium over Friday’s closing price.
Data security company Venyu Solutions has raised an undisclosed amount from Madison Parker Capital and Gladstone Investment Corp. The financing supported a management buyout of Venyu from it’s parent company PHNS. As a result of the funding, Brent Brown, a managing director at Boston-based Madison Parker, will join Venyu’s board. Venyu is based in Baton Rouge, La.
Private equity shop Apax Partners has acquired Israeli investment firm Psagot, Reuters reported. New York-based Apax paid roughly 2.08 billion shekels ($572.5 million) for a 76.8% stake in Psagot. Though signed last December, a close of the acquisition was put on hold until now because Psagot was the subject of an Israeli securities fraud investigation. U.S.-Israeli investment fund Markstone Capital owns the remaining 23.2 percent of Psagot.
Who knew that the buyout of Seagate Technologies would be so interesting? Yesterday, several news reports said that KKR would likely pull out of a group seeking to buy acquire Seagate. TPG is seen as leading the consortium looking to buy Seagate. But today, the New York Post is reporting that TPG does have an unnamed partner to replace KKR. The TPG led group has also lined up more financing than it needs to buy Seagate. Since talks aren’t exclusive, there is also a chance another suitor might drop into the bidding, the New York Post said.