United PanAm Financial Corp. has agreed to be acquired by buyout shop Pine Brook Road Partners and an entity controlled by United PanAm’s chairman, Guillermo Bron. Under the terms of the deal, valued at approximately $110 million, Pine Brook Road will pay $7.05 per share, which represents a 41% premium over the company’s December 27 closing price. The deal is expected to close in the first quarter of 2011. United PanAm Financial is a specialty automobile finance company.
Concept Development Partners, an affiliate of Dallas-based private equity firm CIC Partners, will back Granite City Food & Beverage, providing $9 million in convertible preferred stock and arranging for $10 million in debt financing, the company said. Formed in 1999, Granite City Food & Brewery operates 26 restaurants in 11 states.
Private equity firm Prodos Capital Management failed to meet a key condition of its acquisition of Italian fashion house Gianfranco Ferre, Reuters reported. As part of the November buyout, Prodos was to signed a commercial agreement with Samsung by December 26, Reuters said, adding that Prodos has yet to reach an agreement with any industrial partner.
Riverstone/Carlyle Global Energy and Power Funds, a group of energy-focused private equity funds managed by buyout shop Riverstone Holdings, has acquired USA Compression Holdings. Financial terms of the deal were not disclosed. Formed in 1998, USA Compression provides natural gas compression services across the U.S. The company is based in Austin and Dallas. Riverstone Holdings has roughly $17 billion under management.
Private equity firm Palladium Equity Partners has acquired Jordan Healthcare Holdings, a provider of home healthcare services in Texas. Financial terms of the deal were not released. Formed in 1975, Jordan Healthcare provides personal care, home management and skilled nursing services across Texas. Palladium, based in New York, focuses on investments in the U.S. Hispanic marketplace.
German private equity firm Quadriga Capital has divested its stake in Francotyp-Postalia Holding AG. The private equity firm held at 26.3% stake in the professional mail management services company. The shares in Francotyp-Postalia were sold to unnamed institutional investors in Germany, France, Great Britain and Switzerland, the firm said.
O2 Investment Partners has acquired Silbond Corp., a specialty chemical manufacturing company based in Weston, Mich. Terms of the acquisition were not released. Founded in 1994, Silbond makes "tetra ethyl ortho silicate,” a chemical used in manufacturing semiconductors and other electronics. O2 Investment Partners is based in Bloomfield Hills, Mich.
Irvine Sensors, which is traded on the over-the-counter Bulletin Board, has raised $11.4 million from Costa Brava Partnership III LP and The Griffin Fund. As a result of the financing, Seth Hamot, general partner of Costa Brava, has become chairman of the company’s board. Chet White, managing partner of The Griffin Fund, also joined the board. Costa Mesa, Calif.-based Irvine Sensors develops miniaturized infrared and electro-optical cameras and image processors.
Despite unsolicited bids from buyout shops CVC and the Carlyle Group, Malaysia's Johor Corp. will not sell its indirect subsidiaries QSR Brands and KFC Holdings, Reuters reported. Malaysian businessman Halim Saad had joined CVC Group in a bid, which was later topped by a $618.8 million offer from the Carlyle Group.
Private equity firms Apax Partners and iGate will pay $915 million for a 63% stake in Patni Computer, Reuters reported. The consortium offered about 500 rupees ($11.05) per share for the company, which was trading at 488.50 rupees ($10.79) on the Bombay Stock Exchange Monday. The firms beat out a rival consortium comprised of the Carlyle Group, Advent International and Akansa Capital. The iGate-Apax consortium will take $500 million in debt to fund the deal, Reuters said.