AXA Private Equity and Fondi Italiani per le Infrastrutture SGR SpA (F2i) have acquired E.ON Rete, a unit of E.ON Italia Spa for 290 million Euros (US$380 million), including debt. E.ON Rete is a natural gas distributor in Italy. F2i will get a 75% stake while AXA Private Equity will have 25%. The deal is expected to close in first quarter.
North River Capital has acquired a majority stake in Coldwater Machine Co. JMAC, a Columbus, Ohio-based PE firm, along with Jerome Meyer, Coldwater's president, were the sellers. Coldwater Machines, also of Columbus, designs an dmakes high-precision machines, assemblies, tools and machine components. North River is a PE firm based in Fort Wayne, Ind.
The holidays are typically a slow time for news and big for predictions. This morning, David Rubenstein, co-founder and MD of the Carlyle Group, predicts that next year will be a good time for private equity. Carlyle, which seems to be announcing a deal every week, has invested about $7 billion this year and returned the same amount to investors. “It’s been the best year for us in a few years," he told CNBC. As to 2011, Rubenstein says the "signs are quite good, interest rates are quite low, financing is available, equity is available, prices are reasonable for deals getting done." Also Monday, FT Alphaville spotlights Saxo Bank's outrageous, Black Swan predictions for 2011. Every year, Saxo comes out with a list of unpredictable events that could potentially have massive impact. The predictions are inspired by Nassim Nicholas Taleb who developed the "theory of black swan events" (highly improbable and unpredictable events that can have massive impact).
Cleveland-based private equity firm Linsalata Capital Partners has recapitalized Whitcraft, a manufacturer of aerospace components. Financial terms of the deal were not released. Harris Williams & Co. acted as advisor to Whitcraft. Whitcraft is based in Eastford, Conn.
Riverside Partners has acquired a majority stake in Dominion Diagnostics, a provider of laboratory services. Financial terms of the deal were not released. Founded in 1997, Dominion provides drug testing, medication monitoring and support services. Riverside Partners is a middle market private equity firm based in Boston.
Middle-market buyout shop Graham Partners has completed its acquisition of Eberle Design, a provider of traffic control products. Financial terms of the deal were not released. Eberle was formed in 1980 and is based in Phoenix, Arizona. Graham Partners is based in suburban Philadelphia and has more than $1.5 billion under management.
Australian firm Future Fund will buy a 17.2% stake in Gatwick Airport from Global Infrastructure Partners. Financial terms of the deal were not released. GIP said it will retain a 42% controlling stake. Other shareholders include the Abu Dhabi Investment Authority, National Pension Service of Korea and the California Public Employees’ Retirement System.
Private equity firms Huntsman Gay Global Capital and Vista Equity Partners have recapitalized Sunquest Information Systems, a provider of laboratory information systems. Huntsman Gay led the recap. Vista Equity Partners has owned Sunquest since 2007, and says it will retaining a significant stake in the business. Financial terms of the deal were not released.
Private equity firm EQT Partners, through its EQT Greater China II fund, has bought a majority stake in Chinese bakery chain Qinyuan Bakery. The firm is buying 65% of Qinyuan, with 35% remaining with the company’s founders. Financial terms of the deal were not released. Qinyuan Bakery is based in Southwest China.
Xenon Arc has raised $15 million in growth capital from private equity firm Weston Presidio. As a result of the round, Weston Presidio’s Sean Honey, Josh McDowell and David Ferguson will join the company’s board. Formed in September, Xenon Arc provides business process producer for industrial producers. Xenon Arc is based in Bellevue, Wash. Weston Presidio has offices in Boston and San Francisco.