Capital Bancorp Ltd. said Monday that it has completed the sale of Southern Arizona Community Bank to Grandpoint Capital. Financial terms were not announced. Southern Arizona Community Bank, of Tucson, has about $92.6 million of total assets, as of Sept. 30. Capital Bancorp, with offices in Lansing Mich. and Phoenix, is a $4.2 billion national community banking company.
Arsenal Capital Partners said Monday that it has acquired Simpsonville, S.C.-based Para-Chem Southern, which provides Para-Chem Southern. Financial terms were not announced. Arsenal is a New York PE firm.
Brightpoint Inc. has agreed to buy Touchstone Wireless Repair and Logistics, a portfolio company of Striker Partners. Hatfield, Pa.-based Touchstone provides repair, remanufacture, and reverse logistics services for wireless products. Striker, of Newtown Square, Pa., is a PE firm. News of the deal was announced by Harris Williams, a middle market IB, which advised Touchstone.
Taking advantage of a strengthening stock market and a lending market where many borrowers struggle to find financing, several business development companies (BDCs) are taking steps to fortify their financial positions. BDCs are closed-end investment funds that are publicly traded on stock exchanges. Designed to provide capital to privately owned businesses, they can provide both equity and debt financing. Healthier BDCs, led by Ares Capital Corp., are issuing stock and reducing their debt, while other such lenders, including American Capital Ltd., are taking other steps to shore up their capital positions.
Wingate Partners has acquired Preferred Compounding Corp., a portfolio company of the Watermill Group. Financial terms weren't announced. Baberton, Ohio-based Preferred Compounding offers high-performance elastomeric compounds and is projected to have revenus of $90 million for the fiscal year ended May 31, 2011. Watermill, of Lexington, Mass., is an investment group that has owned Preferred since 202. Wingate is a Dallas PE firm. Sperry, Mitchell & Co. provided financial advice to Preferred.
Insight Equity said Monday that it has acquired a controlling stake in BFN Operations, which has bought nearly all the operating assets of the Berry Family of Nurseries. Financial terms were not announced. Insight Equity is a Dallas PE firm. Tahlequah, Okla.-based BFN is a wholesale grower of perennial and woody ornamental plants.
Tailwind Capital has acquired Apex Companies, a Rockville, Md.-based national water resources and environmental services firm. Financial terms weren't announced. Apex management also has a stake. Madison Capital, NewStar Financial and Churchill Financial provided financing. Tailwind is a PE firm.
South Korea's Hana Financial Group will raise around 1.2 trillion won ($1.05 billion) in a rights issue designed to fund its $4.1 billion acquisition of Korea Exchange Bank, Reuters reported, citing a story in the Korea Economic Daily. Hana agreed in November to buy a 51% stake in Korea Exchange Bank from U.S. private equity fund Lone Star.
Buyout shop Bain Capital will buy Rotterdam-based chemical distributor IMCD, Reuters reported. The deal values the Dutch company 650 million euros ($857.5 million), Reuters said. Bain was reportedly in the second round of bidding for IMCD. Other bidders, including New Mountain Capital and Cinven, dropped out of the running. IMCD is owned by AAC Capital, the former private equity arm of ABN Amro, Reuters said.
Pharmaceutical giant GlaxoSmithKline has agreed to pay 162 million pounds ($255 million) for private equity-backed Maxinutrition Group Holdings. GlaxoSmithKline will acquire 100% of the shares, providing an exit for Darwin Private Equity. UK-based Maxinutrition manufactures protein-enhanced nutrition products. London-based Darwin Private Equity acquired Maxinutrition in 2007.