New York-based private equity firm Harvest Partners has acquired Bartlett Holdings, which operates as BHI Energy. Financial terms of the deal were not disclosed. Harvest Partners acquired the company from Boston-based firms Berkshire Partners and Summit Partners. Plymouth, Mass.-based BHI Energy provides energy services including radiation protection and specialty maintenance. Harvest has $1.7 billion under management across five funds.
Swedish private equity firm Ratos will acquire automobile auction and valuation company KVD Kvarndammen in a deal valuing the company at 550 million kronor ($78 million). Ratos will provide equity of approximately 360 million kronor ($51.4 million), the company said. Formed in 1991, Kvarndammen is Sweden's largest independent broker for cars. The deal is expected to close by January 2011.
Swedish private equity firm Ratos has offered 11.50 kronor ($1.64) per share to buy Biolin Scientific. The offer represents a 32.2% premium over the average closing price for Biolin during the past 30 days. Sweden’s Biolin Scientific develops analytical instruments for research, development, quality control and clinical diagnostics.
Idaman Saga, a vehicle controlled by Malaysian businessman Halim Saad, has joined with KUB Malaysia and CVC Capital Partners Asia III to increase its bid for QSR, which is the majority owner of Kentucky Fried Chicken and Pizza Hut franchises in Malaysia, Reuters reported. The group increased its offer to match a bid by private equity firm The Carlyle Group. The Washington D.C.-based Carlyle Group previously bid $2.12 per share, or roughly $618 million, for QSR.
Buyout shop Blackstone has failed to find a buyer for its portfolio company GoldToeMoretz, one of the world’s largest sock makers, Reuters said, citing a report in the New York Post. The report said that Blackstone wanted $450 million for the company, an amount that would allow Blackstone to repay debt and leave GoldToeMoretz profitable.
Private equity firm Blackstone is planning to make a bid for British homecare operator Southern Cross, Reuters reported, citing a story in the Sunday Telegraph. Reuters previously reported that Southern Cross was in talks with unnamed potential buyers. Blackstone is already familiar with the company. The buyout shop owned Southern Cross before taking it public in 2006, Reuters said.
Dan Levi, President of GrowthWorks, said today that he is surprised by a shareholder vote Thursday that approved the merger of five Vengrowth Asset Management funds into two funds from Covington Capital. A vote tabulation Friday further indicated Vengrowth shareholder approved the proposed transaction with Covington. Last month, Covington struck a deal to take over five Vengrowth funds. The funds had $360 million in AUM. GrowthWorks had challenged the merger in a proxy fight. GrowthWorks, of Toronto, is a major consolidator in the Canadian VC retail industry. Vengrowth is a Canadian PE firm.
Sheryl Schwartz knows a thing or two about what LPs are looking for in their PE investments. For 13 years, Schwartz was head of alternative investments at TIAA-CREF, which has more than $426 billion in combined assets under management. She was responsible for all fund, direct PE co-investment, and mezzanine debt opportunities sourced from TIAA’s relationships with fund managers. Earlier this year, Schwartz joined Perseus, a Washington D.C. private equity firm, where she’s a senior MD working on mezzanine debt and private equity investments. While she’s now a GP, Schwartz still has an idea what LPs are looking for in their investments.
Polish billionaire Zygmunt Solorz-Zak may enter the race for Polkomtel, the country’s largest mobile phone company, Reuters reported, adding that advisors to Solorz-Zak have spoken with private equity firms about a potential bid. Bankers value Polkomtel at roughly 4 billion euros ($5.3 billion), Reuters said.
Russian private equity shop Baring Vostok Capital Partners will buy a roughly 20% stake in Russia’s Orient Express Bank, Reuters reported. Financial terms of the deal were not released, though Reuters quoted one analyst estimate valuing a 30% stake in Orient Express Bank at roughly $255 million. Baring Vostok, which focuses on investments in Russia and the former Soviet Union, has $2 billion in assets.