MidCap Financial LLC has launched as a Bethesda, Md.-based commercial finance company that will focus on middle-market lending to the healthcare industry. It has secured over $500 million in capital commitments from Lee Equity Partners, Genstar Capital and Moelis Capital Partners. It has also secured a long-term debt facility led by Wells Fargo Foothill. MidCap will be run by the former senior management team of Merrill Lynch Capital Healthcare Finance, including its founder Howard Widra.
A new Deloitte recruitment ad has struck some the wrong way. The Office Newb, for example, has criticized the ad for offering a confusing, if not just plain idiotic, message. I’m not sure if I quite get the message myself. It’s a string of humorous interview scenes with a 12-year-old asking asinine questions including Rorschach tests, the number of ping pong balls that fit into a 747, and snap decisions about lunch. (View it after the jump) For the first two minutes and 25 seconds, you’d think the ad’s goal is to turn you off of other consulting firms that might actually use such ridiculous interviewing processes, conducted by young, inexperienced know-it-alls. Most of the interviewees get frustrated, except the one immature “dude” who gives high fives and acts like a monkey. But then, in the last five seconds,
Lineage Power Holdings Inc., a Dallas-based provider of power conversion solutions, has acquired Cherokee International, a provider of AC-DC custom and front-end power solutions. No financial terms were disclosed. Lineage Power is a portfolio company of the Gores Group. PRESS RELEASE Lineage Power Holdings, Inc., a Gores Group company, and a trusted provider of […]
Francisco Partners, a San Francisco-based buyout firm, has completed its acquisition of API Software Inc., a Wisconsin-based maker of labor management software for the healthcare market. No financial terms were disclosed.
That line is from Ezra Perlman, a partner with Francisco Partners, during the closing panel of Buyouts West 2008, which was held last week in Los Angeles. At least the generalist panel remains, as they discussed everything from return expectations to when debt might return to how private equity is "misunderstood." Other panelists included: Kelvin Davis, senior partner with TPG Capital; Mark Bradley, Morgan Stanley's global head of financial sponsors for Financial Sponsors Coverage Group, Ajay Shah, managing director and founder of Silver Lake Sumeru and John Romney, director of Levine Leichtman Capital Partners. Video after the jump.
Barclays Private Equity and Investcorp have acquired N&W Global Vending from Argan Capital and Merrill Lynch Global Private Equity. No financial terms were disclosed, although a Dow Jones report puts the price at around $960 million (including $750m in leveraged loans). N&W is an Italian manufacturer of food and beverage vending machines.
Cosi Inc. (Nasdaq: COSI), a quick-casual sandwich shop operator, has formed a special committee to “evaluate strategic alternatives.” It also has retained North Point Advisors. The company’s stock closed trading Friday at $0.40 per share.
Spire Capital Partners has sponsored the formation of AssetNation Inc., a Houston-based provider of online industrial auctions. No financial terms were disclosed.
SEOUL (Reuters) – A South Korean court on Monday rejected claims that the 2003 sale of Korea Exchange Bank (KEB) to U.S. investment firm Lone Star was illegal, a verdict that may clear a key hurdle to putting control of the bank back up for sale. The ruling, which prosecutors will appeal, may end a […]
MUMBAI (Reuters) – Indian drug maker Wockhardt Ltd (WCKH.BO) is in talks with private equity firms to raise $150-200 million to meet convertible bond redemptions that fall due in October, the Mint daily said, citing people familiar with the development. Wockhardt will need to pay $142.5 billion in October, the paper said, adding the drug […]