Warburg Pincus has agreed to sell LifeCore Biomedical Inc., a Chaska, Minn.-based maker hyaluronan-based biomaterials for the medical and veterinary markets, to Landec Corp. (Nasdaq:LNDC). The deal is valued at up to $54 million, including $40 million in cash, $4 million in assumed debt and up to $10 million in earn-outs. Warburg Pincus took LifeCore private in 2008 for approximately $239 million. It then split the company into two pieces, with the dental division being merged into an existing portfolio company and the hyaluronan remaining as Lifecore.
Steven Price has been named chairman and CEO of Townsquare Media (fka Regent Communications), a radio station operator majority-owned by Oaktree Capital. Price is the co-founder of media investment firm FiveWire Ventures, and previously was a managing director with both Centerbridge Partners and Spectrum Equity Investors.
First Reserve Corp. has committed up to $500 million in equity for Barra Energia Petroleo e Gas, a new Brazilian energy exploration and production company.
LaSalle Capital Group and Expedition Capital Partners have partnered to acquire three security guard services businesses: Industrial Security Services Inc. (Cleveland), Leonard Security Services (Virginia Beach) and Eagle Security Inc. (Portsmouth, Va). The three companies will be rolled into a new buy-and-build platform called United American Security, which will be run by former Employer's Security Co. CEO Steve Frost. No financial terms were disclosed.
Arsenal Capital Partners has completed its previously-announced sale of Genovique Specialties Corp., a Rosemont, Ill.-based provider of benzoate plasticizers, to Eastman Chemical Co. (NYSE: EMN). No financial terms were disclosed.
Stewart Cohen has agreed to join Gordon Brothers as chief operating officer, effective May 10. He previously was executive vice president of special assets at Textron Financial.
THL Partners has agreed to increase its proposed investment in Sterling Financial Corp. (Nasdaq: STSA) from $134.7 million to $175 million.
Golden Gate Capital and Kenner & Co. have completed their previously-announced recapitalization of Atrium Companies Inc., a maker of vinyl and aluminum windows and patio doors. Atrium had filed for Chapter 11 bankruptcy in January. The recap cuts its pre-bankruptcy debt by more than 60%, with existing owners Golden Gate and Kenner investing more than $170 million in equity capital. The firms originally announced plans to invest $125 million.
[UPDATE: The deal has been formally announced. Press release follows story] PHILADELPHIA (Reuters) – Oak Hill Capital Partners plans to acquire Dave & Buster’s Inc for $570 million from Wellspring Capital Management, according to The Wall Street Journal.The chain, which combines restaurants with video games arcades, had been taken private in 2006 by Wellspring for about […]
PHILADELPHIA (Reuters) – Private-equity firms Warburg Pincus and Silver Lake Partners are close to buying Interactive Data Corp (IDC.N) for about $3.1 billion, a source familiar with the situation said on Sunday. The deal for IDC, the financial-market data provider controlled by publisher Pearson PLC, could be announced as early as Monday, said the source. […]