Blackboard has completed its acquisition by an investor group led by affiliates of Providence Equity Partners in an all-cash transaction valued at approximately USD1.64 billion in enterprise value, plus the assumption of approximately USD136 million in debt.   As previously announced, the transaction was approved by Blackboard stockholders at a special meeting of stockholders held 16 September, 2011. Pursuant to the terms of the acquisition agreement, Blackboard stockholders will receive USD45.00 in cash for each share of Blackboard common stock. The transaction represents a 21 per cent premium over the closing price of USD37.16 per share on April 18, 2011,

Monroe Capital has funded a USD27.5 million unitranche facility to support the acquisition of Fabco Automotive Corporation Partners by Wynnchurch Capital, Ltd. Based in Livermore, CA, Fabco is a leading North American supplier of highly engineered, specialty gearbox, axle and transfer case products for all-wheel drive, medium and heavy duty vehicles used in severe service applications. Prior to the acquisition by Wynnchurch, Fabco was a subsidiary of Accuride Corporation. Tom Aronson (pictured), Managing Director at Monroe Capital, said: “Our unitranche facility was ideally suited to finance the acquisition of Fabco. A corporate divestiture is always a more challenging transaction. We

Velocis Fund has met its first fund closing target. The real estate private equity fund accepted USD36.5 million in capital commitments and an additional USD4.7 million of co-investment equity for a total of USD41.2 million of equity under management. Incorporating maximum leverage of 60 per cent, this first closing will give Velocis Fund approximately USD100 million in purchasing power. "This closing has taken our fund from concept to reality," says Fred Hamm, Velocis managing principal. "We are carrying out our original stated strategy and are continuing to pursue real estate assets that meet our investment criteria. While excited about this

Some 674 private equity-backed buyouts deals worth an aggregate USD60.6bn were announced in Q3 2011, a 23% decrease in value from the previous quarter’s total of USD78.7bn, according to Preqin’s quarterly deals data. A total of 254 exits valued at an aggregate USD56.2bn were announced in Q3 2011, 54% down from the record total of over USD120bn in Q2 2011. In Q3 2011, 670 private equity-backed buyout deals with an aggregate value of USD60.6bn were announced, a 23% decrease in value compared to Q2 2011. However, aggregate deal value in Q3 2011 is 7% larger than in Q1 2011, when

Latham & Watkins represented DIC, the private equity arm of Dubai Holding, in connection with the sale of Ishraq Dubai LLC (Ishraq Dubai) to Almulla Group. Ishraq Dubai was 51% owned by DIC and 49% owned by Ishraq Gulf Real Estate Holding BSC, which in turn is majority owned by DIC. Ishraq Dubai owns four hotels in Dubai operating under the franchised Holiday Inn Express brand, located in Dubai Internet City, Al Safa, Jumeirah and at Dubai International Airport Terminal 3.   The Latham & Watkins mergers and acquisitions team was led by Dubai partner Charles Fuller and associate Will Seivewright.  

CI Capital Partners, a North American private investment firm, has acquired Galls, LLC, a USD163 million revenue, full service marketer and distributor of public safety, first responder and private security products, from ARAMARK Corporation. The terms of the transaction were not disclosed. Founded in 1967, the Lexington, Kentucky based Galls markets and sells uniforms, duty gear, footwear, medical supplies and other products used by law enforcement, fire safety, emergency medical, private security and corrections personnel. The Company has built its reputation by providing customers with the industry’s broadest offering of well-recognised products, fast delivery and a high level of customer

Actis, the pan-emerging markets private equity fund, has led a consortium in the USD434m, 100% management buy-out of Tracker, South Africa’s largest vehicle tracking company. The transaction, which was announced today, sees Remgro dispose of its interest in Tracker to Actis while FirstRand restructures its investment to include RMB. The Mineworkers Investment Company (‘MIC’) increases its stake in the business, thereby improving the BEE credentials of the business. "Everything we do at Tracker is underpinned by the principle that our work can make a real difference to quality of life in South Africa," says Tracker CEO, Alan Hutcheson. "Whether it is

The volume and value of deals completed during the first nine months of 2011 in the lower mid-market investment space has increased year on year for the past three years, according to research from Lyceum Capital and Cass Business School. Data from The UK Growth Buyout Dashboard – a quarterly analysis of UK-headquartered private equity control deals in the GBP10 million to GBP100 million segment – shows that 63 transactions completed between 1 January 2011 and 30 September 2011. This compares to 50 investments for the same period of 2010 and just 25 during the first nine months of 2009.