Allocations
Lower middle-market private equity from Superior Street Partners has acquired Riverbend Nursery.
Union First Market Bank provided the senior debt financing for the transaction, in addition to providing continuing working capital support.
Based in Virginia, Riverbend Nursery is a producer and distributer of perennial plants, herbs, and ground cover, with sales primarily to the independent garden centre and landscape contractor markets. The company was founded in 1984 by Jim Snyder, who will remain chief executive officer.
Jon Herbst, president of Superior Street Partners, says: "The core operations and focus on quality production and superior customer service
KKR and Borealis Maritime has acquired a portfolio of nine feeder container vessels in a sale process coordinated by Commerzbank.
The vessels were previously owned by a number of German KG funds and were originally financed by Commerzbank. Financial details of the transaction were not disclosed.
In 2013, KKR and Borealis Maritime formed a joint venture named Embarcadero Maritime to invest in distressed shipping assets. Since its formation and including the most recent acquisition, Embarcadero Maritime has acquired 27 vessels in nine separate transactions and its current fleet includes a mix of chemical tankers, feeder container vessels and small
Alternative asset manager The Carlyle Group has closed a collateralised loan obligation (CLO) fund in the US totalling approximately USD816 million.
The CLO, arranged by Citigroup, is the firm’s third of 2014 in the US.
Carlyle GMS CLO 2014-3 will invest predominantly in senior secured bank loans.
Including these latest closings, in 2014 Carlyle has raised approximately USD3.23 billion in CLOs — USD2.16 billion in the US and USD1.07 billion (EUR777 million) in Europe, the second consecutive year in which Carlyle has raised more than USD3 billion in new issue CLOs.
Cressey & Company and Level Equity Management have sold Strategic Healthcare Programs (SHP) to Roper Industries, a diversified technology company.
SHP, headquartered in Santa Barbara, California, is a provider of software and informatics solutions to the post-acute healthcare market. SHP delivers data-driven insight to thousands of post-acute organisations, such as home health, hospice and long term care.
C&C and Level Equity invested in SHP in December 2012 and partnered with SHP's management team over the past two years to expand the company's footprint, broaden its technology solution and strengthen its market position.
"SHP is a clear leader in providing
ARCH Venture Partners’s eighth venture fund has closed with more than USD400 million in subscriptions.
ARCH Venture Fund VIII exceeded its USD250 million subscription target by more than USD150 million.
"The enthusiasm behind Fund VIII shows the strength and potential of our approach to finding and funding new platform technology companies that can transform their industries through disruptive innovation," says ARCH co-founder and managing director Robert Nelsen.
ARCH will deploy this fund exclusively in early-stage technologies that can fundamentally change the healthcare, energy, and materials sectors. ARCH's search for disruptive technologies is global, with technology sourcing or investment
Chiquita Brands International and Fyffes have updated the anticipated annualised pre-tax cost synergies for the proposed combination of the two businesses.
Chiquita and Fyffes have identified an additional USD20 million of synergies for a total of at least USD60 million in annualised pre-tax cost synergies by the end of 2016, reflecting additional information which has become available regarding optimisation of sourcing and shipping logistics, as well as the output of the information technology integration planning work stream that was established after the proposed combination was first announced.
The USD20 million of additional recurring annual synergies is anticipated to come
Paul Hastings has advised Ocean Holding on the acquisition of the Düsseldorfer Hypothekenbank, a German mortgage bank, from the US investor Lone Star.
Measured by total assets estimated at EUR12 billion, this is the largest German bank takeover since the start of the financial crisis.
Ocean Holding, a fund managed by Patrick Bettscheider and Attestor Capital, has acquired Düsseldorfer Hypothkenbank from the previous owners, LSF5 German Investments II LP, Delaware, and LSF5 Riverside Ltd & Co KG, two companies of the Lone Star Group.
The Lone Star Group acquired the bank in 2010 and injected more than EUR500
Brentwood Associates, a consumer-focused private equity investment firm, has acquired Marshall Retail Group, headquartered in Las Vegas, Nevada.
Marshall Retail Group is a specialty retailer for high-foot-traffic marketplaces with locations in major casino-hotels and airports across the US. The company is led by chief executive officer Michael C Wilkins, who will continue to lead the business going forward.
Founded in 1955, Marshall Retail Group operates 155 retail locations across 10 states and Washington DC.
Wilkins says: “Brentwood is an important strategic partner that truly understands our business. We are eager to call on their expertise in retail and
Edmond de Rothschild Investment Partners’ (EdRIP) BioDiscovery 3 portfolio company, Sapiens Steering Brain Stimulation (Sapiens SBS), has been acquired by Medtronic for approximately USD200 million in cash.
Sapiens SBS, located in Eindhoven, The Netherlands, is developing a DBS system that features an advanced DBS lead with 40 individual stimulation points. This advanced system is designed to allow more precise stimulation of the intended target in the brain and may potentially result in reduced procedure time and fewer stimulation-induced side effects.
Employees at the Eindhoven facility will continue to work toward bringing this technology to market. In the future, the
Edmond De Rothschild Investment Partners’s (EdRIP) BioDiscovery 3 portfolio company, Covagen AG, has been acquired by Cilag GmbH International, an affiliate of the Janssen Pharmaceutical Company.
Covagen is a privately-held, biopharmaceutical company specialising in the development of multi-specific protein therapeutics through the FynomAb technology platform. The company's lead product, COVA322, a bispecific anti-tumour necrosis factor (TNF)-alpha/anti-interleukin (IL)-17A FynomAb is in Phase 1b study for psoriasis and holds potential as a treatment for a broad range of inflammatory diseases including rheumatoid arthritis.
Covagen develops FynomAbs, multi-specific protein therapeutics by fusing its fully human Fynomer binding proteins to antibodies. Fynomers are
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