Aston Hill Financial has completed its purchase of Citadel Securities, a provider of investment advice and services to private and institutional investors. The deal was previously announced on 15 November. Aston Hill is a diversified asset management company with a suite of retail mutual funds, closed end funds, private equity funds, hedge funds and segregated institutional funds. The company is also engaged in the administration of Argent Energy Trust. Aston Hill has offices in Calgary, Toronto and Halifax. Citadel Securities is a full service investment dealer with its head office located in Halifax, Nova Scotia. It is a member of

Wellspring Capital Management has sold its portfolio company Cleaver-Brooks, a provider of boiler room solutions, to Harbour Group. Terms of the transaction have not been disclosed. Since acquiring Cleaver-Brooks in June 2008, Wellspring and management worked closely to leverage the company’s position and optimise the value of its integrated product line. In 2011, Cleaver-Brooks acquired Cheminee Lining, a Montreal-based specialty designer and manufacturer of stack systems. William F Dawson, Jr (pictured), a managing partner of Wellspring, says: "Under our ownership, Cleaver-Brooks capitalised on attractive industry dynamics to significantly grow both organically and through strategic acquisition. In particular, we worked with

Aurora Capital Group, a Los Angeles-based private equity firm, has acquired DuBois Chemicals, a provider of chemical solutions and services, from The Riverside Company.  Terms of the transaction have not been disclosed. DuBois offers a broad range of customised chemical solutions which reduce downtime, minimise defects, extend equipment life and generate high return on investment for customers in mission-critical applications.  DuBois serves customers across a broad array of industries, including the industrial, transportation, pulp and paper and water markets. Mark D Rosenbaum, partner of Aurora, says: "We look forward to working closely with Jeff Welsh and DuBois’ management team to

Private equity firm Arsenal Capital Partners is to acquire Dash Multi-Corp, a manufacturer of formulated polyurethane, vinyl plastisol, specialty coatings and recycled rubber products. The acquisition of Dash represents the fifth acquisition by Arsenal’s specialty industrials group in 2012, as well as another example of the firm’s acquiring a company from its founder.  Founded in 1973 by Marvin S Wool, the St Louis-based company manufactures custom formulated plastics and chemicals, coated fabrics, and recycled rubber products and generates over USD100m in revenue. Concurrent with the acquisition by Arsenal Capital Partners, Dash’s coated fabrics operations will become a separate entity owned

Turnaround specialist RCapital has purchased the business, brand and assets of The Harley Medical Group, backing the incumbent management team. The Harley Medical Group has grown over 30 years, providing surgical and non-surgical cosmetic procedures across the UK.   In 2011 the whole cosmetic surgery industry was hit by the fraudulent activity of the supplier of PIP implants. Whilst operations involving breast implants make up less than 25 per cent of the business, The Harley Medical Group did not have the financial resources to survive.   Jamie Constable, chief executive of RCapital, says: "Harley Medical Group, in the best interest

Southport Lane Management, a private equity fund manager based in New York, has agreed to invest USD20m to support the continued expansion of the Capital Guardian wealth management business. Capital Guardian was selected by Southport Lane for its combination of strong management, global platform, and focus on the adviser experience. The investment will expand Southport Lane’s global asset management footprint. Alan Boyer, chief executive of Capital Guardian, says: “We are excited to partner with a group whose key individuals have deep roots in the wealth management sector and truly understand the challenges facing our industry. Furthermore, they have demonstrated the

Private investment firm Cerberus Capital Management is to sell its stake in Freedom Group, the manufacturer of the AR-15 rifle used in the attack at a primary school in Newtown, Connecticut last week that left 20 children and seven adults dead. Affiliates of Cerberus made their investment in Freedom Group back in 2006, but the firm has bowed to pressure to sell from several large institutional investors, including the California State Teachers’ Retirement System (CalSTRS). In a statement Cerberus said that the “tragedy was a watershed event” and that while it was not the firm’s role to “attempt to shape

Alternative asset manager The Carlyle Group has completed the sale of Metaldyne, a manufacturer of metal-based components for light vehicle engine, transmission and driveline systems, to an affiliate of American Securities. Financial terms of the transaction have not been disclosed. Carlyle Strategic Partners II, a USD1.35bn distressed investment fund, led a group of creditors in the purchase of Metaldyne in October 2009, and partnered with Metaldyne’s management on the company’s successful recovery. Since Carlyle’s acquisition, Metaldyne has grown revenue by approximately 70 per cent and employment by approximately 30 per cent. Michael Stewart, Carlyle managing director and co-head of Carlyle