Latest News
Red Arts Capital (Red Arts), a middle-market, sector-focused private equity investment firm, has sold RAC MME Holdings, LLC to Knight-Swift Transportation Holdings, Inc for USD150 million in cash.
Red Arts Capital partnered with Prudential Capital Partners, Brightwood Capital Advisors, LLC and several family offices in 2019 to acquire MME, Inc from the Roswick and Greenstein families, who founded the Company in North Dakota in 1918. Legacy family ownership moved outside to elect Marlin Kling to his current leadership role as President in 2006, and he remained in his role after the Red Arts-led acquisition.
PineBridge Investments has held the final close of the PineBridge Preferred Participation Fund, with USD334.3 million in capital commitments.
The multi-manager private equity fund focuses exclusively on partnering with managers who are raising capital for their initial commingled institutional private equity funds.
Through the Preferred Participation strategy, PineBridge investors aim to deploy capital into high performing yet under-allocated segments of the private markets, enabling investors to diversify their private markets portfolios.
MTIP, a Swiss healthtech focused private equity firm, has closed its MTIP Fund II at USD250 million in capital commitments.
The oversubscribed fund, which closed above its target of USD225 million, continues its predecessor fund’s strategy of investing in growing and innovative healthtech companies primarily across Europe.
Molten Ventures has led a USD10.8 million seed funding round in agtech startup Gardin. The investment follows a USD1.2 million pre-seed round in January 2021.
Formerly Draper Esprit, Molten Ventures was first introduced to Gardin through its Fund of Funds seed programme. Also participating in the round is LDV Capital, MMC Ventures and Seedcamp
Funds affiliated with Lightyear Capital (Lightyear), a New York-based private equity firm focused on financial services, have led a recapitalisation of PracticeTek, a provider of vertical software and payments solutions to the retail healthcare market.
Lightyear joins Greater Sum Ventures (GSV), an entrepreneurial family office, in the investment. Terms of the transaction have not been disclosed.
Lightrock and affiliates of DH Capital have co-led a USD100 million Series C funding round in software company Liqid, a specialist in composable software and solutions aimed at providing cloud-like speed, flexibility, and higher efficiency from data centre.
Current investors Panorama Point Partners and Iron Gate Capital also participated.
JPIN Venture Catalysts Ltd (JPIN) has made a strategic investment in The Social Loan Company (TSLC), an AI-driven FinTech, providing bespoke financial products and services.
JPIN is working alongside Rothschild & Co in a recently launched Series B funding round of USD200 million-plus for TSLC, which is seeing significant interest from global institutional investors. This announcement comes after JPIN recently participated in a USD25 million round for TSLC alongside other investors in a consortium led by ADGM-domiciled ARV Investments.
A select set of JPIN’s LPs/global family offices within their proprietary network have also participated along with JPIN in this round.
JMI Equity (JMI), a growth equity firm focused on investing in software companies has led a USD85 million growth investment in ServiceTrade, a provider of software as a service (SaaS) applications for commercial service contractors.
Existing investors Frontier Growth and Bull City Venture Partners also participated in the funding. With the additional capital, ServiceTrade will increase the pace of new product innovations to continue to meet the heightened demand from commercial service contractors.
Industrial Opportunity Partners (IOP), an operations-focused private equity firm, has completed the sale of portfolio company Union Corrugating Company Holdings to Cornerstone Building Brands, a manufacturer of exterior building products for residential and low-rise non-residential buildings in North America.
Terms of the transaction, which is IOP’s eighth investment realisation from its USD275 million second fund, Industrial Opportunity Partners II, have not disclosed. IOP acquired Union Corrugating in December 2016.
Inflexion has completed the sale of its investment in Halo Technology Group, an independent provider of compatible optics, to Amphenol Corporation, a provider of electrical, electronic and fiber optic connectors and interconnect systems.
The transaction generated a 6x money multiple and 53 per cent IRR for investors in Inflexion funds and follows a four-year partnership which supported transformational acquisitive growth and saw profits increase by just under ten times.
Inflexion created Halo in 2017 with the investment in UK business ProLabs in mid-2017 and its transformational acquisition of AddOn Computer Peripherals in the US less than six months later.
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