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ACON Equity Partners III has completed the purchase of Injured Workers Pharmacy (IWP) from Audax Group and Parthenon Capital Partners.
IWP is a specialty pharmacy serving patients in the USD8 billion workers' compensation, automobile personal injury protection and personal injury pharmacy markets in the US.
As part of this transaction, ACON partnered with Patrick Keefe and Tracy Finn, two former senior executives of Omnicare, a provider of long-term care and specialty pharmacy services.
Also joining ACON in the transaction is Triton Pacific Capital Partners, a private equity healthcare services investor.
The company will continue to be led
Private equity funds controlled by Blackstone are to recapitalise Service King Collision Repair Centers, one of the largest independent US chains of automobile body repair centres.
The Carlyle Group, together with its co-investors and the management and employees of Service King, will retain a significant minority stake in the company.
Terms of the transaction, which is expected to close during the third quarter, were not disclosed.
Established in 1976 and headquartered in Dallas, Texas, Service King now operates 177 locations across 20 states, having grown under Carlyle’s ownership from 47 locations in Texas.
“We are grateful for
European mergers and acquisitions (M&A) activity has picked up substantially in 2014 and already looks set to surpass the 10-year European average for the first time since 2007, says Standard & Poor's Ratings Services.
With around USD373 billion booked in 2014, deal flow is comfortably exceeding 2013's relatively subdued totals.
"The risk aversion triggered by the financial crisis, which steered companies toward organic expansion, is beginning to fade as belief resurfaces that growth is returning," says Taron Wade, director at Standard & Poor's. "Low financing costs, the availability of debt, and the rise in acquirers' market caps are enabling
Luxembourg financial services regulator CSSF has received a total number of 773 AIFM-related applications – 215 requests for authorisation and 558 requests for registration.
Following the processing of the 215 requests for authorisation, 151 entities have been approved as AIFM by the CSSF as at 22 July 2014.
Among these 151 approved entities, 74 entities are on the official list of authorised AIFMs.
The CSSF says a certain number of those applications for authorisation, where the approval process is still ongoing, are linked to entities which were not active in the field of alternative investment funds before the
As investors gain more confidence in the global economy, the wheels of the Chinese inbound and outbound M&A industry are expected to turn continuously for the rest of 2014.
Vivian Lam, partner, corporate department at Paul Hastings, says: “The slowdown of the Chinese economy will not have a negative impact on Chinese companies going abroad. On the contrary, more state-owned and privately-owned companies will be encouraged to go offshore to find global opportunities.
“They will make the decisions from a commercial perspective rather than from a political standpoint. The industries they are interested in will be more diversified, such
Alter Domus, a provider of fund administration and fund services, has adopted Thomson Reuters FATCA solution across its services platform to improve client identification and on-boarding.
The Foreign Account Tax Compliance Act (FATCA), which came into effect on 1 July 2014, is intended to reduce the levels of tax avoidance by US citizens and entities through foreign financial institutions (FFIs).
“We are delighted to be working with Thomson Reuters to provide a FATCA solution that helps our clients through the initial stages of identity and on-boarding, to the concluding compliance and reporting process,” says Benoit Dewar, head of FATCA
Abacus Group, a provider of hosted IT solutions for hedge funds and private equity funds, has hired Jonathan Bohrer as chief financial officer, effective 30 June.
Bohrer will be based in New York and will report to Chris Grandi, chief executive officer of Abacus Group.
Bohrer brings over 18 years of experience in finance and operations across a diverse set of industries. As CFO, he will oversee the company’s financial and accounting activities along with other administrative and operational functions including human resources, real estate and legal.
Most recently he served as managing director of finance at ConvergEx
Improving economic conditions in North America saw 2013 fuel the highest level of volume and values by entry enterprise value (EV) for private equity (PE) exits since 2006, according to EY’s annual North American PE exit study.
The report, Returning to safer ground: How do private equity investors create value? A study of North American exits, highlights that IPOs drove exit activity in 2013.
Increased public market demand and a return of corporate buyers meant that IPOs accounted for 61 per cent of aggregate PE entry value of exits.
The report, now in its eighth year, examines the
LogRhythm, a security intelligence company, has finalised a USD40 million round of new equity financing led by Riverwood Capital with participation by existing investors Adams Street Partners, Access Venture Partners and members of senior management, along with new investor Piper Jaffray.
The proceeds will be used to accelerate investment in product development, sales and marketing and customer service as the company further capitalises on its strong momentum.
“LogRhythm is thriving in the security intelligence market on several fronts and has accelerated growth over the last year,” says Jeff Parks, founding partner of Riverwood Capital and newest member of LogRhythm’s
Privacy Analytics has raised USD3.5 million in a round led by Vanedge Capital, a Vancouver-based venture capital fund.
Vanedge joins the BDC IT Venture Fund and the Ontario Institute for Cancer Research (OICR) as the primary investors in Privacy Analytics.
V. Paul Lee, managing partner for Vanedge, will join the company’s board of directors.
The funds will be used to increase Privacy Analytics sales and marketing efforts, as well as bolster development of its PARAT software product line.
“We are thrilled to be working with Paul and Vanedge, whose team brings deep expertise to help our company
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