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M*Modal, a provider of clinical documentation services and speech understanding solutions, is being acquired by One Equity Partners, the private investment arm of JP Morgan Chase, for USD14.00 per share in an all-cash transaction.
The transaction is valued at approximately USD1.1bn.
Under the terms of the agreement, which was unanimously approved by M*Modal’s board of directors, M*Modal shareholders will receive USD14.00 in cash for each outstanding share of M*Modal common stock they own representing an 8.3 per cent premium over the closing price on 2 July 2012, the last full trading day before today’s announcement, a 19.3 per cent premium
BlackRock has entered into a definitive agreement whereby it will acquire Swiss Re Private Equity Partners, the European private equity and infrastructure fund of funds franchise of Swiss Re.
BlackRock and Swiss Re have also entered into a strategic alternative investment relationship agreement, centred on BlackRock Alternative Investors (BAI), which reinforces Swiss Re’s current investments in SRPEP products and establishes other future Swiss Re commitments to the BAI platform.
Operating from Zurich, Hong Kong, New York and Bratislava, SRPEP had USD7.5bn in total commitments at 31 May 2012, including a significant commitment from Swiss Re as it invested alongside its
Private equity firm HarbourVest Partners has announced that HarbourVest-managed funds together with HarbourVest Global Private Equity, a closed-end investment company, have signed a definite agreement to acquire the entities that hold Conversus Capital’s portfolio of private equity fund interests and direct co-investments for USD1.4bn.
In conjunction with the purchase, up to 49.9 per cent of eligible Conversus unit holders may remain invested in Conversus’ investment portfolio by receiving interests in HarbourVest’s acquisition vehicle, HarbourVest Structured Solutions II, a newly-formed Guernsey limited partnership managed by HarbourVest.
Conversus Capital, like HVPE, is a listed private equity fund and is the largest
Roark Capital Group, an Atlanta-based private equity firm that invests in environmental services companies, has announced that its affiliate has acquired QualaWash Holdings.
QualaWash is the largest independent provider of truck tank and container washing services through its network of 52 locations.
Headquartered in Tampa, Florida, QualaWash provides cleaning and residual waste handling procedures for over 12,000 products, including latex, industrial oils, resins, solvents, and paint. The company has been led by chief executive Mike Bauer since 2005.
"We are excited to partner with Mike and the team at QualaWash to support their goal of continued growth and high-quality customer
GenNx360 Capital Partners has partnered with company management to acquire Schramm.
Schramm is a Pennsylvania-based manufacturer of mobile land based drilling rigs used in a variety of applications, including oil and gas drilling, mineral exploration, water and geothermal well drilling, and other drilling activities to depths of 15,000 feet.
The company’s products are designed to make the drilling process safer, faster, and more efficient for its customers and end users and are sold under the registered trade names Schramm, Telemast, Loadsafe, i-Control and air-Control.
"Schramm is a leader in drilling technology serving growing niches within the drilling equipment industry. GenNx360’s
Industry Ventures, an investment firm for venture capital, has closed Industry Ventures Partnership Holdings II and II-A totalling USD65m of institutional capital.
The new fund more than doubles the prior fund’s capital commitments and seeks to invest in venture funds with less than USD250m in committed capital.
Partnership Holdings’ strategy includes primary commitments and early secondary investments into small funds with high multiple potential.
The firm continues to manage separate accounts within its Partnership Holdings strategy, bringing total assets under management for the Partnership Holdings platform to approximately USD100m.
"We are excited to execute on our distinctive fund of funds
Valuation firm American Appraisal has opened an office in Abu Dhabi – its first in the Middle East – to take advantage of the growing demand for valuation services in the region, particularly in the oil and gas, real estate and infrastructure industries.
The valuation consultancy, which has been serving Middle Eastern clients for over 10 years from its UK hub, plans to appoint a senior director to manage the office locally.
During the early development of the office, responsibility for clients and services in the region will continue to be handled through the group’s London branch under the responsibility
Matrix Private Equity Partners has completed its MBO from Matrix Group and is re-launching as a fully independent private equity firm named Mobeus Equity Partners.
The spin out, first announced in January, sees the firm’s partners buying out the 50 per cent shareholding of its parent and relocating its team of 20 staff and associates to new offices at 30 Haymarket in London’s West End. The new website is www.mobeusequity.co.uk.
"Our new name and logo are based on the Möbius strip; a clever mathematical shape that represents continuity. We wanted a name that reflects the longstanding stability of
While the aggregate capital raised by private equity funds reaching a final close in Q2 2012 was similar to the Q1 total, the number of funds that have reached an interim close increased in Q2 from the previous quarter.
Preqin research also reveals that the average time taken for a private equity fund to close has declined from 18.5 months in 2011 to 16.7 in 2012 YTD, suggesting that some fund managers are finding success in attracting institutional capital.
A total of 145 private equity funds held interim closes in Q2, raising an aggregate USD48.5bn towards their overall fundraising targets,
Acrotec, a manufacturer of watch components, has welcomed the family-owned Quilvest Group as its new cornerstone shareholder.
The group remains under the control of its current management.
Acrotec, an independent group created by watch and micro-mechanic industry professionals, manufactures small and complex components including shock absorbers, regulator assemblies, oscillating weights, mainsprings and barrels.
With more than 300 employees, Acrotec generates an annual turnover of over CHF70m. The different companies that compose the Acrotec group are KIF Parechoc, Générale Ressorts, Décovi, and Vardeco.
Quilvest’s investment of over CHF30m in the share capital of Acrotec coincides with the exit
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