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Tencarva Machinery Company (Tencarva), a value-added distributor of flow control and process equipment solutions and services to the industrial and municipal end-markets, and a portfolio company of Bessemer Investors, has acquired Fischer Process Industries (Fischer Process), a distributor of pumps, valves and process equipment.
Fischer Process’s existing management team, including President Ken Fischer, will remain with the company. Tencarva is a portfolio company of Bessemer Investors LLC (“Bessemer”), a New York-based investment firm. Financial terms of the transaction were not disclosed.
Fischer Process serves customers in Ohio, Indiana, Kentucky, West Virginia and Georgia, and offers full applications engineering capability
Battery Ventures, a global, technology-focused investment firm, has reinvested in Forterro, a European provider of enterprise-resource planning (ERP) software for the industrial mid-market.
With the investment, Battery now holds a significant minority share of Forterro, a company the firm previously built into a multi-national, European software provider and subsequently sold to Partners Group, a leading private markets firm (acting on behalf of its clients), for €1 billion earlier this year.
Battery will continue to be actively involved in helping to scale Forterro as the company pursues its vision for growth under Partners Group’s ownership. As part of the deal, Tabors
Prescott’s a provider of refurbishment, maintenance, repair and service work for surgical microscopes utilised in hospital operating rooms and ambulatory surgery centres, and a portfolio company of Atlantic Street Capital (ASC), has expanded into the anaesthesia specialty service and support sector with the acquisition of Heartland Medical Sales & Service (Heartland).
Founded in 1998 by Bradly Rumph, Heartland focuses on delivering reliable service, repair, refurbishment and sales of anaesthesia machines and related equipment. As Heartland has grown, its equipment capabilities have expanded as well to include single replacement devices to the complete outfitting of surgery centres and other medical facilities
Star Mountain Capital has appointed Jack Le Roy, the former head of global software investor Thoma Bravo’s credit division, as a managing director.
Le Roy joined Thoma Bravo in 2017 to launch the credit business, having spent seven years at Summit Partners and the previous four at Guggenheim Partners.
Star Mountain currently manages more than $3 billion in assets, focused on the North American lower mid-market. Last August the company haled the final close of its latest SIBC fund targeting the US lower mid-market sector with more than $290 million in capital commitments.
The Virginia Retirement System (VRS) has made a total of $3.2 billion in new investment allocations across credit strategies, private equity and real assets between mid-April and mid-August, according to a report by AlternativesWatch.
Blue Ridge ESOP Associates (Blue Ridge), a portfolio company of Levine Leichtman Capital Partners (LLCP), has acquired substantially all of the tax benefits plan services (BPS) business of Crowe LLP.
The addition of the BPS business strengthens Blue Ridge’s position as an independent ESOP and 401(k) third party administration and recordkeeping firm.
The BPS business has built a track record of strong performance in employee stock ownership plan (ESOP) services and retirement plan services. Its nearly 30 employees currently serve over 400 clients and more than 500 plans that are expected to transition to Blue Ridge. The combination of the
Connection Capital, a specialist private client investment business, has hired Peter Knight as Head of its new co-investments team. Knight joins from Legal & General Capital where he worked as a Senior Investment Manager, covering private equity, private debt, housing and infrastructure transactions.
Prior to that he worked within the asset management division, managing strategic asset allocation and objective-driven funds for a range of client types before transitioning into the private assets division. He graduated from Durham University with a degree in Economics and is a CFA charterholder.
At Connection Capital, Knight will be responsible for leading and developing the
CIFC Asset Management (CIFC), an alternative credit specialist serving institutional investors globally with approximately $40 billion in assets under management, has strengthened its legal and compliance team with two senior appointments.
Asha Richards, who has served as CIFC’s deputy general counsel and in other legal related capacities since 2015, has been promoted to General Counsel, while Lily Wicker, former chief compliance officer and associate general counsel at Sound Point Capital Management, has joined CIFC as managing director, chief compliance officer and associate general counsel.
In connection with Wicker joining the firm, and as CIFC continues to expand its asset
Cherubic Ventures has held the final closing of its fifth fund at $110 million bringing the firm’s total committed capital under management to over $400 million, according to a report by Deal Street Asia.
Cherubic, a venture capital (VC) firm with operations in Silicon Valley and Greater China, will employ its existing investment approach for Fund V of looking to become the first investor to back up-and-coming US and Asian startups. Cherubic also actively sources deals from angel to pre-IPO funding stages with professionals stationed in San Francisco, Taipei, and Shanghai.
Over half of the new fund’s capital will be
Asia-Pacific asset owners increased their overall alternative asset allocation between October 2021 and March 2022 from 15.3% to 21.5%, according to a report by AsianInvestor, but private equity allocations fell over the same period.
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