Renaissance Capital has completed the sale of Deutsche Investitions- und Entwicklungsgesellschaft’s (DEG) remaining holding in TBC Bank, a leading universal bank in Georgia. DEG was one of TBC Bank’s four International Financial Institution (IFI) shareholders holding 3.6% of the Bank. DEG’s shares were acquired by a number of institutional investors from the UK and Continental Europe.   The placement of the TBC Bank shares is the sixth equity transaction in Georgia since 2013 completed by Renaissance Capital.   John Porter, Head of Financing Group, Renaissance Capital, says: “We are pleased to work on yet another equity transaction in Georgia, which

Private equity firm Silverfleet Capital has agreed to sell Office Retail Group, a UK young fashion footwear retailer ,to Truworths International, a South African fashion retailer listed on the Johannesburg Stock Exchange, for GBP256 million.  The closing of the transaction, which is expected to happen in early December 2015, is subject to approval by the South African Reserve Bank.    Silverfleet invested in Office in December 2010 and over the last five years has worked with the management team to establish the company as the leading fashion footwear retailer.  Under Silverfleet’s ownership, Office enhanced significantly its e-commerce offering, expanded its retail outlets

Quilvest Private Equity has sold YO! Sushi, the Japanese conveyor-belt fast-casual restaurant chain, to Mayfair Equity Partners in a GBP82 million. Quilvest acquired a controlling stake in YO! Sushi in March 2008, backing the Company’s management team led by Robin Rowland, then Chief Executive and now Executive Chairman of the group. With a long history and track-record of investing in and growing restaurant businesses at a global level, Quilvest identified YO! Sushi as a “category-killer” concept in the UK fast casual restaurant sector.   Over the last seven years, YO! Sushi has undergone transformational growth, with net revenues almost tripling

Exponent Private Equity is to sell Fintrax Group to Eurazeo, a listed European investment company, for EUR585m, of which EUR35m is payable as deferred consideration). This results in a 4.0x money multiple for Exponent’s GBP805 million second fund. Fintrax is a leading global provider of tax free shopping and dynamic currency conversion services.  Its customers are many of the world’s leading luxury retailers and the business has benefitted from the global growth in tourism and luxury shopping.   During its ownership Exponent has strengthened the management team, invested in the business’ market leading technology and expanded into new geographic markets. 

McCarthy Capital, a private equity investment firm, has sold its equity interest in Benaissance, a provider of SaaS technologies and services for healthcare premium billing, payment and workflow management, to Evolution1, a wholly-owned subsidiary of WEX Inc. Benaissance’s SAAS solutions include ExchangePoint, which addresses the financial management demands of public and private health insurance exchanges for employers and individuals, and COBRApoint, which addresses financial management, benefits administration and payment processing for individual subscribers.   Benaissance’s platform offers consolidated individual and group premium billing and payment technology and services to employers and consumers via public and private exchanges, carriers and third

Wax Digital (Wax), a UK-based eProcurement solution provider, has completed its sale to August Private Equity. Clearwater International advised the shareholders of Wax Digital on the transaction which sees Nova Capital exit the business. Wax Digital is an independent Software-as-a-Service (SaaS) business which delivers Source-to-Pay solutions to mid and large-sized organisations around the world. The company provides 245,000 users in 102 countries with a horizontal solution which serves enterprise customers in e-procurement, usually helping customers to maximise savings in indirect spend, and is the only UK vendor to feature in Gartner reports for eSourcing and Purchase-to-Pay (P2P). Wax Digital’s accessible

New York-based private equity firm Harvest Partners has completed the sale of AxelaCare Health Solutions to OptumRx, the pharmacy care services business of Optum. Terms of the transaction have not been disclosed. Harvest initially invested in the company in April 2013.   AxelaCare is a provider of specialty home infusion services based in Lenexa, Kansas. The company currently treats patients in 44 states and Washington, DC through its network of owned and contracted RNs. The company offers chronic drug therapies for conditions such as autoimmune disease and haemophilia as well as acute infusion therapies, such as antibiotics and total parenteral

JZ Capital Partners has sold its investment in Justrite Manufacturing Company (Justrite) for USD21.4 million. Justrite manufactures products specifically designed to help workers store, transfer, use and dispose of hazardous materials in a safe and convenient manner.   JZCP first invested in Justrite in June 2011 alongside an investor group led by the US private equity arm of Baird Capital. JZCP’s investment was USD6.1 million.    David Zalaznick, JZCP’s Founder and Investment Adviser, says: “We invested in Justrite as part of our strategy to co-invest with strong sponsors such as Baird Capital. We appreciate the management team’s effort to make

Private equity funds managed by Blackstone have agreed to sell GCA Services Group (GCA) to a consortium of the Merchant Banking Division of Goldman Sachs and Thomas H Lee Partners. GCA is a provider of janitorial/custodial and facility management services to over 930 customers, including ~20 per cent of the Fortune 500, across 4,400+ sites and 46 states, the District of Columbia, and Puerto Rico. Founded in 2003 and based in Cleveland, Ohio, GCA has more than 37,000 employees and serves clients across diverse end-markets, including K-12 schools, higher education, manufacturing, corporate office buildings, high-tech, bio-pharmaceutical, nuclear power, defense and