Today's Transactions
A compilation of the most recently announced middle-market deals and other M&A developments, updated continuously throughout the day
February 1, 2012
Updated 10:45 a.m., Wednesday, February 1, 2012
Fort Worth, Texas-based TPG Capital LLP agreed to a £508 million ($802 million) takeover of hedge fund administrator GlobeOp Financial Services SA as a means of expanding its presence in the hedge fund industry. TPG is offering 435 pence per share in cash for London-based GlobeOp, which administers $173 billion in client assets. Cleary Gottlieb Steen & Hamilton LLP is advising TPG , with a team that includes partners Duane McLaughlin in New York; David Billington in London; and James Modrall in Brussels.
Management software company ADP AdvancedMD, a division of Automatic Data Processing Inc., has purchased PhyLogic Healthcare LLC, a privately-owned medical billing-services company, based in Springfield, Mass. Terms of the deal were not announced. Roseland, N.J.-based ADP said the deal marks the company’s entry into the medical billing market, which it believes will grow to more than $9 billion by 2018, due to changes in medical reimbursement regulation.
Private equity firm CI Capital Partners agreed to buy Quartermaster Inc. for an undisclosed price. Cerritos, Calif.-based Quartermaster, a specialty distributor of public safety products and equipment, will be merged with CI Capital’s current portfolio company, Galls LLC, which also markets first responder and private security products. Stephens Inc. ran the sale process for Quartermaster, while Honigman Miller Schwartz and Cohn LLP provided legal counsel. Paul Weiss Rifkind Wharton & Garrison LLP provided legal counsel to Galls.
Middle market investment bank D.A. Davidson & Co. has acquired McGladrey Capital Markets LLC, an investment bank headquartered in Costa Mesa, Calif. Terms of the deal were not announced. The acquisition is expected to double the size of Great Falls, Mont.-based Davidson.
ELT Inc., EthicsPoint Inc., and Global Compliance Services Inc. announced their intent to merge in order to form a larger company focused on governance, risk and compliance. Terms of the deal were not disclosed. The combined company will be owned by private equity firm The Riverside Co., which first invested in ELT in December 2010. Mark Reed, president of Lake Oswego, Ore.-based EthicsPoint, will assume the chief executive position of the merged entity. The deal is anticipated to close at the end of February.
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