M&A daily wrap: American Investment Council, New Mountain Capital, Carlyle, Accord
The American Investment Council, an advocacy organization that provides information about the private investment industry and its contributions to the long-term growth of the U.S. economy and retirement security of American workers, has elected Steve Klinsky as chairman. Since 1999, Klinsky has been founder and CEO of New Mountain Capital, a growth-oriented private equity firm that currently manages more than $20 billion of assets. Klinsky was a pioneer in the private equity field, as co-founder of Goldman Sachs & Co.’s original leveraged buyout group from 1981 to 1984, and as a partner of Forstmann Little & Co. from 1984 to1999. “The AIC is thrilled to welcome Steve as our chairman,” said AIC CEO Mike Sommers. “Steve is a thoughtful leader and successful businessman, with an exceptional track record of business-building for over thirty years. As a trailblazer in private equity and as founder and CEO of his own firm, he represents the thousands of hands-on private equity professionals and private equity owner-operators who work each day to create jobs and build better businesses. He can also clearly explain how the private equity industry earns the investment gains that strengthen retirement plans, generate tax revenues, and enhance local communities. Steve’s experience as an entrepreneurial business-builder can help our association continue to grow and communicate private equity’s positive impact across America.”
The Carlyle Group (NASDAQ: CG) is "set to close its biggest-ever Asia private equity fund at $6.5 billion, people with direct knowledge of matter said, in a deal that adds to the record levels of funds seeking deals in the region," reports Reuters. Yesterday, the private equity firm announced the appointment of Hongjiang Zhang as a senior advisor to the firm's Asian private equity platform. Zhang's previous positions include: CEO of Kingsoft, the Chinese software and Internet services company; chief technology officer of Microsoft Corp.'s Asia-Pacific research and development group; and research manager at Hewlett-Packard Labs. Carlyle plans to "expand our already significant investment activities in the technology, media and telecom (TMT) sector in China and across Asia," said X.D. Yang, managing director and chairman of Carlyle Asia, in a statement.
Accord Financial Inc., the asset-based lending and factoring unit of Accord Financial Corp., has promoted Terry Keating from executive vice president to president and CEO. Since joining Accord in 2014, Keating has played a major role in transforming the business from a factoring company to a broad-based commercial finance lender. Prior to joining Accord, Keating spent nearly 30 years in the finance industry in a variety of roles, including positions at LaSalle Bank and Amherst Partners.
Osprey Capital LLC, one of the largest private family offices in the world with more than $2 billion in diversified assets, is acquiring BoardProspects.com. As the world's largest boardroom community, BoardProspects provides its 18,000 members - both individuals and corporations - with the latest in corporate governance news, education and board recruitment offerings.
Check out our Q&A with ParkerGale partner Devin Mathews about the tech-focused firm's recent investment in CultureIQ/Corporate Executive Board, M&A investing trends and how the Chicago private equity firm uses its weekly podcast.
Artificial intelligence, the Internet of Things, wearable biometrics and precision medicine are transforming dealmaking in the healthcare sector, says Essam Abadir, the CEO of Aspire Ventures, which recently teamed with the Penn Medicine Lancaster General Health network of hospitals to launch a $300 million fund to invest in personalized medical devices and practices. Read our Q&A with Abadir.
Huron Capital, Michigan's most active private equity firm and winner of Mergers & Acquisitions’ M&A Mid-Market Award for 2017 Seller of the Year, recently raised the $141 million Huron Flex Equity Fund for making non-control investments. Read our Q&A with managing partner Brian Demkowicz.
Read our Q&A with GTCR managing director Aaron Cohen about The Leaders Strategy and the Chicago firm's sale of Callcredit, a U.K. provider of real-time credit reports, to TransUnion (NYSE:TRU) for about $1.4 billion.
KKR, LLR Partners, the Riverside Co., Shore Capital Partners, TA Associates and other private equity firms and strategic buyers, including Cognizant (Nasdaq: CTSH), are investing in eye doctors, dentists and veterinarians, plus revenue cycle management providers and other areas of healthcare that are ripe for consolidation, as Mergers & Acquisitions explores in our in-depth feature,Why private equity firms like veterinarians, opthamologists and dentists,and slideshow, 6 healthcare specialties driving M&A deals.
Read full coverage of Mergers & Acquisitions' 11th annual M&A Mid-Market Award winners: Campbell Soup, Huron Capital, Idera CEO Randy Jacops, LLR Partners, McGuireWoods, Stryker, Twin Brook and William Blair.