M&A daily wrap: Patricia, Huron, Providence Equity, Brightstar, Antares, Clearlake
Patricia Industries, a subsidiary of Investor AB, is acquiring a majority stake in medical products distributor Sarnova Holdings Inc. from Water Street Healthcare Partners and Talisman Capital Partners for $903 million. Water Street and Talisman are retaining a minority stake. Sarnova distributes emergency medical products, such as defibrillators and first aid kits, through the Bound Tree Medical, Cardio Partners, Emergency Medical Products and Tri-anim Health Services business units. Patricia manages the unlisted holdings of Stockholm-based Investor AB, the investing arm of the Wallenberg family of Swedish bankers and industrialists. In 2016, Patricia bought Laborie Medical Technologies, a Canadian maker of medical diagnostic tools, from Audax Private Equity, for nearly $640 million. Cain Brothers is advising Patricia on the Sarnova deal.
Middle-market private equity firm Clearlake Capital Group has closed its fifth fund at more than $3.6 billion in investor commitments. Fund V has already begun investing, and its signed or closed transactions so far include deals for Diligent Corp., Perforce Software, Janus International Group, ProVation Medical Inc. and Wheel Pros. For more, read the full story.
Middle market private equity firm Brightstar Capital Partners has raised its inaugural fund at $710 million. New York-based Brightstar, which invests up to $250 million in businesses, has already made two investments out of the fund: a majority stake in logistics technology company Global Resale; and water supplier Texas Water Supply Co. Eaton Partners served as Brightstar's placement agent, while Simpson Thacher & Bartlett LLP provided legal counsel.
Platinum Equity made a $2.1 billion binding offer to buy LifeScan, a blood glucose monitoring products distributor, from Johnson & Johnson (NYSE: JNJ). The target serves more than 20 million patients in about 90 countries. Morgan Lewis is advising Platinum. Founded in 1995 by Detroit Pistons owner Tom Gores, Platinum Equity is a Los Angeles-based private equity firm with more than $13 billion in assets.
Providence Equity Partners and Greater Sum Ventures acquired nCourt from Mainsail Partners. Atlanta-based nCourt connects government entities and the public through an integrated SaaS civic engagement and payments platform that facilitates secure, efficient and easy interactions, design to improve operational facilities. Harris Williams & Co. and Choate Hall & Stewart LLP advised nCourt. Weil Gotshal & Manges LLP advised the buyers.
Huron Capital-backed InterVision Systems purchased Bluelock. The Indianapolis-based target helps businesses mitigate IT risks surrounding complex environments and sensitive data through disaster recovery as a service and infrastructure as a service. Q Advisors advised Huron and InterVision. Financial terms were not disclosed.
Parthenon Capital Partners and Waterfall Asset Management have agreed to invest in financial services firm Mid Atlantic Capital Group. FInancial terms were not disclosed. K&L Gates and Raymond James are advising Mid Atlantic. Kirkland & Ellis is advising Parthenon and Kramer Levin is doing the same for Waterfall.
Clean Earth Inc. purchased hazardous waste management company MKC Enterprises, located in Doraville, Georgia. Financial terms were not disclosed. Acquest International advised the buyer.
Compass Group Equity Partners bought Logic PD, a developer of connected devices for the aerospace and defense, Internet of Things and medical inustries, for undisclosed terms.
Almost 90 percent of private equity-backed middle market companies are confident about the U.S. economy over the 12 months, according to Antares Capital's annual survey. Among the sectors survey participants expect to see growth include: business services, technology, media and telecom, and healthcare.
Ontario Teachers' Pension Plan has hired Datuk Ben Chan as a managing director to lead the firm's deal activity in the Asia-Pacific region. Chan was previously with Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia.