| | | | | | | Privilege: The biggest, and most bizarre, story yesterday was the arrest of Andrew Caspersen. The former Park Hill Group MD was charged with one count of wire fraud and one count of securities fraud for allegedly stealing $25 million from investors. A son of Wall Street privilege, Caspersen allegedly set up a phony investment fund, along with fake Internet domain names and bogus email addresses to steal the money, the WSJ is reporting. The executive, who earned more than $3 million a year and attended Harvard Law School and Princeton University, is the son of Finn M.W. Caspersen Sr., the former chairman and chief executive of Beneficial Corp, according to press reports. The SEC is pursuing a civil case against Andrew Caspersen. A Manhattan federal judge has also ordered him to undergo a psychological evaluation, the WSJ said. For more in-depth coverage of the case, read Sam Sutton's story here. Deals: We have a big healthcare deal today. Advent International is buying a majority of ATI Physical Therapy from KRG Capital Partners. Press reports are valuing the deal at nearly $2 billion. KRG reinvested in ATI in 2012. Read the brief here. I also have an update to HIG Capital's sale of Onyx Payments. Read it here. Also, Mercer Advisors, which is backed by Genstar Capital, is merging with Kanaly Trust, which is owned by Lovell Minnick Partners. I'm hearing that Genstar will have a majority of the combined company. If you have a comment, a tip, or something nice to say email me here at lbeltran@buyoutsinsider.com. If you have a complaint, email Chris at cwitkowsky@buyoutsinsider.com. -- Luisa |  | | Today's Take | | | | KRG raises $148 mln for Fund V nine years after predecessor KRG Capital said it raised $148.4 million, 30% of its target of $500 million, for its fifth buyout fund, which came as it raised additional capital from LPs last year for its 2007 predecessor fund. During the fundraising for Fund V, Denver-based KRG has been active with two-add-on acquisitions and one platform deal in less... Former Park Hill exec Caspersen charged with fraud Andrew Caspersen of Park Hill Group was arrested and charged with one count of wire fraud and one count of securities fraud on Monday. The U.S. Attorney's Office for the Southern District of New York filed criminal charges. Caspersen has yet to enter a plea, according to reports. The SEC is pursuing a civil case... Back to School: Take-privates may make companies safer Businesses taken private through leveraged buyouts may be safer for employees, new research from the University of Texas and the U.S. Bureau of Labor Statistics suggests. The paper, co-written by Jonathan Cohn (University of Texas-Austin), Nicole Nestoriak of the U.S. labor-statistics agency and Malcolm Wardlaw (University of Texas-Dallas), found workplace-injury rates at public-to-private LBO companies were 0.86 percentage... Strategics vie for HIG's Onyx Payments in auction's second round The auction of Onyx Payments has hit the second round, two sources familiar with the situation said. Strategics including Amadeus IT Group SA, Sabre, Wex Inc and Fleetcor made it past the first round, a source said. Private equity is also in the running but which firm or firms is unclear. H.I.G. Capital put Onyx... Investors' appetites for edible insects are growing Investment has been minimal, but edible insect companies have so far attracted the interest of Mark Cuban and Mark Zuckerberg's younger sister On the Bleeding Edge: Sequoia stands strong; 500 Startups is key VC firm to watch Wrap-up of recent VC-related events and activities, from what the Midas List to upcoming Q1 data | The Summit for Middle Market Debt Finance 23rd Annual Atlantic Conferences Symposium
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| | | | VC Deals | | | Figtree Financing raises $30 mln Figtree Financing said Monday it raised $30 million in a Series A round led by LL Funds. San Diego-based Figtree Financing provides financing to accelerate the adoption of environmentally friendly products and services. Digitech Venture Capital Fund invests in SmartHome Hero Digitech Venture Capital Fund Inc has invested in SmartHome Hero. Financial terms weren't announced. Austin-based SmartHome Hero provides a home resource management platform that offers warranty management and repair service for homeowners. | | | PE Deals sponsored by | |
| | | | | Yahoo sets April 11 deadline for preliminary bids: WSJ Yahoo Inc (YHOO.O) has set an April 11 deadline to submit preliminary bids for its web business and Asian assets, The Wall Street Journal reported on Monday, citing sources. Advent to buy majority of ATI Physical Therapy from KRG Advent International has agreed to buy a majority stake in ATI Physical Therapy. KRG Capital Partners was the seller. Bolingbrook, Illinois-based ATI specializes in research-based physical therapy, workers' compensation rehab, employer worksite solutions and sports medicine. Jefferies and UBS served as financial advisors and Hogan Lovells served as legal advisor to ATI. Barclays provided financial advice to Advent while Weil, Gotshal & Manges LLP and McDermott Will & Emery were their attorneys. Yukon Partners takes stake in Binswanger Enterprises Grey Mountain Partners has recapitalized portfolio company Binswanger Enterprises LLC. Yukon Partners is providing mezzanine capital as part of the deal and taken a minority stake in Binswanger. Financial terms weren't announced. Memphis-based Binswanger is an installer and retailer of architectural glass and aluminum products. Grey Mountain invested in Binswanger in 2012. Monroe Capital backs Soundcore Capital's buy of Alloy Wheel Repair Monroe Capital LLC said Tuesday it provided a $42.5 million loan to support Soundcore Capital Partners LLC's buy of Alloy Wheel Repair Specialists Inc. Norcross, Georgia-based Alloy is an alloy wheel repair and replacement business. Equistone Partners to sell Coventya Silverfleet Capital has agreed to buy a majority of Coventya from Equistone Partners Europe Ltd. Financial terms weren't announced. Paris-based Coventya develops, makes and supplies specialty chemicals used for surface treatment. KBC, CIC and Euromezzanine are providing financing. Natexis Partners, Latham & Watkins, Advancy and PricewaterhouseCoopers advised Silverfleet. Equistone received advice from HSBC, Lazard, Linklaters, Estin & Co. and 8 Advisory, while management was advised by Banque Prive 1818 and Scotto & Associs. Arsenal launches Elite Comfort Solutions Arsenal Capital Partners said Monday that it made a majority investment in Elite Foam Inc and agreed to buy the foam production assets of Hickory Springs Manufacturing Company (HSM Foam). Financial terms weren't announced. Newnan, Georgia-based Elite Foam develops and makes specialty foam for the bedding and home furnishings industry. Conover, North Carolina-based HSM Foam produces flexible polyurethane foam for furniture, bedding, medical and packaging market applications. Arsenal, in March, also invested in Pacific Urethanes, a producer of specialty polyurethane foam materials. Arsenal said it is combining Elite Foam, HSM Foam and Pacific Urethanes to form Elite Comfort Solutions, a specialty foam platform with a network of 10 production facilities. Hastings Equity Partners buys Cactus Fuel Hastings Equity Partners said Monday it acquired Cactus Fuel LLC. Financial terms weren't announced. Midland, Texas-based Cactus Fuel distributes fuel and lubricants to upstream and midstream customers throughout the Permian Basin. PNC Financial Services provided financing. Riveron Consulting and Locke Lord LLP advised Hastings. Gulfstar Group advised the shareholders of Cactus Fuel. | Registration is Now Open for PartnerConnect MidWest! Join hundreds of your peers, including 150+ LPs, 200+ GPs,
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| | IPOs | | | | | | No items | | | | | | | APE buys Corrosion Specialties APE Companies, a portfolio company of Ridgemont Equity Partners, has acquired Corrosion Specialties Inc. Financial terms weren't announced. Duluth, Georgia-based Corrosion Specialties distributes corrosion control equipment and consumable products to the transportation, manufacturing, and energy industries. Mercer Advisors to merge with Kanaly Trust Mercer Advisors has agreed to merge with Kanaly Trust. Financial terms weren't announced. The combined company, an independent wealth manager, will manage assets exceeding $8 billion. Mercer is backed by Genstar Capital while Kanaly Trust is owned by Lovell Minnick Partners, which will retain a stake in the combined company. David H. Barton, CEO of Mercer Advisors, will lead the combined company. Moelis & Company LLC advised Kanaly while Davis Graham & Stubbs LLP was their legal counsel. Willkie Farr & Gallagher LLP served as legal counsel to Mercer Advisors. | | Firms & Funds | | | | | Array Ventures holds $2.8 mln initial close San Francisco-based Array Ventures, has raised $2.8 million toward a targeted $10 million inaugural fund, according to a regulatory filing. Next Coast to raise $50 mln maiden venture fund Next Coast Ventures is raising a maiden fund of $50 million, according to a filing with the SEC. | | Human Resources | | | | | Muhr joins Finstar Financial Group Paul Muhr has joined Finstar Financial Group where he will lead M&A and Capital Markets projects. Muhr was most recently a Vice President at Citi. Wet Seal names Tirnauer its EVP and CFO The Wet Seal LLC has named Judd Tirnauer its Executive Vice President and CFO, effective May 1. Tirnauer previously served as Executive Vice President & Chief Financial Officer of Destination Maternity. The Wet Seal, which is owned by Versa Capital, said current Wet Seal CFO, Thomas Hillenbrandt, is leaving to pursue new endeavors. N.Y. financial services firm partner arrested for securities fraud: Reuters A former managing principal at financial services firm Park Hill Group was arrested on charges that he engaged in a $95 million scheme to defraud investors, Reuters News reported. | | Odds & Ends + Hot Links | | | | | PE HUB First Read To start off your morning, First Read has news that Yahoo has set an April 11 deadline to submit preliminary bids, while the FBI has found a way to hack into the San Bernadino phone and no longer needs Apple's help. Also. Oculus Rift goggles are occasionally brilliant but still very pricey. NYU Stern receives $1.8 mln gift from Marie-Jose and Henry R. Kravis Foundation The Marie-Jose and Henry R. Kravis Foundation have provided a $1.8 million gift to New York University Stern School of Business. The gift will establish The Marie-Jose and Henry R. Kravis Family Scholarship to support high-achieving, low-income students who are admitted to Stern's Undergraduate College for Fall 2016. Recipients will be known as The Marie-Jose and Henry R. Kravis Scholars. |
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