Matt Levin
Institutional investors are ramping up their commitments to distressed debt funds, but which asset class they fit into becomes complex when those commitments end up in credit vehicles raised by traditional buyout firms, according to CalSTRS CIO Chris Ailman.
BlueOrchard Private Equity, halfway to its fundraising target of $220m, will invest in partnerships with microfinance organisations throughout the developing world.
The energy specialist has completed its acquisition of Toronto Stock Exchange-listed Saxon Energy Services for C$7 per share, partnering with Canadian oilfield services company Schlumberger.
The US private equity firm will relinquish its remaining 24 percent stake, currently valued at roughly $103 million, in NASDAQ-listed Great Lakes Dredge & Dock. The Illinois-based dredging company was acquired by Madison Dearborn for $340m in 1998.
The Los Angeles-based buyout shop has sold floral delivery business FTD Group to United Online for roughly $754m in cash and stock, four years after purchasing the business in a $422m take-private. The deal value is roughly $46 million below the original announced purchased price.
The emerging markets specialist has sold its stake in Uganda Microfinance Limited to Kenya-based Equity Bank, as it nears a $200m first close on its $400m Pan-African fund.
The media and communications specialist has paid C$17.05 per share for Toronto-based Q9 Networks.
The US-based venture firm will move longtime GP Scott Tobin and senior associate David Sokolic to its Herzilya office in autumn.
The Southern California plant nursery operator, partly owned by CalSTRS, has selected turnaround specialist Black Diamond as its stalking horse bidder. Hines has also secured $62 million in debtor in possession financing from its lenders, which include Cerberus-owned GMAC Commercial Finance.
Blank cheque company Enterprise Acquisition will assume more than $480m in debt for promotional stationary maker Workflow Management, which counts the MGM Grand among its clients. Perseus and The Renaissance Group took the company private for $225m in 2004.