HealthQuest Capital Closes Initial Fund at $110M

A new venture capital firm that Sofinnova Ventures is sponsoring HealthQuest Capital, announced the closing of its initial fund at the hard cap of $110 million, beating its $50 million mark.

Kong said in an interview that he and his partners view the Southeast as the land of opportunity because the region has long been underfunded when it comes to attracting investments from venture capitalists.

HealthQuest has established offices in Atlanta and Gainesville, Fla., and considered opening one in the Triangle. But Kong ultimately decided that he would scout the region himself.

“My hope is that I will be able to … cover that area and find some great investments in North Carolina,” Kong said. “I’m a big believer in the local RTP area but certainly the Southeast as well.”

Source: News & Observer

 

Tags: Venture Capital, Venture Capital Firm, Venture Capital Group, Venture Capital Industry, Venture Capital Investment, Venture Capital Investor, Venture Capital Fund, VC Funding, VC, Sofinnova Ventures, HealthQuest Capital, Atlanta, Gainesville, Florida, North Carolina.


OMERS’ Private Equity Recapitalizes DTI

Omers Private Equity, an investment arm of Ontario Municipal Employees Retirement System, reported that they have completed a recapitalization of Document Technologies Holdings LLC, a provider of legal process outsourcing services., terms of the deal were not disclosed.

Based in Atlanta, Georgia, DTI is a leading provider of legal process outsourcing services in the U.S. The Company has 29 offices nationwide and on-site client services in nearly 70 markets. DTI’s technology-enabled, fully integrated solutions include litigation forensics consulting, electronic discovery hosting, managed review, legal staffing, and risk and compliance services. The Company’s 3,000 employees provide services to over 3,000 corporate and law firm clients.

John Davenport, Jr. said, “We are excited about our partnership with OPE. Their culture, large capital base, international presence and long-term investment approach make them an ideal partner for DTI as we strive to become the provider of choice in the legal process outsourcing industry. We will continue to provide innovative, value-added legal cost containment solutions for clients seeking greater visibility and management of their overall legal spend.”

Source: Marketwired

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Document Technologies Holdings, LLC, OMERS, OMERS Private Equity, Harvest Partners, Atlanta, Georgia, DTI, John Davenport, Jr., OPE.


Movius Interactive Corporation Raises $13M in Funding

Movius Interactive Corporation, an Atlanta-based specialist in mobile identities and converged messaging solutions, has raised the amount of $13 million from PointGuard Ventures.

New Enterprise Associates (NEA) and Anschutz Investments also participated in the round.

Movius is the first mobile investment from PointGuard’s new fund, and will be used to fulfil and accelerate the company’s global expansion associated with its next generation mobile applications platform known as CAFÉ (Communication Applications Framework Engine) and myIdentities.

“Over 150 global carriers have already partnered with Movius, and we have several major partnership announcements coming later this year,” says Dominic Gomez, CEO of Movius.

Source: Private Equity Wire

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Movius Interactive Corporation, Atlanta, PointGuard Ventures, New Enterprise Associates, NEA, Anschutz Investments, CAFÉ, Communication Applications Framework Engine, Dominic Gomez.


Movius Interactive Corporation Raises $13M in Funding

Movius Interactive Corporation , the Atlanta-based global leader in mobile identities and converged messaging solutions, announced that has raised the amount of $13 million from a new Silicon Valley venture capital firm PointGuard Ventures.

New Enterprise Associates (NEA) and Anschutz Investments also participated in the round. Movius is the first mobile investment from PointGuard’s new fund, and will be used to fulfill and accelerate the company’s global expansion associated with their next generation mobile applications platform known as CAFÉ (Communication Applications Framework Engine) and myIdentities, a patented market-leading application.

“Over 150 global carriers have already partnered with Movius, and we have several major partnership announcements coming later this year,” said Dominic Gomez, CEO of Movius. “Our market leading CAFÉ platform and myIdentities application are providing new, seamless multiple identity management solutions on a single mobile device, and this round of funding will help drive both market growth and innovation velocity for us. It’s very rewarding to bring this prestigious group of investors on board to accelerate expansion and position the company for global leadership.”

Source: MarketWatch

 

Tags: Venture Capital, Venture Capital Firm, Venture Capital Group, Venture Capital Industry, Venture Capital Investment, Venture Capital Investor, Venture Capital Fund, VC Funding, VC, Movius Interactive Corporation, Atlanta, Silicon Valley Venture Capital Firm, PointGuard Ventures, New Enterprise Associates, Anschutz Investments, Mobile Investment, CAFÉ, Communication Applications Framework Engine, Dominic Gomez.


Buyout Firm Roark Capital Offers $1.1B for Dave & Buster’s

Roark Capital Group, an American private equity firm focused on leveraged buyout investments, has offered about $1.1. billion, including debt, for the chain after a bid from leading contenders Toronto-based private equity firm Onex Corp. and Cineplex Inc.

The bid from the Atlanta investment firm came after discussions Dave & Buster’s had with another potential buyer broke down, they said. That bidder—a team of private-equity firm Onex Corp. and entertainment company Cineplex Inc. had been viewed as the front-runner to buy Dave & Buster’s after it offered more than $1 billion for the company, people familiar with the matter said last month.

In addition, Permira, a European buyout firm, is in the early stages of considering a bid for Dave & Buster’s, some of the people said.

Dave & Buster’s, owned by private-equity firm Oak Hill Capital Partners, could ultimately decide against a full sale, and instead launch an initial public offering of stock after Labor Day, some of the people said. The Dallas-based company canceled a previously planned IPO in October 2012, citing market conditions.

Source: Wall Street Journal

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Roark Capital Group, US Private Equity, Buyout, Buyout Fund, Leveraged Buyout, LBO, Buyout Firm, Toronto, Toronto Private Equity, Onex Corp., Cineplex Inc., Atlanta, Dave & Buster’s, Cineplex Inc., Permira, Europe, European Buyout Firm, Oak Hill Capital Partners, Labor Day, Dallas, IPO.


Bitcoin Processor Reports $30M Investment from Index, Branson, Yang

Bitpay, a Bitcoin startup company headquartered in Atlanta, Georgia, is pleased to announce the raise of $30 million in an investment round led by Index Ventures and including participation from Founders Fund, Richard Branson, Jerry Yang’s AME Cloud Ventures and RRE Ventures.

The deal, announced Tuesday, shows venture capitalists are betting that bitcoin will keep gaining acceptance despite a string of legal and regulatory setbacks that have undermined its reputation and caused its price to fall by more than half since December.

In an email, Mr. Branson said his investment was driven by his belief that “[b]anking as we know it is in the midst of enormous change and innovation.” He noted that Virgin had already “jumped in by investing in alternative payment models and by accepting bitcoin for tickets on Virgin Galactic, the world’s first commercial spaceline” and described Bitpay as a service that “continues to build trust, legitimacy and momentum in this exciting currency revolution.”

Bitcoin, launched in 2009, is a virtual currency that users create, or mine, using high-powered computers. A rising number of businesses in the past few years have begun accepting bitcoin for payment, from blogging-software provider WordPress to retailer Overstock.com.

Source: Wall Street Journal

 

Tags: Venture Capital, Venture Capital Firm, Venture Capital Group, Venture Capital Industry, Venture Capital Investment, Venture Capital Investor, Venture Capital Fund, VC Funding, VC, Bitpay, Bitcoin, Bitcoin Startup, Atlanta, Georgia, Index Ventures, Founders Fund, Richard Branson, Jerry Yang, AME Cloud Ventures, RRE Ventures, Virgin Galactic, WordPress, Overstock.com.


Kabbage, Inc. Banks $50M in Venture Capital

Kabbage, Inc., an online financing corporation based in Atlanta, Georgia that provides working capital to small businesses, has banked $50 million in venture capital and will add 30 jobs as it expands its products and market reach.

Kabbage serves the burgeoning market of online merchants overlooked by traditional banks and financial institutions. The company uses analytics and transaction data such as such as online sales and shipping to measure risk and provide funds to online sellers. Kabbage’s customers use the funds to buy inventory, which they then sell on eBay, Amazon, Yahoo!, and independent online stores.

Kabbage, which has raised $106 million, is part of Atlanta’s blooming financial technology ecosystem that includes more than 90 fintech companies. Four of the top 20 American Banker FinTech 100 companies are headquartered in Georgia: NCR Corp., First Data Corp., Total System Services Inc. and Equifax Inc.

Source: Atlanta Business Chronicle

 

Tags: Venture Capital, Venture Capital Firm, Venture Capital Group, Venture Capital Industry, Venture Capital Investment, Venture Capital Investor, Venture Capital Fund, VC Funding, VC, Kabbage, Inc., Online Financing Corporation, Atlanta, Georgia, eBay, Amazon, Yahoo!, Independent Online Stores, American Banker, NCR Corp., First Data Corp., Total System Services Inc., Equifax Inc.


Venture Capital-Backed MobileIron Targets $100M IPO

Silicon Valley venture capital-backed mobile IT company MobileIron, is targeting to raise up to $100 million in an upcoming offering.

The Mountain View company led by CEO Robert Tinker offers software that helps businesses protect data that employees share on mobile devices.

Its chief competitor, Atlanta-based AirWatch, agreed to be acquired in January by VMware for $1.54 billion. It also competes with Sunnyvale-based Good Technology, another local company that is expected to go public this year.

The sales of mobile-device management software is projected by the Gartner research firm to grow to about $1.6 billion this year, compared with $784 million in 2012.

In the last three years, MobileIron’s revenue grew nearly sevenfold to $105.5 million. Its net loss grew by about 26 percent in that period to $33 million.

Source: Silicon Valley Business Journal

 

Tags: Venture Capital, Venture Capital Firm, Venture Capital Group, Venture Capital Industry, Venture Capital Investment, Venture Capital Investor, Venture Capital Fund, VC Funding, VC, Silicon Valley Venture Capital, Mobile IT Company, MobileIron, Robert Tinker, Software, Atlanta, AirWatch, VMware, Sunnyvale, Good Technology.


Compass Announces First Close of Its Third Real Estate Fund

Compass Real Estate, a privately held real estate investment company based in metro Atlanta, is pleased to announce the close of its Compass Real Estate Fund III LLC, the third private equity real estate investment fund.

The closing enables the fund managers to begin deploying capital from this fund immediately.

“We have a proven track record of providing co-investment equity for commercial real estate acquisitions, developments and recapitalizations in major markets throughout the United States,” said Robert (“Bob”) F. Godard, founder and chief executive officer of Compass, and the managing member of Compass Fund III. “Our third fund allows Compass to continue our transition from being a successful sponsor to being a source of capital for other successful sponsors. We look forward to finding the right opportunities for our investment capital and to forming long-term partnerships with great sponsors.”

Source: Fort Mills Times

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Private Equity Real Estate, Real Estate, Real Estate Fund, Real Estate Investment, Compass Real Estate, Atlanta, Compass Real Estate Fund III LLC, United State, US, Robert F. Godard, Bob F. Godard.


Goldman’s Oak Investment Plans iHealth Technologies Sale

Oak Investment Partners, the private equity arm of Goldman Sachs Group Inc., is in discussions to sell health-care analytics company iHealth Technologies Inc., people familiar with the matter told Reuters.

The two investment firms are in discussions with a small number of private equity firms about selling iHealth, which helps insurance companies process medical claims, the people said on Wednesday.

Goldman Sachs’ investment banking unit and boutique financial advisory firm TripleTree LLC are advising on the potential sale, two of the people said.

All the people asked not to be identified because the matter is not public. Representatives of Goldman Sachs, Oak Investment Partners, iHealth and TripleTree did not immediately respond to requests for comment.

Founded in 2001, Atlanta, Georgia-based iHealth provides analytics and services to contain medical and administration costs for more than 75 healthcare organizations, including insurance plans, according to its website.

Source: Reuters

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Oak Investment Partners, Goldman Sachs Group Inc., iHealth Technologies Inc., iHealth, TripleTree LLC, Atlanta, Georgia.


ATDC’s Blake Patton Launching Early-Stage VC Company

Blake Patton, a former chief of tech business incubator ATDC, is pleased to announce the launch of Tech Square Ventures, a venture firm that will bet on Atlanta’s seed-stage and early stage companies.

“At the top of the funnel we still have a capital shortage — at the earliest stage,” said Patton, a serial entrepreneur and former interim manager at the Advanced Technology Development Center (ATDC) at Georgia Tech.

Patton, a first-time venture capitalist, is stepping onto a crowded field. Multiple early-stage funds are being raised in Atlanta — at a time when a booming stock market has made high-risk venture capital an even more unattractive investment class.

More than $50 million in early stage funds have been announced in the past year, including a $25 million fund by veteran tech investor Sig Mosley.

Further up the food chain, later-stage venture firms are raising nine-figure funds. Noro-Moseley Partners is raising its sixth fund, expected to be about $120 million.

Source: Atlanta Business Chronicle

 

Tags: Venture Capital, Venture Capital Firm, Venture Capital Group, Venture Capital Industry, Venture Capital Investment, Venture Capital Investor, Venture Capital Fund, VC Funding, VC, Blake Patton, ATDC, Business Incubator, Tech Square Ventures, Atlanta, Seed-Stage Company, Early-Stage Company, Advanced Technology Development Center, Georgia Tech, Sig Mosley, Noro-Moseley Partners.


Tempo Telecom Secures Investment from Birch Equity Partners

Tempo Telecom secured a private equity investment from Birch Equity Partners, a new private equity firm headquartered in Atlanta, Georgia, terms of the deal were not disclosed.

Tempo is a leading provider of prepaid and Lifeline communications services to consumers throughout the United States. Tempo serves a growing segment of value-conscious consumers seeking high-quality and flexibility when purchasing communications services.

“Birch Equity Partners decision to invest in Tempo was an easy one,” said Vincent M. Oddo, Managing Partner. “We observed the historical growth and the excitement in the marketplace for prepaid and Lifeline services and knew this was an expansion-stage business that had great potential.”

Tempo began offering service in 1996 (originally as Now Communications), and over the past 18 years learned how to tailor communications services to meet individual consumer lifestyles. Tempo provides customers with communications services choices which are simple and affordable.

Source: DigitalJournal

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Tempo Telecom, Atlanta Private Equity, Georgia Private Equity, Birch Equity Partners, Atlanta, Georgia, United States, US, Vincent M. Oddo, Now Communications.


Y-T Holdco Banks Nearly $11M Funding from Cole Taylor

Y-T Holdco LLC, a holding company formed with Thorco management, announced it has banked the amount of $10.94 million from Cole Taylor Business Capital, a division of Cole Taylor Bank.

Y-T Holdco, LLC is a holding company formed in partnership with the management of Thorco by PCP Management Company, a Tulsa, Oklahoma-based private investment firm, and Imperial Private Equity, a Dallas, Texas-based private investment firm.

Thorco Holdings is based in Tulsa, Oklahoma and is a distributor of pressure control devices, liquid level gauges, analyzers and control valves used to control pressure, liquid levels and flows primarily in the oil and gas industries. Centerfield Capital Partners, an Indianapolis, Indiana-based mezzanine fund, provided subordinated debt and equity co-investments. The Atlanta, Georgia office of Cary Street Partners acted as financial advisor to Y-T Holdco.

Cole Taylor Business Capital is the asset-based lending division of Cole Taylor Bank. Cole Taylor Business Capital seeks asset based lending opportunities in the $5 million to $50 million range and is offering dedicated syndication opportunities of up to $100 million.

Source: ABL Advisor

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Y-T Holdco LLC, Thorco Holdings, Cole Taylor Business Capital, Cole Taylor Bank, PCP Management Company, Tulsa, Oklahoma, Imperial Private Equity, Dallas Private Equity, Texxas Private Equity, Dallas, Texas, Oil and Gas, Centerfield Capital Partners, Indianapolis, Indiana, Mezzanine Fund, Atlanta, Georgia, Cary Street Partners.


Ionic Security Picks Up $25.5M from Google Ventures, Kleiner

Ionic Security Inc., an Atlanta-based startup developing technology to protect corporate data on mobile devices and in the cloud, has raised $25.5 million from Silicon Valley.

The round was co-led by Google Ventures and Jafco Ventures with participation from the Webb Investment Network as well as existing investors Kleiner Perkins Caufield and Byers (KPCB), ff Venture Capital, Tech Operators, and well-known security titans Dr. Paul Judge, Ken Levine, and Phillip Dunkelberger.

The investment from Google Ventures and Jafco Ventures validates Ionic Security’s position as a leader in the movement to reinvent perimeter security, or lack thereof, and deliver unified security across the entire data lifecycle. Google Ventures brings hands on experience with best-in-class data science, Internet scale engineering, and the largest global infrastructure footprint to help the stealth security company as it prepares to enter the market. Ionic Security joins Jafco Ventures’ impressive portfolio of cloud and security companies such as FireEye, Palo Alto Networks and Huddle.

“The megatrends of mobility and cloud computing have forced enterprises to re-think how they secure their key data and assets and who is best-positioned to help them in that regard,” said Tom Mawhinney, general partner with Jafco Ventures. “The last decade was defined by securing the perimeter and our firm was fortunate to have backed companies such as Palo Alto Networks and FireEye. The next decade will be defined by getting distributed data security right, and we believe Ionic has delivered the world’s first comprehensive solution that solves this challenge.”

Source: MarketWatch

 

Tags: Venture Capital, Venture Capital Firm, Venture Capital Group, Venture Capital Industry, Venture Capital Investment, Venture Capital Investor, Venture Capital Fund, VC Funding, VC, Ionic Security Inc., Atlanta, Atlanta Startup, Start-Up, Silicon Valley, Google Ventures, Jafco Ventures, Cloud Company, Security Company, FireEye, Palo Alto Networks, Huddle, Tom Mawhinney, Palo Alto Networks, FireEye.


Sager Creek Agrees to Pay $124.78M for Allens Canning

Sager Creek Acquisition Corp. reached a deal to acquire bankrupt business Allens Inc. for a total cash consideration of $124.781 million.

Little is known about Sager Creek, a recently formed Delaware-based corporation, according to the court filing.

The president of Sager Creek, James Athanasoulas, is the managing director of Sankaty Advisors, a unit of Boston-based Bain Capital. Sankaty Advisors is a secondary lienholder listed among Allen’s creditors. The amount owed was not disclosed.

The $124.781 million price tag is subject to increase or decrease for the actual amount of “First Priority Obligations,” other pending claims and fee along with the $3 million break-up fee required by the court. The sale be must authorized and approved by the bankruptcy court in a hearing set for Tuesday, Feb. 11, in Fayetteville. A secondary bid was recorded by Atlanta-based McCall Farms in the amount of $124.606 million, according to the filing.

Source: The City Wire

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Sager Creek, Sager Creek Acquisition Corp., Allens Inc., Delaware, James Athanasoulas, Sankaty Advisors, Boston, Bain Capital, First Priority Obligations, Atlanta, McCall Farms.


Cox Buys Back Stake in AutoTrader

A privately held media conglomerate based in Atlanta, Georgia, Cox Enterprises Inc., has bought back 25 percent stake in AutoTrader Group Inc. in a deal worth about $7 billion.

Cox and Providence didn’t disclose the financial terms of the transaction in a statement today, though a person with knowledge of the deal said the stake was worth about $1.8 billion. That would put AutoTrader’s total value at about $7 billion. Cox will now own 98 percent of the business, with the rest held by current and former employees.

Providence, a private-equity firm, had acquired the stake in 2010 to help boost growth at the online auto-marketing business, which runs the sites AutoTrader.com and KBB.com. Providence also received a $100 million dividend from AutoTrader in 2012, giving the Rhode Island-based firm a threefold return on its $640 million investment, the person familiar with the matter said.

Source: Businessweek

 

Tags: Private Equity, Private Equity firm, Private Equity group, Private Equity Company, Private Equity Fund, Private Equity investment, Private Equity investor, Fund of Fund, Private Equity business, Private Equity industry, PE, Atlanta, Georgia, Cox Enterprises Inc., AutoTrader Group Inc., AutoTrader.com, KBB.com, Rhode Island.


Private Equity Viking with Buyout of Jackson Downs Shopping Center

Jackson Downs shopping center has been sold to Viking Partners Fund II LLC, a Cincinnati-based private equity real estate investment firm, for a total cash consideration of $16.1 million, marking its first acquisition in Nashville.

Viking Partners Fund II LLC, whose general partner Vikings Partners LLC had Tennessee on its list of targeted states, bought the property, which includes 135,000 square feet of retail space, from an entity called Jackson Downs II E&A LLC.

The investment sale caps a year that saw at least 40 retail properties valued at more than $500 million change hands in the Nashville area, according to a tracking by research firm Real Capital Analytics Inc. of deals worth at least $2.5 billion.

They included Hines Global REIT’s acquisition of The Avenue Murfreesboro for a record price of $163 million. Israeli investors and their Atlanta-based partner Hendon Properties, meanwhile, bought RiverGate Mall and the adjacent Village at RiverGate shopping center for more than $75 million.

Source: The Tennessean

 

Tags: Private Equity, Private Equity firm, Private Equity group, Private Equity Company, Private Equity Fund, Private Equity investment, Private Equity investor, Fund of Fund, Private Equity business, Private Equity industry, PE, Viking, Viking Partners Fund II LLC, Vikings Partners LLC, Cincinnati Private Equity, Private Equity Real Estate Investment Firm, Jackson Downs, Jackson Downs II E&A LLC, Cincinnati, Nashville, Real Capital Analytics Inc., Hines Global REIT, The Avenue Murfreesboro, Israel, Atlanta, Hendon Properties, RiverGate Mall, Village, RiverGate.


Blackstone Backs SC’s Shopping-Center Owner with $718M

South Carolina shopping-center owner Edens has sold 29 percent stake in the company to an American multinational private equity The Blackstone Group L.P. for a total cash consideration of $718 million.

The private equity giant is acquiring its stake from the State of Michigan Retirement System. A J.P. Morgan Asset Management real estate fund and the New York state Teachers’ Retirement System also each own about one-third of the company. The company’s management owns a 7.5% stake.

The three institutional owners are also investing an additional $750 million, into the shopping center company to expand the business through renovations and acquisitions.

Edens owns and manages 111 shopping centers, most of them anchored by grocery stores, in Miami, Atlanta, Washington, New York and Boston. Tenants include Whole Foods Market Inc., Harris Teeter Supermarkets Inc. and The Stop Shop Supermarket Co. LLC.

Source: Wall Street Journal

 

Tags: Private Equity, Private Equity firm, Private Equity group, Private Equity Company, Private Equity Fund, Private Equity investment, Private Equity investor, Fund of Fund, Private Equity business, Private Equity industry, PE, South Carolina, Shopping-Center Owner, SC, Edens, US Private Equity, American Private Equity, Blackstone, The Blackstone Group L.P., State of Michigan Retirement System, Real Estate, Real Estate Fund, Real Estate Investment Trust, REIT, New York, Teachers’ Retirement System, Miami, Atlanta, Washington, Boston, Whole Foods Market Inc., Harris Teeter Supermarkets Inc., The Stop Shop Supermarket Co. LLC.


Grand China Fund Makes Large Investment in United States

With the deal was finalized on December 10, 2013, the Grand China Fund bought nine housing projects containing nearly 2,600 apartment units, collaborating with a US firm.

The investment was not the first the Grand China Fund has made in the United States. The private equity firm had earlier purchased more than 400 apartment units, with 176 units in Atlanta and 252 in Houston.

Zhang Mingeng, chairman of the Grand China Fund, said his company chose Atlanta because the city is familiar among the Chinese people as it had hosted the Olympic Games and many major companies which are well known in China such as CNN and Coca-Cola are based in Atlanta.

Moreover, house prices in the city surged when the city hosted the Olympics in 1996 and have plunged since 2008 due to the subprime mortgage crisis. Zhang said he is positive that the house prices will go up again.

In addition to Atlanta and Houston, Zhang said he has been seeking potential investment in other American cities such as New York, Orlando, Miami, Phoenix, San Diego, Los Angeles, San Francisco, Portland and Seattle.

Source: Want China Times

 

Tags: Private Equity, Private Equity firm, Private Equity group, Private Equity Company, Private Equity Fund, Private Equity investment, Private Equity investor, Fund of Fund, Private Equity business, Private Equity industry, PE, Grand China Fund, US, China, China Fund, US Firm, Atlanta, Houston, Zhang Mingeng, Olympic Games, CNN, Coca-Cola, Olympics, New York, Orlando, Miami, Phoenix, San Diego, Los Angeles, San Francisco, Portland, Seattle.


Catharine C. Burkett Lands in LCG Associates

Catharine C. Burkett has landed in a national investment consulting firm headquartered in Atlanta LCG Associates, Inc. as a new Vice President, Director of Private Investments.

She is based out of the Atlanta office. Burkett’s responsibilities include private investments research as well as due diligence and collaborating with clients to implement their private investment allocations.

“I’m thrilled to welcome Catharine to the firm,” said Edward F. Johnson, President and Chief Executive Officer. “Her extensive experience and background in private equity will be a great asset to our firm.”

Burkett added: “I am excited to be a part of LCG’s team. This is a savvy, intelligent organization committed to offering customized investment advice to clients.”

Source: DigitalJournal

 

Tags: Private Equity, Private Equity firm, Private Equity group, Private Equity Company, Private Equity Fund, Private Equity investment, Private Equity investor, Fund of Fund, Private Equity business, Private Equity industry, PE, LCG Associates, Inc., LCG, Catharine C. Burkett, Atlanta, Edward F. Johnson.


FleetCor Acquires NexTraq from Private Equity

A leading global provider of fuel cards and workforce payment products to businesses FleetCor Technologies announced it has acquired NexTraq, a Atlanta-based provider of fleet management applications and services to small and mid-sized fleets in North America, from Francisco Partners, a leading technology-focused private equity firm.

“We are pleased to have been part of NexTraq’s impressive growth over the course of our partnership. Together, NexTraq and FleetCor are positioned to better serve fleet operators with a complementary set of financial and workforce solutions tailored specifically to the distinct needs of fleets,” said Neil Garfinkel, a partner at Francisco Partners and NexTraq director.

Francisco Partners acquired NexTraq (then known as Discrete Wireless) in 2009, establishing the firm as an early mover in the telematics space. Under Francisco Partners’ ownership, the business grew more than 20 percent annually and today serves more than 100,000 subscribers.

“NexTraq serves the same commercial fleet clients with its telematics solutions as we do with our fuel card solutions. This represents a big cross marketing opportunity for us to deepen our existing client relationships and generate more profit per client,” said Ron Clarke, Chairman and CEO of FleetCor.

Source: MarketWatch

 

Tags: Private Equity, Private Equity firm, Private Equity group, Private Equity Company, Private Equity Fund, Private Equity investment, Private Equity investor, Fund of Fund, Private Equity business, Private Equity industry, PE, FleetCor Technologies, NexTraq, Atlanta, North America, US, United States, Francisco Partners, Neil Garfinkel, Discrete Wireless, Ron Clarke.


New Competition for Atlanta Airport

Paulding County has announced today that it has partnered with New York private equity firm Propeller Investments to unveil a new airport to remove the airport monopoly within Atlanta.

Propeller Investments, whose bid to bring airline flights to Gwinnett County failed last year, says it is now in partnership with the Paulding Northwest Atlanta Airport to do the same there, as well as to create a cluster of aviation-related businesses in the area.

In an exclusive interview with The Atlanta Journal-Constitution, Propeller chief executive Brett Smith said he hopes to announce airline service to Paulding by year’s end after the airport receives necessary federal approvals. He said his firm is talking with carriers with jets in the size range of the Boeing 737. He declined to name the carriers.

“It’s going to be limited to start,” Smith said.

The operation he envisions — one airline with a few flights a week, at least initially — wouldn’t constitute a true alternative to Hartsfield-Jackson, which has more than 1,000 takeoffs every day. Paulding’s airport, west of the county seat of Dallas and 38 miles from downtown Atlanta, is tiny and remote, with no control tower. Source

 

Tags: Venture Capital, Venture Capital firm, Venture Capital group, Venture Capital industry, Venture Capital investment, Venture Capital Investor, Venture Capital fund, VC Funding, VC, Paulding County, Paulding Northwest Atlanta Airport, New York City, New York City Venture Capital Firm, Atlanta, Hartsfield-Jackson, Hartsfield-Jackson International Airport, Propeller Investments, Gwinnett County, The Atlanta Journal-Constitution, Brett Smith, Boeing, Boeing 737.


Blackstone Takes Over Hughes Center for $347 Million

Blackstone Group’s subsidiary Equity Office Properties announced last Friday that it has acquired Hughes Center, a portfolio of 10 office buildings in Las Vegas, from Barclays for a total cash consideration of $347 million.

A Blackstone statement said it’s the company’s biggest single investment in the local office market, and that it would probably be the largest office investment in Las Vegas in 2013.

“We see this as a tremendous opportunity to add value, both from a market entry standpoint and with our commitment to operate these buildings at the same high level as the balance of the Equity Office portfolio,” said Frank Campbell, managing director of Southern California for Equity Office. “This acquisition is supported by the financial strength of Blackstone, which will position the real estate to perform well as the market improves.”

Equity Office said it will keep on-site staff for a “seamless transition.”

Blackstone is already heavily invested in local residential real estate. The company has snapped up homes across Southern Nevada to rent as investments. Besides buying in Las Vegas, Blackstone has purchased homes in Miami, Phoenix, Chicago and Atlanta. By early 2013, the company had spent billions to buy 16,000 homes nationwide. Source

 

Tags: Private Equity, Private Equity firm, Private Equity group, Private Equity Company, Private Equity fund, Private Equity investment, Private Equity investor, Fund of Fund, Private Equity business, Private Equity industry, PE, Blackstone, Blackstone Group, Equity Office Properties, Hughes Center, Las Vegas, Barclays, Frank Campbell, Southern California, SoCal, Real Estate, Real Estate Investment, REIT, Real Estate Investment Trust, Southern Nevada, Miami, Phoenix, Chicago, Atlanta.


DS Waters of America Inc. Completes Buyout by Crestview Partners

A New York private equity firm Crestview Partners has acquired DS Waters of America Inc., an Atlanta-based provider of bottled drinking water under Crystal Springs and other brands.

Financial terms were not disclosed but DS Waters, which also produces brewed beverages and supplies water filtration systems, will continue to be based in Atlanta. The deal was announced in July.

The company said it will continue to growth both organically and through acquisitions, and it will continue to build its national distribution network.

Last month, DS Waters announced it was acquiring the office coffee and water filtration service divisions of Everett, Wash.-based Cascade Coffee Inc. Cascade produces the Compass Creek coffee brand and mainly serves the Pacific Northwest.

DS Waters said it serves more than a million homes, offices, restaurants, food service organizations, convenience stores and retail locations. In addition to Crystal Springs, its brands include Alhambra, Athena, Belmont Springs, Deep Rock, Hinckley Springs, Kentwood Springs, Mount Olympus, Nursery Water, Sierra Springs and Sparkletts. Source

 

Tags: Private Equity, Private Equity firm, Private Equity group, Private Equity Company, Private Equity fund, Private Equity investment, Private Equity investor, Fund of Fund, Private Equity business, Private Equity industry, PE, New York Private Equity, NY Private Equity, Crestview Partners, DS Waters of America Inc., DS Waters, Atlanta, Crystal Springs, Everett, Wash, Cascade Coffee Inc., Cascade, Compass Creek, Pacific Northwest, Alhambra, Athena, Belmont Springs, Deep Rock, Hinckley Springs, Kentwood Springs, Mount Olympus, Nursery Water, Sierra Springs, Sparkletts, Buyout, Leveraged Buyout.


Blackstone Group to Increase Bet on US Rental Market

An American-based multinational private equity, investment banking, alternative asset management and financial services corporation based in New York City The Blackstone Group L.P. has agreed to buy majority stakes in about 80 apartment complexes from the financing arm of General Electric Co. unit.

The New York firm has agreed to buy majority stakes in 80 apartment complexes from the financing arm of General Electric Co. in a deal that values the portfolio at $2.7 billion, according to people familiar with the agreement. The apartment buildings, with roughly 30,000 units, are in Dallas, Atlanta and other parts of Texas and the Southeast.

It isn’t clear how much equity Blackstone is putting up for the transaction, but it is expected to be close to $1 billion, these people said. A spokesman for Blackstone and a spokeswoman for GE declined to comment.

With the investment, Blackstone is wading into a debate in the real-estate-investment world over the future of the rental market. Apartment buildings have been the hottest real-estate sector since the downturn because of strong demand from people unable or unwilling to buy homes. Rents and occupancy rates have been rising while the prices investors have been paying for apartment complexes have moved into record territory. Source

 

Tags: Private Equity, Private Equity firm, Private Equity investment, Private Equity fund, Blackstone Group, The Blackstone Group L.P., New York, New York City, NY, GE unit, General Electric Co., Dallas, Atlanta, Texas, Southeast.


DS Waters Will Be Acquired By Private Equity Firm

DS Waters of America, Inc. has approved to be acquired by an affiliate of a Crestview Partners New York-based a private equity firm focused on leveraged buyout, growth capital and distressed-for-control investments in companies across a range of industries with approximately $4 billion under management.

“We are excited about this next step in the evolution of our company as we transition to new ownership,” said Tom Harrington, president and chief executive officer of DS Waters, in a prepared statement. “Our partnership with Crestview will provide additional capital and support as we accelerate our growth, both organically and through acquisitions, and further expand our product offering. We remain committed to providing convenience, high quality products and superior customer service to our beverage customers.”

Under the terms of the agreement, Crestview will acquire DS Waters from a group of equity owners via a merger for an undisclosed sum. The transaction is expected to close within the next three months. Members of the management team will invest in the transaction alongside Crestview. DS Waters will remain headquartered in Atlanta, Ga.

Jeffrey Marcus, a partner at Crestview Partners, said, “We have followed the progress of DS Waters since 2011 and have tremendous respect for the management team. Source

 

Tags: Private Equity, Private Equity firm, Private Equity investment, Buyout, Leveraged Buyout, DS Waters of America Inc., DS Waters, Crestview Partners, New York, Tom Harrington, Atlanta, GA, NY, Jeffrey Marcus, Bill Eckmann, Proskauer Rose LLP, Barclays, Barclays and Jefferies LLC.


Private Equity Firm Announces Alco Stores Buyout

Abilene-based Alco Stores, which mainly serves small towns across the central United States will be sold for A private equity firm is buying for $47 million.

Alco and Argonne Capital Group, a private investment firm based in Atlanta, today announced that Argonne will acquire Alco Stores’ outstanding common stock for $14 a share. That is a premium of 63 percent to Wednesday’s stock price.

Alco Stores’ board of directors has approved the deal, according to a news release from the company. Shareholders still have to approve the offer. Alco also has the right to solicit other offers through Aug. 23.

The deal is expected to close later this year.

“We are excited about the opportunity to acquire ALCO Stores, which is a strongly-positioned business that has taken the right steps to move the company forward in today’s highly competitive retail environment,” Argonne Founder and President Michael Klump said, in a statement. “The acquisition of Alco would be a clear strategic fit within our existing portfolio of companies and real estate investments serving the dining and retail needs of everyday Americans.” Source

 

Tags: Private Equity, Private Equity firm, Private Equity Buyout, Abilene, Alco Stores, United States, American Private Equity, Argonne Capital Group, Atlanta, Michael Klump.


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