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NAIC News

Vista Equity Partners Invests in Cloud-Bbased e-Discovery Software Provider
PORTLAND, OR–(Marketwired – May 16, 2017) – Zapproved Inc., the market leader in cloud-based e-discovery software for corporate legal departments, today announced that the company has received a strategic investment from Vista Equity Partners (“Vista”) to accelerate their growth in the e-discovery software market. Vista is a leading private equity firm that invests in software, data and technology companies. The partnership with Zapproved is the first from Vista’s newly launched Endeavor Fund, which focuses exclusively on enterprise software and data businesses under $30 million in revenue. Vista offers these companies and their management teams the financial capital, expertise and support to build an operational foundation for sustainable growth while maintaining and advancing their market leadership. “Zapproved has been at the forefront of providing software to in-house legal teams to help them take control of their litigation response and electronic discovery,” said Zapproved CEO and founder Monica Enand. “Our customers require
Sycamore Partners Acquires NBG Home
NEW YORK, April 27, 2017 /PRNewswire/ — Sycamore Partners today announced that it has acquired NBG Home (“NBG”), a leading global designer, manufacturer and marketer of affordable home décor products from Kohlberg & Company, L.L.C. NBG offers an extensive array of home décor products, including ready-made and custom framing, lighting, accent furniture, wall décor, and soft goods under a portfolio of leading brands. The company serves a wide variety of retail clients, including mass merchants, specialty stores, discount stores, home centers, warehouse clubs, and internet retailers. “The NBG management team has built the market leader in affordable home décor through a relentless focus on serving their retail partners and end consumers,” said Peter Morrow, Managing Director at Sycamore Partners. “We are excited about the opportunity to invest in an attractive niche of the consumer products industry and look forward to building NBG alongside its best-in-class management team.” “Across our numerous
ICV Partners Invests in Client Acquisition and Lead Generation Specialist
TAMPA, FL, May 9, 2017 – ICV Partners, LLC, a leading investment firm focused on middle market companies, announced today its investment in LeadingResponse, aclient acquisition and lead generationspecialist to professional service firms. Terms of the transaction were not disclosed. Founded in 1995, LeadingResponse offers technology enabled, data-drivenclient acquisition services to professional services end markets.Headquartered in Tampa, FL and with operations in Plano, TX, the company has annual revenues of approximately $70 million and employs 150 people. Lloyd Metz,Managing Director of ICV Partners, said, “Leading Response, under CEO Charles DallAcqua’s leadership,has become more focused and results oriented driving an improvement in the customer experience as well as the bottom line. The Company has built strong capabilities to target high quality client prospects which helps its customers meet their sales goals. ICV Partners is excited to work with the Company’s founder Jorge Villar, Charles and his leadership team to build upon
GenNx360 Capital to Sell Manufacturer of Dump Truck Bodies
GenNx360 Capital Partners (“GenNx360”), a New York-based private equity firm, is pleased to announce that it has entered into a definitive agreement to sell its portfolio company, Truck Bodies and Equipment International (“TBEI”), a leading U.S. manufacturer of dump truck bodies and trailers, to Federal Signal Corporation (NYSE:FSS) (“Federal Signal”), a leader in environmental and safety solutions, for $270 million, subject to post-closing adjustments. The transaction is expected to close post customary closing conditions. During the twelve months ended March 31, 2017, TBEI generated revenues of $206 million and an EBITDA margin of approximately 18%. GenNx360 acquired TBEI in September 2015. During the investment period, the strategic acquisition of Travis Body and Trailer further strengthened TBEI’s brand providing expertise in aluminum dump trailers and dump bodies, expansion into the Southwest, a strong and loyal dealer network, and positioned TBEI as a platform for growth. TBEI has successfully built a portfolio
Palladium Equity Partners Completes Investment in Trail Mix Producer
NEW YORK, NY and MADISON HEIGHTS, MICHIGAN, April 5, 2017 – Palladium Equity Partners, LLC (along with its affiliates, “Palladium”), a private investment firm with approximately $2.0 billion in assets under management, today announced that one of its affiliated private equity funds has made a significant investment in partnership with the owner of Kar Nut Products Company (“Kar’s”), a well-known manufacturer of branded trail mix, marketed under the nationally-recognized Kar’s and Second Nature brands. Terms were not disclosed. Founded in 1933, and led by President Nick Nicolay, Kar’s offers a broad portfolio of products in a range of formats, including a portfolio of traditional value-oriented trail mixes and nuts sold under the Kar’s brand, as well as premium, all-natural products for health-conscious consumers, sold under the Second Nature brand. The company has built national distribution through a blue chip customer base including grocery chains, club stores and distributors. Palladium will
Neuberger Berman Deepens Commitment to China
Hong Kong, April 18, 2017 — Neuberger Berman, a private, independent, employee-owned investment manager, is pleased to announce the opening of an investment management wholly foreign-owned enterprise (WFOE) in Shanghai. The launch of the WFOE reaffirms the company’s long-term commitment to this important market. The WFOE will allow Neuberger Berman to operate an onshore investment management business in mainland China, subject to the registration with the Asset Management Association of China (AMAC). Once the registration is complete, Neuberger Berman will be able to manage and distribute private funds to a broader client franchise including private banks, independent wealth management platforms and local institutions. Given this new development, Neuberger Berman has made several senior appointments in China. Industry veteran Patrick Liu recently joined the firm as Head of China and General Manager of Neuberger Berman Investment Management (Shanghai) Limited. Mr Liu was previously CEO of HFT Investment Management, a joint venture
Clearlake Capital Portfolio Company Plans Acquisition
EAGAN, Minn., April 18, 2017 — ConvergeOne, a leading global provider of state-of-the-art communications and data solutions, today announced that it has signed an agreement to acquire Rockefeller Group Technology Solutions (RGTS), a Unified Communications as a Service pioneer based in New York. Required regulatory and government approvals to complete the transaction will occur in the coming weeks. “This acquisition will complement ConvergeOne’s already comprehensive portfolio and expand our Collaboration Cloud offerings available to our customers today,” said John A. McKenna Jr., Chairman and CEO, ConvergeOne. “We share RGTS’ focus and commitment to simplify communications solutions for our customers. RGTS has a strong portfolio of Unified Communications as a Service and infrastructure services, as well as business expertise in the transportation, facilities management, and medical industry verticals. This acquisition will enable us to increase our presence in the northeastern United States and advance our leadership position as a single-source provider
Clearlake Capital Announces Investment in NetDocuments
SANTA MONICA, CA and LEHI, UT (March 1, 2017) – Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) today announced that it has reached a definitive agreement in partnership with management to acquire NetDocuments (the “Company”), the leading provider of secure cloud-based document management, email management, and collaboration solutions to law firms and corporate legal and compliance departments. The Company will continue to be led by Matt Duncan, CEO, and Alvin Tedjamulia, CTO, who will both join the Board of Directors alongside Clearlake. Financial terms were not disclosed. Founded in 1999, NetDocuments is the only cloud-first and cloud-native content management solution purpose-built for the legal industry and focused on meeting customer needs around security and compliance. Today, the Company’s innovative end-to-end platform combines robust security, encryption and compliance features with easy-to-use functionality that addresses the evolving needs of today’s professionals. NetDocuments is currently used in more than 140 countries
Sycamore Partners Acquires The Limited’s Brand and Related Intellectual Property
NEW YORK, Feb. 24, 2017 /PRNewswire/ — Sycamore Partners today announced that it has acquired The Limited’s brand and other related intellectual property assets. The intellectual property was purchased through a competitive auction run by The Limited as part of its ongoing Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware. Sycamore plans to reintroduce the brand to the marketplace at a later date and will communicate with The Limited’s loyal customers about how to obtain the merchandise they know and love.
Affiliates of Siris Capital Complete Combination of Mitel Mobile with Xura and Ranzure Networks
RICHARDSON, TX, February 28, 2017: Today affiliates of Siris Capital Group, LLC (“Siris Capital” or “Siris”) and Xura, Inc. (“Xura”) announced the completion of the acquisition of Mitel Mobility, Inc. (“Mitel Mobile”), a division of Mitel Networks Corporation (“Mitel”, Nasdaq: MITL, TSX: MNW). This announcement follows the completion of Xura’s acquisition of Ranzure Networks, Inc. (“Ranzure”) on February 1, 2017, and the previously announced divestiture of Xura’s non-core enterprise messaging business (Xura Secure Communications, GmbH) on February 17, 2017. The transactions position the new Mavenir as a 100% carrier-focused solutions provider with a “future proof” and 5G ready software-based portfolio across every layer of the mobile network infrastructure stack. Mavenir will be headquarted in Richardson, Texas and led by Xura’s CEO, Pardeep Kohli. Pardeep Kohli, President and CEO of Mavenir, commented: “The completion of these transactions to form the new Mavenir represents a significant milestone in the evolution of Xura,